The Must Read PSA Weekly Research Round-up (week to 22 Nov)
REPORT: CUC (9158 JT) | INDUSTRY INSIGHTS: September machinery orders see lowest growth since Nov 2023 | New US administration plans to eliminate EV tax break | Japan’s Big 3 auto makers display new EV models at Guangzhou Motor Show | MISCELLANEOUS MARKET & MACRO: TSE’s “30 minutes extra” experiment is good for business but costly for the index | Foreign tourist numbers visiting Japan surpass 30mil | Economic data continues to be underwhelming | COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony reportedly in talks to buy Kadokawa | PS5 Pro launch sales in US “similar” to PS4 Pro – Circana | Might an extraction shooter game revive Nexon’s fortunes? | DeNA shares have risen +79% YTD | SQE follows Capcom in looking to Tencent for mobile support | Nidec gains on Supermicro’s accounting compliance plan | Cable makers see active trading | Fanuc top management take pay cuts on ROBOCUT testing error
The Weekly Comment by Pelham Smithers
After picking up in 2024 Q2, Japan’s economy slowed in Q3, particularly towards the latter half of the quarter.
The question is whether it is still slowing.
If so, this wouldn’t be too much of a problem, were it not for the risk that interest rates might have to go up, to curtail the yen’s slide, explains Pelham Smithers.
Reports / Flash Notes Published This Week: Headlines at a Glance
1. CUC Inc (9158 JT) Update – No Cause for Concern
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Sony Reportedly in Talks to Buy Kadokawa
2. PS5 Pro Launch Sales in US “Similar” to PS4 Pro – Circana
3. What is an Extraction Shooter? Why This Could Revive Nexon’s Fortunes
4. DeNA Shares Have Risen +79% YTD
5. Square Enix Follows Capcom with Mobile Support From Tencent
6. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Nidec Shares Rise on Supermicro’s Accounting Compliance Plan
8. Kioxia Aims to IPO Next Month with Valuation at ¥750bil / US$4.8bil
9. Other News & Moves That Caught Our Eye
Chemicals / Materials
10. Mitsui Chemicals: Dual Incentives
11. Other News & Moves That Caught Our Eye
Autos / New Mobility
12. New US Administration Plans to Eliminate EV Tax Break
13. Japan’s Big 3 Display New EV Models at Guangzhou Motor Show
14. Nissan Starts Restructuring Process
Auto Parts / Machinery / Capital Goods
15. September Machinery Orders Up +3% YoY – Lowest Growth Since Nov 2023
16. Cable Makers Continue to See Active Trading
17. Fanuc Top Management to Take Pay Cuts on ROBOCUT Testing Error
Internet / eCommerce
18. Internet / eCommerce Moves That Caught Our Eye
Enterprise Software / IT Services
19. ERP Software/ IT Services Moves That Caught Our Eye
Pharma / Healthcare
20. Astellas Continues November Slide
21. Kyowa Kirin’s Deal with Kura Oncology
Small- / Mid-Cap Insights
22. Park24’s October KPIs
23. Anicom’s October KPIs
24. Koshidaka SSS Outlook
25. Kyoritsu Maintenance Meeting Feedback
26. Foreign Tourists to Japan Surpass 30mil
Miscellaneous / Market / Strategy / Macro
27. TSE’s 30 Minutes Extra Experiment: Good for Business, Costly for Index
28. Japan Enters Key Macro Data Release Period Ahead of BoJ Meeting
29. Economic Data Continues to be Underwhelming
30. Other News & Moves That Caught Our Eye
PSA Company Visits, Tours and Interviews
Visited: IDOM (7599 JT), Raksul (4384 JT), Amvis Holdings (7071 JT), FP Partner (7388 JT), Lilycolor (9827 JT), Shin-Etsu Chemical (4063 JT), Kaneka (4118 JT), Yaskawa (6506 JT), Mitsubishi Electric (6503 JT), Nabtesco (6268 JT)
1-1 Call with: Anicom Holdings (8715 JT), Park 24 (4666 JT), Koshidaka Holdings (2157 JT)
Corporate Access: Open Up Group (2154 JT)
Small Meeting: Sumitomo Chemical (4005 JT)
Presentations at: Japan Elevator Service Holdings (6544 JT), Kyoritsu Maintenance (9616 JT), Sumitomo Seika (4008 JT), UBE Mitsubishi Cement (unlisted), NOF Corp (4403 JT), Kanto Denka (4047 JT), Iwatani Corp (8088 JT), Toho Titanium (5727 JT), Sanyo Chemical (4471 JT)
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