The Must Read PSA Weekly Research Round-up (week to 28 Jan)
REPORTS: Cybozu (4776 JT) / Fanuc (6594 JT) / INDUSTRY INSIGHTS: Will the semiconductor market turn down in 2022? / Japan Dec semiconductor equipment billings +71% YoY/ MISCELLANEOUS, MARKET & MACRO: Quarterly reporting set for review / TECHNOLOGY: Canon / Shinko Electric / Advantest / Disco 3Q / Nidec /Capcom/ AlpsAlpine / Screen / TELECOM: KDDIMATERIALS: Nitto Denko / AGC / Shin-Etsu Chem / Tokyo Ohka/ MACHINERY: Daifuku / Fanuc / INTERNET & eCOMMERCE: CyberAgent / ERP SOFTWARE & IT SERVICES: TIS / Enechange / NTT Data / NRI / Obic / Misc: Valqua / COMPANY INSIGHTS: Demae-can and Enigmo head to 12-month lows / Implications for NEC / Anritsu for the tardy roll-out of 5G
The Weekly Comment by Pelham Smithers
Is Music Streaming in for a Pay-out Shake-up?
In a move which could have significant implications for firms such as Sony, the UK’s Competition & Markets Authority [CMA] is to launch a market study, spanning music “creators to consumers”, to examine whether innovation is being stifled. Pelham Smithers investigates.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Cybozu (4776 JT): December Sales and OP
2. Fanuc (6594 JT) – FY21 OP Can Beat Guidance but Costs Weigh on H1 FY22
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Capcom 3Q FY21 OP ¥6.2bil (-5% YoY)
Technology: Industrial Electronics / Components / Semis & SPE / Precision
2. Will the Semiconductor Market Turn Down in 2022?
3. Disco (6146 JT) 3Q FY21 OP ¥23.3bil (+75% YoY)
4. Nidec (6594 JT) Leadership Issues; FY21 Q3 Results
5. Nidec Earnings Call Feedback: Thanks to the EV Boom, Our Washing Machines Will Get More Expensive
6. Canon (7751 JT) FY21 4Q OP -1% YoY / FY22 OP CE +18% YoY
7. Shinko Electric (6967 JT) 3Q FY21 OP +194% YoY
8. Advantest (6857 JT) 3Q FY21 OP +120% YoY
9. Implications of Tardy 5G Rollout for NEC (6701 JT) and Anritsu (6754 JT)
10. Japan’s Dec Semiconductor Equipment Billings +71% YoY
11. Alps Alpine 3Q FY21 OP +42% YoY
12. Screen 3Q FY21 OP +154% YoY
13. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
14. AGC (5201 JT) Preview Underlines Shin-Etsu’s Strong Momentum
15. Shin-Etsu Chemical (4063 JT) Revises Up and Hikes Dividend
16. Nitto Denko (6988 JT) Revises up Optronics and Life Science
17. Tokyo Ohka Revises up, and What About Mt. Fuji?
Autos
18. Nissan and Renault Announce Close EV Cooperation
Auto Parts / Machinery
19. Daifuku (6383 JT) Boost into FY22 from Fast Retailing
20. Fanuc (6954 JT) Ups FY21 OP Guidance by 5.1%
Internet / eCommerce
21. Demae-can (2484 JT) Hits a New YTD Low
22. CyberAgent’s (4751 JT) FY22 Q1 OP Miss
23. Enigmo (3665 JT) Below Pre-SoE Levels
24. Gaming Business at DeNA (2432 JT), Gree (3626 JT), mixi (2121 JT) Continue to Struggle
Enterprise Software
25. Enechange (4169 JT) Revises Up Sales for a Second Time
26. TIS Inc FY21 Q3 Preview: Is Another Upward Revision in the Offing?
27. NTT Data (9613 JT) FY21 Q3 Preview: Impact of Omicron and Rising Prices on Systems Integrators
28. Cybozu (4776 JT) Announces Dec 2021 Sales and OP
29. NRI (4307 JT) Revises Up for Second Time in FY21
30. Obic 3Q FY21 OP ¥14.1bil (+14% YoY)
Telecom
31. Impact to SoftBank Corp (9984 JT) if Nvidia (NVDA US) Gives Up on ARM Purchase
32. KDDI 3Q OP ¥301.5bil +7% YoY
Miscellaneous
33. Valqua (7995 JT) 3Q FY21 OP ¥1.94bil (+247% YoY)
34. Other News & Moves That Caught Our Eye
Market / Strategy / Macro
35. Quarterly Reporting Set for Review
PSA in the Press
• Pelham Smithers features again in the run of quotes in the Financial Times in the video game sector: Why gaming is the new Big Tech battleground
PSA Company Visits, Tours and Interviews
• Conference Calls with: Money Forward (3994 JT)
• Presentations at: Cybozu (4776 JT), Shin-Etsu Chemical (4063 JT), Nitto Denko (6988 JT), CyberAgent (4751 JT), ZOZO (3092 JT)
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