reports
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the period from 16~26 September 2025
Weekly Comment Summary The Switch 2, Hello Kitty and Demon Slayer have underlined Japan’s global pop culture influence. Is 2025 the peak, or is there more to come? Pelham Smithers investigates. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Marvelous (7844 JT) – How Marvellous is Marvelous? 2. Visional (4194 JT) – Well Positioned for Growth 3. Fujikura (5803 JT) – AI Expansion Undaunted 4. Mazda Motor (7261 JT) – Bleak FY25 Outlook, L...
- William Nestuk
PSA Capital Goods / Electrical Equipment: Fujikura (5803 JT) – AI Expa...
We see AI data centre expansion continuing throughout the late 2020s, driven by hyperscalers and emerging smaller players such as Oracle. Analyst William Nestuk remains positive on the earnings outlook for Fujikura and suggests a target price of ¥19,000, which is 35% above the current level.
- Julie Boote
PSA Autos / New Mobility: Mazda Motor (7261 JT) – Bleak FY25 Outlook, ...
Mazda’s earnings are set to take a massive hit from US import tariffs, even after the implementation of mitigating factors. Given that the stock is now trading at a higher level than before the tariff announcement, it seems that the market has not factored in the impact of the new trade situation to weigh on profitability. Analyst Julie Boote is reviewing Mazda’s sales and profit outlook for FY25 and assesses its positioning in an increasingly challenging global market environment.
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 26 Sep: Tech sell-off / Tokyo CPI / TGS2025 and Koei Tecmo /...
PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen and Lindsay Whipp Tags: Lasertec (6920 JT), Sumco (3436 JT), Disco (6146 JT), Kioxia (285A JT), Towa Corp (6315 JT), Sumitomo Pharma (4506 JT), Otsuka Holdings (4578 JT), Chugai Pharm (4519 JT), Fujifilm (4901 JT), Japan Steel Works (5631 JT), Recruit (6098 JT), Bandai Namco (7832 JT), Capcom (9697 JT), Sega Sammy (6460 JT), KLab (3656 JT), Gunma Bank (8334 JT), Chiba Kogyo Bank (8337 JT), Kyoto Financial Group (5844 JT), Mitsubish...
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 25 Sep: Commodity plays send us to another ATH / Service sec...
PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen, Julie Boote and Lindsay Whipp Tags: SMM (5713 JT), Mitsubishi Materials (5711 JT), MM&S (5706 JT), Dowa Mining (5714 JT), Toho Titanium (5727 JT), Nittetsu Mining (1515 JT), Advantest (6857 JT), Kioxia (285A JT), Apple (AAPL US), Taiyo Yuden (6976 JT), MEC (4971 JT), Paramount Bed (7817 JT), Orion Breweries (409A JT), Recruit (6098 JT), Timee (215A JT), Sony (6758 JT), Housemarque (pvt), Disney (DIS US), Koei Tecmo (3635 JT), Sega ...
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 24 Sep: Defence plays up / SoftBank, Japan-Spore undersea ca...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Hiroyuki Terada and Thao Nguyen Tags: Socionext (6526 JT), Sumco (3436 JT), Taiyo Yuden (6976 JT), TDK (6762 JT), MEC (4971 JT), Kioxia (285A JT), SanDisk (SNDK US), IHI (7013 JT), Boeing (BA US), MHI (7011 JT), KHI (7012 JT), Japan Steel Works (5631 JT), Hitachi (6501 JT), Synvert (pvt), Sega Sammy (6460 JT), Konami (9766 JT), Nintendo (7974 JT), Sony (6758 JT), Costco (COST US), Microsoft (MSFT US), Timee (215A JT), Mercari (438...
- Lindsay Whipp
PSA IT Services – Visional (4194 JT): Well-Positioned for Growth
Visional: Well-Positioned for Future Growth Visional (4194 JT) is well-positioned for growth as Japanese companies increasingly look to mid-career professionals for recruiting while people continue to be reluctant to change jobs. Please see attached report by analyst Lindsay Whipp for details.
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 19 Sep: Eyes on BoJ / Aug CPI data / Video game round-up / B...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Lindsay Whipp, Hiroyuki Terada Tags: Mitsubishi UFJ (8306 JT), Fast Retailing (9983 JT), Lasertec (6920 JT), Rorze (6323 JT), Towa (6305 JT), Tokyo Seimitsu (7729 JT), Nikon (7731 JT), EssilorLuxottica (EL FP), Metaplanet (3350 JT), Asteria (3853 JT), Ceres (3696 JT), Nissan Motor (7201 JT), Take Two Interactive (TTWO US), Gearbox Studios, Embracer (EMBRACB SS), Square Enix (9684 JT), Marvelous (7844 JT), Nintendo (7974 JT), BayCur...
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- William Nestuk
PSA Today 18 Sep: At 45,000 now / BoJ options / Value of Sony fin serv...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Hiroyuki Terada and Cyrus Chang Tags: Disco (6146 JT), Advantest (6857 JT), Tokyo Electron (8035 JT), Resonac (4004 JT), Sumco (3436 JT), Mitsui M&S (5706 JT), Taiyo Yuden (6976 JT), TDK (6762 JT), Sony (6758 JT), Nintendo (7974 JT), Densan Systems (4072 JT), JPYC Ltd, Sony Financial Group Inc, Aniplex, Warner Bros Discovery (WBD US), Disney (DIS US), Universal, Comcast (CMCSA US), Skydance, Nissan Motor (7201 JT), ...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 17 Sep: 45K resistance, SBI Shinsei, Toyota e-Palette, govt ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Lindsay Whipp, Thao Nguyen & Hiroyuki Terada Tags: Tokyo Electron (8035 JT), Advantest (6857 JT), Tokyo Ohka Kogyo (4186 JT), Kioxia (285A JT), Askul (2678 JT), Park24 (4666 JT), Capcom (9697 JT), Square Enix (9684 JT), Marvelous (7844 JT), Sony (6758 JT), Nippon Shokubai (4114 JT), Nippoh Chemicals (pvt), Ise Chemicals (4107 JT), K&O Energy Group (1663 JT), Eneos Holdings (5020 JT), Inpex Corp (1605 JT), Toyota Motor (7203 JT), Ni...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA Today 16 Sep: Flirting with 45k, NAND pricing, TOK incentives, Son...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Hiroyuki Terada Tags: Sumco (3436 JT), Disco (6146 JT), Screen HD (7735 JT), Kioxia (285A JT), SanDisk (SNDK US), Murata (6981 JT), TDK (6762 JT), Asteria (3853 JT), Densan Systems (4072 JT), SBI HD (8473 JT) (¥), Ceres (3696 JT), Monex (8698 JT), Nintendo (7974 JT), Bandai Namco (7832 JT), Sony (6758 JT), Anycolor (5032 JT), KLab (3656 JT), Koei Tecmo [KT] (3635 JT), Micron (MU US), Advanced Micro Devices (AMD U...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 12 September 2025
Weekly Comment Summary Japan’s central bank has now dropped enough hints about the future of its Japeq holdings, the question now is “what are the parameters for the ETF unwind? Pelham Smithers discusses and suggests a solution to consider. PSA Weekly Contents at a Glance Company / Sector / Thematic Comments Reports / Flash Notes Summaries 1. Capcom (9697 JT) – Levelling Up 2. Open Up Group (2154 JT) – Retention Rate Starts Improving 3. Cover (5253 JT): A Revi...
- Hiroyuki Terada
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 12 Sep: New highs on heavy volume / Video games round-up / M...
PSA Today Japan Market Comment by Pelham Smithers, William Nestuk, Lindsay Whipp, Hiroyuki Terada and Thao Nguyen Tags: Kokusai Electric (6525 JT), Tokyo Electron (8035 JT), Socionext (6526 JT), Lam (LRCX US), Micron (MU US), Broadcom (AVGO US), AMD (AMD US), Kioxia (285A JT), SanDisk (SNDK US), GA Technologies (3491 JT), Visional (4194 JT), Timee (215A JT), Anycolor (5032 JT), Gumi (3903 JT), Smaregi (4431 JT), Enigmo (3665 JT), Konami (9766 JT), Sega Sammy (6460 JT), Sports Interactive (pvt), ...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 11 Sep: New highs on AI & earnings / Kioxia and AI optimizat...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Lindsay Whipp and Thao Nguyen Tags: Asteria (3853 JT), Densan Systems (4072 JT), Anycolor (5032 JT), Cover Corp (5253 JT), SoftBank Group (9984 JT), ARM Holdings (ARM US), Mitsubishi Research Institute (3636 JT), Disco (6146 JT), Screen (7735 JT), Kioxia (285A JT), Apple (AAPL US), Ibiden (4062 JT), Tokyo Ohka Kogyo (4186 JT), Nissan Motor (7201 JT), Shimano (7309 JT), MonotaRO (3064 JT), GA Technologies (3491 JT), ...
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 10 Sep: Higher on US tech, BoJ comment / iPhone launch / Cab...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk and Thao Nguyen Tags: Oracle (ORCL US), Oracle Corp Japan (4716 JT), SoftBank Group (9984 JT), Fujikura (5803 JT), Furukawa Electric (5801 JT), Sumitomo Electric (5802 JT), Advantest (6857 JT), Kokusai Electric (6525 JT), Disco (6146 JT), Kioxia Holdings (285A JT), Apple (AAPL US), Sony (6758 JT), TDK (6762 JT), Metaplanet (3350 JT), Ceres (3696 JT), Remixpoint (3825 JT), Mazda Motor (7261 JT), Casio (...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 9 Sep: Lower ahead of Fed rate decision / Considering next J...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Lindsay Whipp, Hiroyuki Terada and Thao Nguyen Tags: Advantest (6857 JT), Tokuyama (4043 JT), Dexerials (4980 JT), Shift Inc. (3697 JT), Citizen Watch (7762 JT), BayCurrent (6532 JT), Shimano (7309 JT), Takeda Pharmaceutical (4502 JT), Apple (AAPL US), TSMC (2330 TT), SanDisk (SNDK US), Mitsubishi Electric (6503 JT), Daifuku (6383 JT), Nabtesco (6268 JT), ), Fanuc (6954), THK (6481 JT), Keyence (6861 JT), Harmonic D...
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- William Nestuk
PSA Today 8 Sep: Ishiba quitting, Sox gains help market / Considering ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Hiroyuki Terada and Cyrus Chang Tags: Socionext (6526 JT), Advantest (6857 JT), Kioxia (285A JT), SanDisk (SNDK US), Samsung Electronics (005930 KS), SK Hynix (000660 KS), Eisai (4523 JT), Otsuka Holdings (4578 JT), PeptiDream (4587 JT), Nxera (4565 JT), SRE Holdings (2980 JT), Appier (4180 JT), JX Advanced Metals (5016 JT), Insource (6200 JT), Konami (9766 JT), Nintendo (7974 JT), Sony (6758 JT), Nissan Motor (7201...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 5 September 2025
Weekly Comment Summary Monday [8 Sep] sees the LDP decide whether or not to bring forward an LDP Presidential election that would likely see Ishiba being ousted. Can Ishiba hang on, asks Pelham Smithers. PSA Weekly Contents at a Glance Company / Sector / Thematic Comments Reports / Flash Notes Summaries 1. Gumi (3903 JT) Buys XRP as It Looks to Ripple for In-Game Transactions 2. Isuzu Motors (7202 JT): Facing Challenges in FY25 and Beyond 3. Japan’s Banking Indu...
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA Today 5 Sep: Rally as bond fears abate / July real wages / Switch ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Joel Scheiman Tags: Nikon (7731 JT), Konica Minolta (4902 JT), Kioxia (285A JT), SanDisk (SNDK US), Samsung Electronics (005930 KS), SK Hynix (000660 KS), Tokyo Ohka Kogyo (4186 JT), Toyota Motor (7203 JT), Subaru (7270 JT), Mazda Motor (7261 JT), Honda Motor (7267 JT), Mitsubishi Motors (7211 JT), Nidec (6594 JT), Miraial (4238 JT), Resonac (4004 JT), Tokyo Electron (8035 JT), Ulvac (6728 JT), Nintendo (7974 JT), Bandai Namco ...
- Julie Boote
PSA Autos / New Mobility: Isuzu (7202 JT) Facing Challenges in FY25 an...
After a solid post-Covid profit rebound, Isuzu is once again navigating through troubled water: Its pick-up truck sales in Thailand have collapsed, the US sales situation is uncertain, and commercial vehicle sales in Asia are stagnating. Isuzu expects sales volumes will recover, and earnings will continue to benefit from further price hikes. Analyst Julie Boote is examining the truck maker’s prospects in light of increasing competition and rising geopolitical and macro-economic uncertainties.
PCAR PACCAR INC
VOLVB VOLVO AB-B SHS
600104 SAIC MOTOR CORPORATION LIMITED CLASS A
600166 BEIQI FOTON MOTOR (A)
7205 HINO MOTORS LTD.
7202 ISUZU MOTORS LIMITED
7203 TOYOTA MOTOR CORP.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
TATAMOTORS TATA MOTORS LIMITED
1211 BYD COMPANY LIMITED CLASS H
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
DTG DAIMLER TRUCK
MBG MERCEDES BENZ GROUP AG
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