The Must Read PSA Weekly Research Round-up (week to 18 Feb)
REPORTS: CyberAgent (4751 JT) / COMPANY INSIGHTS: Capcom update on 21 Feb? / Hitachi’s incoming C-level management meeting / NEC’s quantum computing / Kioxia’s IPO is back on / Murata to buy Resonant for US$300mil / Nissan to invest in US EV plants / INDUSTRY INSIGHTS: Upcoming video game launches / Casino resort agreement for Yushima Island / MISCELLANEOUS, MARKET & MACRO: Dec Q’s GDP / Japan’s Core CPI / COMPANY Results: Ulvac’s 2Q FY22 (Jun yr-end) OP +61% YoY / Torex Semi 3Q FY21 OP +157% YoY / AMAT guides for further revenue growth / Showa Denko’s FY22 guidance disappoints
The Weekly Comment by Pelham Smithers
Japan’s “Now You See It, Now You Don’t” Trade Surplus: Japan has a trade surplus in the national accounts and a trade deficit elsewhere. This discrepancy is painting a misleading picture about the health of the Japanese economy, explains Pelham Smithers.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. CyberAgent (4751 JT) – Facing High Hurdles Due to Phenomenal Success of a Hit Game
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Upcoming Video Game Launches
2. Capcom (9697 JT) Update on 21 Feb?
3. Other Consumer Electronic / Gaming Moves & News That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Ulvac (6728 JT) 2Q FY22 (Jun yr-end) OP +61% YoY
5. Torex Semiconductor (6616 JT) 3Q FY21 OP +157% YoY
6. NEC (6701 JT) Moves Quantum Computing Type Development On
7. Kioxia IPO Back On
8. Murata (6981 JT) to Buy Resonant for US$300mil
9. Other Tech-related Moves & News That Caught Our Eye
Chemicals / Materials
10. Showa Denko (4004 JT): FY22 Guidance Disappoints
11. W-Scope (6619 JT) Signals a Recovery
Autos
12. Isuzu (7202 JT) Retains OP Forecast Despite External Headwinds
13. Safe Haven Toyota (7203 JT) Waning
14. Subaru (7270 JT) Shares Fall on Chip Supply Concerns
15. Nissan (7201 JT) to Invest in US EV Plants
Auto Parts / Machinery
16. Ferrotec’s (6890 JT) FY21 Q3: Slightly Soft
17. Diamond Electric (6699 JT) Revises Down FY21 Guidance
18. SMC (6273 JT) Revises Up for a Third Time
19. Nabtesco (6268 JT) Explains Strong H2 FY22 Guidance
20. Kohoku Kogyo (6524 JT) Sees Small Rebound on Results Call
Internet / eCommerce
21. Rakuten (4755 JT) Expects Earnings to Improve from FY22 Q2
22. Recruit (6098 JT) Does not Revise Up
23. Giftee’s (4449 JT) FY22 OP Guidance Below Consensus
24. Trend Micro’s FY22 OP Guidance Below Consensus
Enterprise Software
25. Enechange (4169 JT) Sets Conservative Sales Forecast
26. ExaWizards (4259 JT) Shows Strong FY21 Q3 Growth
27. PKSHA (3993 JT) Meets Consensus Estimates for FY22 Q1 Sales, Beats on OP
28. Cybozu (4776 JT) Provides Details on FY21 Sales in Final Earnings Report
29. Encouraging FY22 Forecast for Medley (4480 JT) Despite Accounting Change
Miscellaneous / Market / Macro
30. Dentsu (4324 JT) 4Q FY21 (Dec yr-end) OP ¥33.1bil
31. Other Moves & News That Caught Our Eye
32. Bond Market Moves / GDP / Core CPI
PSA Company Visits, Tours and Interviews
• Visited: JSR (4185 JT), Kaneka (4118 JT)
• Presentations by: Rakuten (4755 JT), Showa Denko (4004), Tokyo Ohka Kogyo (4186 JT), Mitsui Chemicals (4183 JT), Teijin (3401 JT), Toagosei (4045 JT)
• Small meeting at: Sumitomo Chemical (4005 JT)
*If you would like access to the full weekly the reports highlighted, or the full Weekly (which includes the full comment) and if you would like to see the list of reports produced YTD, please contact our sales team.
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Bloomberg (under PSAZ < GO> or by typing in the < stock code> equity CN PSA), Research Exchange and ResearchPool.
