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

REPORTS: Japan Market Strategy in Hellish Conditions / DENSO (6902 JT): Turning the Corner / STRATEGY: Japan’s “Winners Market” / INDUSTRY INSIGHTS: Business erosion broadens in materials / Plus 23 COMPANY INSIGHTS

The Weekly Comment by Pelham Smithers

What conclusions should we draw from Japan’s perky Q2 GDP figures released this week? Pelham Smithers is on the case.

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

1. Japan Market Strategy in Hellish Conditions
2. Denso (6902 JT): Turning the Corner

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Square Enix (9684 JT): Another Gamer Delivers a Strong 1Q
2. Bandai Namco (7832 JT) Continues Trend of Strong 1Qs from Console Gamers
3. Nexon (3659 JT): 2Q Sees Mixed Performance Continue

Technology: Industrial Electronics / SPE / Components / Precision

4. Taiyo Yuden (6976 JT): Strong 1Q but Worries Remain
5. Nikon (7731 JT): 1Q Down 50%, as Expected
6. Ulvac (6728 JT) Forecasts Mask its EUV Call Option Status
7. Lasertec (6920 JT) 4Q Beat, but Forecasts Fall Short of Consensus

Chemicals / Materials

8. Fujifilm (4901 JT) and Sony (6758 JT) Reach an Agreement on Backup Tape
9. Fujifilm Share Decline May be Unwarranted
10. Business Erosion Broadens in Materials

Autos

11. Subaru (7270 JT) Profits Rise on Strong US Sales
12. Suzuki (7269 JT) Q1: India Problems Cut into Profits

Auto Parts / Machinery

13. Daikin (6367 JT) Q1 OP (+7.8% YoY) Above Plan
14. Nabtesco (6268 JT) Neutral H1
15. Daifuku (6383 JT) in Line with Aug 1 Nikkei Article; Analyst Meeting on Aug 9
16. IHI (7013 JT) Disappoints on Boilers and Aeroengines

Internet

17. Yahoo Japan (4689 JT) Q1 Misses
18. Gree (3632 JT) Expects a Weak Start for FY20
19. istyle (3660 JT) Collapses on Earnings Negative Surprise
20. Mercari Falls Sharply on Wider than Expected Loss

Enterprise Software

21. Unexciting Q1 from NTT Data (9613 JT)
22. GMO Payment Gateway (3769 JT) Shares Perkier Following Q3 Analyst Meeting

Telecoms

23. SoftBank Group (9984 JT) 1Q: All Over the Place

Strategy

24. Strategy: Japan’s “Winners Market”

PSA Company Visits, Tours and Interviews

• Interviewed / Conference Calls with: Fujifilm Holdings (4901 JT)
• Attended strategy / mid-term plan announcement meetings at: Fujifilm Holdings (4901 JT), Sumco (3436 JT), Sumitomo Bakelite (4203 JT), Nissha (7915 JT), Showa Denko (4004 JT), Tokyo Ohka Kogyo (4186 JT), Kuraray (3405 JT), Kaneka (4118 JT), Toray (3402 JT), Japan Display (6740 JT), Nikon (7731 JT), Daikin (6367 JT), Nabtesco (6268 JT), Daifuku (6383 JT), IHI (7013 JT), Yokohama Rubber (5101 JT), Ichikoh (7244 JT), GMO Payment Gateway (3769 JT), KH Neochem (4189 JT), Lasertec 6920 JT)
• Earnings call / webcast: SoftBank (9984 JT), Rakuten (4755 JT), Mercari (4385 JT), Nexon (3659 JT)

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