The PSA Must Read Weekly Research Round-Up (week to 6 Oct)
Reports published on IHI, Shin-Etsu Chem, Toyota, Asatsu-DK and Sept US Auto Sales
The Weekly Comment by Pelham Smithers
What to expect from the September quarter results season
Reports / Flash Notes Published This Week: Headlines at a Glance
1. IHI (7013): Reducing Risk – ¥14bn Buffer Revisited
2. Shin-Etsu Chemical (4063): Earnings Growth Increasingly Driven by Electronics
3. Toyota (7203): Concerns over US and Expenses, but Positive Long-term Outlook
4. September US Auto Sales: Performance Lifted by Replacement Demand, Fleet Sales, Discounts
5. Asatsu-DK (9747): Are the Chances of a Counter Bid by WPP Being Underplayed?
Company / Sector / Thematic Comments at a Glance
(for more details, please contact our sales team)
Macro / Politics
1. Increased Risk of Goldilocks Overshoot
2. Tankan Hits a Post-Lehman High
3. Koike Set to Field 192 Candidates in Lower House Election
Technology: Consumer and Industrial Electronics / Electronic Components
4. Panasonic (6752): Benefiting from Tesla Success in China / Tesla Selects SDI
5. Square Enix (9684): New 3×3 MOBA Game Released
6. Colopl (3668): New Game Disappoints
7. Nintendo (7974): Switch Production Run Rate Now at 2mil Units/Month
8. Sony (6758): New Handset Gets Good Reviews / John Kodera Now Heads Sony SIE
9. Murata (6981): Unveils Battery Strategy
Chemicals / Electronic Materials
10. Japan Display (6740) and JOLED: Is the Tail Wagging the Dog?
11. Advancing Healthcare Strategies: Hitachi Chemical (4217) and Nippon Shokubai (4114)
12. Mitsubishi Chemical Holdings (4188): Forced to Close a Polypropylene Line
13. CEATEC Electronics Show at Makuhari Messe: Tech Convention Highlights and Photos
Autos
14. Nissan (7201): Fails Car Safety Inspection Test / Vehicle Inspection Failure Draws Wider Circles
15. Tesla’s Self-Drive Claims are Roundly Rubbished by GM
16. Subaru (7270): Under Pressure in FY17 in the US
17. Positive Forex Impact Expected in FY17 Q2 for Autos
Auto Parts / Machinery
18. Performance of Automation and Auto Parts
Internet
19. A New Initiative by Amazon Japan Could be a Concern for Start Today (3092)
20. GREE (3632): Revises FY18 Q1 Guidance Upward
21. Kakaku.com (2371: Share Buyback and New Initiatives
Pharma
22. Shionogi (4507: Excited about Flu Treatment Cefiderocol
Advertising
23. Bain Bids Asatsu DK (9747): Deal Diary
Telecom
24. SoftBank (9984): Nears Deal for Uber Stake
PSA Company Visits, Tours and Interviews
• Call with Mitsubishi Chemical Holdings (4188)
• Visited Gumi (3903)
• Attended the CEATEC Exhibition in Tokyo; the Solar & Storage Live Exhibition in Birmingham, UK and the information meetings for Showa Denko (4004), Shimamura (8227), Ryohin Keikaku (7453) and Nomura Co (9716)
