The Must Read PSA Weekly Research Round-up (week to 27 Jan)
REPORTS: Net Protections (7383 JT) / Nidec (6594 JT) / INDUSTRY INSIGHTS: Dec global console sales +4% YoY / MISCELLANEOUS, MARKET & MACRO: Japan’s upcoming earnings releases / Media anticipating a weak earnings season / Tokyo Jan CPI / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Microsoft reports 13% YoY decrease in gaming revenues / More stories in media on Sony launching a PS5 Pro in April / Fire Emblem sales in UK underline weak software market in Europe / The Last of Us TV show continues to put up impressive numbers / Nidec slashes forecast on weak demand / Disco 3Q FY22 OP ¥24.3bil (+4% YoY) / Koa 3Q FY22 OP +172% YoY / Toyota announces change in CEO / Fanuc’s Q3 OP beats consensus but guidance & commentary weak / HCM’s excellent Q3 and FY23 forecast
The Weekly Comment by Pelham Smithers
Market opportunities arise when, as now, there is a gap between perception and reality. Pelham Smithers discusses the case of Lam Research and other tech plays in USA and Japan. The question is how much of the bad news that has been priced in is justified?
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Net Protections (7383 JT) – A Revisit
2. What We Really Think is Going on at Nidec (6594 JT)
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Dec Global Console Sales +4% YoY
2. Fire Emblem Sales in UK Underline Weak Software Market in Europe
3. The Last of Us TV Show Continues to Put Up Impressive Numbers
4. Microsoft Reports 13% YoY Decrease in Gaming Revenues
5. More Stories in the Media of Sony (6758 JT) Launching a PS5 Pro in April
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Disco (6146 JT): 3Q FY22 OP +4% YoY
8. Koa (6999 JT) 3Q FY22 OP +172% YoY
9. Nidec’s (6594 JT) FY22 Forecast Slashed on Weak Demand
10. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
11. Shin-Etsu Chemical (4063 JT) / Nitto Denko (6988 JT) FY22 Q3 Results
12. Titanium Plays Sold Down
13. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
14. Toyota (7203 JT) Announces Change in CEO
15. Suzuki (7269 JT) Lifted by Strong Performance of its Indian Unit
Auto Parts / Machinery
16. HCM (6305 JT) Q3 OP Beats Top Estimate; Very Positive Factors for FY23
17. Fanuc (6954 JT): FY22 Q3 Preview / Results
18. Daifuku (6383 JT): Shares Recover ¥7,000 Level
19. Yaskawa (6506 JT) Recovers ¥5,000 Level
Internet / eCommerce
20. CyberAgent’s (4751 JT) FY23 Q1 Reports an Operating Loss
21. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
22. NRI (4307 JT): FY22 Q3 Preview
23. Obic (4684 JT) Outperforms Again in FY22 Q3, Raises Dividend
24. OBC (4733 JT) FY22 Q3 Sales Fall on the Demise of On-Premise
25. SRE Holdings (2980 JT) FY22 Q3 Preview
26. Other ERP Software / IT Services News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
27. Japan’s Upcoming Earnings Releases
28. Media Anticipating a Weak Earnings Season
29. Tokyo Jan CPI +4.4% YoY / +0.4% MoM
30. Other News & Moves That Caught Our Eye
PSA In the Press
Our autos analyst Julie Boote’s thoughts on Akio Toyoda’s departure are noted in this Reuters article. https://www.reuters.com/business/autos-transportation/akio-toyoda-set-remain-force-toyota-even-he-bows-out-2023-01-27/
PSA Company Visits, Tours and Interviews
Conference Calls with: Nidec (6594 JT)
Presentations at: Shin-Etsu Chemical (4063 JT), Nitto Denko (6988 JT)
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