The Weekly Comment by Pelham Smithers
Japanese non-manufacturing firms are paying a summer bonus of 5.5% more than last year – the first sign that the Japanese economy is overheating…so, we are getting close to calling a switch out of GARP into risk-on stocks.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Internet: Digital Garage (4819) – Change in Investment Strategy Makes Sense
2. Pharmaceuticals: Daiichi Sankyo Pharmaceutical (4568) – Busted Flush?
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics / Gaming / Components / Industrial Electronics
1. Sony (6758): Good Box Office Last Weekend, Even Better This Week / Deal with Spotify
2. Nintendo (7974): Switch Console Sales Remain Below Sales of PS4 Last Week in Japan
3. Gumi (3903): Ups the Ante in VR / Strong Collaborations of Characters Across Genres
4. Square Enix (9684): FFXV: A New Empire Surprises by Moving Up in the App Charts
5. Pachinko: Police Limit Number of Balls in Play
6. Toshiba (6502): Checking the Auditors Now
Chemicals / Electronic Materials
7. LiB Separator Market Dynamics: Key Players, Machinery Suppliers
8. Sumco (3436) and Shin-Etsu (4063): Benefit from Siltronic’s Strong Earnings Guidance
9. JSR (4185): Nikkei FY17 Q1Preview Above Consensus, but Clouds on the Horizon
10. TDK (6762): Shares Decline on Nikkei Earnings Preview
11. Sekisui Chemical (4204) and Asahi Kasei (3407) June Housing Orders Disappoint
12. Dai Nippon Printing (7912): To Expand OLED Metal Mask Sales
Autos / Auto Parts / Machinery
13. Bad News for Nissan (7201) in the US: Another Takata (7312) Recall / Union Discussions
14. Spread Between Aisin Seiki (7259) and Denso (6902) Widens to Record Highs
15. Daikin (6367): Making Progress on the Distribution Front in the US
16. Machinery Orders Outlook: A Strong Figure for July Would Do Wonders
17. Nabtesco (6268) and Affiliate Harmonic Drive Systems: Both Hit 52-Week Highs
Telecom / Internet
18. KDDi (9433): Rates Cuts Announced: Shares Priced for Dull Earnings but Not for a Decline
19. LINE (3938): What is the Likelihood of Success from the Change in Game Strategy?
20. Shionogi (4507): Merck and the Courts – Dolutegravir Not Greatly Affected
21. Chugai (45196): Emicizumab Data Confirms Positive Data to Media, Analysts Already Knew
PSA Company Visits, Tours and Interviews
• Results and meeting for Cosmos Pharmaceutical (3349)
List of PSA Published Reports Since Q2 2017 to Date
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