The Must Read PSA Weekly Research Round-up (week to 01 Apr)

RESULTS: Japan Market Strategy / Net Protections (7383 JT) / Mazda Motor (7261 JT) / INDUSTRY INSIGHTS: Corporations cooperate to expand hydrogen use / Video streaming content war intensifies in Japan / MISCELLANEOUS, MARKET & MACRO: BoJ buys bonds, yields fall to 0.23% / Japan’s industrial production for Feb weaker than expected / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony’s PlayStation subscription: new games not included / cuts 90 PlayStation staff in N America / Bandai Namco unveils more on Gundam Metaverse / Nintendo delays Zelda sequel to 2023 / Renesas: Naka factory back to pre-quake production levels / TSMC hints at weakening demand for smartphones, PCs / Prospects for Shin-Etsu and Sumco / Yaskawa Q4 next Friday 8 Apr could surprise

The Weekly Comment by Pelham Smithers

Partly due to a weaker yen, the BoJ’s quarterly Tankan was stronger than expected. Against this background and bearing in mind current inflationary pressures, Pelham Smithers discusses portfolio strategy ahead of earnings season.

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

1. Net Protections (7383 JT) Initiation: Japan’s Pioneer in BNPL
2. Mazda Motor (7261 JT) – Undertaking the Next Growth Phase
3. Japan Market Strategy for FY22 Q2

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Bandai Namco (7832 JT) Unveils More on Gundam Metaverse
2. Sony (6758 JT) PlayStation Subscription Plan: New Games Not Included / Cuts Staff in North America
3. Nintendo Delays Zelda Sequel to 2023
4. Other Consumer Elec / Gaming-Related News & Moves That Caught Our Eye

Technology: Industrial Electronics / Components / Semis & SPE / Precision

5. Renesas (6723 JT): Naka Factory Returns to Pre-Quake Production Levels
6. TSMC (2330 TT) Hints at Weakening Demand for Smartphones, PCs
7. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

8. Prospects for Shin-Etsu Chemical (4063 JT) and Sumco (3436 JT)
9. Corporations Cooperate to Expand Hydrogen Use


10. Hino Motors (7205 JT) Cuts FY 21 OP Target

Auto Parts / Machinery

11. Yaskawa Electric (6506 JT) Q4 FY21 Results on 8 Apr May Surprise

Internet / eCommerce

12. Japan’s Video Streaming Content War Intensifies
13. Base Inc (4477 JT) Announces New “Growth Plan” for BASE Member Stores

Enterprise Software

14. Major Client of Enechange (4169 JT) Withdraws from Electricity Retail Market
15. Shift Inc (3697 JT) FY22 Q2 Preview: High Expectations for OP / Boosts M&A Focus
16. Sansan (4443 JT) FY21 Q3 Preview: Looking for Signs of Optimism
17. Sansan Sees Steady Build-Out of Clients in Jan~Mar
18. Money Forward (3994 JT) Raises Stake in Automated Asset Manager Susten


19. Novavax (NVAX US) Covid Vaccine Approval in Japan / Generic Drug Pressure for Shionogi (4507 JT)


20. Other Moves & News That Caught Our Eye
21. On the Spot

Market / Strategy / Macro

22. BoJ Buys Bonds, Yields Fall to 0.23%
23. Feb Industrial Production Weaker Than Expected
24. Foreign Activity – Selling Continues

PSA in the Press

The Tina – There is No Alternative – argument and bond yields are discussed in the FT, with Pelham Smithers adding to comments on the action of the BoJ.
“Tina meetings rising yields” FT 29th March 2022
Pelham Smithers also appears in the FT on ESG, Russia and the SEC.
“ESG, Russia, and the SEC” FT 30th March 2022

PSA Company Visits, Tours and Interviews

Visited: Denyo (6517 JT), Wacom (6727 JT)
Presentation at: Shift Inc (3697 JT)

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