The Must Read PSA Weekly Research Round-up (week to 28 Jul)
REPORT: Global Semiconductor Outlook / INDUSTRY INSIGHTS: With Beijing easing video gaming controls, China’s mobile market is starting to grow again / May camera shipments / MISCELLANEOUS, MARKET & MACRO: Initial 2023 Q2 results encouraging / To YCC or not to YCC / Tokyo CPI for July +3.2% YoY higher than expected / Foreign buying / COMPANY EARNINGS PREVIEWS & RESULTS: Technology: Results for Koa, Renesas, Shinko Electric, Canon, Fujitsu, Hitachi, NEC, Socionext / Chemical company results: Shin-Etsu, Zeon, Tokuyama, Nitto Denko, Tokyo Ohka Kogyo / Autos: Nissan, Mitsubishi Motors, Hino / Machinery: Komatsu, HCM, Daikin, Fujitsu General, Fanuc / Autoparts: Denso, Aisin / Pharma: Chugai / Internet & eCommerce: CyberAgent / ERP Software & IT Services: Cybozu, NRI / Miscellaneous: Shimano, Tokyo Steel
The Weekly Comment by Thao Nguyen
Analyst Thao Nguyen compares the features of major cashless payment terminals in Japan and assesses whether latest comer Rakuten Pay Terminal can leave a significant footprint
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Global Semiconductor Outlook – Normalizing the Cycle
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Beijing Eases Video Gaming Controls; Mobile Market Growth Picking Up
2. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
3. May Camera Shipments Hint of a Good June Q for Camera Makers
4. Koa (6999 JT): FY23 Q1 OP -68% YoY
5. Renesas (6723 JT) FY23 Q2 OP -12% YoY
6. Shinko Electric (6967 JT) FY23 Q1 OP -86% YoY
7. Canon (7751 JT) FY23 Q2 OP -6% YoY
8. Fujitsu (6702 JT) Reports Op Loss in FY23 Q1
9. Hitachi (6501 JT) FY23 Q1 OP +7% YoY as Lumada Excels Again
10. NEC (6701 JT) in -¥8bil Q1 Loss
11. Socionext (6526 JT) FY23 Q1 OP +81% YoY
12. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
13. Nitto Denko (6988 JT) Announces CO2-Reducing Business Strategy / FY23 Results
14. Shin-Etsu Group and Sumco (3436 JT) Plan More Leading-Edge Wafers
15. Shin-Etsu Chemical’s (4063 JT) Unsurprisingly Conservative Guidance
16. Tokyo Ohka (4186 JT) Retreats from Aggressive Guidance
17. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
18. Mitsubishi Motors’ (7211 JT) FY23 Q1 Results Come in Ahead of Consensus
19. Nissan (7201 JT): FY23 Guidance Raised
20. Hino (7205 JT) Shares Drop on Weak FY23 Q1 Results
21. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
22. HCM (6305 JT): FY23 Q1 OP +82% YoY – 20% Above Consensus
23. Komatsu (6301 JT): FY23 Q1 OP +57% YoY – 26% Above Consensus
24. Fujitsu General (6755 JT): FY23 Q1 Disappoints, Full Year Guidance Cut
25. Daikin (6367 JT) Preview – Analysts Remain Bullish
26. Denso (6902 JT) FY23 Q1 OP Falls Short of Consensus
27. Aisin (7259 JT): FY23 Q1 OP +4x YoY but Short of Consensus
28. Fanuc Lowers Guidance; Q1 -34% YoY)
29. Other Auto Part / Machinery News & Moves That Caught Our Eye
Internet / eCommerce
30. CyberAgent (4751 JT): FY23 Q3 Miss, FY Guidance Revised Downward
Enterprise Software / IT Services
31. Cybozu (4776 JT) June Sales Growth Slowest Since Jan 2021
32. NRI (4307 JT) FY23 Q1 Results Beat Consensus Sales but on Missed OP
Telecom
33. Might NTT (9432 JT) Lose Its “Activist” Shareholder?
Pharma
34. Chugai (4519 JT): FY23 Q2 OP +13% YoY
35. Other Pharma News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
36. Initial 2023 Q2 Results Encouraging
37. Tokyo CPI for July +3.2% YoY Higher than Expected / YCC Tweaked
38. Tokyo Steel (5423 JT) Reports Strong FY23 Q1 Results and Raises Full Year Guidance
39. Shimano’s (7309 JT) FY23 Q2 OP Falls -40% YoY
40. Other News & Moves That Caught Our Eye
PSA Company Visits, Tours and Interviews
Presentations at: Shin-Etsu Chemical (4063 JT), Nitto Denko (6988 JT), Zeon Corp (4205 JT), Nippon Sanso (4091 JT), Sekisui Chemical (4204 JT), Tokuyama (4043 JT), Maxell (6810 JT), Denso (6902 JT), Komatsu (6301 JT), Toyota Ind (6201 JT), Aisin (7259 JT), Fanuc (6954 JT), HCM (6305 JT)
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