PSA Research Round-Up: Strategy Comment, Report Summaries & Comments Worth Highlighting for the week ending Nov 14, 2014
Reports / Flash Notes Summary:
1. Auto: Nissan (7201) Emerging Market Concerns Continue
2. Auto parts: Denso (6902) PSAe FY15 OP ¥440bn (+20% YoY) as Costs Peak
3. E-Commerce: DeNA (2432) Q2 FY14 OPM Improvement – can it be sustained?
4. Auto parts and equipment: NOK (7240) FY14 CE OP Raised Substantially
5. Materials: Nitto Denko (6988) Polarizer Discussion
6. Ferrotec Corp (6890) Long Term Promising but Short Term Pain
7. Machinery: Nabtesco Corp (6268) Confirming our Positive View
8. Electronics: Japan Display Inc (6740) & TDK (6762) Visit Titbits; Sharp (6753) Panel to Chinese Smartphone Maker +ve for NOK (7240)
9. Retail: H2O Retailing Corp (8242); Fast Retailing (9983)
10. Chemicals: Bakelite (4203) Concerns; Fujifilm (4901) Conservative Mid-Term Tgts; Kaneka (4118) Weak 2Q; JSR (4185) Strong Data
11. Internet: Favour Rakuten's (4755) Ecosystem Strategy over Yahoo Japan's (4689) No Fee Strategy; Nexon (3659) Great 3Q but...
12. Materials: Nitto Denko (6988) Strong Oct Sales
13. Elec Materials: Tesla Diversification a Potential Positive for Panasonic (6752)
14. Consumer Elec: Sony (6758) TV – PlayStation Vue / Nintendo (7974) Super SSB Pre-sale / Life in some games after all?
15. Telecom: Softbank (9984) Valuations Tempting Again / Kudos to KDDi (9433) but....
For further details on the reports and comments above, please see below. You can also find PSA research on Factset, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, and on Bloomberg under PSAZ or by typing in the equity CN PSA . Easier: ask your sales contact to send what you would like to look at.