The Must Read PSA Weekly Research Round-up (week to 08 Dec)

Highlighting Reports on CyberAgent / Cyberdyne and Comments on Sony’s PS4 Products/ Video Game Plays / Canon’s Q3 / 5G Capex Plays / TDK’s FY18 Outlook / the LCD vs OLED iPhone

The Weekly Comment by Pelham Smithers

News comes that Japan’s economy grew at 2.5% annualised in the September quarter, and not at the 1.4% the government originally stated. We consider the issues this raises.

Reports / Flash Notes Published This Week: Headlines at a Glance

1. Steel Sector Primer – The Current Situation Looks Favourable for Japanese Steel Makers
2. November US Auto Sales – Mixed Performance of the Japanese
3. CyberAgent (4751) – Recent Sell-off Represents a Good Re-entry Point
4. Cyberdyne (7779): Moving Towards an Inflection Point

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics / Industrial Electronics / Electronic Components / Precision / SPE

1. Sony (6758): Successful PSVR Trial / Impressive PS4, PSVR Stats / 3D Sensor Mass-Production
2. Capcom (9697): Beta trial for Monster Hunter: World Unveiled
3. Gumi (3903): 2Q Numbers Beat Company Forecasts, but Falls Short of Toyo Keizai’s Estimates
4. Nintendo (7974): Animal Crossing App is Not Monetizing; Read-Across to DeNA (2432)
5. DeNA (2432) and Nissan (7201) To Develop Self-Drive EVs
6. Soft99 (4464): Shining Performance
7. Canon (7751): Sell-side Analysts Continue to Tweak Forecasts Higher
8. Anritsu (6754): Is it the Only Early Cycle Play on 5G? / Keysight Technologies Offers Insight to 5G Spend
9. Advantest (6857): Positive Nikkei Article…or is it?

Chemicals / Electronic Materials

10. TDK (6762): The Nikkei Produces Some Punchy FY18 Forecasts
11. JOLED to Mass Produce 21.6-inch Printed OLED Screens, Securing Financing
12. Sumitomo Chemical (4005): Sowing Seeds with DowDuPont / Good New for SUN-101/eFlow
13. The Supposed 2018 LCD iPhone and the Japanese Supply Chain


14. Honda (7267): Potential Pay-out from the Takata Restitution Fund / AI Development
15. Peugeot to work with Nidec (6594) on Electric Motors
Auto Parts / Machinery
16. Daikin (6367): Impact of Copper, Aluminium Pricing…and a Cold Start to Winter in Japan
17. Komatsu (6301): President’s Interview


18. LINE (3938): Growth in Ads Business Fully Reflected?
19. GREE (3632): Stock Losing Ground as Excitement around SINoALICE Wanes


20. Chugai (4519): More Good Trial News for Hemlibra
21. Cyberdyne (7779): Confirming our View it does Not Qualify as a Short-Sell


22. Rising Scrap Steel / Coking Prices: Who Wins?
23. Offer to Cut Corporate Tax Rates Has Conditions

PSA Company Visits, Tours and Interviews

• Visited Nitto Denko (6988), Daikin (6367), Mitsubishi Electric (6503)
• Conference call with Nissha Printing (7915)

List of PSA Published Reports since Sept 2017

(please contact our sales team for more information)

*If you would like access to the full reports, or see the full list of reports published, please call your PSA sales representative.

You can 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.