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

COMPANY INSIGHTS: How competitive are SAMSUNG’S (005930 KS) sensors / PANASONIC’S (6752 JT) new debt problem / RICOH (7752 JT): where next? / GM, VW drop hybrids in the US – Toyota (7203 JT) continues to expand / HITACHI CHEMICAL’S (4217 JT) shares continue to outperform / STRATEGY: Oversold/underbought FY19 stocks in attractive business areas / Plus 11 additional COMPANY & INDUSTRY INSIGHTS

The Weekly Comment by Pelham Smithers

Assessing the Q1 FY19 results season, Pelham Smithers discusses prospects for the long overdue rationalisation of Japan’s steel industry. For how much longer can Japan’s 43 listed steel companies coexist?

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. How Competitive Are Samsung’s (005930 KS) Sensors?
2. Where Are We in the Handset Cycle?
3. Panasonic’s (6752 JT) New Debt Problem

Technology: Industrial Electronics / SPE / Components / Precision

4. Ricoh (7752 JT): Where Next?

Chemicals / Materials

5. Hitachi Chemical (4217 JT) Shares Continue to Outperform
6. Japan Display Inc (6740 JT) Shares Sold Down Heavily
7. W-Scope (6619 JT) Shares React to a Downward Revision


8. GM (GM US), VW (VW GR) Drop Hybrids in the US – Toyota (7203 JT) Continues to Expand
9. Argentina Troubles Hurt Automakers
10. Uncertainty over US Auto Emission Standards

Auto Parts / Machinery

11. SMC (6273 JT) and HDS (6324 JT) Shine
12. Ferrotec (6890 JT) Fever Surprise


13. GungHo (3765 JT) Declines Further as Titles Lose Traction
14. mixi (2121 JT): Another Earnings Miss

Enterprise Software

15. Cybozu (4776 JT) FY19 H1: Confirms Earlier Sales Figure, OP Slightly Higher


16. Oversold / Underbought FY19 Stocks in Attractive Business Areas

PSA Company Visits, Tours and Interviews

• Visited: JSR (4185 JT), Ferrotec (6890 JT)
• Interviewed / Conference Call with: LINE (3938 JT), Yokohama Rubber (5101 JT)
• Attended earnings meeting at: W-Scope (6619 JT)

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