The Must Read PSA Weekly Research Round-up (week to 19 Nov)

REPORTS: Money Forward (3994 JT) / Semiconductor / SPE Super Cycle / INDUSTRY INSIGHTS: Should we be buying video game stocks (along with video game stocking fillers)? / Japan government to subsidize LiB plants, reports say / Our explanation for the continued semiconductor boom / MISCELLANEOUS, MARKET & MACRO: Bloomberg Sep quarter Topix OP/share +12% YoY / Kishida’s US$700bil stimulus package / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony criticizes Activision’s response / Nvidia and the rise of the DPU / GungHo’s FY21 Q3 OP +36.1% YoY / Ferrotec’s FY22 guidance well received / Mazda presents new CX-50 in the US / Nissan announces pricing, specs of all-new Ariya EV

The Weekly Comment by Pelham Smithers

ERP software analyst Lindsay Whipp discusses whether AI start-up ExaWizards will spice up Japan’s market with its IPO on Dec 23?

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

1. Money Forward (3994 JT): Beyond the ARPA Blip
2. Semiconductor / SPE Super Cycle – Our Explanation for the Continued Boom in Semiconductors

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Should We Be Buying Video Game Stocks (Along with Video Game Stocking Fillers)?
2. Sony (6758 JT) Criticizes Activision Response
3. GungHo’s (3765 JT) FY21 Q3 OP up 36.1% YoY
4. Other Consumer Elec / Tech-Related Moves & News That Caught Our Eye

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

5. Nvidia and the Rise of the DPU
6. Our Explanation for the Continued Semiconductor Boom
7. Other Tech-Related Moves & News That Caught Our Eye

Chemicals / Materials

8. Japan Government Said to Subsidize LiB Plants

Auto

9. Mazda (7261 JT) Presents New CX-50 in the US
10. Nissan (7201 JT) Announces Pricing, Specs of All-new Ariya EV / Redesign Allows use of More Generic Chips
11. Toyota (7203 JT) Potentially Partnering with Panasonic (6752 JT) for Battery Plant

Auto Parts / Machinery

12. Ferrotec (6890 JT) Rises 14% to Record High as FY22 Outlook Brightens
13. Positive Slant to SMC’s (6273 JT) FY21 1H Results Call
14. Denso Posts its 6th Consecutive Listing High to Close Above ¥9,000

Internet / eCommerce

15. Recruit (6098 JT) Raises FY21 Guidance
16. Mercari (4385 JT) Reaches a New All-time High
17. GA Technologies (3491 JT) Gets Boost from DX Push in Stimulus Package
18. Other Internet / eCommerce-Related Moves & News That Caught Our Eye

Enterprise Software

19. Enechange (4169 JT) Posts Solid FY21 Q3 Earnings and Announces Stock Split
20. Cybozu (4776 JT) Confirms FY21 Q3 Results
21. PKSHA (3993 JT) Posts Mixed FY21 Earnings but a Strong FY22 Forecast

Pharma

22. GNI Group (2160 JT) 3Q OP -8% YoY
23. Thumbs Down to Eisai (4523 JT) / Biogen’s (BIIB US) Aduhelm from EMA
Miscellaneous
24. Other Moves & News That Caught Our Eye

Market / Strategy / Macro

25. Bloomberg Topix OP/Shr +12% YoY for the September Quarter
26. Kishida Set to Unveil US$700bil Stimulus Package

PSA in the Press

Pelham Smithers features in a FT article discussing whether Japan is still a value trap. https://www.ft.com/content/595400d2-7a16-4685-a660-d075714412d6?accessToken=zwAAAX04rcD4kc9ZVADSehZGhdOmYNB1cUQS1g.MEUCIQCs-S9PQUwt6jTm3oKL5Rjf48CQHT1kxo9DFqyOZemu7gIgGrSZTvjzJIXqxOKLfrCxkkrNLGd3LYruPWL0yMPwJK4&sharetype=gift?token=657a8cee-1944-430a-8b01-61235a1fd6db

PSA Company Visits, Tours and Interviews

• Visited: Shin-Etsu Chemical (4063 JT), Showa Denko (4004 JT), Ube Industries (4208 JT), Diamond Electric (6699 JT)
• Presentations at: Murata Manufacturing (6981 JT), Mitsui Mining & Smelting (5706 JT), Ferrotec (6890 JT), SMC (6273 JT), Toyoda Gosei (7282 JT)

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