The Must Read PSA Weekly Research Round-up (week to 25 July)
Reports / Flash Notes Summaries
1. Insource (6200 JT) – Short-Term Burden But Longer-Term Growth Drivers in Place
Small- / mid-cap specialist Hiroyuki Terada updates his earnings model for Insource post the Q3 release. While increased hiring of salespeople is required, the benefits are likely to boost earnings and the firm’s market share.
2. Koshidaka (2157 JT) – Aggressive Cost Control & Acceleration of New Store Openings
Karaoke room operator Koshidaka is benefiting from the firm’s efforts to improve operational efficiency and looks to expand sales with new store openings. Terada-san as raised his estimates for FY25~FY27.
Industry Insights
Video games round-up
Nuclear comeback could boost IHI’s earnings
US auto import tariffs to be cut to 15%
Company Results
Canon reports flat FY25 Q2 OP
Nidec’s ‘preliminary performance information’
Renesas FY25 Q2 OP -43% YoY
Screen HD FY25 Q1 OP -12% YoY
Shin-Etsu Polymer FY25 Q1 exceeds consensus
Shin-Etsu Chem’s unexpectedly low FY25 guidance
Mitsubishi Motors’ profits take large tariff hit
Fanuc FY25 Q1 OP +29% YoY, guidance neutral
Chugai FY25 Q2 OP -14% YoY
Q1 for Obic and OBC
Earnings Previews
TIS: FY25 Q1 preview
Mercari’s FY25 preview
Company Insights / News
Nintendo sets sales record in US
Open Up Group June KPIs
Miscellaneous / Market / Macro
What next for the Japanese government?
Takaichi vs Koizumi part 2?
Japan US trade deal
Tokyo CPI data reduces rate hike risk
Weekly Comment
Burdened by higher costs, video game publishers are looking to raise prices, but they are facing pushback, and may have to rethink.
Pelham Smithers explains why.
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Round Up
2. Nintendo Sets Sales Record in US
3. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Nidec: ‘Preliminary Performance Information’ Rather Than FY25 Q1 Financial Statements Released
5. Canon Reports Flat FY25 Q2 OP
6. Renesas FY25 Q2 OP -43% YoY.
7. Screen HD FY25 Q1 OP -12% YoY
8. Other News & Moves That Caught Our Eye
Chemicals / Materials
9. Shin-Etsu Polymer’s FY25 Q1 Ahead of Consensus
10. Shin-Etsu Chemical’s Unexpectedly Low Guidance for FY25
Autos / New Mobility
11. US Auto Import Tariffs to Be Cut to 15%
12. Mitsubishi Motors’ Profits Take Large Tariff Hit
Capital Goods / Machinery / Auto Parts
13. Nuclear Comeback Could Boost IHI’s Earnings
14. Fanuc FY25 Q1 +29% YoY, Full-Year Guidance Neutral
15. Other News & Moves That Caught Our Eye
Internet / eCommerce
16. Mercari: Full-Year FY25 Preview
17. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
18. TIS: FY25 Q1 Preview
19. Obic: FY25 Q1 Beats Consensus
20. Obic Business Consultants: FY25 Q1 Results Show a Solid Start to the Year
Pharma / Healthcare
21. Chugai Pharm FY25 Q2 OP -14% YoY
22. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
23. Insource Reports Solid FY24 Q3
24. Open Up Group Reports June KPIs
Miscellaneous / Market / Strategy / Macro
25. What Next for the Japanese Government?
26. Takaichi vs Koizumi Part 2?
27. Japan US Trade Deal
28. Tokyo CPI Data Reduces Rate Hike Risk
29. Other News & Moves That Caught Our Eye
PSA in the Press
Chemicals analyst Joel Scheiman features in the following Bloomberg article: Shin-Etsu Chemical’s Segments 1Q Results May Diverge: Preview – [23 Jul]
PSA Company Visits, Tours and Interviews
Visited: Treasure Factory (3093 JT), Insource (6200 JT), Koshidaka Holdings (2157 JT)
1-1 Call with: Open Up Group (2154 JT)
Presentations at: Shin-Etsu Chemical (4063 JT)
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