reports
- Pelham Smithers
PSA Market Strategy: How Japan Transformed from a Bear Market to a Bul...
In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.
NVDA NVIDIA CORPORATION
LLY ELI LILLY AND COMPANY
FB FACEBOOK INC. CLASS A
9433 KDDI CORPORATION
6954 FANUC CORPORATION
8001 ITOCHU CORPORATION
6752 PANASONIC CORPORATION
6971 KYOCERA CORPORATION
8031 MITSUI & CO. LTD
4183 MITSUI CHEMICALS INC.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
5401 NIPPON STEEL CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
XOM EXXON MOBIL CORPORATION
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
BRK.A BERKSHIRE HATH-A
APPL APPLE INC - APPL - US
9810 NIPPON STEEL TRADING CORP
- Pelham Smithers
VMW VMWARE INC. CLASS A
PEP PEPSICO INC.
ARM ARM CEMENT LTD
TSLA TESLA INC
PG PROCTER & GAMBLE COMPANY
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
MCD MCDONALD'S CORPORATION
LRCX LAM RESEARCH CORPORATION
FB FACEBOOK INC. CLASS A
AMAT APPLIED MATERIALS INC.
TSCON TESCO PLC
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
OCDO OCADO GROUP PLC
PGHL PROCTER & GAMBLE HEALTH
7735 SCREEN HOLDINGS CO. LTD
JE. JUST EAT PLC
6501 HITACHI LTD.
4217 HITACHI CHEMICAL COMPANY LTD.
6920 LASERTEC CORP.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
2340 OPTO TECH CORP.
9984 SOFTBANK GROUP CORP.
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
SNAP SNAP INC. CLASS A
SAP SAP SE
WMT WALMART INC.
SOW SOFTWARE AG
TKWY JUST EAT TAKEAWAY.COM N.V.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
UBER UBER TECHNOLOGIES INC.
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
1469157D AUTOSTORE
1250307D DARKTRACE LTD
1036057D GINKGO BIOWORKS INC
3IN 3I INFRASTRUCTURE PLC
QCOM/O QUALCOMM INCORPORATED
SNOW SNOWFLAKE INC. CLASS A
AI C3 AI
SHOP SHOPIFY INC. (SHOP)
ROO DELIVEROO PLC
GFS GLOBALFOUNDRIES INC
TSE: 2980 SRE HOLDINGS CORP
4169 JT ENECHANGE LIMITED
- Julie Boote
PSA Global Autos / Mobility: Building the Perfect EV Platforms – A Pro...
As electric vehicles are set to replace combustion engine cars over time, established automakers need to prove they can remain competitive in this new market. In this context, much attention has been given to battery technology, but the creation of an optimal EV auto platform is just as important. Here, the jury is still out, as we are in the early development days. Analyst Julie Boote discusses how the prefect EV platform should look like and where automakers are currently positioned.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
GOOGL ALPHABET INC. CLASS A
005380 HYUNDAI MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
060310 3S KOREA
6723 RENESAS ELECTRONICS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
TATAMOTORS TATA MOTORS LIMITED
APTV APTIV PLC
5380 HYUNDAI MOTOR CO
BNP BMW
VOW VOLKSWAGEN (VOW GR)
STLA STELLANTIS N.V.
RIVN RIVIAN AUTOMOTIVE INC
- Pelham Smithers
PSA Semiconductors: Renesas (6723 JT) – What Next?
Renesas is due to release its FY23 (Dec yr-end) Q1 results on 27 Apr, making it one of the earliest to report. Based on TSMC’s monthly revenue figures so far this year, Renesas’s sales and OP are likely to fall short of expectations in FY23, but we discuss why earnings should recover sharply thereafter.
- Pelham Smithers
- Pelham Smithers
PSA Technology: Semiconductors – Where in the cycle are we? Well, it’...
A report on Bloomberg about deteriorating sentiment in the Korean memory chip market is the latest piece of tinder to feed to the growing flame of negativity towards semiconductors. While Pelham Smithers sees the overall market as mixed, what stands out is the value in several semiconductor-related plays, with four Japanese companies currently trading on EV/OPs of less than 6x.
With a more favourable environment, RENESAS ELECTRONICS improves to Sl...
RENESAS ELECTRONICS (JP), a company active in the Semiconductors industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date April 5, 2022, the closing price was JPY 1,425.00 and its pot...
- Pelham Smithers
PSA Strategy: Japan Market Strategy for FY22 Q2
The Japanese stock market is in an interesting phase where the Bank of Japan is supporting the bond market rather than the stock market. While this phase lasts, the dollar should remain above ¥120/$ and perhaps strengthen further against the yen. This report looks at what this phase might mean for the Japanese stock market as a whole, and for stock selection. The PSA Focus List has also been updated.
6770 ALPS ALPINE CO. LTD.
3407 ASAHI KASEI CORPORATION
4751 CYBERAGENT INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
4307 NOMURA RESEARCH INSTITUTE LTD.
4324 DENTSU GROUP INC.
6728 ULVAC INC.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
6902 DENSO CORPORATION
7915 NISSHA CO.LTD.
7201 NISSAN MOTOR CO. LTD.
6268 NABTESCO CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
6762 TDK CORPORATION
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
7261 MAZDA MOTOR CORP.
7203 TOYOTA MOTOR CORP.
3436 SUMCO CORPORATION
3659 NEXON CO. LTD.
6098 RECRUIT HOLDINGS CO. LTD.
7270 SUBARU CORP
4503 ASTELLAS PHARMA INC.
6506 YASKAWA ELECTRIC CORPORATION
4980 DEXERIALS
68900 FERROTEC CORPORATION
41850 JSR CORPORATION
4385 MERCARI INC.
78320 BANDAI NAMCO
TSE:4477 BASE CO.
3491 JT LTD.
4478 JT GA TECHNOLOGIES
3394 JT FREEE KK
6967 JT MONEY FOWARD
7383 SHINKO ELECTRIC (6967 JT)
4259 JT NET PROTECTIONS HLDGS INC
TSE: 2980 EXAWIZARDS INC
SRE HOLDINGS CORP
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Market Strategy: The Japan Perspective 2022
Although the Japanese economy, politics and stock market seem to be where they were this time last year, there is a seismic shift going on in the way the Japanese stock market behaves that could make investing in Japan in 2022 quite different to previous years. We look at how and why this shift has taken place and what it means for investing in Japan in the coming year.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
JNJ JOHNSON & JOHNSON
FB FACEBOOK INC. CLASS A
AMAT APPLIED MATERIALS INC.
ADBE ADOBE INC.
PRU PRUDENTIAL FINANCIAL INC.
RAND RANDSTAD NV
6770 ALPS ALPINE CO. LTD.
9437 NTT DOCOMO INC.
9697 CAPCOM CO. LTD.
4922 KOSE CORPORATION
4519 CHUGAI PHARMACEUTICAL CO. LTD.
6367 DAIKIN INDUSTRIES LTD.
7735 SCREEN HOLDINGS CO. LTD
9020 EAST JAPAN RAILWAY COMPANY
7717 V-TECHNOLOGY CO. LTD.
4307 NOMURA RESEARCH INSTITUTE LTD.
4324 DENTSU GROUP INC.
7741 HOYA CORPORATION
6861 KEYENCE CORPORATION
6586 MAKITA CORPORATION
4911 SHISEIDO COMPANY LIMITED
4188 MITSUBISHI CHEMICAL HOLDINGS CORPORATION
8002 MARUBENI CORPORATION
8058 MITSUBISHI CORPORATION
6728 ULVAC INC.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6902 DENSO CORPORATION
6594 NIDEC CORPORATION
7915 NISSHA CO.LTD.
7731 NIKON CORP.
7201 NISSAN MOTOR CO. LTD.
8604 NOMURA HOLDINGS INC.
9984 SOFTBANK GROUP CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
9021 WEST JAPAN RAILWAY COMPANY
2413 M3 INC.
6098 RECRUIT HOLDINGS CO. LTD.
6178 JAPAN POST HOLDINGS CO. LTD.
7270 SUBARU CORP
6506 YASKAWA ELECTRIC CORPORATION
TTD TRADE DESK INC. CLASS A
AMZN AMAZON.COM INC.
GM GENERAL MOTORS COMPANY
AAPL APPLE INC.
40978Z HUAWEI TECHNOLOGIES CO
0530153D ALPHABET HOLDING CO INC
VOW VOLKSWAGEN (VOW GR)
9434 SOFTBANK CORP.
4449 GIFTEE
78320 BANDAI NAMCO
3491 JT BASE CO.
TSE:4477 LTD.
6967 JT GA TECHNOLOGIES
BASE INC
SHINKO ELECTRIC (6967 JT)
- Pelham Smithers
DGAP-News: Dialog Semiconductor's DA16200 Secures PSA Ceritified Level...
DGAP-News: Dialog Semiconductor Plc. / Key word(s): Miscellaneous Dialog Semiconductor's DA16200 Secures PSA Ceritified Level 1 for Wi-Fi SoC (news with additional features) 03.11.2021 / 16:00 The issuer is solely responsible for the content of this announcement. The DA16200 delivers another certified milestone, earning PSA Certified Level 1 to ensure security of IoT devices LONDON, United Kingdom ― November 3, 2021 - , a Renesas company and leading provider of battery and power management, Wi-Fi(R), Bluetooth(R) low energy (BLE) and Industrial edge computing solutions, ...
DGAP-News: REGULATORY ANNOUNCEMENT FOLLOWING THE END OF THE BREXIT TRA...
DGAP-News: Dialog Semiconductor Plc. / Key word(s): Miscellaneous REGULATORY ANNOUNCEMENT FOLLOWING THE END OF THE BREXIT TRANSITION PERIOD 12.10.2021 / 11:00 The issuer is solely responsible for the content of this announcement. London - 12 October 2021. Dialog Semiconductor Limited (formerly Dialog Semiconductor Plc) ("Dialog"), today announced that it supplements its announcement of 4 January 2021 in respect of the choice of the Federal Republic of Germany (Germany) as its EU home member state for purpose of the EU-Transparency Directive as follows: Dialog commits (i...
- Bruno Cavalier
- Emmanuel Matot
AMS AMS AG
MT ARCELORMITTAL SA
APAML APERAM SA
FAGR FAGRON SA
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
BC8 BECHTLE AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
- Emmanuel Matot
AMS AMS AG
APAML APERAM SA
FAGR FAGRON SA
KOF KAUFMAN & BROAD SA
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Emmanuel Matot
AMS AMS AG
APAML APERAM SA
KOF KAUFMAN & BROAD SA
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Bruno Cavalier
- Emmanuel Matot
AMS AMS AG
MT ARCELORMITTAL SA
APAML APERAM SA
FAGR FAGRON SA
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
BC8 BECHTLE AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
- Emmanuel Matot
- Stephane Houri
ODDO : Very solid figures in August, still on a very high plateau
>Very solid in August, with above-average seasonality, pointing to stable growth - Worldwide semiconductor sales for August 2021 were published at the weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, they came to $ 47.2bn, just above our $ 46.7bn forecast. This is a faster rate of y-o-y growth at 29.7% vs +29.6% in July. In sequential terms, sales grew by 9.2% vs a 20-year average for August of +6.2...
AMS AMS AG
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Emmanuel Matot
- Stephane Houri
ODDO : Un mois d’août très solide, toujours sur un plateau haut de cro...
>Un mois d’août très solide, avec une saisonnalité supérieure à la norme, qui conduit à une stabilité de la croissance - Les ventes mondiales de semi-conducteurs d’août 2021 ont été publiées ce week-end par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 47,2 Md$, très légèrement supérieures à notre prévision de 46,7 Md$. Il s’agit d’une croissance annuell...
AMS AMS AG
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2021
This 12th edition of the Corporate Conference was the first joint conference of the partnership between ODDO BHF and Commerzbank. The coronavirus pandemic is still having an impact on the economic recovery. In addition, inflationary trends and raw material shortages, political uncertainty (China, Russia, Afghanistan) as well as the upcoming German elections are risk factors for the markets. Meanwhile, expansionary monetary policy and still not overly expensive stock valuations provide...
AMS AMS AG
FII LISI SA
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
- Bruno Cavalier
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/09/2021
This 12th edition of the Corporate Conference was the first joint conference of the partnership between ODDO BHF and Commerzbank. The coronavirus pandemic is still having an impact on the economic recovery. In addition, inflationary trends and raw material shortages, political uncertainty (China, Russia, Afghanistan) as well as the upcoming German elections are risk factors for the markets. Meanwhile, expansionary monetary policy and still not overly expensive stock valuations provide...
AMS AMS AG
DLG DIALOG SEMICONDUCTOR PLC
ELG ELMOS SEMICONDUCTOR SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ACCEL ACCELL GROUP N.V.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
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