The Must Read PSA Weekly Research Round-up (week to 19 Jan)

Highlighting a report on Sumco (3436), and comments on the Possibility of SoftBank Mobile’s IPO and the Apple iPhone Cycle

The Weekly Comment by Pelham Smithers

Next week sees the Japanese results season get underway with Tokyo Steel (5423 JP) and Yaskawa Electric (6506 JP) reporting on Jan 23 and Nidec (6594) reporting on Jan 24. The three have set a high standard for earnings results in recent quarters, and while there is some debate over whether Tokyo Steel has raised prices enough to offset soaring scrap costs, there are punchy forecasts for both Yaskawa (3Q OP ¥14.7bil +88%) and Nidec (3Q OP ¥46,1bil +24%) which if matched, would make upward revisions quite likely. That in turn would set a very good tone for this quarter’s earnings season.

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

1. Sumco (3436 JP): Profits Going from Wafer Thin to Wafer Fat
2. iStyle (3660 JP): Looking Pretty Good

Company / Sector / Thematic Comments at a Glance

1. Japanese Authorities to Use Video Surveillance / Facial Recognition at Tokyo Olympics
2. How Strong is the Current Apple iPhone Cycle?
3. Murata Looking to Improve OPM in FY18
4. Ricoh Gets the Nikkei Earnings PR Treatment
5. NAND Prices Sliding 8
6. Sony’s Jumanji Holds on to No. 1 Box Office Spot
7. Nintendo Labo – Line-Extension or Creative Cul de Sac?
8. How Bad Can It Get for Colopl? 9
9. Asahi Kasei’s Housing Orders – a Third Strong Month
10. Jury Still out on Konica Minolta’s Healthcare Acquisitions
11. Nissha Can Look Forward to a Better Next Week
12. Can Subaru Expand Sales for the 11th Consecutive Year in the US?
13. Honda’s Accord wins North American Car of the Year
14. Automation and Robotics get a Boost
15. Fanuc’s Perfect Timing; and Low Valuations at Mitsubishi Electric
16. SoftBank Mulls Listing of Mobile Subsidiary
17. LINE to become a major shareholder of iPASS Corporation
18. Mercari may IPO in June
19. Latest Bitcoin Slide Driven by its Own Issues
20. Alternatives in the Japanese Cosmé Space

List of PSA Published Reports Since Q2 2017 to Date

PSA Company Visits, Tours and Interviews

• Earnings meeting at Cosmos Pharmaceutical (3349 JP)
• Information meeting at Konica Minolta (4902 JP)
• Attended the NEPCOM Japan 2018 Electronics and Manufacturing Exhibition

PSA In the Press

Pelham Smithers on the IPO of SoftBank’s Mobile Business: in http://money.cnn.com/2018/01/15/investing/softbank-mobile-ipo-tech/index.html

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