The Must Read PSA Weekly Research Round-Up (Week to 08 Sept)
Reports Published on Square Enix (9684) / Trump Set to Pull Out of a Free Trade Agreement with Korea – Implications for Autos / Koito Manufacturing (7276) / US Auto Sales in Aug
The Weekly Comment by Pelham Smithers
Why PSA favours EV/OP for valuations and what company stands out.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Consumer Electronics: Square Enix (9684): ¥5,000 Share Price – Fantasy, or Viable Quest?
2. Autos: Trump Set to Pull out of Free Trade Agreement with Korea – Unfair for Autos, but Not a Disaster Scenario
3. Autos: US Auto Sales August – SAAR Drops to Three-Year-Low on Harvey Impact
4. Auto Parts: Koito Manufacturing (7276) – Shining Bright
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics / Gaming / Industrial Electronics / Precision / Electronic Components
1. Sony (6758): The Importance of the Rights to Indian Cricket
2. Warner Records and Spotify; Facebook in Music Video Deal Move / Facebook Watch
3. Gumi (3903): What Will the FY18 Q1 Results Bring?
4. Nidec (6594): To Enter the EV Motor Market
5. Toshiba (6502): WDC Makes Controversial Offer / New Fab / Hon Hai Bid
6. Kyocera (6971): Seen as Buyer of Ryobi’s (5851) Power Tool Business
7. Fine vs Commodity Chemicals – Are MMA Markets Sustainable?
8. Harvey’s Impact Lingers on Petrochemicals
9. W-Scope (6619): Confirms LiB Separator Expansion
10. EV-Related Plays Charging Ahead
11. Sumitomo Chemical (4005): Appears to lag on EV and OLED Themes
12. Honda (7267): To Present a New EV at the Frankfurt Motor Show
13. Nissan (7201): Leaf Launch – Many New Exciting Features, but EV Drive Doesn’t Stand Out
Auto Parts / Machinery
14. NOK (7240) Corroborates Strength in Japanese Construction Machinery Demand
15. Toyota-Group Suppliers: Denso (6902) / Aisin Seki (7259) Valuations Lag Those of Koito (7276)
16. Daikin (6367): No Indian Summer and Texas Factory Hit by Effects of Harvey
17. Automation / Construction Machinery Stocks Continue to Hover Near All Time Highs
18. Autobacs Seven (9832): Upbeat Nikkei Article / Feedback on Our Visit to the Flagship Outlet
19. LINE (3938): Will Plans for LINE Mobile Cut it?
20. Positive News for Chugai Pharmaceutical (4519) and Ono Pharmaceutical (4528)
21. Strategy: Brokers Turning Positive on Japan, Focus on Large Cap Exporters & Industrials
PSA Company Visits, Tours and Interviews
• Call with Koito Manufacturing (7276)
• Visited Kaneka (4118) and NOK (7240)
PSA In the Media
• The Wall Street Journal asks PSA’s autos analyst Julie Boote her views on the new Nissan Leaf in an article published on September 3rd.
List of PSA Published Reports Since Q2 2017
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