The Must Read PSA Weekly Research Round-up (week to 09 Apr)

REPORTS: Sony (6758 JT) / Fanuc (6954 JT) / Toshiba (6502 JT) / INDUSTRY INSIGHTS: Camera industry’s horror show / Strong outperformance of Japanese automakers in the US in CY21 Q1 / MACRO: Weak household spending, wage data for February / China PPI / COMPANY INSIGHTS: Is Sony the big winner from Covid Mark II? / Sony in 5-yr Netflix exclusivity deal / Sony Music continues to acquire IP / Plus additional COMPANY RESULTS & INSIGHTS

The Weekly Comment by Pelham Smithers

Barbarians at the Gate’, or buy signal? Taking a global, historical perspective, Pelham Smithers considers whether the bid by UK private equity firm CVC Capital Partners for Toshiba is signalling a massive opportunity in Japanese equities

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

1. Can Sony (6758 JT) Make ¥1.2tril in OP in FY21?
2. Fanuc (6954 JT) – Strong FY21 Rebound
3. CVC Offers to Take Toshiba (6502 JT) Private

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT) Music Continues to Acquire IP
2. Is Sony the Big Winner from Covid Mark II?
3. Sony in 5-yr Netflix Exclusivity Deal / Gets Punchy Upgrade by Domestic Broker
4. Video Game-related Moves and News That Caught Our Eye
5. Outriders Debuts at No. 6 on UK Charts

Technology: Industrial Electronics and Electronic Components / SPE / Precision

6. Toshiba (6502 JT) Part 1: Kioxia Deal or IPO?
7. Toshiba (6502 JT) Part 2: CVC Offers to Take the Firm Private
8. NEC (6701 JT) Demonstrates 5G Factory Automation
9. Tracking Moves and News on Hitachi (6501 JT) This Week
10. Eyes on Olympus (7733 JT)
11. Camera Industry’s Horror Show
12. Nikon’s (7731 JT) Acquisition of Morf3D Suggests Firm Finally Has a 3D Printing

Strategy

13. SPE / Semiconductor News and Moves That Caught Our Eye

Technology: Bitcoin / Cryptocurrency and Blockchain

14. GMO Internet (9449 JT) Reported to be Moving into NFTs

Chemicals / Materials

15. Asahi Kasei (3407 JT) Faces Tough Comps in FY21
16. Kaneka (4118 JT) – Japan’s Equivalent of Danimer Scientific (DNMR US)

Auto Technology

17. Alternative Powertrain Stocks Zooming

Autos

18. Strong Outperformance of Japanese Automakers in the US in CY21 Q1
19. Isuzu (7202 JT) Partners with Self-Drive Start-up Gatik in North America
20. Toyota (7203 JT) Launches Yaris Cross in Europe in September

Auto Parts / Machinery

21. Nachi-Fujikoshi’s (6474 JT) FY21 Q1 Strong China Hydraulics Positive for Nabtesco (6268 JT)
22. Yaskawa (6506 JT) Disappoints for FY20; FY21 Guidance In-Line with Consensus 17

Internet / eCommerce

23. Mercari (4385 JT) to Establish Unit for Cryptoassets, Blockchain Tech
24. Other Moves & News: Lifenet Insurance / Syuppin / Racoon / Fidea / AI Inside / BASE Inc / YRGLM

Enterprise Software

25. Money Forward (3994 JT): A Quick Take on Its Receivables Business
26. Money Forward (3994 JT): FY21 Q1 Preview
27. Sansan (4443 JT): FY20 Q3 Preview
28. Other Moves and News: In-Source / AI Inc / Benesse / Fronteo / CellSource / Fuji Pharm / M3 / Bengo4 / Shift

Pharma

29. Bad News for Takeda- (4502 JT) Led Consortium for Covid-Use HIGT Drugs
30. Other Moves and News: Iwaki & Co / Sun Corp / Santen

Miscellaneous

31. Other Moves and News That Caught Our Eye

Macro

32. Weak Household Spending, Wage Data for February
33. China March PPI +4.4% YoY

PSA Company Visits, Tours and Interviews

• Visited / Interviewed / Conference Calls with: Email Q&A with Money Forward (3994 JT)
• Conference calls with: Teijin (3401 JT)

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