The Must Read PSA Weekly Research Round-up (week to 13 Mar)

REPORTS: WingArc1st (4432 JT): A Pre-listing Gander / Mazda (7261 JT): Improved Fundamentals but Recovery Delayed / MACRO / MARKET: Fiscal response worries and more weak data /
Trump “on tilt” / Covid-19 & the Japanese new economy / old economy dichotomy / Companies to investors: (some) Japanese shares are cheap.
WingArc1st pulls its IPO, again / Plus INDUSTRY & COMPANY INSIGHTS

The Weekly Comment by Pelham Smithers

First, the body blows to the economy and the market of the Oct 2019 consumption tax hike and typhoon Hagibis, and now, the knock-out punch from Covid-19. Pelham Smithers discusses the expected net impact of Covid-19 on Topix sectors over the short, medium and long term.

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

1. WingArc1st (4432 JT): A Pre-Listing Gander
2. Mazda (7261 JT) – Improved Fundamentals but Recovery Delayed

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT) Makes In-House PS4 Exclusive Available on PC / Steam
2. Global Theatrical Market +8% in 2019

Technology: Industrial Electronics, Electronic Components and Precision

3. Ricoh (7752 JT) Cuts Forecast, Sells Down Leasing Position

Chemicals / Materials

4. Falling Crude: Impact on Chemicals
5. Ohara Inc. (5218 JT) Pulls its Guidance on Uncertainty

Autos

6. Japanese Auto Stocks Sold off on Yen Strength, Global Demand Concerns

Auto Parts / Machinery

7. Auto Parts Makers Face Covid-19 Ahead of Expected 2030 Global Vehicle Sales Peak

Enterprise Software

8. WingArc1st (4432 JT) Pulls its IPO, Again
9. Microsoft Japan’s Free Remote Work Tools – Read Across to Cybozu (4776 JT)
10. Sansan’s (4443 JT) New Businesses
11. Poletowin Pitcrew (3657 JT) Beats FY19 OP Target; FY20 OP CE Growth to Slow

Telecom

12. SoftBank Group (9984 JT): A Question of Leverage
13. Rakuten (4755 JT): A Deeper Look into Its Mobile Pricing Plan

Pharma

14. ViiV’s Cabenuva Shows Non-Inferiority in Phase 3 HIV Trials

Macro / Miscellaneous

15. MonotaRO (3064 JT): Feb Sales +18% YoY, Adjusted +24.5% YoY
16. Fiscal Response Worries / More Weak Data
17. Trump “on Tilt”
18. Companies to Investors: (Some) Japanese Shares are Cheap

PSA Company Visits, Tours and Interviews

• Visited: Mitsubishi Chemical Holdings (4188 JT)
• Interviewed / Conference Call with: Nabtesco (6268 JT), Toyota Ind (6201 JT), Yokohama Rubber (5101 JT), Cybozu (4776 JT), Mazda (7261 JT)
• Analysts Call with Rakuten (4755 JT)

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