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The Must Read PSA Weekly Research Round-Up (week ending Feb 16, 2018)

PSA Japan Research Round-Up for the week ending February 16, 2018
The Weekly Comment by Pelham Smithers: Surf's up: Pelham Smithers considers whether we are starting to see a break in the link between the yen and the Japanese stock market.
Reports / Flash Notes Summaries
1. Mitsubishi Electric (6503 JP): FA and Infrastructure Upturn
2. Sony (6758 JP): FY17 Outlook and SoTP5
Company / Sector / Thematic Comments
1. Sony (6758 JP) Surprises, Irritates with Peter Rabbit / Overlooked in the Media – CNBC
2. NEC (6701 JP): Language Terminals Expected to be A Big Hit
3. Square Enix (9684 JP): Monsters Inc Comes to Kingdom Hearts III
4. Capcom (9697 JP) to Officially Enter the Japanese eSports Market
5. Casino Guidelines / Limitations Starting to Appear from the LDP Committee
6. Toshiba (6502 JP) Enters a New Era
7. Fujifilm (4901 JP) Shares Weaker after Xerox Takeover Resistance
8. Tokyo Ohka Kogyo (4186 JP) Disappoints in Several Areas
9. Nissha's (7915 JP) Explanation Gets a Positive Reception
10. Showa Denko (4004 JP):, Profits Suddenly Reliant Upon Electrode Markets

11. Mitsui Chemicals (4183 JP): The Hurdles Keep Getting Higher
12. Nabtesco (6268 JP) Shares React to Disappointing Guidance
13. Daikin (6367 JP) Raises NP but is Below Consensus for FY17 Q3
14. Start Today (3092 JP) Launches "Personal Styling Subscription Service"
15. Avex (7860 JP): Both Sales and Profit Improved in FY17 Q3
16. Rakuten's (4755 JP) Fundamentals: Less Impressive than the Headline Figures Represent
17. mixi (2121 JP) Continues to Lose its Wonder
18. Recruit's (6098 JP) Good First Nine Months
19. Sumitomo Dainippon Pharma (4506 JP) and Nitto Denko (6988 JP) Deliver Positive P3 Data for Transdermal Patch Version of Lonasen
20. Cyberdyne (7779 JP): Mixed FY17 3Q Performance, but New Products Worth Noting
21. Japan Ekes Out Tiny 4Q GDP Gain

PSA Company Visits, Tours and Interviews
• Attended Results Meetings for Nissha (7915 JP), Tokyo Ohka Kogyo (4186 JP), Showa Denko (4004 JP), Kuraray (3405 JP), Japan Display Inc (6740 JP)
• Attended Small Meeting for Sumitomo Chemical (4005 JP)
• Conference call with Daikin (6367 JP)
• Visited Shin-Etsu Chemical (4063 JP), Zeon Corp (4205 JP), Hitachi Chemical (4217 JP), Mitsui Chemicals (4183 JP)
• Webcast: Rakuten (4755 JP)
Weekly Market Comment by Pelham Smithers
Having bought ¥1.1tril in Japanese shares in what essentially amounted to seven days at the start of the year, foreign investors have been steadily reversing that. In the four weeks subsequent, through to Feb 9, they have sold ¥0.86tril, leaving them net ¥0.24tril up this year. This "buyer's remorse" style behaviour has been in evidence for some time. Indeed, almost every major move by foreigners over the past eighteen months, positive or negative, has almost immediately been reversed................ 
*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 produced YTD, please ask 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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