The Must Read PSA Weekly Research Round-up (week to DD MMM)

REPORTS: Price Challenges for Japan’s Materials Manufacturers / Renault’s EV Spin-off Plans; Consequences for Nissan / Sony Outlook for FY22 / INDUSTRY INSIGHTS: Japan machinery order backlog hits new high in February / Signs of thaw in the Chinese video game sector / Don’t throw away your washing machine! The chip shortage takes a peculiar turn / Q1 2022 global smartphone shipments down sharply / MISCELLANEOUS, MARKET & MACRO: Kuroda on inflation / Inflation and the yen / China March macro data / Currency impacts starting to become very significant / March headline inflation / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony: ups Epic Games stake / delays in PSVR2 and Across the Spider-verse to 2023? / God of War: Ragnarok to be cross-generation game? / Switch No.1 console system in Q1 2022 / SPE: TSMC / ASML / Disco results / Nidec’s results / Nagamori back as CEO / Honda outlines EV plans / Toyota engine investments / More production cuts at Toyota / launches bZ4X / Renault set to discuss EV spin off with Nissan

The Weekly Comment by Pelham Smithers

We are about to enter a fascinating earnings season, says Pelham Smithers, who discusses what approach companies are likely to take to the very tricky issue of forecasting next year’s numbers.

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

1. Sony Group (6758 JT) Outlook for FY22
2. Price Challenges for Japan’s Materials Manufacturers
3. Renault’s (RNO FP) EV Spin-off Plans – Consequences for Nissan Motor (7201 JT)

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Signs of Thaw in the Chinese Video Game Sector
2. Q1 2022 Global Smartphone Shipments Down Sharply
3. Sony (6758 JT) to Delay PSVR2 to 2023? / Increases its Stake in Epic Games
4. Will Sony’s God of War: Ragnarok be its Last Cross-Generational Game?
5. Sony Pushes Across the Spider-verse into 2023
6. Nintendo (7974 JT) Switch is Q1 2022’s No.1 Console System
7. Capcom (9697 JT) Revises Up FY21 Targets
8. Wacom (6727 JT) Approaches ¥1,000
9. Other Consumer Elec / Gaming News & Moves That Caught Our Eye

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

10. Hioki EE (6866 JT) Reports 1Q FY22
11. Koa (6866 JT) 4Q OP +4% YoY
12. TSMC (2330 TT) Decent Results Not Rewarded by the Market
13. ASML (ASML NA) 1Q 2022 PTP -50% YoY
14. Semiconductor Industry Catch 22 – is it Good News or Bad News?
15. Disco (6146 JT) 4Q OP +72% YoY
16. Nidec (6594 JT): Weaker than Expected Q4 Profits / Management Change
17. Nidec: Humiliation and Submission
18. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

19. Asahi Kasei’s (3407 JT) New Three-Year Plan
20. Sumitomo Chem (4005 JT) and Others Exiting Some Petrochemicals
21. Shin-Etsu’s (4063 JT) Superior Prospects in FY22

Autos

22. Renault (RNO FP) to Discuss EV Spin-Off Plans with Nissan Motor (7201 JT)
23. Honda (7267 JT) Outlines EV Plans
24. Toyota (7203 JT): Further Production Cuts / Launches the All-New bZ4X
25. May~July Production Cuts at Toyota / Invests in Engine Production
26. Subaru (7270 JT) Models Encounter Engine Sensor Malfunction
27. Mitsubishi Motors (7211 JT) Posts Strong Sales Growth in ASEAN
28. More Plant Closures at Mazda (7261 JT) / Further Production Tweaks at Toyota (7203 JT)

Auto Parts / Machinery

29. Yaskawa (6506 JT) CEO Ogasawara Positive on Demand
30. Fanuc (6954 JT) Falls on Component Shortage Worries / Broker Downgrade
31. Japan Machinery Order Backlog Hits New High in February
32. Other Auto Parts / Machinery News & Moves That Caught Our Eye

Internet / eCommerce

33. Previewing Mercari’s (4385 JT) FY22 Q3
34. Other Internet / eCommerce News & Moves That Caught Our Eye

Enterprise Software

35. Money Forward (3994 JT) FY22 Q1 Preview: Focus on New Products
36. Sansan (4443 JT) FY21 Q3 Results: Bill One Has Already Hit its FY ARR Target
37. Money Forward’s (3994 JT) FY22 Q2 Sales Guidance Is a Little Weak
38. NRI (4307 JT) FY21 4Q Preview: Weak Yen to Provide an Extra Helping Hand?
39. Other ERP Software / IT Services Moves & News That Caught Our Eye

Pharma

40. Shionogi’s (4507 JT) Covid Drug Risks Birth Defects
41. Takeda (4502 JT): Takhzyro Meets Primary Endpoint / Covid Vaccine Approved

Miscellaneous

42. Tokyo Steel (5423 JT) Forecasts a Wild Year in FY22
43. Other Moves & News That Caught Our Eye

Market / Strategy / Macro

44. Kuroda Comments on Inflation
45. Inflation and the Yen
46. Currency Impacts Starting to Become Very Significant
47. China Economy Numbers for March Show Some Covid Lockdown Impact
48. Japan’s Inflation Data

PSA Company Visits, Tours and Interviews

• Presentations at: Mitsubishi Gas Chemical (4182 JT), Asahi Kasei (3407 JT)
• Conference Calls with: BayCurrent Consulting (6532 JT), Email Q&A with Money Forward (3994 JT), NTT Data (9613 JT)

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