The Must Read PSA Weekly Research Round-up (week to 12 May)

Results Comments Galore

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

1. Autos: Mitsubishi Motors (7211): FY17 Guidance – Too Early to Cheer?
2. Materials: Teijin (3401) Results – Back to the Recovery, After Challenging Conditions in FY16
3. Materials / Components: Nitto Denko (6988): Optronics and Tapes Advance, Life Sciences to Slow Briefly

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics / Gaming /Components / Industrial Electronics / Precision

1. Apple Pressurises the Supply Chain
2. Earnings Normalised on IFRS: Highlighting Panasonic (6752)
3. Square Enix (9684): Conservative Forecasts
4. Nexon (3659): Is Smoke Without Fire a Thing? Shareholders Should Take Note
5. Toshiba (6502) / Western Digital Spat Worsens
6. Weighing up Hitachi (6501): Value Kicked In
7. Nikon (7731): Sorted (Not)
8. Screen Holdings (7735): Strong Results, Disappointing Forecasts
9. Sato Holdings (6287): Weak Results, Worse Forecasts

Chemicals / Electronic Materials

10. Sumitomo Metal Mining (5713): Weak Results / LiBs / Tesla
11. Mixed News for Sumitomo Chemical (4005) before its May 16th Results Announcement
12. Tokyo Ohka Kogyo (4186): Need to Look at Pro Forma Earnings Outlook
13. TDK (6762): Strategy Comments on May 11th Were As Expected
14. Japan Display (6740): Results Meeting Contained Some Unexpected Twists
15. Nissha Printing (7915): Guides for Peak Profits
16. Earnings Comments on Toray, Taiyo Npn Sanso, Showa Denko, Sumco, Hitachi Chem etc


17. Toyota (7203): First Impressions of the FY17 CE – Shockingly Low
18. Nissan (7201): Question Mark Over Development of Selling Expenses
19. Suzuki (7269): Cautious FY17 but is the Best Performer YTD Among the Japanese Automakers
20. Subaru (7270): FY17 Guidance Well Below Consensus
21. Carlos Ghosn’s New Best Friend: Emmanuel Macron?
22. Toyota (7203 JP) and Nvidia (NVDA US) to Collaborate on AD Systems

Auto Parts / Machinery

23. IHI (7013): Confirmation of Restructuring, Conservative FY17 OP Guidance
24. Minebea Mitsumi (6479): Upbeat Results Meeting with the Mitsumi-Business the Star Performer
25. Koito (7276): Shining a Light on its Next Generation Products
26. Daikin (6367): Growth Returns in FY17
27. NOK (7240): Record High OPMs for the Seals Division; FY17 Upside Lies with FPCs
28. SMC (6273): Looking Forward to More Details at the Analyst Meeting Next Week
29. Construction Machinery Stocks Underperforming Factory Automation Stocks

Telecom / Internet

30. (2371): Solid Strategies but Valuations Rich
31. DeNA (2432): Improvements in Core Business / Spring Cleaning Done / Value & Growth
32. mixi (2121): Mixed Views – The Shares are Cheap but it Remains a One Hit Wonder…so far…
33. SoftBank (9984): Results Driven by Treasury, not Mobile – Performance Maps Banking Sector
34. KDDi (9433): Solid Results Underscore Valuation Implosion
35. The Shift in SoftBank’s Business Composition Pushes Attractive KDDi to the Front


36. Takeda (4502): Core OPM at 25% – Can it go Higher?

PSA Company Visits, Tours and Interviews

• We attended the results meetings for Olympus (7733), Teijin (3401), Tokyo Ohka Kogyo (4186), Toray (3402), Japan Display (6740), Hoya (7741), TDK (6762), Sumco (3436), Sumitomo Dainippon Pharma (4506), Nissha Printing (7915), Nihon M&A Center (2127), M&A Capital Partners (6080), Shin-Etsu Polymer (7970), Daikin (6367), Nippon Shokubai (4114), Konica Minolta (4902) Nissan Chemical (4021), NOK (7240), Koito (7276), Mitsumi Minebea (6479) and IHI (7013)
• We attended the results and strategy meetings for Nitto Denko (6988), Hitachi Chemical (4217)
• We participated in the DeNA (2432), Digital Garage (4819), Toyota (7203), Nissan (7201) and Honda (7267) earnings calls

*If you would like access to the full reports, please call your PSA sales representative. If you would like to see the list of reports produced YTD, please ask.
You can also 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.