The PSA Must Read Weekly Research Round-Up: Reports published this week on CyberAgent (4751 JP); Subaru (7270 JP); Yaskawa (7240 JP) and Japan’s Video Games Industry / Pelham Smithers comments on Takeda’s (4502 JP) interest in Shire (SHP LN) from both the corporate governance & preferable outcome perspective – (week to April 13)

The PSA Japan Research Round-Up for the week ending 13 April, 2018

The Weekly Comment by Pelham Smithers

Pelham Smithers looks at the Takeda (4502 JP) interest in Shire (SHP LN) from both the corporate governance and preferable outcome perspectives and finds that the two may not align.

Reports / Flash Notes Summaries

1. Japan’s Video Games Industry – Japanese Bubble meets a Global Bull Market
2. CyberAgent (4751 JP) – Growth and Quality, at a Reasonable Price
3. Japan Stock Market Strategy
4. Subaru (7270 JP) Company Update – Risks Remain
5. Yaskawa (6506 JP) FY17 Results

Company / Sector / Thematic Comments

Technology

1. Is This Time “For Real” at KLab (3656 JP)?
2. Nintendo (7974 JP) Ups Labo Marketing
3. Is Toshiba Memory Really Worth ¥4tril?
4. Crypto Names Jump on Bitcoin Rally
5. Questions on Wafer and Graphite Electrode Markets

Chemicals / Electronic Materials

6. Japan’s Rare Earth Treasure Trove
7. Japan Display’s (6740 JP) Display of Poor Judgement

Autos

8. Strong Global Sales for Mitsubishi Motors (7211 JP)
9. China Auto Import Tariff Cuts – More Questions than Answers
10. Hino (7205 JP) and VW (VOW GR) Trucks Form a Partnership

Auto Parts / Machinery

11. Yaskawa (6506 JP) FY17 Results and the Disappointing Single-Digit FY18 Sales Growth Guidance for Motion Control and Robotics

Internet / eCommerce

12. SoftBank (9984 JP): Sprint (S US) / T-Mobile (TMUS US) Merger Talks Back On?
13. Rakuten (4755 JP) Gets MNO, but on Tough Terms
14. SoftBank (9984 JP) Borrows US$8bil against Alibaba (BABA US) Position
15. Has GREE (3632 JP) Reached a Bottom?
16. Start Today (3092 JP): ZOZO’s Poor Start

Pharmaceutical

17. Keytruda’s Wins Hit Ono Pharmaceutical (4528 JP) and Oddly, also Eisai (4523 JP)
18. Takeda (4502 JP) Talking to Banks About Shire Bid Financing

PSA Company Visits, Tours and Interviews

  • Attended earnings meetings at: Ryohin Keikaku (7453 JP) and IDOM (7599 JP)
  • Interviewed: Showa Denko (4004 JP)