October 2018 – Pelham Smithers

Oct 26

PSA2018-11-02T14:04:20+00:00

Highlights this week: REPORTS: The LCP opportunity in High-End Handsets/ Shin-Etsu Chemical (4063 JP) H1 FY18 Earnings Preview / Fanuc (6954 JP) FY18 Q2 Preview / Hitachi Chemical (4217 JP) FY18 H1 Results / BIG PICTURE Insights: We think the chances that Japan’s 3Q GDP will be negative are quite high / new gaming licences halted in China, is a clamp-down on the existing game market to come? COMPANY INSIGHTS: NEC’s tie-up with Samsung to sell 5G base stations in the US & Japan provides free call option / EARNINGS COMMENTS on Hitachi High-Tech (8036 JP), HCM (6305 JP), Nidec (6594 JP), CyberAgent (4751 JP)

Oct 19

2018-10-26T13:45:56+00:00

Highlights this week: REPORTS: Recruit Holdings (6098 JP): Unappealing Valuations / PSA Visits the Auto Assemblers: Feedback / BIG PICTURE: We discuss how Chinese mobile game moratorium lasting into 2019 is only part of the problem / Can EUV deliver? Plus, a read across from ASML’s 3Q results / COMPANY INSIGHTS: Julie Boote looks at the slip in Isuzu’s share price / Pelham Smithers looks at Huawei’s targeting of Nintendo’s Switch with its new phone / Joel Scheiman looks at TSMC’s roadmap for next generation processing materials