Report

PSA Strategy: Japan Stock Market Quarterly 2024 Q4

When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom.
Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to consider our strategy for sector / stock selection and the changes to our updated Focus Lists.
Underlyings
10x Genomics Inc Class A

123FAHRSCHULE SE

1933 Industries

Friday Night is a development stage company engaged in the business of acquiring and exploring mineral properties with a view to developing mineable deposits of precious and base metals.

3R Petroleum Oleo e Gas

Amvis Holdings

Amvis Holdings Inc. Amvis Holdings, Inc. is mainly engaged in the medical center business. The company's core business is to provide consulting related to the operation and management of residential paid nursing homes, etc., and to rent land and buildings to be used for residential paid nursing homes. The Medical Center business is mainly operated by Amvis, with visiting services such as visiting nursing, visiting care and home care support, as well as residential pay nursing homes. As a business establishment, the Company develop a medical center that meets the wide range of needs of customers such as those who are highly dependent on medical care who have anxiety and concern about their destination after discharge and their families.

Anritsu Corporation

Anritsu is engaged in the manufacture and sale of measuring instruments and testing equipment. Test and Measurement segment offers testing and measuring instruments and systems for digital communications and IP networks, optical communications, mobile communications, RF and microwave communications and millimeter wave communications. PQA (Products Quality Assurance) segment offers checkweighers, automatic combination weighers, package inspection equipment, contamination detectors and production management systems for food, pharmaceutical and cosmetics manufacturers. Co. is also engaged in the manufacture of network appliances and optical devices, as well as the real estate leasing.

BayCurrent Consulting (6532 JT)

Canon Inc.

Canon and its subsidiaries are engaged in the manufacture and sale of office multifunction devices, plain paper copying machines, laser printers, inkjet printers, cameras and lithography equipment. Co. sells its products principally under the Canon brand name and through sales subsidiaries. Each of these subsidiaries is responsible for marketing and distribution to retail dealers in an assigned territory. As of Dec. 31, 2017, Co.'s manufacturing is conducted primarily at 30 plants in Japan and 18 plants overseas. Co. operates its business in four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.

Chugai Pharmaceutical Co. Ltd.

Chugai Pharmaceutical is a pharmaceutical company. Along with its subsidiaries, Co. is engaged in the research and development of new prescription medicines and the subsequent manufacturing, marketing and distribution activities. Co. sells its pharmaceutical products to the nationwide appointed stores in Japan, as well as in overseas, such as Germany, the U.K., France, Taiwan, China, South Korea and the U.S. Co., through its subsidiaries, is also involved in the management of research facilities, and the research on drug discovery, as well as the provision of literature research services for pharmaceutical information, and pharmaceutical academic information.

CyberAgent Inc.

CyberAgent is an information technology company. Media segment is engaged in the operation of internet TV station "AbemaTV," free live streaming programs without subscription "FRESH!," blog service "Ameba," matching services "Tapple" and music streaming service "AWA." Game segment offers a variety of games for smartphones such as "GRANBLUE FANTASY." Internet Advertisement segment is engaged in the provision of internet advertising agency services. Investment Development is engaged in the corporate venture capital business, as well as the establishment and operation of investment fund. Others segment is engaged in the operation of smartphone media.

Daiwabo Holdings Co. Ltd.

Daiwabo Holdings is a holding company mainly engaged in the manufacture, process and sale of textile products and synthetic resins. Along with its subsidiaries, Co.'s principal business segments are information technology ("IT") infrastructure, chemical synthetic fiber, and machine tool & automated machinery. Co.'s principal products include polypropylene cotton, cotton yarn, cotton woven, woven textiles, jute, mixed synthetic fiber yarn, chemical fiber yarn and polypropylene yarn, mixed synthetic fiber fabric, knit textiles, cartridge filter, machine tools, and automated machines. Co. is also engaged in the forming, assembling and process of electric components.

DENSO CORPORATION

Denso and its affiliates are mainly engaged in the manufacture and sale of automobile electronic, electrical parts, and other components. Co.'s principal business segments are powertrain control systems, electronic systems, thermal systems, information and safety systems, small motors, industrial systems and consumer products. Co.'s principal products include starters, alternators, engine management systems, components for gasoline, diesel and electric hybrid vehicles, engine ECUs, hybrid ICs, air conditioners, radiators, remote keyless entry controllers, car navigation systems, car-mounted ETC devices, motors, bar code handy scanners and industrial robots.

Dentsu Group Inc.

Dentsu is an advertising company. Co. provides a diverse range of services befitting a solution-building partner with the ability to address various client issues, including management, business activities and marketing plans, at both the corporate and organizational levels. Co. operates in two business segments. Domestic segment is engaged in the provision of domestic advertising, marketing and contents business services, as well as the information system development and consulting, and the provision of real estate and casualty insurance agency services. Overseas segment is engaged in the advertising and marketing services outside of Japan.

Fanuc Corporation

Fanuc is engaged in the development, manufacture and sale of CNC systems as well as application products based on its engineering. Co.'s principal products include Factory Automation (FA) products such as computer numeric control (CNC) systems and laser products; The Robot including collaborative robot, arc welding robot, palletizing robot, mini/small/medium/large size robot and paint robot; and the he Robo-machine such as robodrill(compact machining center), roboshot (electric injection molding machine), robocut (wire-cut electric discharge machine) and robonano (ultra precision machine).

Ferrotec Corporation

Fuji Media Holdings Inc.

Fuji Media Holdings is a holding company engaged in the television broadcasting. Broadcasting segment is engaged in the television and radio broadcasting. Production segment is engaged in the planning, production and sale of television programs, movies and other video contents. Video and Music segment distributes DVDs and CDs. Life Information segment is engaged in the mail-order marketing business. Advertising segment operates advertising agencies and produces advertisements. Urban Development segment is engaged in the leasing and management of office buildings, the real estate development, and the operation of hotels and leisure facilities.

Furukawa Co. Ltd.

Furukawa and its affiliates are mainly engaged in the manufacture and sale of industrial machineries. Co.'s principal business segments are industrial machinery, rock drills, UNIC, metals, electronic metals, chemicals, real estate and other. Co. offers environmental machinery, pumps, plants, crushers, steel bridges and foundry pieces; rock drills, including hydraulic breakers and crushers, various drills and air tools; in-car cranes and carriers for automobile transportation; copper, gold, silver, sulfuric acid and other metals; and high-purity metallic arsenic, crystals, optical parts, gallium nitride boards and others. Co. is also engaged in the real estate and transportation businesses.

Furukawa Electric Co. Ltd.

Furukawa Electric and its affiliates are mainly engaged in the manufacture and sale of telecommunication devices, energy related equipment, materials, and electronics devices. Co.'s principal products and services are broadband systems, optical fiber cables, router/network equipment, overhead power transmission lines, distribution cables, industrial connectors, copper alloy wires, enameled wires, triple insulated wires, special metals, stainless steel wires, UV tapes for semiconductor manufacturing, submarine water pipes, foam products, polyethylene pipes, copper foils, superconducting cables, industrial lasers, flow cytometers, single cell picking systems, among others.

GNI Group Ltd.

GNI Group is a vertically integrated multinational bio-pharma company, comprised of drug research, clinical development, manufacturing, sales and marketing. Co.'s group base of operations is in China, enabling it to leverage that country's comparative cost advantage in clinical trials to develop Class 1 "First to Market" drug products for the Chinese domestic market. Co. researches and develops therapeutic agents, including Etuary® for radiation pneumonia (RP) and idiopathic pulmonary fibrosis (IPF), F351 for liver fibrosis (cirrhosis), Tamibarotene for acute promyelocytic leukemia (APL), and F573 for acute hepatic insufficiency and acute chronic liver failure (ACLF).

Gungho Online Entertainment Inc.

GungHo Online Entertainment is mainly engaged in the planning, development, and operation of online games. Along with its subsidiaries and associated companies, Co. is engaged in the planning, development, operation and distribution of smart phone applications and online computer games, and the sale of console games. Co. is also engaged in the sale of game contents through download service as well as the licensing of self-developed games. Co.'s principal smart phone applications are "Puzzle & Dragons," "Summons Board," "Divine Gate," and "Princess Punt Sweets," and its principal online computer games are "Ragnarok Online" and "Emil Chronicle Online."

Hino Motors Ltd.

Hino Motors is a manufacturer of large, medium-duty, and light-duty trucks, buses and passenger vehicles. Co. is engaged in the design, development, manufacture and sale as well as the provision of services of diesel trucks, buses, special-purpose vehicles, industrial and marine diesel engines and spare parts. Co.'s truck models include light-duty truck "HINO Dutro," light-duty/medium-duty truck "HINO Ranger" and heavy-duty truck "HINO Profia." Co's bus models include "Hino Rainbow"and "Hino Liesse." Co. also manufactures passenger vehicles, commissioned from Toyota Motor Corp., including the sport-utility vehicles and commercial vehicles.

Hitachi Construction Machinery Co. Ltd.

Hitachi Construction Machinery is a manufacture of construction machinery. Co.'s principal business segments are construction machinery and solution. Along with its subsidiaries and associated companies, Co. is engaged in the manufacture, sale, after-sale services and rental of construction machinery, such as mini excavators, medium excavators, large excavators, loading shovels, wheel loaders, demolition equipment, metal recycling equipment, forest machines, rigid dump trucks, compaction equipment, cranes, foundation machines, double-front work machine and mine management systems.

Hitachi Ltd.

Hitachi and its subsidiaries are engaged in the development, manufacture and sale of diversified product mix ranging from electricity generation systems to consumer products and electronic devices. Co.'s businesses are diverse, and include information and telecommunication systems, social infrastructure and industrial systems, electronic systems and equipment, construction machinery, high functional materials and components, automotive systems, life & eco systems, financial services, and others including logistics services, optical disk drive, as well as real estate business.

Honda Motor Co. Ltd.

Honda Motor is the parent company of a group mainly develop, manufacture and distribute motorcycles, automobiles, power products, and also provide financing for the sale of those products. Principal manufacturing facilities are located in Japan, the United States of America, Canada, Mexico, the United Kingdom, Turkey, China, India, Indonesia, Malaysia, Thailand, Vietnam, Argentina, and Brazil. Co.'s principal business segments are motorcycles, automobiles, financial services, and power products & other business. Co.'s principal automobile products include passenger cars such as "Legend," "Accord," "Inspire," "Civic," "Insight," "City," "Acura RL," "Acura TL," "Acura TSX," and "Acura CSX".

Internet Initiative Japan

Internet Initiative Japan is engaged in the provision of a comprehensive range of Internet connectivity services, WAN services, outsourcing services, systems integration and equipment sales to Co.'s customers mainly in Japan. Co.'s principal services are full-spec IP service, closed-network services, security-related outsourcing services, web server hosting and e-mail security service, as well as systems construction and systems operation and maintenance. Co., through its subsidiary, is engaged in the operation of ATMs and its network systems and receives a commission for each bank withdrawal transaction when a customer uses its serviced ATMs. As of March 31, 2018, Co. has 1,096 ATMs.

Japan Elevator Services Holdings (6544 JT)

JMDC

JMDC Inc. is a Japan-based company mainly engaged in the health big data business, telemedicine business and dispensing pharmacy support business. The Company operates in three business segments. The Health Big Data segment is engaged in the provision of receipt data analysis and health promotion solutions, and personal health information platforms, the build, management and analysis of medical databases such as receipt data and medical examination data, the build and sale of drug databases, and the development and provision of systems using drug databases for medical institutions. The Telemedicine segment is engaged in the provision of remote image diagnosis matching services, and infrastructure systems for remote image diagnosis. The Dispensing Pharmacy Support segment is engaged in the development and provision of business systems and electronic medication record for dispensing pharmacies, as well as the operation of dispensing pharmacies.

Kakaku.com Inc.

Kakaku.com is engaged in the operation of price comparison and other portal websites. Internet Media segment operates a price comparison site "Kakaku.com"comparing various products including computers, home appliances, internet service providers, insurance, food/beverages and cosmetics, restaurant review site "tabelog.com" and other portal sites including a hotel deals and last minute deals site "yoyaq.com," travel-related review and comparison site "4travel.jp," residential real estate portal site "sumaity.com," lifestyle portal site "kinarino.jp," movie information site "eiga.com"and auto enthusiast site "webCG." Finance segment is engaged in the provision of insurance agency services.

Kawasaki Heavy Industries Ltd.

Kawasaki Heavy Industries is a manufacturer of transport equipment and industrial equipment. Co. is engaged in the manufacture and sale of ships, jet engines, turbines, generating machinery, hydraulic machinery, and industrial robots. Co. also offers railway vehicles, snow removing equipment, aircrafts, industrial machinery, boilers, environmental equipment, steel structures, crushing machines, motorcycles, all-terrain vehicles (ATV), utility vehicles, personal watercrafts, and general-purpose gasoline engines, as well as precision machinery such as hydraulic equipment and industrial robots. In addition, Co. is also involved in the agency business of sale and order of its products.

Kawasaki Kisen Kaisha Ltd.

Kawasaki Kisen is the parent company of a group engaged in the provision of marine transportation services. Co.'s principal business segments are containership, unscheduled carrier, and marine resource development and heavy-lift ship. Co.'s principal services include containership, bulk carrier, car carrier, LNG (liquefied natural gas) carrier, tanker and thermal coal carrier services; tramp liner; harbor transportation; terminal operation; shipping agency, warehousing, customer clearance and other related services; short sea/coastal shipping and ferry services; energy-related development business, offshore support vessel business, heavy-lift ship business and others.

Keyence Corporation

KEYENCE and its affiliates are mainly engaged in the design, development, manufacture and sale of factory automation ("FA") sensors, opto-electronic equipment and related systems, and high technology hobby products. Co.'s principal products are fiber optic sensor, laser sensor, contact sensor, ultrasonic sensor, pressure sensor, photoelectric sensor, laser sensor (compact), RGB color sensor, proximity sensor and temperature sensor; machine vision, inductive displacement sensor, image measurement system, laser displacement sensor, optical micrometer and digital microscope; bar-code reader, laser marker, programmable logic controller; and safety light curtain.

Konica Minolta Inc.

Konica Minolta and its affiliates are mainly engaged in the manufacture and sale of information technologies related equipment, optical and sensing devices, and healthcare equipment. Co.'s principal products are multi-functional peripherals ("MFPs"), laser printers, filing devices, facsimile machines, and equipment for production printing systems and graphic arts, as well as related solution services; digital X-ray diagnostic image systems, digital mammography, and diagnostic ultrasound systems; and lens units, pickup lenses for optical disks, TAC films for LCD polarizer, and high-precision photo plates. In addition, Co. is engaged in the operation of planetariums.

Kyocera Corporation

Kyocera is engaged in fine ceramic components, electronics devices, equipment, services and networks. As of Mar 31 2018, Co. has 230 subsidiaries and 4 affiliates outside Japan and 23 subsidiaries and 7 affiliates in Japan. Co.'s customers include individuals, corporations, governments and governmental agencies. Co. categorizes its operations into seven reporting segments: Fine Ceramic Parts Group, Semiconductor Parts Group, Applied Ceramic Products Group, Electronic Device Group, Telecommunications Equipment Group, Information Equipment Group, and Others.

Kyoritsu Maintenance (9616 JT)

M&A RESEARCH INSTITUTE

M&A Research Institute (9552 JT)

Medley

Medley, Inc. is a Japan-based company mainly engaged in the provision of various Internet services in the medical healthcare field. The Company operates in three business segments. The Human Resources Platform segment is engaged in the operation and provision of a performance-based human resource recruitment system Job Medley for solving the shortage and uneven distribution of human resources in the medical healthcare field. The Medical Platform segment is engaged in the development and provision of an online medical care system CLINICS and a medical information provision system MEDLEY to improve the operational efficiency of medical institutions and improve medical access for patients. The New Development Services segment is engaged in the development of nursing care facilities search site Kaigonohonne.

Mercari Inc.

Mitsubishi Electric Corp.

Mitsubishi Electric is engaged in the manufacture and sale of electrical and electronic equipment. Energy and Electronic Systems segment offers turbine generators, nuclear power plant equipment, transformers and motors. Industrial Automation Systems segment offers programmable logic controllers, inverters, human-machine interfaces and magnetic switches. Information and Communication Systems segment offers wireless and wired communications systems, surveillance cameras and satellite communications equipment. Electronic Devices segment offers power modules, high-frequency devices and optical devices. Home Appliances segment offers LCD televisions, room air conditioners and refrigerators.

Mitsubishi Steel Manufacturing Co. Ltd.

Mitsubishi Steel Manufacturing is a steel products manufacturing company. Co. is engaged in the manufacture and sale of steel bars, processed steel products, springs, stabilizers, torsion bars, coiled-wave springs, hinge products, precise press products, plastic molding products, press assembly, built-in antennas, automobile parts and supplies, as well as tire chains and protectors; steel castings, foundry products, processed mechanical products, forged products, permanent magnets, magnetic parts, and alloy powder; and forge rolling machinery, industrial machinery and plants, and others. Co. is also involved in the maritime transportation, trucking business and warehousing business.

Mitsui High-Tec Inc.

Mitsui High-Tec is engaged in the production and sales of lead frame, motor core, precision tooling and machine tools. Co.'s principal business segments are tooling, electronic parts, electrical parts, and machinery. Co., along with its subsidiaries, is mainly engaged in the manufacture and sale of mold dies for press, which include cutting dies for motor core products and other precision mold for various components; the integrated circuit (IC) lead frames; the IC assembly parts; the industrial machinery which include flat-surface grinding machine; the motor core products, as well as other press cutting and processing products.

Mitsui Mining and Smelting Company Limited

Mitsui Mining & Smelting is the parent company of a group engaged in the manufacture and sale of nonferrous metals. Co.'s principal products are battery materials, catalysts for automobile emissions, engineered powders, rare metal compounds, single crystals, electrodeposited copper foil, thin-film materials, ceramics products, zinc, copper, gold, silver, sulfuric acid, functional automotive parts, perlite, artificial lightweight aggregate, grinding stones, aluminum and magnesium die-casting products, powder metallurgy products, and non-destructive quality sensors. Co. is also engaged in the precious metal recycling, industrial waste material processing, and others.

Monex Group Inc.

Monex Group is a holding company mainly engaged in the operation of online brokerage business with a customer base of retail investors primarily in Japan, the United States, and China. Co. provides management guidance to its subsidiaries and associated companies, which are engaged in the online securities business, as well as the foreign exchange (FX) trading business, the operation of investment education business and the provision of alternative investment products, as well as merger and acquisition (M&A) advisory services. Co. operates in three business segments: Japan, the United States, and Asia-Pacific. As of Mar 31 2017, Co. has 20 subsidiaries and 7 associated companies.

MonotaRO Co. Ltd.

MonotaRO is mainly engaged in the sale of factory materials to small and medium domestic manufacturing companies through the Internet. Co. offers factory supplies and factory replacement parts, which include solder-related products, electric powered and pneumatic pressure tools, spray oil grease, glasses, cutting tools, painting products, antistatic cleaning room products, adhesives and gloves, packing products, electrical materials, machinery parts, hydraulic pressure equipment, screws and bolts, compressors, casters, truck products, pumps and control equipment and others. Co. also provides batteries, lightings, toners, work suit, office and computer equipment, and laboratory instruments.

Nabtesco Corporation

Nabtesco is engaged in the design, manufacture, sales, and repair of industrial machinery and components. Co. operates in three business segments: component solutions, transport solutions and accessibility solutions. Co.'s principal products are high precision reducers and actuators for industrial robots, construction machinery, solar tracking equipment, automatic door drive units, automobile air-break systems, automatic testing/training equipment, connecting device, various types of actuators, remote control systems for marine vessels, automatic door systems, smoke exhausting systems and platform safety system as well as nursing care equipment and industrial equipment.

NEC Corp.

NEC is the parent company of a group engaged in the manufacture and sale of computers, software, communications equipment, and electric devices. Co. operates in four business segments: public, enterprise, telecom carrier, and system platform. Co. supplies integration, maintenance and support, and outsourcing services and system equipment for government, public and enterprises; network infrastructure to telecom carriers; hardware such as servers and mainframes, software, enterprise networks solutions. In addition, Co. also provides smart energy such as electrodes and energy storage systems, as well as smartphones, mobile phones, "BIGLOBE" Internet services and lighting equipment.

NEXON Co. Ltd.

Nexon is engaged in the production, development and delivering on-line games. Along with its subsidiaries and affiliates, Co. provides PC online-games and mobile games in Japan, Korea, China, North America and Europe as well as Asian countries. Co.'s principal existing game titles include "MapleStory," "Sudden Attack," "Dungeon & Fighter," "Counter-Strike Online," and "EA SPORTS™ FIFA Online 3." Co. also offers services such as consulting related to PC online-game distribution, in-game advertising, and merchandising incidental to PC online business. As of Dec 31 2017, Co. has 26 consolidated subsidiaries and 14 affiliates.

Nidec Corporation

NIDEC and its subsidiaries are primarily engaged in the design, development, manufacture and marketing of small precision motors, mid-size motors, machinery, electronic and optical components, and other products. Co.'s principal products are spindle motors for hard disk drives, motors for optical disk drives, small precision fans and other small motors; mid-size motors; test systems, measuring equipment, power transmission equipment, factory automation systems, card readers and industrial robots; camera shutters, camera lens units, switches, trimmer potentiometers, motor driven actuator units, processing and precision plastic mold products; and auto parts and pivot assemblies.

Nissan Motor Co. Ltd.

Nissan Motor, along with its subsidiaries and associated companies, is engaged in the manufacture and sale of vehicles, marine products and related parts; and the provision of finance services throughout world. Co.'s principal businesses are automobile and sales financing. Automobile segment manufactures electric vehicles, sedans, sport coupes, compact cars, mini vans, SUVs, pick-up trucks, and station wagons. Co.'s principal brand names include "Leaf," "Infiniti," "Murano," "Altima," "Maxima," "Sentra," "Quest," "Cedric," "Days Roox," "e-NV200," "Note e-Power," "Caravan," "Wingroad," "GT-R," "Farilady Z, among others. Sales Financing segment provides sales financing services..

Nitto Denko Corp.

Nitto Denko and its subsidiaries are mainly engaged in the manufacture and sale of industrial materials, electronic materials and functional materials. Co.'s principal products include junction materials, surface protective materials, sealing materials, packing materials, and machinery; liquid crystal display ("LCD")-related materials, semiconductor-related materials, printed circuits materials and electronic processing materials; and medical-related materials, macro-molecular separation membranes used in seawater desalination and engineering plastic materials.

Open Up Group (2154 JT)

Park24 Co. Ltd.

Park 24 is mainly engaged in the parking lot operation and management. As of Oct 31 2017, Co. operates 20,461 parking lots. Co. operates in three business segments. Parking Lot - Domestic and Parking Lot - Foreign segments are engaged in the subleasing of land from landowners, the management and operation of 24-hour and unmanned hourly and monthly parking facilities throughout in Japan as well as in Taiwan, South Korea, Australia, New Zealand, the United Kingdom, Singapore and Malaysia. Mobility segment is engaged in the provision of car rental services under the name of "Times Car Rental" and car sharing services under the name of "Time Car Plus."

PKSHA Technology Inc.

PKSHA Technology Inc is a Japan-based company mainly engaged in algorithmic license business. The Company operates through two business segments. The Cloud Intelligence segment is engaged in the sale of algorithm modules, and algorithm software BEDORE and CELLOR in the area of intelligent processing in the digital space. The Mobility & MaaS segment is engaged in the sale of algorithm modules related to image/video analysis and sales of algorithm software Hrus in the area of intelligent operation of real space for smart city. The algorithm modules include text understanding modules, dialogue modules, image/video analysis modules, recommendation modules, prediction modules, anomaly detection modules, and reinforcement learning modules.

Rakuten Inc.

Rakuten is mainly engaged in the Internet-related business. Along with its affiliates, Co. operates in two business segments. The Internet Services segment is engaged in the operation of electronic commerce sites, including an Internet shopping mall "Rakuten Ichiba," an online cash back site, a travel booking site, portal sites and digital contents sites; the sale of advertising on Co.'s sites; the provision of messaging and communication services; and the management of a professional baseball team "Tohoku Rakuten Golden Eagles." FinTech segment is engaged in the provision of Internet banking services and online securities trading services, and the credit card and life insurance businesses.

Renova

Renova Inc. RENOVA, Inc. is a Japan-based company mainly engaged in renewable energy generation business and the development and management of renewable energy business. With its subsidiaries, the Company operates power generation business. The Company has three business segments. Renewable Energy Power Generation develops electricity sales business by operating renewable energy power plants, including large scale solar power generation, wind power generation and biomass power generation. Renewable Energy Development and Management supports establishment and opening of a new renewable energy power plant and supports operation after opening. Plastics Recycling manufactures and sells recycled plastics.

Ricoh Company Ltd.

Ricoh is engaged in the development, manufacture, sale and service of office equipment and printing equipment. Office Printing segment offers multifunctional printers, copiers, laser printers, digital duplicators, wide format printers, facsimile, scanners and related parts and supplies. Office Service segment offers PCs, servers, network equipment, projectors and unified communication systems for video/web conferencing. Commercial Printing segment offers cut sheet printers, continuous feed printers, related parts and supplies. Industrial Printing segment offers inkjet heads, imaging systems and industrial printers. Thermal Media segment offers thermal paper and thermal transfer ribbons.

RS Technologies Co. Ltd.

RS Technologies is mainly engaged in the wafer business. Along with its subsidiary, Co. is engaged in the reclaim and sale of silicon wafers such as used monitor wafers, the manufacture and sale of prime silicon wafers, and the coating of silicon wafer oxide films. Co. is also engaged in the purchase and sale of semiconductor manufacturing equipment, including used semiconductor-related devices and consumable materials. In addition, Co. is engaged in the solar power business, including the operation of a solar power station; the sale of semiconductor-related materials such as chemical filters; the technology consulting business; and other.

Sanrio Company Ltd.

Sanrio is engaged in the planning and sale of social communication gifts, greeting cards and books; and the planning and operation of theme parks using its own developed characters. The principal characters include "Hello Kitty," "Little Twin Stars Kiki & Lala," "My Melody," "Shinkansen,"" Cinnamoroll," "Pompom Purin," "Jewelpet" and " Patty & Jimmy." Co. also engaged in the management of restaurants (Kentucky Fried Chickens), the lease of cars, the production and rental of robots, the film production, as well as the provision of non-life insurance agency services.

SBI Holdings Inc.

SBI Holdings is a holding company engaged in the control and management of its group through share ownership. Through its subsidiaries, Co. is engaged in the provision of securities, banking, insurance, housing loan, financial media, real estate financial, forex margin trading businesses, and overseas financial services; the operation and management of investment partnership, the investment in domestic and international venture companies, and the provision of investment advisory services. Co. is also engaged in the 5-aminolaevulinic acid-related business, as well as the research, development, and sale of drugs, cosmetics and health foods.

Shift Incorporated (3697 JT)

SoftBank Corp.

SoftBank Group Corp.

SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.

Sony Corporation

Sony is engaged in the development, design, production, manufacture, offer and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets such as network services, game hardware and software, televisions, audio and video recorders and players, still and video cameras, mobile phones, and semiconductors. Co. is engaged in the development, production, manufacture, and distribution of recorded music and the management and licensing of the words and music of songs as well as the production and distribution of animation titles. Co. is also engaged in the production, acquisition and distribution of motion pictures and television.

Sumitomo Electric Industries Ltd.

Sumitomo Electric Industries and its affiliates are mainly engaged in the development, manufacture, sale, service and installation of electric wires and cables including optical fibers and their related products, internal wirings and devices for cellular phones, personal computers and digital TV sets, as well as wirings harnesses for automobiles. Co.'s principal products and services include wiring harnesses, anti-vibration rubber parts, optical fibers and cables, optical device, electron device, wires for electronic devices, compound semiconductors, printed circuit, ecology cable, high-voltage power cable, high-temperature superconducting cable, cemented carbide insert, and steel cord.

Sumitomo Mitsui Financial Group Inc.

Sumitomo Mitsui Financial Group is a holding company of the group mainly engaged in the provision of finance services. Co. offers services include deposits, loans, securities transaction, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, security investment trust and insurance over-the-counter sales; leasing business; securities business; consumer finance, automobile sale finance business, venture capital business, business consulting, membership business, loan business, factoring, system development, information processing, money collection, swap related and investment adviser, among others.

Sysmex Corporation

Sysmex and its affiliates are mainly engaged in the healthcare business. Co. is involved in the development, manufacture, and sale of clinical laboratory testing equipment and reagents. Co. provides instruments, in vitro diagnostic reagents, and software for testing of blood and urine samples in the field of hematology, urinalysis, immuno-chemistry, clinical chemistry, and hemostasis. Co.'s principal products include hematology (XN-L and XN series, pocH™-80i, XP-300™), hemostasis (CS-5100™), immunochemistry (HISCL™-5000), and urinalysis (UD-10™, UF-5000™, UC-3500™). Co. operates its operations in Japan, the Americas, EMEA (Europe, the Middle East and Africa), China and Asia Pacific regions.

Taiyo Yuden Co. Ltd.

TAIYO YUDEN is a manufacturer mainly engaged in the electronic component business. Co. is involved in the manufacture and sale of electronic parts such as ceramic condensers, inductors, ferrite-applied components, ferrite cores, high frequency dielectric components, circuits modules, energy devices and composite ceramic applied components, among others. Co. is also engaged in the temporary staffing services, as well as consultation services for environmental measurement.

TDK Corporation

TDK is a manufacturer of recording media, ferrite products and recording device products, and a producer of inductor, ceramic capacitor, magnet, HDD head and other components. Co.'s principal business segments are passive components, sensor application products, magnetic application products, film application products and others. Co.'s principal products include ceramic capacitors, aluminum electrolytic capacitors, film capacitors, inductive devices, high-frequency components, piezoelectric materials and circuit protection components, sensors, HDD head suspension, recording devices, power supplies and magnets, and mechatronics.

Towa Corporation

Towa is mainly engaged in the manufacture and sale of semiconductor manufacturing precision molds and equipment. Along with its subsidiaries and associated companies, Co. operates in two business segments: semiconductor manufacturing equipment and fine plastic moldings. Semiconductor Manufacturing Equipment segment is involved in the manufacture and sale of semiconductor manufacturing precision molds, molding equipment and singulation equipments. Fine Plastic Moldings segment is involved in the manufacture and sale of medical apparatus parts. As of Mar 31 2015, Co. has 13 subsidiaries and 1 associated company.

Toyota Motor Corp.

Toyota Motor is an automobile manufacturer. Co. is primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. Co. provides financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Co. Co.'s principal business segments are automotive operations, financial services operations and other operations. Co. sells its vehicles in approximately 190 countries and regions, and markets for its automobiles in Japan, North America, Europe and Asia.

UBE Industries Ltd.

Ube Industries is engaged in the manufacture and sale of chemicals and cement products. Chemicals segment offers caprolactam, polyamide resins, polybutadiene, industrial chemicals, specialty products and fine chemicals. Pharmaceuticals segment offers active pharmaceutical ingredients and intermediates. Cement & Construction Materials segment offers cement, ready-mixed concrete, limestone and building materials. Machinery segment offers molding machines, industrial machinery and bridges and steel structures. Energy & Environment segment is engaged in the import and sales of coal and the supply of electric power. Co. is also engaged in the real estate business.

VISIONAL INC

Provider
Pelham Smithers Associates Ltd
Pelham Smithers Associates Ltd

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries. 

The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012. 

Analysts
Pelham Smithers

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