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
Autos
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
Pharma
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.
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Bloomberg (under PSAZ or by typing in the < stock code> equity CN PSA ) and Alpha Exchange, or contact your sales representative.
