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)

List of PSA Published Reports as of August 2017