The Must Read PSA Weekly Research Round-up (week to 20 Sep)

REPORTS: EISAI (4523 JT) / BIOGEN (BIIB US) End Elenbecestat Trials / Franfurt Motor Show Review: Fewer Cars, More Mobility Concepts / Gazyva News shows why CHUGAI PHARM (4519 JT) Remains Our Top Japanese drugs stock / MACRO: Shocking trade figures for August / Foreigners net sellers / Plus 12 INDUSTRY & COMPANY INSIGHTS

The Weekly Comment by Pelham Smithers

Square Enix (9684 JT) and Colopl (3668 JT) have a hit on their hands with Dragon Quest Walk, their new Augmented Reality [AR] mobile game. Pelham Smithers notes that success comes despite the fact that the game is not the big camera+screen-oriented breakthrough AR game that we are looking forward to. ToF (time of flight) sensors, expected next year, will help deliver that breakthrough. Moreover, the bigger the IP, the better the situation for AR, so fantastic news for those companies that own IP, but not so good for those that have to license it in or generate their own IP from scratch. In Japan we are starting to see outperformance by video game stocks with strong IP compared with those with limited in-house IP. He expects that the arrival of AR will accelerate this trend.

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

1. Eisai (4523 JT) / Biogen (BIIB US) End Elenbecestat Trials
2. Gazyva News Shows Why Chugai Pharmaceutical (4519 JT) Remains Our Top Japanese Drug Stock
3. Frankfurt Motor Show Review: Fewer Cars, More Mobility Concepts

Company / Sector / Thematic Comments at a Glance

Technology: Consumer Electronics, Gaming

1. Sony (6758 JT) Says “No” to Loeb
2. iPhone Wait Times 2~3 Weeks Already
3. Strong Moves in Video Game Plays

Chemicals / Materials

4. Saudi Arabia: Drones Aren’t the Only Risk; Consider Hacking

Autos

5. Toyota (7203 JT), Subaru (7270 JT) Shares at Year Highs
6. Toyota (7203 JT) Invests in its Pick-Ups
7. Autos Take Centre Stage in Fight of Trump vs California
8. Suzuki (7269 JT) Shares Rise on Tax Package in India

Telecom

9. SoftBank Group’s (9984 JT) We Company (WE US) IPO Delayed

Internet / eCommerce

10. Large Swings in eCommerce Stocks
11. Merpay Conference Sep 2019

Pharma

12. Eisai / Biogen End Elenbecestat Trials
13. Gazyva News Shows Why Chugai Pharm (4519 JT) Remains Our Top Japanese Drug Stock

Macro / Market

14. Shocking Trade Figures for August
15. Foreigners Net Sellers

PSA Company Visits, Tours and Interviews

• Visited: Frankfurt Motor Show; Nitto Denko (6988 JT)
• Interviewed / Conference Call with: Mitsubishi Chemical Holdings (4188 JT)

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