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

REPORTS: Global Payments: Revolution or Evolution? An Update on the Global March Towards Cashless Societies / Honda Motor (7267 JT) / INDUSTRY & COMPANY INSIGHTS: Can you genuinely monetize podcasts? / FDA outside panel nixes aducanumab / Will Japan return to the office? / NEC chosen as vendor for SMBC’s next-gen banking platform / unveils mobility test centre / Daifuku’s big correction: Fanuc preferable; touches ¥24k level for first time in 30 months / MACRO: Japan’s impressive FY20 2Q business performance / Plus additional COMPANY INSIGHTS & RESULTS

The Weekly Comment by Pelham Smithers

Has Kioxia missed its chance to list? There’s a lot at stake here, explains Pelham Smithers

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

1. Global Payments: Revolution or Evolution? An Update on the Global March Towards Cashless Societies
2. Honda (7267 JT) FYQ2 Results and Outlook

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Can You Genuinely Monetize Podcasts?
2. Other Moves and News That Caught Our Eye

Technology: Industrial Electronics and Electronic Components

3. Taiyo Yuden (6976 JT) FY20 2Q OP +5%
4. Toshiba (6502 JT) FY20 2Q OP -64% YoY
5. Hitachi’s (6501 JT) Lumada Offered on Amazon’s AWS Service
6. NEC’s (6701 JT) Mobility Test Centre
7. NEC Selected as Vendor for SMBC Next Generation Banking Platform

Technology: Semiconductor Production Equipment & Precision

8. Fujifilm (4901 JT) Revises up Healthcare OP
9. Olympus (7733 JT) FY20 2Q OP -19% YoY

Chemicals / Materials

10. News & Moves That Caught Our Eye


11. Mazda’s (72621 JT) FY20 Q2 Results Shows QoQ Improvement
12. Yamaha Motor (7272 JT) Raises FY20 Forecast
13. Nissan (7201 JT) Sees Narrowing FY20 Op. Losses: Progress and Challenges

Auto Parts / Machinery

14. Daifuku (6383 JT): Riding FY22 Growth on Current Day Themes
15. Daifuku’s Big Correction: Fanuc (6954 JT) Continues to Outperform
16. Daikin (6367 JT) Soars on Brighter FY21 Outlook


17. IIJ (3774 JT): Excellent Q2 and Revises Up Full Year Guidance
18. SoftBank (9984 JT) FY20 2Q NP Moves into the Black

Internet / eCommerce

19. DeNA’s (2432 JT) FY20 Q2 Results
20. Nexon’s (3659 JT) FY20 Q3 Results
21. GMO Financial Gate’s (4051 JT) FY20 Results
22. Rakuten’s (4755 JT) FY20 Q3 Results
23. Trend Micro’s (4704 JT) FY20 Q3 Results
24. BASE Inc’s (4477 JT) FY20 Q3 Results
25. GMO Internet (9449 JT) 3Q FY20 OP Decline is Misleading

Enterprise Software

26. TIS Inc (3626 JT) FY20 Guidance Raised on Thai Subsidiary Consolidation
27. Cybozu’s (4776 JT) FY20 Guidance


28. FDA Outside Panel Nixes Aducanumab


29. V-Cube (3681 JT) FY20 3Q Revenues +44% YoY
30. Other Moves & News That Caught Our Eye

Market / Strategy

31. Will Japan Go Back to the Office?


32. Japan’s FY20 2Q Business Performance was Impressive

PSA Company Visits, Tours and Interviews

• Earnings calls: Rakuten (4755 JT), BASE Inc (4477 JT), Koito (7276 JT), Toyoda Gosei (7282 JT), IHI (7013 JT), NOK (7240 JT), Daifuku (6383 JT), Nissan (7201 JT), Fujifilm Holdings (4901 JT), Japan Display (6740 JT), Olympus (7733 JT), Sumitomo Seika (4008 JT), Shin-Etsu Polymer (7970 JT), Sumitomo Bakelite (4203 JT), Nippon Shokubai (4114 JT), Kaneka (4118 JT), Kureha Corp (4023 JT). Mitsui Chemicals (4183 JT), Nissha Co. (7915 JT), Nissan Chemical (4021 JT), Fujimi Inc (5384 JT)
• Company Visit: TDK (6762 JT)

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