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

REPORTS: PSA’s Annual Global Auto Sales Outlook: 2021 / INDUSTRY INSIGHTS: Debate widens on semis and 5G / MACRO: Covid cases / Japan’s Jan monetary base +18.9% YoY / China’s Caixin’s Jan Composite PMI down from 55.8 to 52.2 / COMPANY NEWS, PREVIEWS & RESULTS: Technology: Consumer & Ind’l Electronics / Components / SPE / Precision / Sony / Nintendo /Konami / SQE / Panasonic / Hitachi / Rohm / TDK / Kyocera / Lasertec / Nihon Kohden / Megachips / Ibiden / Nikon / Plus additional COMPANY NEWS, PREVIEWS & RESULTS

The Weekly Comment by Pelham Smithers & Julie Boote

Pelham and Julie discuss the “Apple Car” and its likely supply chain winners and losers.

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

1. Global Auto Sales Outlook for 2021

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT): Q3 OP +20%, Massive Upward Revision
2. Nintendo (7974 JT): 3Q OP +36% YoY Despite Tough Comps
3. Panasonic (6752 JT): 3Q OP +16% YoY, Revises Up Full Year Target
4. Square Enix (9684 JT): 3Q OP -21% YoY
5. Konami Sees Sixfold Increase in OP

Technology: Industrial Electronics and Electronic Components

6. Rohm (6963 JT): 3Q FY20 OP +39% YoY
7. TDK (6762 JT) Shares Weaken on Disappointing Guidance
8. Kyocera’s (6971 JT) Q3 Misses on Life Division Writedowns
9. Nihon Kohden (6849 JT) Q3 OP Growth Surges
10. Megachips (6875 JT) Sees 3Q OP +132% YoY
11. Hitachi (6501 JT) Reports a 3Q Loss but Revises Up
12. Semis and 5G: The Debate Widens Out

Technology: Semiconductor Production Equipment & Precision

13. Lasertec (6920 JT): 2Q OP +15%, Revises Up Full Year
14. Nikon 3Q OP ¥9.9bil +143%

Chemicals / Materials

15. Dexerials (4980 JT) Improving Trend Looks Sustainable
16. Other Moves and News That Caught Our Eye 4

Autos

17. Mazda (7261 JT): Improved Results and Outlook on Higher Sales
18. Mitsubishi Motors (7211 JT) Shares Surge on Profit Loss Reduction
19. Subaru Lowers Forecast on Chip Shortage

Auto Parts / Machinery

20. Toyota Industries (6201 JT) Reports Best Auto OPM Ever
21. Denso (6902 JT) Revised Guidance Conservative
22. Nabtesco (6268 JT) Gains on HDS (6324 JT) Divestiture
23. Daifuku’s (6383 JT) Q3: Dialling it Down

Internet / eCommerce

24. Z Holdings’ (4689 JT) 3Q OP -8% YoY, Management Going for Growth
25. MonotaRO (3064 JT) Forecasting FY21 OP +26%, Splits Stock
26. Kakaku.com (2371 JT) Sees 3Q OP Dip 10% YoY

Enterprise Software

27. NTT Data (9613 JT): Q3 Ahead of Market Estimates
28. Otsuka Corp (4768 JT) Results Disappoint

Pharma

29. Shionogi (4507 JT) Revises Down Despite ¥20bil Land Sale Boost
30. Eisai’s (4523 JT) 3Q OP -41% YoY, Revises Down Full Year Targets

Miscellaneous

31. Small-Cap Results Round-up / Other News and Moves That Caught Our Eye

Market / Strategy

32. Covid Cases

Macro

33. Macro News at Home & Abroad

PSA Company Visits, Tours and Interviews

• Visited: JSR (4185 JT)
• Conference Calls with: Toyota Industries (6201 JT), Aisin Seiki (7259 JT), Denso (6902 JT), KHI (7012 JT), Mitsubishi Electric (6503 JT), GS Yuasa (6674 JT), NGK Spark Plug (5334 JT), Minebea-Mitsumi (6479 JT), Tosoh (4042 JT), Nippon Sanso (4091 JT), Ube Industries (4208), Dexerials (4980 JT), Mitsubishi Chemical Holdings (4188 JT), Nissan Chemical (4021 JT)
• Telephone call: Toyota Industries (6201 JT), Yaskawa (6506 JT)

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