The Must Read PSA Weekly Research Round-up (week to 07 May)

REPORTS: Nabtesco (6268 JT) / Fanuc (6954 JT) / INDUSTRY INSIGHTS: New and used car prices soar in the US / Strong April US Autos Sales / MACRO: Money supply / Retail spending trends / COMPANY NEWS & INSIGHTS: Sony branching out on exclusives / Toyota buys Lyft’s AD technology / New information on Nabtesco / NTT Docomo invests in Medley / Cybozu March total sales higher, Cloud sales slow a little / Plus additional COMPANY PREVIEWS, RESULTS & INSIGHTS

The Weekly Comment by Pelham Smithers

Please, Sir, can we start thinking about scrapping full-year guidance for FY22?
Looking at companies’ unhelpful FY21 forecasts, Pelham Smithers makes a plea for change.

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

1. Nabtesco (6268 JT): Balance Sheet Potential – Gears & Hydraulics
2. Fanuc (6954 JT): Strong FY21 Top Line – Robotics & Robomachine Rush to ¥200bil OP

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT) Branching Out on PS5 Exclusives / FY20 Results and FY21 Outlook
2. Nintendo (7974 JT) 4Q FY20 OP +34% YoY
3. CyberAgent & the Uma Musume Effect
4. Koei Tecmo (3635 JT) FY20 4Q OP -34% YoY
5. Panasonic (6752 JT) to Acquire Blue Yonder
6. Another Weak Set of Results from Japan’s Mobile Gaming Firms

Technology: Industrial Electronics / Electronic Components

7. Murata (6981 JT) 4Q FY20 OP +41% YoY / FY21 Outlook Lacklustre
8. Shinko Electric (6967 JT) 4Q FY20 OP +166% YoY
9. Fuji Electric (6504 JT) 4Q FY20 OP +34% YoY
10. Anritsu (6754 JT) 4Q FY20 OP -8% YoY
11. Hitachi (6501 JT) 4Q FY20 Beats / FY21 Lumada Outlook Promising
12. Alps Alpine (6770 JT) in Another Miss

Technology: Semis / SPE / Precision

13. Canon (7751 JT) FY21 1Q OP +115% YoY
14. TEL (8035 JT) 4Q FY20 OP +57% YoY, Lasertec (6920 JT) +645% YoY
15. Hoya (7741 JT) Prepares to Expand EUV Blanks Again
16. Olympus (7733 JT) / Ricoh (7752 JT) Both Release Results on a Friday

Chemicals / Materials

17. JSR’s (4185 JT) FY20 Losses Pave the Way for a Divestment
18. Shin-Etsu Continues to Grow Core Businesses


19. New and Used Car Prices Soar in the US 17
20. Toyota Motor (7203 JT) Buys Lyft’s (LYFT US) AD Technology
21. Ford’s (F US) Outlook Triggers a Fall in Toyota (7203 JT)
22. Hino (7205 JT) Releases Cautious FY21 Sales Outlook
23. April US Auto Sales: Japanese OEMs Enjoy a Strong Performance
24. Nissan (7201 JT) Sells its Remaining Stake in Daimler (DAI GR)

Auto Parts / Machinery

25. Denso (6902 JT) Expects Chip Shortage to be Resolved by July
26. New Information on Nabtesco (6268 JT) Boosts our FY22 Outlook
27. Fanuc’s (6954 JT) FY20 Firm; Q4 FY20 Orders at a Surprise 6-Yr High
28. HCM (6305 JT): is the FY21 China Excavator Market -23% YoY Forecast Too Bearish?
29. Komatsu’s (6301 JT): FY21 China Excavator Market Outlook Matches HCM’s (6305 JT)

Internet / eCommerce

30. ZOZO 4Q FY20 OP +22% YoY

Enterprise Software

31. NRI (4307 JT) Forecasts FY21 OP and Sales Ahead of Market Expectations
32. Cybozu (4776 JT) March Total Sales Accelerate, Cloud Sales Slow a Little
33. TIS Inc (3626 JT) Has Had Work to Do in FY20 Q4
34. NTT Docomo Invests in Medley (4480 JT)
35. PCA (9629 JT) Beats but Irritates on the Accounting Side


36. Quick Comments on Results


37. Tokyo Steel (5423 JT) Results Hint of Ability to Pass on Higher Scrap Prices
38. Nippon Paper’s (3863 JT) EV Battery Doesn’t Need Rare Metals and has 2x the Capacity of an LiB
39. NTT (9432 JT), SBI (8473 JT) in China Limitation Moves
40. AI Inside (4488 JT) Loses NTT (9432 JT) West License

Market / Macro / Strategy

41. Money Supply Growth Continues to Accelerate
42. Department Store Sales and Retail Spending Trends

PSA in the Press

Global gaming guru Pelham Smithers is quoted in the following link:

PSA Company Visits, Tours and Interviews

• Visited: JBEC (unlisted), Nabtesco (6268 JT), Yaskawa Electric (6506 JT)
• Conference Calls with: Shin-Etsu Chemical (4063 JT), Hoya Corporation (7741 JT), JSR (4185 JT), TDK (6762 JT), Nitto Denko (6988 JT), Sekisui Chemical (4204 JT), Zeon Corp (4205 JT), Minebea-Mitsumi (6579 JT)

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