reports
- 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)
- Pelham Smithers
PSA Media & Entertainment: Sony (6857 JT) FY25 – Another Transformatio...
Analyst Pelham Smithers reviews the business outlook for Sony and explains why, under the guidance of incoming President / CEO and current CFO Hiroki Totoki, it is likely to look quite different this time next year. The company should deliver FY24 Q4 OP ahead of implied guidance [¥127bil] but perhaps not quite as good as consensus [¥194bil], depending on what happens to mark-to-market losses in Financial Services. The year ahead looks very exciting, particularly on the gaming side, where strong ...
- Pelham Smithers
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
9697 CAPCOM CO. LTD.
9684 SQUARE ENIX HOLDINGS CO. LTD.
9766 KONAMI HOLDINGS CORP
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
3659 NEXON CO. LTD.
EA ELECTRONIC ARTS INC.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
78320 BANDAI NAMCO
36350 KOEI TECMO
- Pelham Smithers
PSA Consumer Electronics: Panasonic (6752 JT) – to what extent is it a...
With shares in Tesla (TSLA US) surging, on broker reports suggesting that the EV maker’s full self-drive [FSD] / autonomous drive [AD] opportunity set increases enormously under a new Trump administration (eg removal of automated-vehicle crash data), an interesting question for the Japanese stock market arises. Analyst Pelham Smithers wonders whether Panasonic (6752 JT) might also be a beneficiary.
- 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
- Pelham Smithers
PSA Media & Entertainment: Sony (6758 JT) Reportedly in Talks to Buy K...
According to Reuters [19 Nov], Sony is in discussions to buy Japanese publisher Kadokawa. The news sent Kadokawa shares limit up (+23%) to an all-time high. Sony has long been interested in different parts of Kadokawa, and in recent years has formed a capital alliance with Kadokawa to co-develop IP (in conjunction with CyberAgent), as well as taking a stake in FromSoftware. However, the idea that Sony would acquire the whole of Kadokawa is something of a surprise, given the bits-and-pieces natur...
- Pelham Smithers
PSA Technology / Semiconductors: Ishiba Unveils ¥10tril (US$65bil) Chi...
Prime Minister Shigeru Ishiba set out the first plan of his administration, which is to spend ¥10tril through FY30 further revitalizing Japan’s one-time globally dominant chip industry. The move comes after a ¥2tril package was announced last year and is seen as party of a ¥50tril private-public investment in Japanese chipmaking over the next decade. Pelham Smithers discusses beneficiaries.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
6146 DISCO CORPORATION
5425 TAIWAN SEMICONDUCTOR CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
6526 SOCIONEXT INC
6526 JT SOCIONEXT (6526 JT)
- Pelham Smithers
- Pelham Smithers
PSA Media & Entertainment: Sony (6758 JT): FY24 Q2 Results
Sony produced an excellent set of results for FY24 Q2 but did not revise up the full-year guidance. Pelham Smithers reviews each division and notes that that with 1H OP at 56% of the full year guidance, it is on course to come in ahead of targets.
- Pelham Smithers
- Pelham Smithers
PSA Media & Entertainment: Video Games Round-Up
It has been a busy week for bean counters in the video games industry, with the release of global console sales data for September, US software and hardware markets for September, and weekly software sales for UK, Japan and Steam. These figures seem to paint a similar picture: hardware sales are bad, though not as bad as over the summer, while software sales are okay. Pelham Smithers elaborates.
- Pelham Smithers
DIS WALT DISNEY COMPANY
9697 CAPCOM CO. LTD.
4816 TOEI ANIMATION
9468 KADOKAWA CORPORATION
9766 KONAMI HOLDINGS CORP
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
9602 TOHO CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
78320 BANDAI NAMCO
- Pelham Smithers
PSA Technology: Considering the Future of Nikon (7731 JT)
News that the French eyewear / lens maker EssilorLuxoticca has taken a 5% stake in Nikon (7731 JT) is fascinating, and not just because it comes hard on the heels of the Couche-Tard / Seven & I (3382 JT) discussions. Like the Seven & I situation, it is unlikely that EL would want to own all of Nikon. So: should it gain control of the Japanese precision equipment maker, some very spicy divisions would be up for sale.
- Pelham Smithers
- Pelham Smithers
- 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)
- Pelham Smithers
- Pelham Smithers
- Pelham Smithers
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
9697 CAPCOM CO. LTD.
4751 CYBERAGENT INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
3656 KLAB INC.
9766 KONAMI HOLDINGS CORP
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
2432 DENA CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
3659 NEXON CO. LTD.
6460 JP SEGA SAMMY
36350 KOEI TECMO
ONEM 1LIFE HEALTHCARE
- Pelham Smithers
6146 DISCO CORPORATION
AJIT ABERDEEN JAPAN INVESTMENT TRUST
7735 SCREEN HOLDINGS CO. LTD
9684 SQUARE ENIX HOLDINGS CO. LTD.
4902 KONICA MINOLTA INC.
7752 RICOH COMPANY LTD.
3064 MONOTARO CO. LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7974 NINTENDO CO. LTD.
7201 NISSAN MOTOR CO. LTD.
6758 SONY CORPORATION
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
ADSB ABU DHABI SHIP BUILDING
8086 ADVANCED WIRELESS SEMICONDUCTOR
6632 JVCKENWOOD
3659 NEXON CO. LTD.
78320 BANDAI NAMCO
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