The Must Read PSA Weekly Research Round-up (week to 09 Sep)

REPORTS: iStyle (3660 JT) / Subaru (7270 JT) / INDUSTRY INSIGHTS: Mobile game revenues continue weaker / Video game console sales +16% YoY in the week to 27 Aug / DDR5 prices falling, but still short of being competitive / July global semiconductor sales fall 6% YoY / MISCELLANEOUS, MARKET & MACRO: Olympics bribery scandal and arrests / European natural gas prices / The ¥/US$ and JGB yields / The thorny issue of inflation subsidies / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Call of Duty update: game to be available on PS for “several more years” / The PS6 question arises again / Reports of Sony PS5 immediate availability in US / Panasonic increasingly set for clear run on 4680 batteries for Tesla in US / Competition for Nidec’s e-Axle from Norfolk? / Shin-Etsu Chemical: PVC remains reasonably resilient / Showa Denko and Kaneka expand tech materials / Hino & Toyota to halt some MD / HD truck production

The Weekly Comment by Pelham Smithers

With indications from China that cost-push inflation is abating, Pelham Smithers considers the Bank of Japan’s policy, and the question of future demand-pull pricing pressure.

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

1. iStyle (3660 JT): Solving Issues by Forming Alliances
2. Subaru (7270 JT) – Production Boost Key to Earnings Recovery

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Mobile Game Revenues Continue to Weaken
2. Video Game Console Sales +16% YoY
3. Sony (6758 JT): Call of Duty to be on PS for “Several More Years” / PS5 Availability / The PS6?
4. Panasonic Increasingly Set for Clear Run on 4680 Batteries for Tesla in US
5. Other Consumer Elec / Gaming News & Moves That Caught Our Eye

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

6. DDR5 Prices Falling, but Still Short of Being Competitive
7. Global Semiconductor Sales in July Fall 6% YoY
8. Nidec (6594 JT): e-Axle Competition from Norfolk?
9. Ferrotec (6890 JT) and the Weak Yen

Chemicals / Materials

10. Showa Denko (4004 JT) and Kaneka (4118 JT) Expand Tech Materials
11. Shin-Etsu Chemical (4063 JT): PVC Remains Reasonably Resilient
12. Other Chemical / Material-Related News & Moves That Caught Our Eye


13. Hino (7205) and Toyota (7203 JT) to Pause Some MD / HD Truck Production
14. Subaru (7270 JT) and the China Question
15. Nissan (7201 JT) to Acquire a Vehicle Energy Japan Stake
16. Honda (7267 JT) to Lower Output / China Aug Sales +49%
17. Other Auto-Related News & Moves That Caught Our Eye

Auto Parts / Machinery

18. Denso (6902 JT): Possible Positives for Q3 Onward

Internet / eCommerce

19. Net Protections (7383 JT): Sold off on Paidy’s Exclusive Deal with Apple
20. Other Internet / eCommerce News & Moves That Caught Our Eye

Enterprise Software / IT Services

21. JMDC (4483 JT) to Raise Capital Despite Market Sentiment for Growth Stocks
22. Keeping a Close Eye on Cybozu (4776 JT)
23. Other ERP Software / IT Services News & Moves That Caught Our Eye

Market / Miscellaneous

24. Changes to Nikkei 225
25. Natural Gas Prices Rise in Europe
26. Olympics Bribery Scandal and Arrests
27. Other News & Moves That Caught Our Eye

Strategy / Macro

28. The Thorny Issue of Inflation Subsidies
29. The Yen/US$ and JGB Yields
30. Macro Data Released This Week

PSA Company Visits, Tours and Interviews

Presentation at: Ohara Inc. (5218 JT)
*If you would like access to the full weekly the reports highlighted, or the full Weekly (which includes the full comment) and if you would like to see the list of reports produced YTD, please contact our sales team.
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Bloomberg (under PSAZ < GO> or by typing in the < stock code> equity CN PSA), Research Exchange and ResearchPool.