The Must Read PSA Weekly Research Round-up (week to 15 Jan)

REPORTS: Sony (6758 JT) / INDUSTRY INSIGHTS: More auto production cuts due to global chip shortage / The NAND conundrum / SPE strong / China driving automation / COMPANY INSIGHTS: BASE Inc forms an alliance with note Inc / Sony’s Vision S, one year on / Plus additional COMPANY INSIGHTS & RESULTS

The Weekly Comment by Pelham Smithers

Two weeks into trading for 2021 and Japan has enjoyed a decent start.
Pelham Smithers reviews what has driven the performance thus far and notes that we seem to be more of a stock pickers’ market rather than the more stylized and thematic markets that we saw through much of 2020.

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

1. Sony (6758 JT) – Can it Double its Operating Profit to ¥1.5tril by FY25?

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony Vision-S One Year On
2. Imagineer’s (4644 JT) Game for the Switch is Packing a Punch in Sales

Technology: Industrial Electronics and Electronic Components

3. NEC (6701 JT) Launches its “Wise Vision Endoscopy” AI service in Europe and Japan

Technology: Semiconductor Production Equipment & Precision

4. SPE Plays Bought Up on TSMC (2330 TT) Results and Capex Plans
5. The NAND Conundrum
6. New CEO at Intel (INTC US) – Read Across to Japanese Supply Chain Names
7. Canon (7751 JT) Ups FY20 Targets

Technology: Bitcoin / Cryptocurrency and Blockchain

8. Bitcoin Sell-off Sends GMO Internet (9449 JT) Lower

Chemicals / Materials

9. Mitsubishi Gas Chemical’s (4182 JT) 5G Exposure

Autos

10. Further Auto Production Cuts on Global Chip Shortage
11. Toyota (7203 JT) Fined for Violating Reporting Requirements
12. Renault’s FCV JV – What it Means for Toyota

Auto Parts / Machinery

13. Yaskawa (6506 JT) Lifts FY20 OP Guidance by 22% on China Strength
14. China Drives Automation: Yaskawa (6506 JT) Hits New Listing Highs for 3 Days

Internet / eCommerce

15. Z Holdings’ (4689 JT) PayPay Takes Top Slot Among Finance Apps in Japan
16. BASE Inc (4477 JT) Forms an Alliance with note Inc
17. Recruit Holdings (6098 JT) Appoints New President and CEO

Enterprise Software

18. Sansan Performs Well in FY20 Q2, Will Move to TSE 1st Section
19. Money Forward (3994 JT) Beats Market Forecasts, But a Few Signs of Concern

Pharma

20. Covid Cases in Japan
21. UK Greenlights Chugai Pharm’s (4519 JT) Actemra

Miscellaneous

22. Wholesale Electric Power Prices Higher

PSA Company Visits, Tours and Interviews

• Visited: Kanto Denka (4047 JT)
• Conference Calls with: Mitsubishi Gas Chemical (4182 JT)
• Contacted: Mitsubishi Gas Chemical (4182 JT)

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