The Must Read PSA Weekly Research Round-up (week to 17 Jan)
Report out this week
1. Nidec (6594 JT): Earnings Stabilising on A More Balanced Product Portfolio
Having managed to get its ailing EV-business back into the black, Nidec is now expanding profits in all of its divisions. In CY2024 investors’ focus was very much on the AI theme, although Nidec’s earnings growth potential is based on a wider foundation than just AI. Analyst Julie Boote assesses the company’s near-term profit outlook evaluates new developments in FY25.
Reports Out This Week:
Nidec (6594 JT): Earnings Stabilising on A More Balanced Product Portfolio
Industry Insights:
Video games round-up
Inbound tourists rise +27.6% in December
Company Insights: News / Previews & Results
Nintendo Switch 2 speculation: If not now, when?
Nexon’s share price: a weak start to the year
CyberAgent: a revisit
Toyota presents its India-built Urban Cruiser EV
Yaskawa Q3 positive points
Hino reaches final settlement with US authorities
Mitsui and Mitsubishi to discuss phenol cooperation
Recruit’s new digital payment service for salaries
Strong Q1 for Demae-can
Money Forward: FY24 results disappoint all round
Curves produces Q1 OP ahead of plan
Treasure Factory reports Q3 results; full-year guidance seems conservative
S-Pool’s FY24 Q4 results are in line with plan; guides for FY25 OP growth of +10% YoY
Koshidaka’s Q2 outlook disappoints
The Weekly Comment by Pelham Smithers
PSA’s machinery analyst William Nestuk discusses the prospects for Japan’s Automation companies.
He finds reasons to be cheerful when looking at likely demand trajectories, especially in the US
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Nidec (6594 JT): Earnings Stabilising on A More Balanced Product Portfolio
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Nintendo Switch 2 Speculation: If Not Now, When?
3. Nexon’s Share Price: A Weak Start to the Year
4. CyberAgent: A Revisit
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
6. PVC Restructuring: Toagosei and Kaneka
7. Mitsui and Mitsubishi Chemical to Discuss Phenol Cooperation
8. Other News & Moves That Caught Our Eye
Autos / New Mobility
9. Toyota Presents its India-built Urban Cruiser EV
10. Hino Reaches Final Settlement with US Authorities
11. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
12. Dec 2024 Machine Tool Orders the Highest Since Sep 2022
13. Positive Points on Yaskawa’s FY24 Q3
14. Robotic Stocks Rise
Internet / eCommerce
15. Demae-Can Reports Strong FY25 Q1
16. Recruit’s New Digital Payment Service for Salaries
Enterprise Software / IT Services
17. Money Forward: FY24 Full-Year Results Disappointing All Round
18. Shift FY25 Q1 OP Beats Consensus Estimates as Recruitment Costs Fall and GPM Improves
19. BayCurrent FY24 Q3 Sales and OP Meet Consensus Estimates
20. Sansan FY24 Q2 OP Beats Consensus Estimates, While Sales Are in Line
Small- / Mid-Cap Insights
21. Curves Produces Q1 OP Ahead of Plan
22. Treasure Factory Reports Q3 Results; Full-Year Target Seems Conservative
23. S-Pool’s FY24 Q4 In Line with Plan; Eyes FY25 OP Growth of +10% YoY
24. Inbound Tourist Numbers +27.6% in Dec
25. Koshidaka’s Q2 Outlook Disappoints
26. Other News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
27. Other News & Moves That Caught Our Eye
PSA in the Press
Pelham Smithers comments in a Bloomberg article entitled Nintendo Shares Drop as Switch 2 Release Date Disappoints Market. [17 Jan] In a Bloomberg Street Wrap on Yaskawa’s FY24 (Feb yr-end) Q3 results, William Nestuk notes that the overall mood of the earnings meeting was “unconvincing” [14 Jan]
PSA Company Visits, Tours and Interviews
Visited: S-Pool (2471 JT), Koshidaka Holdings (2157 JT)
1-1 Call with: Curves Holdings (7085 JT)
Presentations at: S-Pool (2471 JT), Money Forward (3994 JT)
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