The Must Read PSA Weekly Research Round-up (week to 10 Feb)

Reports / Flash Notes: Headlines at a Glance

1. Autos: Nissan (7201) Q3 – Is Weak NA Profitability a Longer-term Issue?

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics / Games

1. Value Implications for Sony (6758) if Deregulation Sees a Spin-off of Sony Financial (8729)
2. Square Enix (9684): Difficult to Put a Gloss on Q3 Results
3. Bandai Namco (7832): Despite a Strong Q3, No Change to FY Implies a Q4 Loss
4. PSA’s Video Game Rankings
5. Nexon (3659): More Writedowns, Financial Wonkery
6. Panasonic (6752): Update on Tesla / Adds 60% Air Conditioning Production Capacity in Asia

Technology: Industrial Electronics

7. Hitachi (6501) Ties Up with Honda (7267) for EVs
8. MHI (7011) Doubles Boiler Construction Project Claim Against Hitachi (6501)

Chemicals / Electronic Materials

9. Sumco (3436) Continues to Present a Bullish Scenario
10. Kuraray (3405) Shares Fall on Unexciting Guidance
11. Sumitomo Metal Mining (5713): Revises up FY16 OP, Guides for a Surge in Battery Materials
12. Zeon (3402): Expectations of Wider Spreads, Strong LiB Binder Demand Behind the Recent Rally
13. Toray (3402): Q3 Results / New 3-year Plan Sounds Optimistic
14. Nissha Printing (7915): Downward Revision, but Management Remains Confident

Autos / Auto Parts

15. Toyota (7203): FX Boosts FY16 Earnings Higher
16. Suzuki (7269) FY16 Q3 Includes of the Demonetisation Effect / Collaboration with Toyota (7203)
17. Fuji Heavy (7270): FY16Q3 Earnings Squeezed by Higher SG&A
18. Honda (7267): Tie up on EVs with Hitachi (6501)
19. Autos: Imports – Comparison between the US, the EU, Japan and Korea 2016

Internet

20. Yahoo Japan (4689): Revises Up to Meet PSA’s Forecasts
21. CyberAgent (4751): Risk-Reward Remains Attractive
22. DeNA (2432): Tied into Nintendo’s (7974) Fortunes – Fire Emblem Heroes and Android Super Mario Run Not Yet Factored In
23. Line (3938): Expenditures Continue to Squeeze Earnings
24. Kakaku.com (2371) Downward Revisions and Valuations Stretched…For Now

Telecom

25. SoftBank (9984): Results Better Than Media Portrays; ARM impacting

Machinery

26. Daikin (6367): Slowing A/C Growth Flagged by Melco (6503) Earlier in the Week
27. SMC (6273): FX Boosts FY16 Estimates, Valuation Support

Pharma

28. Sosei (4565) – Allergan (ANG US) Milestone Payments Delayed

Market Musing

29. The Validity of Short-Sell Reports

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