The Must Read PSA Weekly Research Round-up (week to 27 May)

REPORTS: The Global Semiconductor Industry – Introduction to the Data Processing Unit / Ferrotec (6890 JT): Capacity Expansion Leap over FY22~FY23 / INDUSTRY INSIGHTS: Will the new minicar EV kick-start an EV boom in Japan? / Echoes of Asian chip sector sentiment in 2021 as broker calls the US semiconductor sector “uninvestable” / Japan SPE billings +9% YoY in April / MISCELLANEOUS, MARKET & MACRO: Share buybacks continue apace / Nvidia, Alphabet, and lessons from the Japanese market crash of 1990 / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Our thoughts on Sony’s Investor Day presentations / Sony, again, goes after photo / video production market with new phone / PS5 sales in Japan implode / Is Lasertec still overpriced? / Semi / SPE names sold down on Nvidia forecasts / Disparate receptions to plans by JSR and Kanto Denka

The Weekly Comment by Pelham Smithers

Japan’s current advantage is that corporate reform has led to increased returns to shareholders, but this has yet to be fully recognized in stock prices. You also have a corporate system which, while not to everyone’s tastes, may well be better suited than are many other markets to the problems we face today, argues Pelham Smithers.

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

1. The Global Semiconductor Industry: Introduction to the Data Processing Unit
2. Ferrotec (6890 JT): Capacity Expansion Leap over FY22~FY23

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony’s (6758 JT) New Phone Goes After Photo / Video Production Market
2. PS5 Sales in Japan Implode
3. PSA’s Take on Sony’s Investor Days
4. Other Consumer Elec / Gaming News & Moves That Caught Our Eye

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

5. Echoes of Asian Chip Sector Sentiment in 2021 as Broker Calls US Semi Sector “Uninvestable”
6. Japan SPE Billings +9% YoY in April
7. Is Lasertec (6920 JT) Still Overpriced?
8. Nvidia (NVDA US): Below-Consensus Revenue Forecasts Send Japan’s SPE / Semiconductor SPE Names Lower
9. Other Tech-Related News & Moves That Caught Our Eye

Chemicals / Materials

10. Disparate Receptions to Plans by JSR (4185 JT) and Kanto Denka (4047 JT)
11. Mitsui Chemicals (3407 JT) to Buy Asahi Kasei’s (4183 JT) Pellicle Business


12. Will the New Minicar EV Kick-Start an EV Boom in Japan?
13. Maruti Suzuki’s (MSIL IN) Deteriorating Position in India
14. Partnership Proposals for Renault’s (RNO FP) ICE Unit
15. Other Auto-Related News & Moves That Caught Our Eye

Auto Parts / Machinery

16. DMG Mori (6141 JT) Up on Earnings Momentum / Low Valuations

Internet / eCommerce

17. A Volatile Week for Cyber Agent (4751 JT)
18. Rakuten (4755 JT) Pilots an On-Demand Delivery Service by Robots
19. Other Internet / eCommerce News & Moves That Caught Our Eye

Enterprise Software / IT Services

20. Shift Inc (3697 JT) Has So Far Acquired Two Companies in May


21. Disappointing Trial Data for Healios (4593 JT)


22. Other News & Moves That Caught Our Eye

Market / Strategy / Macro

23. Share Buybacks Continue Apace
24. Nvidia, Alphabet, and Lessons from the Japanese Market Crash of 1990

PSA Company Visits, Tours and Interviews

• Visited: Ferrotec (6890 JT), Daikin (6367 JT)
• Conference Calls with: Denyo (6517 JT), Freee KK (4478 JT)
• Presentations at: JSR (4185 JT), Kanto Denka (4047 JT), Sanyo Chemical (4471 JT), Sakai Chemical (4078 JT), Nippon Soda (4041 JT), Maxell (6810 JT)

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