The Must Read PSA Weekly Research Round-up (week to 16 Apr)

REPORTS: Toyota’s (7203 JT) Hydrogen Bet – Excellent Outlook for Fuel Cell Technologies / Yaskawa’s (6506 JT) FY20 Results and Outlook / INDUSTRY INSIGHTS: Are we overdue consolidation in the Japanese video game industry? / Japan March machine tool or-ders +21% MoM / +65% YoY / NAND prices rallying / Supply chain tensions with China could intensify MACRO: Punchy China data / Commodities higher / Plus COMPANY INSIGHTS & RESULTS/PREVIEWS

The Weekly Comment by Pelham Smithers

Whether Square Enix succumbs to a reported buy-out proposal will depend on Enix founder Yasuhiro Fukushima, given his 25% holding. Pelham Smithers can think of several considerations concerning the state of Japan’s gaming industry which might make him amenable.

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

1. Toyota Motor’s (7203 JT) Hydrogen Bet: Excellent Outlook for Fuel Cell Technologies
2. Yaskawa Electric (6506 JT): FY20 Results and Outlook – Stellar Earnings Growth Needed to Justify Valuations

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Nintendo (7974 JT) Warns on Switch Supply
2. Panasonic Claims Advantage in Making 4680 Batteries
3. Godzilla vs Kong Gets Bottoms Back on US Cinema Seats – Read Across to Sony (6758 JT)
4. Are We Overdue Consolidation in the Japanese Gaming Industry?

Technology: Industrial Electronics / Electronic Components / SPE and Semiconductors

5. Toshiba’s (6502 JT) Barbarians at the Gate
6. NAND Prices Rallying
7. Restar (3156 JT) Bids for Paltek (7857 JT)
8. Might Jeol (6951 JT) be the Next Lasertec (6920 JT)?

Technology: Bitcoin / Cryptocurrency and Blockchain

9. Coinbase (COIN US) Listing Boosts Bitcoin

Chemicals / Materials

10. Teijin (3401 JT) Works to Overcome its Patent Cliff
11. Supply Chain Tensions with China Could Intensify
12. AGC (5201 JT) Revises Up


13. Fujifilm Continues to Emphasize Healthcare
14. Santen Pharma (4536 JT): DE-128 Approval Delayed


15. Mazda (7261 JT) to Launch EVs in the US

Auto Parts / Machinery

16. Yaskawa (6506 JT) Sold Off on FY20 / FY21 Disappointment
17. March Machine Tool Orders +21% MoM / +65% YoY
18. Surprise: Diamond Electric (6699 JT) to Hold Earnings Call on June 7

Internet / eCommerce

19. Dismal Outlook at Locondo (3558 JT) Sends ZOZO (3092 JT) Lower

Enterprise Software

20. Heroz’ (4382 JT) Top Line Suffers Under Covid; PKSHA (3993 JT) Compared
21. Money Forward’s (3994 JT) FY21 Q1 Beat Consensus Estimates
22. Sansan (4443 JT) FY20 Q3: Solid Results Despite OP Miss
23. BayCurrent (6532 JT) Promises 40% Total Shareholder Returns
24. RPA Holdings’ (6572 JT) FY20 Results Show Improvement but Lags Growth of Small-Cap Peers
25. Rozetta’s (6182 JT) Outlook for FY21 Looking Rosie


26. Other Moves & News That Caught Our Eye

Market / Macro

27. Punchy China Data / Commodities Higher

PSA Company Visits, Tours and Interviews

• Visited / Interviewed / Conference Calls with: Email Q&A with Money Forward (3994 JT), Sansan (4443 JT)
• Contacted: Toray (3402), Diamond Electric (6699 JT), Yaskawa Electric (6506 JT)
• Attended Presentation by: Fujifilm Holdings (4901 JT)

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