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The Must Read PSA Weekly Research Round-Up: Reports on Fanuc (6954), Honda (7267)/Comments on Earnings Season/Goldilocks Scenario (week ending Nov 10)

PSA Japan Weekly Research Round-Up for the week ending Nov 10th: 
The Weekly Comment by Pelham Smithers: 
The earnings season that keeps on giving...and its psychological impact in a bull market 
Reports / Flash Notes Published This Week: Headlines at a Glance: 
1. Fanuc (6954) FY17 H1 Update & Upside – Robodrill Runner 
2. Honda (7267) – Positive Developments to Support FY17 H2 
Company / Sector / Thematic Comments at a Glance: 
Market / Strategy Comments 
1. Goldilocks Scenario Winners 
2. Swings in the Nikkei – ETF Buying 
Technology: Consumer and Industrial Electronics / Electronic Components/ Precision 
3. Square Enix (9684): Q2 Results Very Good, not Brilliant 
4. Sato Holdings (6287): A Play on one of the Market's Mega-Themes, Labour-Saving Devices 
Chemicals / Electronic Materials 
5. Stella Chemifa (4109): Less Than Stellar Results Highlight LiB Material Concerns 
6. Nissan Chemical (4021): A Quality Play, Though Sustained Growth is a Balancing Act 
7. Ube Industries (4208): Management Expects Spreads to Decline 
8. Tokyo Ohka Kogyo (4186): We Look Through the Distortions and Remain Positive 
9. Commodity Chemicals Shine, but Managements Express Reservations 
10. Asahi Kasei (3407), Sekisui Chemical (4204): Anomalies in October Housing Orders 

11. Japan Display (6740): Losses Grow 
12. Sumco (3436): Bullish as Ever 
13. Kaneka (4118): Confirms Our Pessimism, and Cuts FY17 Guidance 
14. Sumitomo Metal Mining (5713): Non-ferrous Performing Well, While Battery Materials Slow 
Autos 
15. Auto Sector Overview: Operational Improvements, Upward Revisions 
16. Trump on Cars, and a Factoid 
17. Subaru (7270): Expands Recall 
18. Isuzu Upgrades its FY17 Forecast while Subaru Lowers its Guidance 
19. Toyota (7203): FY17 Q2 Results Hurt by US Business, but Guidance Still Raised, on Currency 
20. Nissan (7201) FY17 Q2: Vehicle Inspection Costs Higher than Expected; Poor US Performance 
21. Bridgestone (5108): Lowers FY 17 Forecasts 
Auto Parts / Machinery 
22. Air Conditioning Makers: Hot and Cold Performances 
23. Minebea Mitsumi (6479): No Need to Switch 
24. NOK (7240): Small Upgrade to FY17 OP CE, Keeping Quiet on FPCs 
25. Toyoda Gosei (7282): Outlook Improving 
26. SMC (6273): A Note of Conservatism Creeping in to Company Guidance for 2H 
27. Fanuc (6954): Capacity Issues to Clear by Next Year 
28. Headlamp Makers Continue to Shine 
Internet 
29. GungHo (3765): We Question the Share Price Rise Given We See No Recovery
30. istyle (3660): Less Alluring Without Extraordinaries? 
31. Yahoo Japan (4689): Reiterating our Positive View 
32. mixi (2121): Concern Over Risk Profile Remains 
33. DeNA (2432): Conservative Guidance seems to be Downplaying a Slowly Emerging Recovery 
PSA Company Visits, Tours and Interviews: 
• Participated in the earnings call of Nissha Printing (7915), Kaneka (4118), SoftBank (9984), DeNA (2432), Nexon (3659)
• Had a conference call with Yahoo Japan (4689) and a phone interview with Sato Holdings (6287)
• Attended earnings meeting of Taiyo Nippon Sanso (4091), Nissan Chemical (4021), Tosoh (4042), Teijin (3401), Asahi Kasei (3407), Tokyo Ohka Kogyo (4186), Japan Display (6740), Stella Chemifa (4109), Sumco (3436), Toray (3402), Central Glass (4044), GMO Internet (9449), Medical System Network (4350), Shin-Etsu Polymer (7970), Kureha (4023), Nippon Shokubai (4114), IBJ Leasing (8425), Digital Garage (4819) 
• Visited Hoya (7741), Zeon Corp (4205), Mitsui Chemicals (4183) 

List of PSA Published Reports since July 2017 (please contact our sales team for more information)

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