The Must Read PSA Weekly Research Round-up (week to 30 Oct)

REPORTS: Honda (7267 JT) / Fanuc (6954 JT) / EARNINGS RELEASES: Sony FY20 2Q OP +15% YoY / Lasertec 1Q FY21 +217% YoY / Canon 3Q FY20 OP better than expected / Koei Tecmo 2Q FY20 OP +64% YoY / KDDI 2Q FY20 OP +1% / Plus additional EARNINGS RELEASES

The Weekly Comment by Pelham Smithers

With new foreign CEOs appointed at Nexon and Mitsubishi Chemical, Pelham Smithers takes a good look at Takeda Pharmaceutical under Christophe Weber and asks whether the leadership experiment there is unravelling.

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

1. Honda (7267 JT)
2. Fanuc (6954 JT)

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony FY20 2Q OP +15% YoY
2. Panasonic (6752 JT) 2Q FY20 OP -4% YoY
3. Koei Tecmo (3635 JT) 2Q FY20 OP +64% YoY

Technology: Industrial Electronics and Electronic Components

4. NEC (6701 JT) 2Q FY20 OP -30% YoY
5. Fujitsu (6702 JT) 2Q FY20 OP -41% YoY
6. Hitachi FY20 2Q OP -29% YoY
7. Alps Alpine (6770 JT) 2Q FY -81% YoY
8. Nidec (6594 JT) FY20 Q2 OP +21% YoY
9. Other Moves & News That Caught Our Eye

Technology: Semiconductor Production Equipment & Precision

10. Canon’s (7751 JT) 3Q FY20 OP Better Than Expected
11. Lasertec (6920 JT) 1Q FY21 +217% YoY

Chemicals / Materials

12. Shin-Etsu Chem (4063 JT)and JSR (4185 JT) Report Very Different Q2 FY20 Results

Autos

13. Hino (7205 JT) Reports Q2 FY20 Results

Auto Parts / Machinery

14. Fanuc (6954 JT) Posts Surprise Recovery: H2 Sales Guidance +10% YoY
15. Nabtesco (6268 JT) FY20 Q3 Disappoints

Telecom

16. KDDI (9433 JT) 2Q FY20 OP +1% YoY

Internet / eCommerce

17. CyberAgent’s (4751 JT) FY20 Results
18. LINE’s (3938 JT) FY20 Q3 Results
19. ZOZO’s (3092 JT) Q2 FY20 Results
20. Gree’s (3632 JT) FY21 Q1 Beats

Enterprise Software

21. OBC’s FY20 H1 CE Miss vs Obic’s (4684 JT) Hit Highlights Covid-19 Pressure on SMEs
22. Cybozu (4776 JT) Sept Sales and OP Points to Strong FY20 Q3
23. NS Solutions (2327 JT) / Net One Systems (7518 JT) Shares Swap Fortunes
24. NRI’s (4703 JT) FY20 Q2 Highlights the Importance of DX Demand

Pharma

25. Pharma News and Moves

Miscellaneous

26. MonotaRO (3064 JT) 3Q FY20 OP +43%
27. SBI Holdings (8473 JT) FY20 2Q Pretax -4% YoY

Market / Strategy

28. Other Moves and News That Caught Our Eye

PSA Company Visits, Tours and Interviews

• Earnings calls: ZOZO (3092 JT), Z Holdings (4689 JT), Shin-Etsu Chemical (4063 JT), TDK (6762 JT), JSR (4185 JT), Nitto Denko (6988 JT), Hoya Corporation (7741 JT), Sumitomo Chemical (4005 JT), Ube Industries (4208 JT), Sekisui Chemical (4204 JT), Dexerials (4980 JT), Konica Minolta (4902 JT), Tosoh (4042 JT), Zeon Corp (4205 JT), Denso (6902 JT), Aisin (7259 JT), Melco (6503 JT), KHI (7012 JT), Fanuc (6954 JT), Nabtesco (6268 JT), Komatsu (6301 JT), HCM (6305 JT)

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