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

REPORTS: Money Forward (3994 JT) / Daifuku (6383 JT) / INDUSTRY INSIGHTS: Caution on the outlook for video game plays / Time for AI stocks to make a comeback? / MACRO: Producer prices / Tokyo office vacancy rates / COMPANY NEWS / PREVIEWS & RESULTS: / Gaming: Results from Bandai Namco / Nexon / KLab / Autos / Auto-Parts: Results from Toyota / Honda / Nissan / Diamond Electric / Machinery: Results from Daikin / Daifuku / Nabtesco / ERP Software: Results from TIS / Cybozu / Telecom / Internet / eCommerce: SoftBank / Rakuten / Chemicals / Electronic Materials: Sumi Chemical / Plus additional COMPANY INSIGHTS

The Weekly Comment by Pelham Smithers

Pelham Smithers takes a clear-eyed look at problems posed by the 2020 Tokyo Olympics, which now constitute a risk to the Prime Minister’s continuing tenure.

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

1. Money Forward (3994 JT) – Time to Play Catch-Up?
2. Daifuku (6383 JT) – Still a FY22 Story

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Bandai Namco (7832 JT): 3Q OP +12% YoY
2. Nexon (3659 JT) 4Q OP +245% YoY
3. Valve to Launch Steam Officially in China
4. KLab (3656 JT): Earnings Woes Resume
5. Crash Bandicoot Coming to the Switch
6. Cautious Outlook on Video Game Stocks
7. C-Shares of Sharp (6753 JT) Triggered

Technology: Industrial Electronics and Electronic Components

8. Hydrogen-Fuelled Trains An Opportunity for Hitachi (6501 JT)

Technology: Semiconductor Production Equipment & Precision

9. V Tech (7717 JT) 3Q OP Recovers

Chemicals / Materials

10. Moves, News and Results Releases


11. Toyota (7203 JT) Boosts FY20 Forecast / Announces Deal with AD Start-Up
12. Toyota Shares Rise on EV Plans
13. Nissan (7201 JT) Back in the Black on Improved Pricing, Cost Cuts
14. Honda (7267 JT) Raises OP forecast on Cost Reduction Efforts
15. Suzuki (7269 JT) Shares Drop on Unchanged Guidance Numbers
16. Isuzu (7202 JT) Raises FY20 Forecast on Improved Sales Outlook

Auto Parts / Machinery

17. Daifuku (6383 JT) Derailed (Temporarily)
18. Daikin (6367 JT) Posts Record Q3
19. Nabtesco (6268 JT) FY20 Finishes with Strong Robotics and Hydraulics
20. Diamond Electric (6699 JT) Posts Surprise Q3 5.9% OPM

Telecom / Internet / eCommerce

21. SoftBank Group’s (9984 JT) Extraordinary Quarter
22. Rakuten (4755 JT) Reduces Quarterly Loss as Covid Boosts eCommerce
23. BASE Inc (4477 JT) Loses Money, Expects More Losses (but It’s OK)
24. GMO Internet (9449 JT) 4Q OP Flat
25. Others Moves & News that Caught Our Eye

Enterprise Software

26. TIS (3626 JT) FY20 Q3 Beats Market Estimates but No Change to Full Year
27. Cybozu (4776 JT) Writes Down a US Operations Business


28. Small-Cap Moves That Caught Our Eye


29. Macro News and Data Releases

PSA Company Visits, Tours and Interviews

• Earnings Presentations: Fujifilm Holdings (4901 JT), Teijin (3401 JT), Toray (3402 JT), Asahi Kasei (3407 JT), Sumco (3436 JT), Mitsui Chemicals (4183 JT), Sumitomo Bakelite (4203 JT), Kaneka (4118 JT), Kuraray (3405 JT), KH Neochem (4189 JT), Iwatani Corp (8088 JT), Nissha (7915 JT), Nissan (7201 JT)
• Conference Calls with: Email Q&A with Cybozu (4776 JT)
• Telephone Calls with: Toyota Industries (6201 JT), Koito Manufacturing (7276 JT), Daikin (6367 JT), Daifuku (6383 JT)

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