The Must Read PSA Weekly Research Round-up (week to 26 Jul)

REPORTS: Softbank (9984 JT) Update on SoTP Issue / China’s NEV Market Outlook / Nomura Institute (4307 JT): The Changing Face of NRI / Semiconductors Equipment Industry Update / Nissan’s (7201 JT) Q1 FY19 / Plus 22 INDUSTRY & COMPANY INSIGHTS

The Weekly Comment by Pelham Smithers

Why tech and why now? Technology stocks are rising strongly in both Japan and the UK. Grist to their mill is politics, as the sector seems to thrive on uncertainty, argues Pelham Smithers

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

1. SoftBank Group (9984 JT) Update on SoTP Issue
2. China’s NEV Market Outlook
3. PSA Enterprise Software: Nomura Research Institute (4307 JT): The Changing Face of NRI
4. Semiconductor Equipment Industry Update
5. Nissan’s Q1 FY19

Company / Sector / Thematic Comments at a Glance

Technology: Industrial Electronics / SPE / Components / Precision

1. Where are We in the SPE Cycle?
2. Nidec (6594 JT) in Sharp 1Q OP Decline; Surprise
3. Canon (7751 JT) 2Q Weak, as Nikkei Predicted

Chemicals / Materials

4. Sumitomo Dainippon (4506 JT) and Fujifilm (4901 JT) Both Interested in Cynata (CYP AU)
5. Shin-Etsu Group Company Results: Shin-Etsu Polymer (7970 JT) on July 23, Shin-Etsu Chemical (4063 JT) on July 24
6. Shin-Etsu (4063 JT) Turns in a Strong Q1, Hikes Dividend
7. Hitachi Chemical (4217 JT) Posts a Weak Q1
8. Nitto Denko Q1 OP Fell 43.9% YoY

Autos

9. Hyundai Motor (005380 KS) Earnings Rise on Weak Won, SUV Sales
10. Mitsubishi Motors (7211 JT) Q1 Results Disappoint
11. Crisis at Nissan: Focus on Recovery Plan 11

Auto Parts / Machinery

12. Yaskawa (6506 JT), SMC (6273 JT) Rise on SPE Spin
13. Strong US Supports HCM (6305 JT) Q1 Earnings; Komatsu Better?
14. IHI (7013 JT) Bounce on Aerospace 12
15. Daikin (6367 JT) Rises on Strong Europe A/C Sales at Fujitsu General (6755 JT)

Internet

16. CyberAgent’s (4751 JT) Q3 Results: Positive Surprise
17. LINE (3938 JT) Surges Despite Wider-than-Expected Loss

Enterprise Software

18. Obic (4684 JT) Sets Strong Pace for FY19 Q1 Results Season
19. Cybozu (4776 JT): June Sales Up 14% YoY but an Operating Loss
20. NRI’s Solid Q1 Boosts Shares

Pharma

21. Chugai (4519 JT): Fantastic 2Q

Telecoms

22. Barron’s Revives SoftBank’s (9984 JT) Deep Discount Issue

Miscellaneous

23. First Set of June Quarter Results Out

PSA Company Visits, Tours and Interviews

• Interviewed / Conference Call with: HCM (6305 JT), Cybozu (4776 JT)
• Earnings call / webcast: Shin-Etsu Chemical (4063 JT), Hitachi Chemical (4217 JT), Nitto Denko (6988 JT), CyberAgent (4751 JT), LINE (3938 JT), Nissan (7201 JT), Mitsubishi Motors (7211 JT)

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