The Must Read PSA Weekly Research Round-Up (week to 17 Nov)

Reports on Japanese Pharma Strategy, plus Eagerly awaiting the Q4 GDP figures

The Weekly Comment by Pelham Smithers

Eagerly awaiting the Q4 GDP figures…

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

(please contact our sales team for information)

1. Japanese Pharma Strategy

Company / Sector / Thematic Comments at a Glance

Technology

1. Sony (6758): Shows Interest in Fox Assets
2. Comparing General Electric with Hitachi
3. iPhone X Battery / New Models
4. Canon (7751): Confirmation of Commemoration

Chemicals / Electronic Materials

5. Sumitomo Bakelite (4203): Conservative Guidance
6. Showa Denko (4004): Strong Q3 but SGL Remains an Unknown Factor in Q4
7. Shin-Etsu (4063): Continues to Enjoy Strong Business Conditions
8. China’s YMTC Reportedly Making Faster Progress on 3D NAND, but it May Not Matter
9. Fujifilm Holdings (4901): Remains Ahead of Target Despite the One-time Fuji Xerox Costs

Autos

10. Is the India Auto Sales Rally Coming to an End?
11. Will China’s New Trade Policies Help Japanese Automakers?
12. European Auto Market: In Good Shape, but Concerns Over Brexit Trade Negotiations Raised
13. NAFTA: Toyota’s Production Plans for Mexico Could be a Risky Bet

Auto Parts / Machinery

14. Daifuku (6383): Lead-Times and Cautionary Comments / Added to MSCI Japan Index
15. Ryosan (8140): Echoing Daifuku’s Caution of Froth at the Top
16. Daikin (6367): Confident in Future Price Hikes to Offset Higher Raw Material Costs
17. Ferrotec (6890): Solar Hopes Shining Brighter
18. Ebara (6361): Excellent Q2
19. Mitsubishi Electric (6503): China Production Base Expansion
20. KHI (7012): Threats and Opportunities

Internet

21. Nexon (3659): Impressive Q3 Results Masks Earnings Volatility
22. Rakuten (4755): Our Neutral Stance Remains
23. Recruit Holdings (6098): Rich Valuations and Concerns on Earnings Volatility
24. Avex (7860): Weak H1 Suggests a Challenge to Meet FY Targets
25. Trend Micro (4704): Continues to Trend Upwards

Pharma

26. Pharma Strategy: What’s in the Pipeline and What’s in the Price
27. US FDA Approves Chugai’s Hemlibra (ACE910 / emicizumab) for Haemophilia A

Media

28. WPP Offers / Threatens to raise its stake in Asatsu

PSA Company Visits, Tours and Interviews

• Participated in the earnings call of Showa Denko (4004)
• Earnings meetings: Sumitomo Bakelite (4203), Sumitomo Metal Mining (5713), Fujimori Kogyo (7917), Fujimi Corporation (5384), Soken Chemical (4972), Mitsui Chemicals (4183), Japan Elevator Services (6544), Credit Saison (8253), Daifuku (6383), Medinet (2370), Showa Sangyo (2004), Aozora Bank (8304), Unipress (5949), Fuji Oil (5017)
• Visited Shin-Etsu Chemical (4063), Asahi Kasei (3407), Tokyo Ohka Kogyo (4186), Hitachi Chemical (4217), Japan Display (6740), Teijin (3401), Fujifilm Holdings (4901), Kuraray (3405)
• Watched earnings webcast of Rakuten (4755)
• Had a conference call with Daikin (6367)

PSA In the Media

Pelham Smithers is quoted in the FT Lex Column discussing FAANGs (Japan: ganbare!) [Paywall]

List of PSA Published Reports since July 2017 is available upon request

(please contact or sales team for a copy)

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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.