The Must Read PSA Weekly Research Round-Up (week ending Feb 17)
PSA Japan Weekly research for the week ending Feb 17th:
Reports/Flash Notes: Headlines at a Glance (access to full report available upon request):
1. Video Game Sector – Lessons from Results
Company/Sector/Thematic Comments at a Glance (full comments available upon request):
Technology: Industrial Electronics / Electronic Components
1. Toshiba (6502) ... the Saga Continues
2. Nikon (7731): Worrying Times Ahead
3. Tamron (7740): FY17 2H Forecasts Look Very Punchy
4. Mabuchi Motor (6592): Large Currency Gain to FY16 Results but FY17 Guidance Muted
Electronic Materials / Chemicals
5. WSJ Reported that Sony (6758) is Getting into the Galaxy, but that Volumes Appear to be Small.
6. Kureha (4023): Improved Oil Market Reflected in Share Rise / Value but Where is the Growth?
7. Showa Denko (4004): Positive Earnings, but a Mixed Bag in All
8. Asahi Kasei (3407) Buying into Chuo Build Industry (1971)
Machinery / Auto Parts
9. NOK (7240): Upside and Value
10. Nabtesco (6268): Strong Robot Gears
11. Ferrotec (6890): FX and Solar Issues Disappoint. Will FY16 be the Inflection Year?
12. Strong Q3 from Valeo's (FR FP) Ichikoh (7244)
13. Daifuku (6383): Strong Performance Racked Up
14. SoftBank (9984) and Fortress – the Infrastructure of Investment
15. Trend Micro (4704): Giving it the Benefit of the Doubt
16. Rakuten (4755): FY17 Guidance Does Not Look Overly Challenging
17. mixi (2121): We Maintain a Neutral Stance, due to the Dearth of New Growth Catalysts
18. Start Today (3092): Impressive Results, Impressive Premium
19. GREE (3632): Still Struggling to Regain Some Ground
20. istyle (3660): On Target to Meet FY16 Targets but Valuations Remain Stretched
21. Good Numbers from Recruit Holding (6098) but Risks Remain
22. Diverging Strategies for Stem Cell Stocks
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