The Must Read PSA Weekly Research Round-up (week to 01 Nov)
Reports this week:
ExaWizards (4259 JT) Fireside Chat
Industry Insights:
Video games round-up
Miscellaneous Market & Macro: Who will govern Japan?
LDP in talks with DPP / Japan’s economy worsens
Company Insights, News, PRreviews & Results:
Koei Tecmo FY24 Q2 OP -22% YoY
Capcom: FY24 Q2 OP -20% YoY on lack of new hit titles
Konami FY24 Q2 OP +35% YoY / NEC FY24 Q2 OP +11% YoY, buying out minorities of NEC Networks
Keyence FY24 Q2 OP +11% YoY
Olympus embroiled in yet another C-Suite scandal
Hitachi FY24 Q2 OP -2% YoY, raises FY24 AOI target
Advantest FY24 Q2 OP +200% YoY
Lasertec FY25 Q1 OP +55% YoY
Murata FY24 Q2 OP +3% YoY
Hino’s huge provisions
shares sharply sold off
Subaru lowers FY24 sales forecast
Fujikura listing high in record volume
Fanuc positive slant
Komatsu: Positive despite only +3% hike for FY24 OP
Denso’s weak Q2 offset by big share buyback
Aisin Q2 OP -60% YoY
Nabtesco Q2 OP -24% YoY
Mitsubishi Electric top riser on TSE Prime
Toyota Industries falls -12% in two days
The Weekly Comment by Pelham Smithers
Pelham Smithers notes how lately, brokers in Japan have started to issue counter-trend “Sell” reports. He explains why he regards this as a constructive, healthy trend.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. ExaWizards (4259 JT) Fireside Chat
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Round-up
2. Koei Tecmo FY24 Q2 OP -22% YoY
3. Capcom (9697 JT) FY24 Q2 OP -20% YoY on Lack of New Hit Titles
4. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. NEC FY24 Q2 OP +11% YoY, Buying Out Minorities of NEC Networks
6. Hitachi FY24 Q2 OP -2% YoY, Raises FY24 AOI Target
7. Advantest FY24 Q2 OP +200% YoY
8. Murata FY24 Q2 OP +3% YoY
9. Tokyo Seimitsu FY24 Q2 OP +31% YoY
10. Mitsubishi Electric Top Riser on TSE Prime
11. Other News & Moves That Caught Our Eye
Chemicals / Materials
12. Announcements by Nippon Paint and Others
13. Sumitomo Chemical & Pharma Earnings Reactions
14. Other News & Moves That Caught Our Eye
Autos / New Mobility
15. Hino Books Huge Provisions for US Obligations in FY24 Q2; Full Year OP Revised Up
16. Mitsubishi Motors Sales and Profits Fall in FY24 Q2
17. Subaru Lowers Sales Forecast for FY24; Maintains Financial Guidance
Auto Parts / Machinery / Capital Goods
18. Fanuc Positive Slant
19. Komatsu: Positive Despite Only +3% Hike for FY24 OP
20. Fujikura Shares Hit a Listing High in Record Volume
21. Denso’s Weak FY24 Q2 Offset by Big Share Buyback
22. Aisin FY24 Q2 OP -60% YoY
23. Nabtesco FY24 Q3 OP -24% YoY
24. Toyota Industries Falls -12% in Two Days
Enterprise Software / IT Services
25. Obic’s FY23 Q2 OP Growth Picks Up Again but Remains Below Trend
26. NRI Falls Short of Consensus Estimates for FY24 Q2
27. TIS Beats FY24 Q2 Consensus Estimates
28. Other News & Moves That Caught Our Eye
Pharma / Medical Equipment
29. Olympus Embroiled In Yet Another C-Suite Scandal
30. Shionogi Shares Rise on COVID-19 Drug News and Updated Forecast
31. Astellas: FY24 Q2 OP and NP Below Consensus but Sales Ahead
32. DSK’s Strong Performance in FY24 Q1 Carried Into Q2, Revises Up
33. Nxera FY24 Q3: Cumulative Q1~Q3 Operating Losses Contracting
34. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
35. CUC Reports Strong FY24 Q2 Yet Full-Year Guidance Maintained
36. MARI: FY24 Q4 OP Results and FY25 Guidance Below Consensus
37. Sanrio: FY24 Q2 Results Exceed Expectations
38. Insource Oct KPIs & Preview for Q4 FY24
Miscellaneous / Market / Strategy / Macro
39. Who Will Govern Japan?
40. LDP in Talks with DPP
41. Japan’s Economy Worsens
42. Other News & Moves That Caught Our Eye
PSA Company Visits, Tours and Interviews
Visited: Hamee (3134 JT)
1-1call with: Sanrio (8136 JT), Insource (6200 JT)
Presentations at: CUC (9158 JT), M&A Research Institutes (9522 JT), Zeon Corp (4205 JT), Nitto Denko (6988 JT), Koei Chemical (4367 JT), Sumitomo Chemical (4005 JT), Sumitomo Pharma (4506 JT), Hoya Corp (7741 JT), Sekisui Chemical (4204 JT), Nippon Sanso (4091 JT), Maxell (6810 JT), Asahi Kasei (3407 JT), Mitsubishi Chemical Group (4188 JT), TDK (6762 JT), Komatsu (6301 JT), Nabtesco (6268 JT), Toyota Ind (6201 JT), Aisin (7259 JT), Denso (6902 JT), Mitsubishi Elec (6503 JT)
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