The Must Read PSA Weekly Research Round-up (week to 01 Dec)
REPORTS: Park24 (4666 JT) / Kyoritsu Maintenance (9616 JT) / Koshidaka Holdings (2157 JT) / Sanrio (8136 JT) / M&A Research Institute (9552 JT) / Nexon (3659 JT) / Digital Payments: Brazil’s Pix / INDUSTRY INSIGHTS: Oct global console sales / Teething problems for Japan’s new invoice system / Machine tool orders lowest since Feb 2021 / Big week for economic data in Japan / Smaller electronic materials companies shares move / Japan auto sales continue to rise in November / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Insiders suggest Sony is close to ending Zee merger / Sony, Microsoft look to broaden gaming ecosystems / Advantest forecasts +50% CAGR for HBM memory between 2023~2027 / Micron warns of cost increases offsetting higher sales / Konami remains top of Japan game charts / Toyota’s Oct production surges / Toyota plans to sell Denso stake / Honda reveals electric motorcycles plans/ Denso announces another ¥200bil share buyback; no Toyota sale for now
The Weekly Comment by Pelham Smithers
Having spent heavily over the summer, the Japanese consumer reined in spending considerably in October. While this may be a one-off, it may also be that Japanese consumers are “spent out”. Pelham investigates.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Nexon (3659 JT) – Ticking the Boxes in PC Gaming
2. M&A Research Institute (9552 JT) – M&A Maverick
3. Sanrio (8136 JT) – More Catalysts to Come
4. Kyoritsu Maintenance (9616 JT) – Turning Headwinds into Tailwinds
5. Koshidaka Holdings (2157 JT) – Karaoke Room Shortage to Come
6. Park24 (4666 JT) – 24 Hour Parking People
7. Digital Payments: Brazil’s Pix – The Great Equaliser
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Oct Global Console Sales -13% YoY
2. Insiders Suggest Sony (6758 JT) Is Close to Ending Zee Merger
3. Sony, Microsoft (MSFT US) Look to Broaden Gaming Ecosystems
4. Konami Remains Top of Japan Game Charts
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Micron (MU US) Warns of Cost Increases Offsetting Higher Sales
6. Advantest (6857 JT) Forecasts +50% CAGR for HBM Memory Between 2023~2027
7. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
8. Smaller Electronic Materials Companies Shares Move
Autos
9. Toyota (7203 JT) Production Surges in October
10. Toyota Plans to Sell Down Its Denso (6902 JT) Stake
11. Honda Reveals Electric Motorcycles Plans
12. Japan Auto Sales Continue to Rise in November
13. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
14. Denso (6902 JT) Announces ¥200bil Buyback: No Toyota (7203 JT) Share Sale for Now
15. Other Auto Part / Machinery News & Moves That Caught Our Eye
Internet / eCommerce
16. LY Corp (4689 JT) Breaks User Trust – Again
17. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
18. Teething Problems for Japan’s New Invoice System
19. Cybozu (4776 JT) Revises Down Sales and Raises OP
Miscellaneous / Market / Strategy / Macro
20. What are the Risks from Ending YCC?
21. Oct Machine Tool Orders Lowest Since Feb 2021
22. Big Week for Economic Data in Japan
23. Other News & Moves That Caught Our Eye
PSA Company Visits, Tours and Interviews
Visited: Daikin (6367 JT), Daifuku (6383 JT), SMC (6273 JT)
Conference Calls with: Email Q&A with Money Forward (3994 JT)
Presentation at: Mitsui Chemicals (4183 JT), Adeka (4401 JT), Teijin (3401 JT), Sakai Chemical (4078 JT)
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