The Must Read PSA Weekly Research Round-up (week to 05 Aug)

REPORTS: Toyota Motor (7203 JT) Preview and Results / The Rise of Digital Invoicing in Japan / Global June Semiconductor Shipments / COMPANY NEWS: Mitsubishi Chemical may split off petrochemicals / Hino emission data falsification case broadens / MISCELLANEOUS, MARKET & MACRO: Company results thus far: * Latest results underscore a market problem: what happens when the market gets a cyclical stock or sector 100% wrong? / * Duller and a bit more disappointing than expected / COMPANY PREVIEWS & RESULTS: Sony 1Q OP +10% YoY, revises down FY22 / ups PS5 shipments / Nintendo 1Q OP -15% YoY / SQE 1Q FY22 OP -17% YoY / Bandai Namco 1Q OP +64% YoY / Lasertec 4Q FY22 (Jun) OP +113% YoY / Nikon 1Q FY22 OP -23% YoY, revises up / Taiyo Yuden 1Q OP -13% YoY / Ricoh 1Q OP +70% YoY / JSR’s revised guidance disappoints / Ibiden’s 1Q OP +15% YoY, full year forecasts unchanged

The Weekly Comment by Pelham Smithers

Just how bad was China’s economy in Q2? Examining Japanese companies’ Q2 results, Pelham Smithers draws some conclusions.

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

1. Toyota (7203 JT) FY22 Q1 Preview
2. Review of Toyota’s (7203 JT) Q1 and FY22 Outlook
3. The Rise of Digital Invoicing in Japan
4. Global June Semiconductor Shipments Rise 10% YoY

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony 1Q FY22 OP +10% YoY but Revises Down Full Year
2. Sony: The Ramp Up of PS5 Shipments Begins
3. Nintendo (7974 JT) 1Q FY22 OP -15% YoY
4. Square Enix (9684 JT) 1Q FY22 OP Falls 17% YoY
5. Bandai Namco (7832 JT) 1Q OP +64% YoY
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye

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

7. Global June Semiconductor Shipments Rise 10% YoY
8. Ibiden (4062 JT): 1Q FY22 OP +15% YoY, Forecasts Unchanged
9. Tokyo Seimitsu (7729 JT): 1Q FY22 OP Down 5% YoY, No Change to Full Year
8. Taiyo Yuden (6976 JT) 1Q OP Falls 13% YoY, No Change to FY22 Target
9. Ricoh (7752 JT) 1Q FY22 OP +70% YoY
10. Nikon (7731 JT) 1Q FY22 OP -23% YoY, Revises Up Full Year
11. Lasertec (6920 JT) 4Q FY22 OP +113% YoY
12. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

13. Mitsubishi Chemical Group (4188 JT) May Split Off Petrochemicals
14. JSR’s (4185 JT) Revised Guidance Likely to Disappoint
15. Other Chemical / Material-Related News & Moves That Caught Our Eye

Autos

16. Hino Motors’ (7205 JT) Emission Data Falsification Case Broadens
17. Subaru (7270 JT) Reports FY22 Q1 Earnings
18. Toyota (7203 JT) Leaves Full-Year Guidance Unchanged
19. Suzuki (7269 JT) FY22 Q1 Results Beat Estimates

Auto Parts / Machinery

20. Daikin (6367 JT): FY22 Q1 Preview / Results
21. Fujikura (5803 JT): Bullish Trends, but Modest FY22 Upgrade on Helium Concerns

Internet / eCommerce

22. ZOZO’s (6092 JT) FY22 Q1: a Positive Surprise
23. Z Holdings (4689 JT) Sold Off Post Earnings
24. BASE Inc (4477 JT) Sold Off Following FY22 Q2 Results
25. Mixi’s (2121 JT) FY22 is Off to a Good Start
26. Other Internet / eCommerce News & Moves That Caught Our Eye

Enterprise Software / IT Services

27. SRE Holdings (2980 JT) FY22 Q1 Sails Past Consensus for Sales, Meets OP
28. TIS Inc (3626 JT) FY22 Q1 Preview and Results
29. NTT Data (9613 JT) FY22 Q1 Earnings Preview
30. Nomura Research Institute (4307 JT): Additional Thoughts on FY22 Q1
31. Other ERP Software / IT Services News & Moves That Caught Our Eye

Pharma

32. Pharma News & Moves That Caught Our Eye

Miscellaneous

33. Other News & Moves That Caught Our Eye

Market / Strategy / Macro

34. Lessons and Insights from Results Thus Far
35. June Wage / Household Spending

PSA Company Visits, Tours and Interviews

Conference Call with: Pony.ai
Presentations at: Z Holdings (4689 JT), TDK (6762 JT), JSR (4185 JT), Sumitomo Chemical (4005 JT), Tosoh (4042 JT), Mitsubishi Chemical Group (4188 JT), Asahi Kasei (3407 JT), Hoya (7741 JT), Showa Denko (4004 JT), UBE Corp (4208 JT), Tokyo Ohka Kogyo (4186 JT), Sumco (3436 JT), Mitsui Chemicals (4183 JT), Mitsubishi Gas Chemical (4182 JT), Nomura Research Institute (4703 JT), Fujikura (5803 JT), Minebea-Mitsumi (6479 JT), Daikin (6367 JT), GS Yuasa (6674 JT)

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