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The Must Read PSA Weekly Research Round-Up (week to Nov 17)

PSA Japan Weekly Research Round-Up for the week ending Nov 17th 

The Weekly Comment by Pelham Smithers 
Eagerly awaiting the Q4 GDP figures... 
Reports / Flash Notes Published This Week: Headlines at a Glance (please contact our sales team for information) 
1. Japanese Pharma Strategy 
Company / Sector / Thematic Comments at a Glance  
Technology: 
1. Sony (6758): Shows Interest in Fox Assets 
2. Comparing General Electric with Hitachi 
3. iPhone X Battery / New Models 
4. Canon (7751): Confirmation of Commemoration 
Chemicals / Electronic Materials 
5. Sumitomo Bakelite (4203): Conservative Guidance 
6. Showa Denko (4004): Strong Q3 but SGL Remains an Unknown Factor in Q4 
7. Shin-Etsu (4063): Continues to Enjoy Strong Business Conditions 
8. China's YMTC Reportedly Making Faster Progress on 3D NAND, but it May Not Matter 
9. Fujifilm Holdings (4901): Remains Ahead of Target Despite the One-time Fuji Xerox Costs 

Autos 
10. Is the India Auto Sales Rally Coming to an End? 
11. Will China's New Trade Policies Help Japanese Automakers? 
12. European Auto Market: In Good Shape, but Concerns Over Brexit Trade Negotiations Raised 
13. NAFTA: Toyota's Production Plans for Mexico Could be a Risky Bet 
Auto Parts / Machinery 
14. Daifuku (6383): Lead-Times and Cautionary Comments / Added to MSCI Japan Index 
15. Ryosan (8140): Echoing Daifuku's Caution of Froth at the Top 
16. Daikin (6367): Confident in Future Price Hikes to Offset Higher Raw Material Costs 
17. Ferrotec (6890): Solar Hopes Shining Brighter 
18. Ebara (6361): Excellent Q2 
19. Mitsubishi Electric (6503): China Production Base Expansion 
20. KHI (7012): Threats and Opportunities 
Internet
21. Nexon (3659): Impressive Q3 Results Masks Earnings Volatility 
22. Rakuten (4755): Our Neutral Stance Remains 
23. Recruit Holdings (6098): Rich Valuations and Concerns on Earnings Volatility 
24. Avex (7860): Weak H1 Suggests a Challenge to Meet FY Targets 
25. Trend Micro (4704): Continues to Trend Upwards 
Pharma 
26. Pharma Strategy: What's in the Pipeline and What's in the Price 
27. US FDA Approves Chugai's Hemlibra (ACE910 / emicizumab) for Haemophilia A 
Media:
28. WPP Offers / Threatens to raise its stake in Asatsu 
PSA Company Visits, Tours and Interviews  
• Participated in the earnings call of Showa Denko (4004) 
• Earnings meetings: Sumitomo Bakelite (4203), Sumitomo Metal Mining (5713), Fujimori Kogyo (7917), Fujimi Corporation (5384), Soken Chemical (4972), Mitsui Chemicals (4183), Japan Elevator Services (6544), Credit Saison (8253), Daifuku (6383), Medinet (2370), Showa Sangyo (2004), Aozora Bank (8304), Unipress (5949), Fuji Oil (5017)
• Visited Shin-Etsu Chemical (4063), Asahi Kasei (3407), Tokyo Ohka Kogyo (4186), Hitachi Chemical (4217), Japan Display (6740), Teijin (3401), Fujifilm Holdings (4901), Kuraray (3405) 
• Watched earnings webcast of Rakuten (4755) 
• Had a conference call with Daikin (6367) 

PSA In the Media 
Pelham Smithers is quoted in the FT Lex Column discussing FAANGs (Japan: ganbare!) [Paywall]
List of PSA Published Reports since July 2017 is available upon request (please contact or sales team for a copy) 
*If you would like access to the full reports, please call your PSA sales representative. If you would like to see the list of reports, please ask 
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Alpha Exchange and Bloomberg (under PSAZ or by typing in the < stock code> equity CN PSA ), or contact your sales representative. 

 

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