The Must Read PSA Weekly Research Round-up (week to 26 May)

The Weekly Comment by Pelham Smithers

Not so trivial question…What is the Apple Daily?

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

1. Machinery: Ferrotec Holdings Corp (6890) – One of the Cheapest SPE-Related Plays in the Market
2. Heavy Industrial: IHI (7013) Positive Outlook – Buffers Built into FY17CE OP

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics / Gaming

1. Sony (6758) Hosts Annual Investor Day / Sony’s Next Task to Battle the Competition
2. Nintendo (7974): Hits a 12-mth High and is Close to Matching Sony’s Market Cap
3. Konami (9766): Tying up with UEFA for eSports
4. The Rationale for Square Enix’s (9684) 3% Share Buy-back

Technology: Industrial Electronics / Components / Precision

5. Rumours of OLED iPhone Glitches with the AII-chip Production, Touch Sensor Integration
6. Revenues / Employee: If Only Canon (7751) Would Mirror Sony’s (6758) Example
7. It’s a Triangle: Toshiba (6502), its Banks, and the Bidders

Chemicals / Electronic Materials

8. TDK (6762): Acquisition of InvenSense Still Leaves Many Questions
9. Teijin (3401): Licenses Anti-Alzheimer’s Antibody to Merck
10. Petrochemical Spreads Threatened by China’s Policies


11. Suzuki’s (7269) Lucky Escape from Proton?
12. Honda (7267): Strength in Asia

Auto Parts / Machinery

13. China Order Hopes Driving Machinery-Plays

Telecom / Internet

14. SoftBank (9984): Vision Fund Impact on VC Industry / Stakes in Nvidia and Ride-Hailing Apps
15. SoftBank (9984): Treating it as a Bank Stock – Implications for TPCOMM Index Weightings
16. An Encouraging First Ever IR Day from Yahoo Japan (4689)
17. DeNA (2432): Reasons to Like It a Little More
18. Avex (7860): Reasons to be Disappointed and Reasons to Remain Cautious


19. Government Sets Generics Targets to be 80% by 2020
20. FDA Approval for Keytruda has Huge Implications for Oncology Drugs, Ono’s (4528) Opdivo

PSA Company Visits, Tours and Interviews Record

• Results meetings for Kansai Paint (4631), Ferrotec (6890) and Toyoda Gosei (7282)
• Results and strategy meetings for Sony (6758) Investment Day, JSR (4185), Taiyo Nippon Sanso (4091) and Mitsubishi Chemical Holdings (4188)
• Conference call with IHI (7013)
• Visited Nitto Denko (6988), Hitachi Chemical (4217), Ube Industries (4208), Sumco (3436) and Asahi Kasei (3407)

*If you would like access to the full reports, please call one of the PSA sales team. If you would like to see the list of reports produced YTD, please ask.
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