reports
- Lindsay Whipp
PSA IT Services: FY25 Q2 Results Review for IT Service Companies
Tags: Obic (4684 JT), Obic Business Consultants (4733 JT), PCA Corp (9629 JT), Ines Corp (9742 JT), Shift (3697 JT), BayCurrent (6532 JT), PKSHA (3993 JT), ExaWizards (4259 JT) Six enterprise software companies reported earnings during the week to 31 Oct with mixed results. Analyst Lindsay Whipp takes us through the performance of four companies in her coverage – TIS, NRI, Obic and OBC.
- Lindsay Whipp
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly for 2025 Q4
For almost three years the Nikkei 225 has been tracking its performance from the 2003~5 bull market, albeit at levels some 3.3x higher In this report, Pelham Smithers discusses the similarities and asks three key questions: (1) Can we continue to track 2005 through the rest of the year; (2) Whatever happens in Q4, should we fear or be hopeful for 2026? And (3) Who are the upcoming winners and losers.
4689 Z HOLDINGS CORPORATION
7751 CANON INC.
6952 CASIO COMPUTER CO. LTD.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
7762 CITIZEN WATCH CO LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
5803 FUJIKURA LTD
4902 KONICA MINOLTA INC.
6752 PANASONIC CORPORATION
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
5423 TOKYO STEEL MANUFACTURING CO. LTD.
8729 SONY FINANCIAL HOLDINGS INC.
7267 HONDA MOTOR CO. LTD.
7202 ISUZU MOTORS LIMITED
9616 KYORITSU MAINTENANCE CO. LTD.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6701 NEC CORP.
6594 NIDEC CORPORATION
7731 NIKON CORP.
2371 KAKAKU.COM INC.
6963 ROHM CO. LTD.
6753 SHARP CORPORATION
6762 TDK CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
6857 ADVANTEST CORP.
6976 TAIYO YUDEN CO. LTD.
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
7261 MAZDA MOTOR CORP.
3774 INTERNET INITIATIVE JAPAN
3697 SHIFT
6857 JP ADVANEST
6460 JP SEGA SAMMY
4385 MERCARI INC.
36350 KOEI TECMO
45870 PEPTIDREAM INC
3491 JT GA TECHNOLOGIES
3630 JT DENSAN SYSTEM CO LTD (3630 JT)
4194 VISIONAL
4483 JMDC
WOLF WOLFSPEED INC
TSE: 2980 SRE HOLDINGS CORP
AST VISIONAL INC
5032 JT ASTREE CIE ASSURANCE & REASSURANCE
5253 JT ANYCOLOR INC
9616 JT COVER CORPORATION (5253 JT)
8473 JT KYORITSU MAINTENANCE (9616 JT)
215A SBI HOLDINGS [STRATEGIC BUSINESS INNOVATOR GROUP] (8473 JT)
285A JT TIMEE INC
KIOXIA CORPORATION (285A JT)
- Pelham Smithers
- Lindsay Whipp
- Lindsay Whipp
PSA Research & Consulting Services: BayCurrent (6532 JT) Update 2025
BayCurrent (6532 JT) is a pure-play Japanese IT and management consultancy company which is growing sales faster than the broader market, thanks to robust hiring, and a strategy of increasing the number of its core clients. Increasing hiring by around +20% YoY is limiting utilisation growth, but we expect gradual improvement from FY26. Spending on IT is a long-term investment in efficiency and a solution to labour shortages, both of which need addressing in Japan. This places IT Service sector c...
- Lindsay Whipp
- Lindsay Whipp
- 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 / IT Services: Obic Co (4684 JT) Growth Now Sl...
Tags: Obic (4684 JT), NTT Data (9613 JT), Nomura Research Institute (4307 JT), TIS Inc (3626 JT), Obic Business Consultants (4733 JT), SAP (SAP GR), Oracle Corp Japan (4716 JT), Oracle (ORCL US), Workday (WDAY US), Sage Group (SGE LN) Obic is a difficult company to criticise. It has OPM higher than 60%, around double that of foreign peers, and has grown OP every year for the past three decades. But quarterly OP and sales growth has been slowing, raising questions about its valuations relative...
- Pelham Smithers
PSA Technology: Semiconductor Industry 2025 Outlook
Following the recent results season where several leading semiconductor and SPE companies globally produced either disappointing results or guidance, we look at where the semiconductor industry is at present, where it looks to be headed in 2025 and identify opportunities in the Japanese IC / SPE space.
005930 SAMSUNG ELECTRONICS CO. LTD.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
WDC WESTERN DIGITAL CORPORATION
TER TERADYNE INC.
ORCL ORACLE CORPORATION
ON ON SEMICONDUCTOR CORPORATION
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
COHR COHERENT INC.
AMAT APPLIED MATERIALS INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
7751 CANON INC.
9697 CAPCOM CO. LTD.
6383 DAIFUKU CO. LTD.
7735 SCREEN HOLDINGS CO. LTD
5803 FUJIKURA LTD
6861 KEYENCE CORPORATION
6501 HITACHI LTD.
000660 SK HYNIX INC
6920 LASERTEC CORP.
6728 ULVAC INC.
6723 RENESAS ELECTRONICS CORPORATION
6902 DENSO CORPORATION
6701 NEC CORP.
7731 NIKON CORP.
7201 NISSAN MOTOR CO. LTD.
7105 MITSUBISHI NICHIYU FORKLIFT
6963 ROHM CO. LTD.
9984 SOFTBANK GROUP CORP.
6758 SONY CORPORATION
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
AIR AIR PARTNER PLC
5930 SAMSUNG ELECTRONICS CO LTD
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
STM STMICROELECTRONICS NV
00981 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP.
AVGO BROADCOM INC.
3993 PKSHA TECHNOLOGY INC.
6600 JT KIOXIA HOLDINGS (6600 JT)
ASO ACADEMY SPORTS AND OUTDOORS
CRSR CORSAIR GAMING
WOLF WOLFSPEED INC
TSE: 2980 SRE HOLDINGS CORP
688728 GALAXYCORE INC
688234 SICC CO LTD
6526 SOCIONEXT INC
6526 JT SOCIONEXT (6526 JT)
ARM ARM HOLDINGS PLC
ACCL DOLOMITE HOLDINGS LTD
- Lindsay Whipp
- Lindsay Whipp
- Lindsay Whipp
PSA ERP Software / IT Services: ExaWizards (4259 JT) Fireside Chat
PSA held an online fireside chat with ExaWizards founder and CEO Makoto Haruta on Sep 18, who gave us and the audience some fascinating insights into the progress of enterprise AI in Japan. We have summarised the event in this report.
- 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
PSA Commercial & Professional Services: BayCurrent (6532 JT) Initiatio...
BayCurrent Consulting’s shares have been recovering since their decline between September 2021 and April of this year. And yet valuations still look attractive, especially compared with global peers. Moreover, with demand strong amid Japanese companies to use IT to either generate or improve profitability, the consulting company’s growth looks set to continue on a similarly strong trend, and its EV/OP set to fall further. In this light, it is a company hard to ignore.
- Lindsay Whipp
- Lindsay Whipp
- Lindsay Whipp
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Upgrading Mexico to Overweight Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI). There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024. Upgrading Mexico to Overweight. We are upgrading Mexico to overweight; Mexico's S&P/BMV IPC index is breaking out to all-time highs, and RS is bottoming -- add exposure. Our other country overweights include Europe, Japan, India, Poland, Greece, and Br...
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