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

REPORTS: Readacross from the Microsoft-Activision Deal / CyberAgent (4751 JT) / MISCELLANEOUS, MARKET & MACRO: Prices, wages moving centre stage in Japan / No change to BoJ rate policy but inflation expectations raised / Dec 2021 CPI +0.8% / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Monster Hunter Rise sales hit 8mil / Sony / Japanese video game stocks and the MSFT / ATVI deal / Canon announces dividend policy / ASML and the consequences of missing testing / Toyota tweaks auto production plans again; readacross to Denso / Honda signs agreement with battery maker SES Holdings / Subaru shows electrified concepts at Tokyo Auto Salon / India auto sales continue to rise, but Maruti Suzuki faces further cost risks

The Weekly Comment by Pelham Smithers

As Kagemasa ‘Kaz’ Kozuki – founder, Chairman, and Representative Director of Konami Holdings – is named in the Mississippi Gaming Hall of Fame, Class of 2022 by the Mississippi Gaming & Hospitality Association, Pelham Smithers takes a nostalgic look at his own experience with covering Konami as a junior analyst in the late 1980s, playing Froggers, and watching the gaming landscape change as M&A took place and in-app purchases – gacha – became the norm. Pelham pays homage to what genius Kaz’s role has been in the journey, where he has taken a skillset required 60 years ago and every decade since 1980 and reapplied that skillset to the opportunities of the time, be it arcade games in the 1980s, console games in the 1990s or slots and apps in the 2000s.

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

1. Readacross from the Microsoft-Activision Deal
2. CyberAgent (4751 JT) FY22 Q1 Preview

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Implications for Sony (6758 JT) from the Microsoft / Activision Deal
2. Readthrough from MSFT / ATVI Deal for Japanese Video Game Stocks
3. Monster Hunter Rise Sales Hit 8mil

Technology: Industrial Electronics / Components / Semis & SPE / Precision

4. Canon (7751 JT) Announces Dividend Policy
5. ASML (ASML NA): The Consequences of Skipping Testing
6. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

7. Dexerials (4980 JT) Employs AI to Raise Yields
8. Tosoh (4042 JT) Announces Carbon Neutral Strategy
9. Intel’s (INTC US) Proactive EUV Stance Could be Positive for JSR (4185 JT)

Autos

10. Toyota (7203 JT) Tweaks Global Production Targets Again
11. Honda (7267 JT) Signs Agreement with Battery Maker SES Holdings
12. Subaru (7270 JT) Shows Electrified Concepts at Tokyo Auto Salon Tokyo
13. India Auto Sales Continue to Rise, but Maruti Suzuki Faces Further Cost Risks

Auto Parts / Machinery

14. Denso Hit Harder than Toyota

Internet / eCommerce

15. ZOZO (3092 JT) vs Mercari (4385 JT)
16. BASE Inc (4477 JT) Hits a 52-Week Low
17. Other Internet / eCommerce Related News & Moves That Caught Our Eye

Enterprise Software

18. Shift Inc (3697 JT) FY22 Q1 Beats Market Estimates, Raises Forecast
19. Money Forward (3994 JT) Results Show Sustained Focus on Raising Brand Recognition
20. NRI (4307 JT) FY21 Q3 Preview: More Upward Revisions Ahead?

Miscellaneous

21. Other News & Moves That Caught Our Eye

Market / Strategy / Macro

22. Prices, Wages Moving Centre Stage in Japan
23. No Change to BoJ’s Rate Policy but Inflation Expectations are Raised / CPI

PSA in the Press

• Pelham Smithers contributes to the Financial Times article which discusses whether Sony is the entertainment company it wants to be. https://www.ft.com/content/70877521-29f6-406f-ae13-b1fdfc837eed?accessToken=zwAAAX5pNMCpkc9wh3UhKfZAb9OuE7H9_IN-7Q.MEYCIQDG3jR6sV1uws_8WXdAUp-t7QgFcTF-mIf46n-JKivk1gIhAP-BehwBYd0k0VqlmfkyEEPjF33cAULNOkkMe0xFUdFF&sharetype=gift?token=9c3882a2-964c-408d-b77d-9e600857aeb7
• Pelham also features in another Financial Times article on Activision. https://www.ft.com/content/96801e40-a949-46f7-893f-4c1d8235f7db?accessToken=zwAAAX59DCC4kdOWgB5AqUlG99OJP0wdgjX32w.MEUCIGicMWYItU8UD-TvgmBXGLt8dTvInz1ooyBailsC-GijAiEA7QHbxk-CRAEjWNLc_D11fFKxGS7fpYddSc71-qw38LI&sharetype=gift?token=2df9c333-dee5-457f-b7f5-62582292aee3

PSA Company Visits, Tours and Interviews

• Presentations at: Dexerials (4980 JT)

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