The Must Read PSA Weekly Research Round-up (week to 25 Oct)

REPORTS: Softbank Group (9984 JT): WeWork Acquisition – Comdex on Steroids? / Takeda (4502 JT), Biogen (BIIB US) & Aducanumab – Long Study Data Reveals Efficacy / RESULTS: Tokyo Steel, Chugai, Shin-Etsu, Sumitomo Chem & CyberAgent / MISCELLANEOUS: Tokyo Steel (5423 JT) Produces FY19 Q2 OP Growth of 9% YoY – Will the Market Notice? / Plus 21 COMPANY & INSIGHTS

The Weekly Comment by Pelham Smithers

Thursday this week saw results season kick off in earnest. Pelham Smithers sees reasons to be cheerful.

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

1. SoftBank Group (9984 JT)’s WeWork Acquisition: Comdex on Steroids?
2. Takeda Pharmaceutical (4502 JT) – Can Management Extract Merger Rewards, as Merger Risks Remain?
3. Eisai (4523 JT), Biogen (BIIB US) and Aducanumab – Long Study Data Reveals Efficacy
4. Fanuc (6954 JT): FY19 Q2 Preview: Robotics Should Offset Weak FA

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT) to Sell PS Vue?
2. Dragon Quest Walk: US$86mil in Revenues in First Month
3. Read-Across from Tesla’s (TSLA US) Results to Panasonic (6752 JT)

Technology: Industrial Electronics / SPE / Components / Precision

4. Nidec (6594 JT) Revises Down (Sort of)
5. Disco (6146 JT): Strong 2Q but Poor Guidance
6. DRAM and NAND Prices Have Slipped in October
7. MonotaRO’s (3064 JT) 3Q OP Up Just +8%

Chemicals / Materials

8. Shin-Etsu Chemical (4063 JT): FY19 Q2 Results May Disappoint, Temporarily
9. Sumitomo Chemical (4005 JT) Posts a Large Downward Revision
10. Kuraray Takes Charges to Settle US Litigation
11. W-Scope (6619 JT) Bounces Off Recent Lows
12. Japan Display (6740 JT) and Apple (AAPL US) – Which is Dependent on Which?

Autos

13. Subaru (7270 JT) Recall to Weigh on Q2 Earnings
14. Forex to Negatively Impact Automakers’ FY19 Q2 Results
15. Nissan (7201 JT) Presents All-Wheel-Drive EV Concept at Tokyo Motor Show
16. Mazda (7261 JT) Presents its First EV at the Tokyo Motor Show

Internet

17. Rakuten Mobile Faces Data Connection Issues
18. CyberAgent (4751 JT) Preview

Pharma

19. Chugai’s (4519 JT) 3Q OP Soars to ¥66bil
20. Eisai (4523 JT): Does Aducanumab Do What is Wanted?

Telecoms

21. SoftBank Group (9984 JT) / WeWork Deal Continues to Hit the Headlines

Miscellaneous

22. Tokyo Steel (5423 JT) Produces FY19 Q2 OP Growth of 9% YoY – Will the Market Notice?

PSA Company Visits, Tours and Interviews

• Interviewed / Conference Call with: Asahi Kasei (3407 JT)

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