The Must Read PSA Weekly Research Round-up (week to 16 Feb)
REPORTS: Fujikura (5803 JT) / Enechange (4169 JT) / COMPANY NEWS INSIGHTS: Why are Sony and Bandai selling their stakes in Toei Animation? / Sony’s Billboard No.1s in 2023 / Arm’s rally puts the spotlight on SoftBank Group’s stock price / Nidec’s new President and CEO / Novo Nordisk begins trials of UBE’s compound for MASH / KHI firm on foreign broker upgrade / Industry Insights: Video game industry round-up / MISCELLANEOUS, MARKET & MACRO: Japan’s Q4 GDP falls -0.1% QoQ, putting country into technical recession / COMPANY PREVIEWS & RESULTS: Sony FY23 Q3 / Plans to IPO Financial Services Division / Did NEC really turn down better offers for JAE? / Rakuten’s FY23 Q4 operating loss less than expected / Sumco enters FY24 with sharp inventory correction / Resonac sees H2 recovery, postures for restructuring / Tokyo Ohka Kogyo guides for stronger FY24 H2 / SMC: Only modest recovery in semis so far / Nabtesco falls to lowest level in four years / Olympus reports disappointing FY23 Q3 earnings
The Weekly Comment by Pelham Smithers
Judas Priest and Sony Music’s Monetization of its Heritage
Next month’s release of Invincible Shield by septuagenarians Judas Priest underscores one of Sony Music’s great strengths – monetizing its heritage. Pelham Smithers tunes into Sony’s strategy.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Enechange (4169 JT) Gets a New Investor
2. Fujikura (5803 JT) – 5G and Stable Earnings
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Industry Round-up
2. Sony Revises Up FY23 OP / Plans to IPO Financial Services Division
3. Why are Sony and Bandai Selling Their Stakes in Toei Animation?
4. Sony’s Billboard No.1s in 2023
5. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Did NEC Really Turn Down Better Offers for Japan Aviation Electronics?
7. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
8. Tokyo Ohka Kogyo Guides for Stronger FY24 H2
9. Novo Nordisk Begins Trials of UBE’s Compound for MASH
10. Sumco Enters FY24 with Sharp Inventory Correction
11. Resonac Sees H2 Recovery, Postures for Restructuring
Autos / New Mobility
12. Nidec’s New President and CEO
Auto Parts / Machinery
13. Fujikura Continues Rally on FY24~ FY25 Expectations
14. Broker Upgrade Sends KHI Higher
15. Nabtesco: Weak FY24 Guidance and Writes Down Gilgen (auto doors)
16. SMC: Only Modest Recovery in Semis so Far
Enterprise Software / IT Services
17. Cybozu to Post Special Loss Due to its USA Operations
18. ExaWizards’ FY23 Q3 Sales Gain Pace
19. Appier Shares Shrug Off FY24 Targets Failing to Meet Expectations
20. Freee’s Shares Fall Following FY24 Q2’s Results
Telecom
21. Rakuten’s FY23 Q4 Operating Loss of -¥33bil, Less than Expected
22. Arm’s Rally Puts the Spotlight on SoftBank Group’s Stock Price
Pharma / Healthcare
23. Olympus Reports Disappointing FY23 Q3 Earnings
24. Other Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
25. Moriya Transportation Engine & Mfg Reports FY23 Q3 OP Ahead of Plan
26. Sanrio FY23 Q3 OP +54%, Revises Up
27. Treasure Factory Revises Up Full-Year FY23 Guidance
28. Park24’s Jan KPIs Ahead of Guidance
29. Koshidaka’s Monthly KPIs Ahead of Plan
30. Amvis’s Exposure to Medical Fee Revisions is Relatively Benign
Miscellaneous / Market / Strategy / Macro
31. Japan’s Q4 GDP Falls -0.1% QoQ, Puts Country into Technical Recession
32. Shimano: FY23 Q4 OP -73% YoY, Sees Further Weakness Through FY24
33. Bridgestone Disappoints
34. Other News & Moves That Caught Our Eye
PSA in the Press
Pelham Smithers is quoted in last Sat’s Financial Times article discussing Japan’s Nikkei 225 nearing 34-year highs on the weak yen.
PSA Company Visits, Tours and Interviews
Visited: UBE Corp (4208 JT), Open Up Group (2154 JT), Treasure Factory (3093 JT), Amvis (7071 JT), Moriya Transport E&M (6226 JT), NOK (7240 JT)
Conference Calls with: Koshidaka Holdings (2157 JT), Park24 (4666 JT), SMK (6273 JT)
Presentations at: Resonac (4004 JT), Tokyo Ohka Kogyo (4186 JT), Sumco (3436 JT), Nissha (7915 JT)
Small Meeting at: Sumitomo Chemical (4005 JT)
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