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The Must Read PSA Weekly (to Feb 03): Report Summaries on Global Auto Outlook for 2017 / TEL (8035) / US Auto Sales in Jan and Results Galore

PSA Japan weekly research round-up for the week ending Feb 3rd:
Reports/Flash Notes: Headlines at a Glance (full reports available upon request):
1. Autos: Global Automobile Sector Outlook – Growth to Slow Down in 2017
2. SPE: Tokyo Electron (8035): FY16 Q3 Orders Near Record High
3. Autos: US Auto Sales in January: Strong Performance for the Japanese OEMs – Except for Toyota
Company/Sector/Thematic Comments at a Glance (full comments available upon request):
Technology: Consumer Electronics / Games
1. Sony (6758): The Scalpel is Out but Will Hirai Address the Shortage of IP / Q3 Results
2. Panasonic (6752): Upward Revision for the Full Year Still Looks Conservative
3. Nintendo (7974): Positive Takeaways from Q3 Results but Mixed Overall
4. Capcom (9697): FY16 Targets Now Look Tough
5. Colopl (3668) Needs to Stop the Rot
Technology: Industrial Electronics / Electronic Components / Precision
6. Hitachi (6501): A Value Play Now That Hitachi Capital (8586) is Offloaded

7. Anritsu (6754): Trend is Improving, albeit from a Low Base
8. Melco Holdings (6676): Strong Numbers, Impressive Rally but Still Cheap
9. Toshiba (6502): Wishful Thinking on Asset Sale
10. Olympus (7733) Revises Up on a Weaker Yen, Camera Recovery and Cost Control
11. Mitsubishi Electric (6503): Market Had Hoped for More
12. Canon (7751): Performance and Valuations Do Not Match
13. Murata (6981): RF Competition Building / Q3 Earnings Outshone by TDK
Electronic Materials / Chemicals
14. TDK (6762) Revises up on Confirmation of Qualcomm Deal, Strong HDDs and LiBs
15. Japan Display (6740) Revises Up Q3 Estimates
16. JSR (4185): Lacklustre Electronic Materials
17. Zeon Corp (4205): Good News Reflected in Share Price Performance
18. Sumitomo Chemical (4005): FY16 Target Does Not Look Too Conservative
19. Konica Minolta (4902) FY16 Q3: Two Surprises but Probably Not Game Changers
20. Hoya's (7741) Guidance is Close to Prevailing Consensus Estimates
21. Fujifilm's (4901) Instant Cameras Turn out to be a Formidable Factor
22. Tokyo Ohka Kogyo (4186) Has Achieved 87% of FY16 OP Guidance
23. Ube Industries (4208) Revises Down Rather Than Up
24. Nissan Chemical (4021): Priced for Perfection
Autos / Auto Parts
25. Honda (7267): FY16 OP Raised from ¥650bil to ¥785bil
26. Mitsubishi Motors (7211): FY16 Revised Up from an Operating Loss to an Operating Profit
27. Mazda (7261): Rise in FY16 Sales Muted by Higher Costs / FX
28. Denso (6902): Cautious Stance and Comments on Trump Tariff charges
29. Fujikura (5803): FY16 OP Raised on Data Center, Telecom Infrastructure; FPCs Improving
30. NOK (7240): Strong Q3 but FY Looks Conservative
31. Komatsu (6301): FX Helping Raise Earnings but Concerns Remains
32. IHI (7013): Profitable Aircraft Engine Division Doing Well but (Financing) Concerns Remain
33. KDDi (9433): Finally, Revised Up FY16
34. Takeda (4502): Patent Cliff Detracts from Entyvio Success
35. Abe's BoJ Wish List
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, and Bloomberg (under PSAZ or by typing in the < stock code> equity CN PSA ), or contact your sales representative.

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