The Must Read PSA Weekly Research Round-Up (week to 18 Aug)

Highlighting Telecom Strategy / Nintendo Patent Suit / Results Writes-ups on Fujifilm (4901) and Ferrotec (6890)

The Weekly Comment by Pelham Smithers

Japanese telecoms strategy discussed.

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

(full reports available upon request)

1. Fujifilm Holdings (4901) FY17 Q1 Results Meeting – Cameras Push Earnings Ahead of Guidance
2. Nintendo (7974): Is the Patent Suit a Problem? Yes, Quite Possibly
3. Ferrotec (6890): FY17 Q1 Results – Solar to Semis

Company / Sector / Thematic Comments at a Glance

(for more details, please ask)

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

1. Sony (6758): Looking to Acquire Remainder of EMI Publishing?
2. Talk that Apple is Set to Launch a Cellular Smartwatch
3. Toshiba (6502): Issues over payment timings for Toshiba Memory

Chemicals

4. W-Scope (6619) and LiB Stocks Have Energy
5. Skepticism on Japan Display (6740) is Unlikely to Disappear
6. Sumitomo Metal Mining (5713): Add Copper to its EV Exposure

Autos

7. The Outlook for EV / PHEVs
8. Toyota (7203): To Benefit from Diesel Withdrawal in Europe / Outlook for EVs

Auto Parts / Machinery

9. A Very Rainy August for Tokyoites: Impact on Daikin (6367)
10. Share Price Moves in Automation and Auto Parts: Yaskawa, Daifuku, SMC, Denso, Aisin Seiki
11. Ferrotec (6890): One of the Cheapest SPE-Related Plays

Telecom

12. KDDi (9433): Acquires IOT / M2M Enabler Soracom
13. Ahead of Alibaba’s Numbers, What of SoftBank (9983)? / The Results

Internet

14. Yahoo Japan (4689): It’s Game On Thanks to HTML5
15. Recruit Holdings (6098): Good Q1 but Concerns on Overseas Strategy and High Valuations
16. Enterprise Drives FY17 Q2 at Trend Micro (4704)
17. Heavy Investment Burdens Continue to Weigh on iStyle (3660)
18. Avex (7860): Rough Start and Lofty 2020 Targets, Rightly Reflected in Low Valuations
19. GREE (3632): Market Confidence in 9 Directors’ Reappointment to Board, We Remain Cautious

Macro

20. June Quarter Japanese GDP +1.0% QoQ, +4.0% Annualized

PSA Company Visits, Tours and Interviews

• Attended earnings meetings for Fujifilm (4901)
• Call with Ferrotec (6890)
• Visited Japan Display (6740)

PSA in the Media

• Pelham Smithers on Alibaba (CNBC) https://www.cnbc.com/video/2017/08/18/china-has-no-practical-alternative-to-alibaba-online-retail-pro.html

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.