The Must Read PSA Weekly Research Round-up (week to 15 Nov)
REPORTS: Auto sector review | Shimadzu initiation | INDUSTRY INSIGHTS: Video games round-up | Japanese published games doing well on PS5 in October | Ishiba unveils ¥10tril (US$65bil) chip sector support plan | Capacitor shipments +1.2% YoY in September | MISCELLANEOUS MARKET & MACRO: Producer price increases accelerate in October | Japan Q3 GDP +0.2% QoQ as nominal GDP growth accelerates YoY | BoJ JGB buying seems to have slowed | COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Nexon FY24 Q3 OP +11% YoY | Bandai raises Gunpla prices 9%+ | Kioxia IPO back on | Tokyo Electron FY24 Q2 OP +54% YoY, revises up | Isuzu FY24 Q2 earnings miss estimates, guidance downgraded | Nissan shares rise on activist investor news | KHI sinks on Trump Mexico tariffs fears | Daifuku earnings outlook positive | SMC Q2 OP -4% YoY; full-year guidance cut 8% | Rakuten in the black for FY24 Q3 | ExaWizards produces mixed results for FY24 Q2 | IIJ FY24 Q2 OP beats consensus estimates
The Weekly Comment by Lindsay Whipp
PSA’s SaaS and ERP software analyst Lindsay Whipp considers the planned combination of SCSK and Net One Systems on its own merits and in terms of the competitive landscape.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Autos / New Mobility: Mixed FY24 Q2 Results and Deteriorating Outlook
2. Shimadzu (7701 JT) Initiation
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Round-up
2. Japanese Published Games Doing Well on PS5 in October
3. Nexon FY24 Q3 OP +11% YoY
4. Bandai Raises Gunpla Prices 9%+
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Kioxia IPO Back On
7. Ishiba Unveils ¥10tril (US$65bil) Chip Sector Support Plan
8. Capacitor Shipments +1.2% YoY in September
9. Tokyo Electron FY24 Q2 OP +54% YoY, Revises Up
10. Other News & Moves That Caught Our Eye
Chemicals / Materials
11. Chemical-Related News & Moves That Caught Our Eye
Autos / New Mobility
12. Isuzu FY24 Q2 Results Miss Estimates, Guidance Downgrade
13. Nissan Shares Up on Activist Investor News
Auto Parts / Machinery / Capital Goods
14. KHI Sinks on Trump Mexico Tariffs
15. Daifuku Earnings Outlook Positive
16. SMC QFY24 2 OP -4% YoY; Full-Year Guidance Cut 8%
17. Other News & Moves That Caught Our Eye
Internet / eCommerce
18. Rakuten in the Black for FY24 Q3
19. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
20. IIJ FY24 Q2 OP Beats Consensus Estimates
21. SRE Holdings FY24 Q2 Sales Beat Consensus Estimates but OP Misses
22. ExaWizards Produces Mixed Results for FY24 Q2
23. PKSHA FY24 Q4, Full-Year Results Beat Company Forecast
24. Appier’s FY24 Q3 is Solid, Announces First Dividend
Pharma / Healthcare
25. Terumo Rises on FY24 Q2 Results and Increase in Full-Year Guidance
26. Feedback from Nxera’s R&D Day
27. PeptiDream Gains +5.7% on FY24 Q3 Results
28. Eisai Finally Gets EU Nod for Leqembi
29. GNI Platform Business Cullgen to Merge with Pulmatrix
Small- / Mid-Cap Insights
30. Company-specific Issues at Amvis Leads to Weak FY25 Guidance
31. Japan Elevator Service FY24 Q2 Short of Consensus Estimates
Miscellaneous / Market / Strategy / Macro
32. Producer Price Increases Accelerate in October
33. Japan Q3 GDP +0.2% QoQ / Nominal GDP Growth Accelerates YoY
34. BoJ JGB Buying Seems to Have Slowed
35. Dentsu FY24 Q3 OP -88% YoY, Full-Year Guidance Revised Down
36. Other News & Moves That Caught Our Eye
List of PSA in the Press
PSA’s Autos / Mobility analyst Julie Boote weighs in on this Bloomberg article regarding Effissimo’s investment in Nissan Motor. “Nissan Enters New Era of Turmoil as Effissimo Takes Stake” by Nicholas Takahashi [Bloomberg, 13th November 2024]
PSA Company Visits, Tours and Interviews
Visited: Anicom Holdings (8715 JT), Sanrio (8136 JT), TKP (3479 JT), Japan Elevator Service (6544 JT), Open Up Group (2154 JT), Asahi Kasei (3407 JT), TDK (6762 JT), UBE Corp (4208 JT)
1-1 Call with: Moriya Transportation Engine & Mfg (6226 JT), CUC (9158 JT), Amvis (7071 JT), Nidec (6594 JT)
Presentations at: Anicom Holdings (8715 JT), Amvis (7071 JT), Insource (6200 JT), Kakuyasu Group (7686 JT), Nippon Shokubai (4114 JT), Nissan Chemical (4021 JT), Zeon Corp (4205 JT), Resonac (4004 JT), Kaneka (4118 JT), Kuraray (3405 JT), Mitsubishi Chemical Group (4188 JT), Kureha (4023 JT), Dexerials (4980 JT), Fujimi Inc (5384 JT), SMC (6273 JT), Daifuku (6383 JT)
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