The Must Read PSA Weekly Research Round-up (week to 09 June)

Reports on TDK and Fanuc produced this week

The Weekly Comment by Pelham Smithers

Our suspicion is that for the first time since the Abenomics era, we are headed towards an overheating of the Japanese economy…

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

1. Technology: TDK (6762) – Can TDK Make Sense of InvenSense?
2. Machinery: Fanuc (6954) Results Comment – Futuristic Factories

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics / Gaming / Components / Industrial Electronics

1. Sony (6758): Hints at Where Next for PSVR / Sohn Conference – Oasis Positive on Sony
2. Nintendo (7974): Switch Goes to an even Greater Premium on Amazon
3. Gumi (3903): Great Set of Figures for FY16, But Why Zero Profits Forecast for FY17 Q1?
4. Square Enix (9684): Ties up with Koei Tecmo (3635) – A Good Move for Both Companies
5. Hitachi (6501): A Comment on its Mammoth IR Day
6. Toshiba (6502): Getting Closer to a Decision
7. TDK (6762): A Beneficiary of Samsung Qualification for SMA OIS
8. Minebea Mitsumi (6479) – H1 OP Could Come 23% Above Guidance
9. Murata (6891): Can it Catch up with Broadcom in RF modules?

Chemicals / Electronic Materials

10. Fujifilm Holdings (4901): Awaiting June 12th Meeting to Explain Accounting Issues / FY16 Earnings
11. Japan Display (6740): OLED Opportunities, Potential Technology Deal with Sharp
12. Hoya (7741): Working to get Glass Platters into Data Center HDDs
13. Housing Orders Remain Weak
14. Sumitomo Metal Mining (5713): Continues Strategic Investments in Gold Mines

Autos / Auto Parts / Machinery

15. Troubles ahead for Mr Ghosn?
16. Further Management Changes Ahead for Nissan (7201)?
17. Potential Regulatory Changes in China Could be Hugely Beneficial for Foreign Automakers
18. Automation Update: Yaskawa (6506) Hits a New High Each Day
19. Ichikoh (7244): Hitting 20-year Highs

Telecom / Internet

20. ¥5tril to be Spent on 5G Nationwide Network by 2023 – Nikkei
21. SoftBank (9984): Investments Doing Well / Adjusted Valuations Undemanding / Another Acquisition
22. After Yahoo Japan’s Presentation: Comparing YJ and CyberAgent’s Video Services
23. CyberAgent (4751): Addressing Concerns about AbemaTV


24. Roche Trial Set-Back Knocks Chugai (4519)

PSA Company Visits, Tours and Interviews

• Results and strategy meetings for SHI (6302)
• Visited Alpine (6816), Hoya Corporation (7741), Tokyo Ohka Kogyo (4186)
• Conference call with Yahoo Japan (4689)

List of PSA Published Reports Since Q2 2017 to Date

(please contact or sales team for more information)

You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Bloomberg (under PSAZ or by typing in the < stock code> equity CN PSA ) and Alpha Exchange, or contact your sales representative.