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

REPORTS: Yaskawa Electric (6506 JT) / Kaneka (4118 JT) / NRI (4307 JT) / COMPANY NEWS: Daikin resumes Shanghai production / NTT Data to combine overseas operations with parent NTT Corp / MISCELLANEOUS, MARKET & MACRO: Wage growth / household spending / JGB yields / COMPANY PREVIEWS & RESULTS: Consumer Electronics / Gaming results for: Sony (6758 JT), Nintendo (7974 JT), Capcom (9697 JT), Panasonic (6752 JT), Sega Sammy (6460 JT) / COMPONENTS & PRECISION RESULTS for: Taiyo Yuden (6967 JT), Rohm (6963 JT), Nikon (7731 JT), Tokyo Electron (8035 JT) / AUTO RESULTS: MMC (7211 JT), Toyota (7203 JT), Suzuki (7269 JT), Subaru (7270JT), Nissan (7201 JT), Mazda (7261 JT), Honda (7267 JT) / MACHINERY RESULTS: IHI (7013 JT), KHI (7012 JT), Daikin (6367JT),Fujikura (5803JT), Daifuku (6368 JT) / CHEMICALS RESULTS for: Dexerials (4980 JT)

The Weekly Comment by Pelham Smithers

The increasingly febrile debate over abortion rights in USA has created something of a headache for Sony. There is a widely held perception that Bungie is already part of Sony, and Bungie has come out unequivocally in support of women’s rights over their own bodies. Pelham Smithers examines the pitfalls for Sony’s image as it strives for balance.

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

1. Yaskawa Electric (6506 JT): FY22 Outlook – FX, Cost Control, i-Cube
2. Kaneka (4118 JT) – Value and Environment
3. Nomura Research Institute (4307 JT) FY22 – Steady as She Goes

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT) 4Q FY21 OP +124% YoY; 18mil PS5 Production Target for FY22
2. Nintendo (7974 JT) FY21 Preview / Results and FY22 Outlook
3. Capcom (9697 JT) 4Q FY21 OP -24% YoY
4. Panasonic (6752 JT) 4Q FY21 OP +140% YoY
5. Other Consumer Elec / Gaming News & Moves That Caught Our Eye

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

6. Taiyo Yuden (6967 JT) 4Q OP +52% YoY, Rohm (6963 JT) +9% YoY
7. Nikon (7731 JT) 4Q OP in Black, Forecasting ¥50bil in FY22 OP
8. Can Tokyo Electron (8035 JT) Grow Earnings in FY23?
9. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

10. Dexerials (4980 JT) Limit up on Positive Earnings
11. Other Chemical / Material-Related Results / News That Caught Our Eye

Autos

12. Mitsubishi Motors (7211 JT) FY21 Q4 Results and FY22 Guidance
13. Toyota (7203 JT) Forecasts Large Drop in OP for FY22
14. Suzuki (7269 JT) Reports FY21 Q4 Earnings, FY22 Guidance Disappoints
15. Subaru (7270 JT) Forecasts a Surge in FY22 OP
16. Nissan (7201 JT) Beats FY21 Profit Estimates, Guidance below Consensus
17. Mazda Predicts Jump in FY22 Sales
18. Honda (7267 JT) Forecasts FY22 OP Decline

Auto Parts / Machinery

19. Daikin (6367 JT) FY22 OP Guidance Positive
20. KHI (7012 JT) Disappoints
21. Positive IHI (7013 JT) FY22 Guidance
22. Daifuku (6383 JT) In-Line Results & Guidance
23. Fujikura (5803 JT) Surprises

Internet / eCommerce

24. DeNA’s (2432 JT) FY21 Miss
25. Kakaku.com’s (2371 JT) FY22 Guidance Exceeds Market Expectations
26. BASE Inc’s Losses Contract QoQ
27. Other Internet / eCommerce News & Moves That Caught Our Eye

Enterprise Software / IT Services

28. NTT Data (9613 JT) to Combine Overseas Operations with Parent NTT Corp
29. NTT Data (9613 JT) FY22 Outlook: Global Integration with NTT Ltd Comes with More PMI Costs
30. TIS Inc (3626 JT) FY21 Q4 Results: Sales Miss Expectations while OP Outperforms
31. ExaWizards (4259 JT) FY21 Results and FY22 Outlook
32. Other ERP Software / IT Services News & Moves That Caught Our Eye

Miscellaneous

33. Other News & Moves That Caught Our Eye

Market / Strategy / Macro

34. Wage Growth / Household Spending / JGB Yields

PSA Company Visits, Tours and Interviews

• Presentations at: TDK (6762 JT), Fujifilm Holdings (4902 JT), Dexerials (4980 JT), Kaneka (4118 JT), Asahi Kasei (3407 JT), Nissha (7915 JT), Sumitomo Chemical (4005 JT), Mitsubishi Chemical Holdings (4188 JT), Mitsui Chemicals (4183 JT), Tosoh (4042 JT), Showa Denko (4004 JT), Nissan Chemical (4021 JT), UBE Corp (4208 JT), Sumco (3436 JT), Teijin (3401 JT), KH Neochem (4189 JT), Shin-Etsu Polymer (7970 JT), BASE Inc (4477 JT), NTT Data (9613 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.