The Must Read PSA Weekly Research Round-up (week to 27 Jan)

Reports / Flash Notes: Headlines at a Glance

1. Machinery: Yaskawa (6506) – New Products from FY17 to Boost Profitability
2. Machinery: Fanuc (6954) – Order Recovery Clear

Company / Sector / Thematic Comments at a Glance

Technology: Industrial Electronics / Electronic Components/ Precision

1. Sony Pictures Worth US$16bil – Bloomberg…PSA does the Numbers
2. Nidec (6594) Revises Up After Another Good Quarter
3. TDK (6762) Leads Electronic Parts Makers to Higher Orders / Minebea (6479) Revisited
4. Alps (6770) Revises Up – Read-Across to TDK (6762)
5. Apple (AAPL US): New Handset Looks Like Having Edge-to-Edge Screen
6. Toshiba (6502): Rating Downgraded, Chip Sale is On, it Seems / Micron’s Interest in Flash
7. Capcom (9697): Resident Evil 7 Tested at Home – it IS TRULY SCARY
8. Square Enix (9684) to Make Games for Marvel, Starting with Avengers
9. Pricing PanaHome (1924), and Panasonic’s (6752) Need to Build Up its Smart Home Business

Chemicals / Electronic Materials

10. Shin-Etsu Chemical (4063) Q3 Call – Spotlight Stays on Wafer Price Hikes
11. Samsung: Note 7 Failure Due to Batteries
12. Hitachi Chemical (4217): Upward Revision Does Not Come as a Large Surprise
13. LG Siltron to Become SK Siltron
14. Dexerials (4980) – The Crux Issue is the Shape of the FY17 Recovery

Autos / Auto Parts

15. NAFTA review: Bad News for Automakers / Emissions / Trump’s Threat of a 20% Duty on Mexico Imports

Machinery

16. Automation Plays: Musings on Fanuc (6954), Yaskawa (6506), SMC (6723)

Pharma

17. Ono (4528) to get Royalties from Keytruda in Settlement
18. Sosei (4565) – Milestone Payment for COPD Products

Telecom

19. Docomo (9437) Revises Up – Read-Across to KDDi (9433)
20. SoftBank (9984) and Dealing with Arora’s Legacy

Macro

21. Manufacturing PMI Highest Since Pre-consumption-tax-hike

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