The Must Read PSA Weekly Research Round-up (week to 08 Nov)

REPORTS: Automakers and the World of New Mobility / INDUSTRY INSIGHTS: US auto sales October: mixed performance for Japan’s OEMs / COMPANY INSIGHTS: Fujifilm and Xerox finally reach an accord / Toyota Industry’s share price remains firm / Plus 26 COMPANY RESULTS & PREVIEWS

The Weekly Comment by Pelham Smithers

Pelham Smithers compares and contrasts Apple vs Sony.

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

1. Automakers and the World of New Mobility.

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Square Enix (9684 JT) 2Q OP +50%
2. Mixi (2121 JT) Results More Useful as Guidance for DQW
3. Nexon (3659 JT) 3Q (Dec) OP +3%
4. Bandai Namco (7832 JT) 2Q OP -4%

Technology: Industrial Electronics / SPE / Components / Precision

5. Nikon (7731 JT) 2Q OP -30%, Slashes Forecast

Chemicals / Materials

6. Asahi Kasei (3407 JT) Q2 to Draw High Interest
7. Fujifilm (4901 JT) and Xerox (XRX US) Finally Reach an Accord
8. KH Neochem’s (4189 JT) Q3 Improved, as Expected

Autos

9. Toyota (7203 JT) Q2 Earnings: Forex Losses Offset by Volume Gains
10. Honda (7267 JT) FY19 Q2 Results Ahead of Consensus; Announced ¥100bil Buy-Back
11. Subaru (7270 JT) Q2 Results Hurt by Quality Issues
12. Are Suzuki’s (7269 JT) Struggles in India Coming to an End?
13. MMC (7211 JT) Releases FY19 Q2 Results
14. US Auto Sales October: Mixed Performance for Japanese Assemblers

Auto Parts / Machinery

15. Daikin (6367 JT) H1 OP Above Plan but Pace Slowing
16. Minebea Mitsumi (6479 JT) Cuts FY19 OP Guidance by 14% Mainly on U-Shin Acquisition
17. Daifuku (6383 JT) Lowers FY19 OP by Another ¥7bil to ¥39bil (-28% YoY)
18. Toyota Industries (6201 JT) Share Price Remains Firm

Telecoms

19. SoftBank Group (9984 JT): Q2 ¥704bil Operating Loss
20. SoftBank Corp’s (9434 JT) Solid 2Q Results

Internet

21. Z Holdings’ (4689 JT) FY19 Q2 Beat
22. Kakaku.com’s (2371 JT) Earnings Beat
23. DeNA’s (2432 JT) Earnings Miss
24. Mercari’s (4385 JT) FY20 Weak Start

Enterprise Software

25. TIS Inc (3626 JT) Lifts OP and Sales Forecasts
26. NTT Data (9613 JT) Shows Steady Growth in FY19 H1

PSA Company Visits, Tours and Interviews

• Interviewed / Conference Call with: Sansan (4433 JT)
• Attended strategy / mid-term plan announcement meetings / earnings calls at: Mitsui Chemicals (4183 JT), Showa Denko (4004 JT), KH Neochem (4189 JT), Nitto Boseki (3110 JT), Sumitomo Chemical (4005 JT), Shin-Etsu Polymer (7970 JT), Nippon Shokubai (4114 JT), Nissha (7915 JT), Sumco (3436 JT), TIS (3626 JT), Asahi Kasei (3407 JT), Mitsubishi Motors (7211 JT), Daikin (6367 JT), Minebea Mitsumi (6479 JT), SoftBank Group (9984 JT), Rakuten (4755 JT), Sato Holdings (6287 JT), Subaru (7270 JT), Olympus (7733 JT), Workman (7564 JT), Toray (3402 JT)

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