reports
- Lindsay Whipp
- Lindsay Whipp
PSA ERP Software / IT Services: Money Forward (3994 JT) and Freee’s (4...
Money Forward (3994 JT) and Freee's (4478 JT) market caps have been converging as the latter starts a recovery from all-time lows. Freee's earlier shift to operating profitability has attracted investor attention, as MF guides for a deceleration in sales growth for its FY25. However, over the long-term, MF is looking more attractive.
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly for 2025 Q2
In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
AMAT APPLIED MATERIALS INC.
6146 DISCO CORPORATION
5108 BRIDGESTONE CORPORATION
7751 CANON INC.
9697 CAPCOM CO. LTD.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4755 RAKUTEN INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
6869 SYSMEX CORPORATION
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
6301 KOMATSU LTD.
6503 MITSUBISHI ELECTRIC CORP.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6594 NIDEC CORPORATION
7731 NIKON CORP.
8604 NOMURA HOLDINGS INC.
7733 OLYMPUS CORP.
4666 PARK24 CO. LTD.
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
1803 SHIMIZU CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
7269 SUZUKI MOTOR CORP.
1801 TAISEI CORP
6857 ADVANTEST CORP.
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
2413 M3 INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
6098 RECRUIT HOLDINGS CO. LTD.
3769 GMO PAYMENT
6460 JP SEGA SAMMY
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
9434 SOFTBANK CORP.
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
6532 JT BAYCURRENT CONSULTING (6532 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
6526 SOCIONEXT INC
5032 JT ANYCOLOR INC
5838 RAKUTEN BANK LTD.
5253 JT COVER CORPORATION (5253 JT)
9616 JT KYORITSU MAINTENANCE (9616 JT)
- Lindsay Whipp
PSA: Enterprise Software: SMID-Cap IT Services Valuations-Growth Gap
PSA: Enterprise Software: SMID-Cap IT Services Valuations-Growth Gap Looking for opportunities in SMID-cap IT services and SaaS companies with significant gaps between valuations and growth among those well positioned for growth in a changing world.
- Lindsay Whipp
- Lindsay Whipp
PSA ERP Software: Visional (4194 JT) Update
PSA ERP Software: Visional (4194 JT) Update Visional is expecting FY25 OP growth to slow sharply as is invests for growth. As a company that often beats its OP forecasts, the release of its FY25 Q1 results on 12 Dec will be the earliest indication as to whether it can outperform once more.
- Lindsay Whipp
- Lindsay Whipp
PSA IT Services: NRI (4307 JT) FY24 Q2 Results
In response to disappointing Q2 results, a weak performance overseas and a revision down to the Industrial IT Solutions business, NRI shares were sold down -9% on 31 Oct. Lindsay Whipp suggests that close attention to this troubled areas must be monitored and until improvements are evidence, the rich valuations are not justified.
- Lindsay Whipp
PSA ERP Software: TIS (3626 JT) FY24 Q2 preview
Ahead of its FY24 Q2 results on 31 Oct, Lindsay Whipp outlines the key drivers for TIS, with eyes on whether the order book has improved to provide a potential calayst for the shares – shares of which are on undemanding valuations, despite the 20% YTD gain in the share price.
- Pelham Smithers
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...
6754 ANRITSU CORPORATION
7751 CANON INC.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
3107 DAIWABO HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
4902 KONICA MINOLTA INC.
6988 NITTO DENKO CORP.
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
3064 MONOTARO CO. LTD.
5801 FURUKAWA ELECTRIC CO. LTD.
5715 FURUKAWA CO. LTD.
7205 HINO MOTORS LTD.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
7012 KAWASAKI HEAVY INDUSTRIES LTD.
9107 KAWASAKI KISEN KAISHA LTD.
6971 KYOCERA CORPORATION
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
6503 MITSUBISHI ELECTRIC CORP.
5632 MITSUBISHI STEEL MANUFACTURING CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6966 MITSUI HIGH-TEC INC.
6902 DENSO CORPORATION
6701 NEC CORP.
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
4666 PARK24 CO. LTD.
6268 NABTESCO CORPORATION
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
5802 SUMITOMO ELECTRIC INDUSTRIES LTD.
6762 TDK CORPORATION
6976 TAIYO YUDEN CO. LTD.
6315 TOWA CORPORATION
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
8698 MONEX GROUP INC.
3774 INTERNET INITIATIVE JAPAN
3765 GUNGHO ONLINE ENTERTAINMENT INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
3445 RS TECHNOLOGIES CO. LTD.
6269 MODEC INC
3769 GMO PAYMENT
68900 FERROTEC CORPORATION
9519 RENOVA
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
3626 JT TIS INC
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
7071 AMVIS HOLDINGS
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
4443 JT SANSAN (4443 JT)
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
4480 MEDLEY
RRRP3 3R PETROLEUM OLEO E GAS
6532 JT BAYCURRENT CONSULTING (6532 JT)
3697 JT SHIFT INCORPORATED (3697 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
9552 M&A RESEARCH INSTITUTE
123F 123FAHRSCHULE SE
9616 JT KYORITSU MAINTENANCE (9616 JT)
9552 JT M&A RESEARCH INSTITUTE (9552 JT)
6544 JT JAPAN ELEVATOR SERVICES HOLDINGS (6544 JT)
6200 JT INSOURCE (6200 JT)
2154 JT OPEN UP GROUP (2154 JT)
- Lindsay Whipp
- Lindsay Whipp
PSA Enterprise Software: Visional (4194 JT) – Raises Forecast
PSA Enterprise Software: Visional (4194 JT) – Raises Forecast Visional shares were sold off following their Q3 FY24 earnings report on lower than expected sales. However, profits were higher than expected on cost savings. They also revised up their forecasts. In this report we discuss those details as well as the hiring environment and Visional's platform services to help both candidates and companies as the sector is undergoing changes in Japan.
- Lindsay Whipp
- Lindsay Whipp
- Lindsay Whipp
- Lindsay Whipp
PSA IT Services: TIS Inc (3626 JT) – A Steady Ship Sailing in Fair Win...
TIS Inc has underperformed its peers amid volatility in the company’s order book. However, it is a steady ship sailing in fair winds. Sales and OP are rising steadily, while the system integrator is well-positioned for long-term growth. All this on an EV/OP of just over 10x.
- Lindsay Whipp
4568 DAIICHI SANKYO COMPANY LIMITED
4666 PARK24 CO. LTD.
6758 SONY CORPORATION
7203 TOYOTA MOTOR CORP.
9064 YAMATO HOLDINGS CO. LTD.
MSFT MICROSOFT CORPORATION
3993 PKSHA TECHNOLOGY INC.
4776 JT CYBOZU INC
4443 JT SANSAN (4443 JT)
4478 JT FREEE KK
3394 JT MONEY FOWARD
4180 JP APPIER GROUP
ME 23ANDME HLDG CO
4259 JT EXAWIZARDS INC
TSE: 2980 SRE HOLDINGS CORP
4169 JT ENECHANGE LIMITED
123F 123FAHRSCHULE SE
Z29 029 GROUP SE
- Lindsay Whipp
PSA Enterprise Software: IIJ (3774 JT) - Big or Big & Small Update
IIJ’s Dilemma: Go Big or Go Big and Small? Internet Initiative Japan (3774 JT) has a dilemma on its hands which their Q2 FY23 results illustrated vividly. As they are moving up with larger projects they also have to balance the mix between larger and smaller projects and earnings volatility. Valuations are not stretched and the outlook is positive. Analyst Lindsay Whipp report attached.
- Lindsay Whipp
PSA IT Services / ERP Software: System Integrators' Earnings Review
The FY23 (Mar yr-end) Q2 earnings season is now over for Japan’s system integrators and network infrastructure companies. Analyst Lindsay Whipp discusses the main takeaways from their results and highlights where it leaves them in relation to their earnings growth potential and valuations.
- Lindsay Whipp
PSA ERP Software: Reassessing Visional (4194 JT)
We take a fresh look at our expectations for Visional, in light of the company’s decision to place its mid-term annual sales growth outlook at between 15%~20%. Even with more tempered expectations, Visional’s valuations aren’t looking particularly stretched with a FY25 EV/OP of just under 15x based on our estimates. That said, we think the company is more vulnerable to competition with this slower growth outlook. So, the FY24 performance will be crucial in ascertaining its ability to grow the bu...
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