The Must Read PSA Weekly Research Round-up (week to 06 May)

MISCELLANEOUS, MARKET & MACRO: Big week for Japan economic data / Brewers’ price hike expectations / PMIs: Japan Vs China / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony: 10 gender claims thrown out / FTC probing Sony Bungie acquisition / Koei Tecmo 4Q FY21 OP +47% / SQE sells Marvel/Tomb Raider studios / Shimano 1Q FY22 OP +17% / Canon 1Q FY22 OP +8% YoY / Renesas 1Q FY22 OP +232% YoY / Advantest 4Q FY21 OP +37% YoY / Shinko 4Q FY21 OP +124% YoY / Alps Alpine 4Q FY21 OP +65% YoY / Murata 4Q OP +20% YoY / Nidec confident about Auto business / Nitto Denko FY22 assumes ¥112/$ / TDK Ventures’ unique style / Hoya record earnings & buyback / JSR – Better FY22, share buy-back / Shin-Etsu Chemical’s confident stance / Zeon Corp up modestly on results

The Weekly Comment by Pelham Smithers

Golden Week Edition – Pelham Smithers discusses inflation and Japan, anticipating seven weeks of rising inflation amid continuing ultra-loose monetary policy.

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony Sees Ten of Thirteen Gender Discrimination Claims Thrown Out
2. FTC Opens Probe into Sony’s Bungie Acquisition
3. Koei Tecmo 4Q FY21 OP +47%
4. Square Enix Sells Marvel / Tomb Raider Studios to Embracer for US$300mil
5. Shimano 1Q FY22 OP +17%
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye

Technology: Industrial Electronics / Components / Semis & SPE / Precision

7. Canon 1Q FY22 OP +8% YoY
8. Renesas 1Q FY22 (Dec) OP +232% YoY
9. Advantest 4Q FY21 OP +37% YoY
10. Shinko 4Q FY21 OP ¥18.9bil +124% YoY
11. Alps Alpine 4Q FY21 OP ¥7.3bil +65% YoY
12. Murata 4Q OP ¥88bil +20% YoY
13. Nidec Confident about Improvement in Auto Business
14. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

15. JSR Sees Better FY22, to Buy Back Shares
16. Nitto Denko’s FY22 Plan Assumes ¥112/US$
17. TDK Ventures’ Somewhat Unique Investment Style
18. Hoya Announces Record Earnings and Share Repurchase
19. Shin-Etsu Chemical Maintains its Confident Stance
20. Zeon Corp Shares up Modestly on Results
21. Sekisui Chemical Provides Aggressive Guidance
22. Tokuyama Rises on FY21 Earnings Beat
23. Palm Oil Up Again on Indonesia Export Ban
24. Other Chemical / Material-Related News & Moves That Caught Our Eye


25. Renault to Consider Selling Nissan Stake
26. Suzuki Hit by Defeat Device
27. Hino Reports FY21 Q4 Operating Loss

Auto Parts / Machinery

28. Fanuc Margins Soft even as Sales Rise to Record Levels
29. Nabtesco Fades on Weak Q4 Fanuc Robotics
30. Nabtesco Q1 Disappoints
31. Nabtesco Sees Strong China Demand7
32. Keyence 4Q FY21 OP +30% YoY
33. HCM posts strong Q4; sees FY22 mining demand falling 5% YoY
34. Komatsu, Unlike HCM, Looks to Higher FY22 Earnings
35. Komatsu Up on Brokerage Upgrade
36. Denso Surprises with Strong FY22 OP Guidance
37. Other Auto Part / Machinery News & Moves That Caught Our Eye

Internet / eCommerce

38. CyberAgent’s FY22 Q2 and FY22 Guidance Miss
39. Mercari’s FY22 Q3 Results and FY22 Guidance Miss
40. Other Internet / eCommerce News & Moves That Caught Our Eye

Enterprise Software / IT Services

41. NRI Misses FY21 Q4 Estimates, Forecasts Slower FY22 OP Growth
42. NTT Data FY21 Q4 Preview
43. TIS Inc FY21 Q4 Preview
44. Enechange Tries to Reassure Investors over Energy Client’s Market Withdrawal
45. Cybozu March Sales Growth Slows
46. Cybozu Teams Up with Ricoh to Boost Sales of Kintone


47. Other Pharma News & Moves That Caught Our Eye


48. Brewers Rise on Price Hike Expectations
49. Other News & Moves That Caught Our Eye

Market / Strategy / Macro

50. Big Week Ahead for Japanese Economic Data
51. PMIs: Japan Vs China
52. Market / Strategy / Macro News & Moves that Caught Our Eye

PSA in the Press

Pelham Smithers is quoted on Sony in InvestorsAlley Blog | Sony’s Epic Hopes | Talkmarkets

PSA Company Visits, Tours and Interviews

Participated in Presentations at: Shin-Etsu Chemical (4063 JT), JSR (4185 JT), Nitto Denko (6988 JT), Zeon Corp (4205 JT), Tokuyama Corp (4043 JT), Murata Manufacturing (6981 JT), Hoya Corp (7741 JT), NRI (4307 JT)

*If you would like access to the full weekly the reports highlighted, or the full Weekly (which includes the full comment) and if you would like to see the list of reports produced YTD, please contact our sales team.
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Bloomberg (under PSAZ < GO> or by typing in the < stock code> equity CN PSA), Research Exchange and ResearchPool.