reports
- 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)
- 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
- Pelham Smithers
- Pelham Smithers
- 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)
- Nia Dokova
PSA Pharmaceuticals: Chugai's (4519 JT) Year of Highs
With it likely that Chugai will come in ahead of its FY24 full year revenue guidance, analyst Nia Dokova sees this as a potential catalyst for the stock. The recent -15% decline from its 28 Oct high provides an opportunity to accumulate shares of one of the few pharma plays in Japan with no patent cliff issues.
- Julie Boote
- 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)
- Nia Dokova
EQS-News: Olympus Enhances Innovation Capabilities by Expanding R&D to...
EQS-News: Olympus Corp. / Key word(s): Miscellaneous Olympus Enhances Innovation Capabilities by Expanding R&D to Hyderabad, India 12.06.2024 / 14:30 CET/CEST The issuer is solely responsible for the content of this announcement. Olympus Enhances Innovation Capabilities by Expanding R&D to Hyderabad, India Endoscopy Engineering support services in India Tokyo, Japan, 12 June 2024, JCN Newswire - Olympus Corporation (Olympus), a global MedTech Company committed to making people’s lives healthier, safer and more fulfilling, today announced its strategic initiative ...
- Nia Dokova
PSA Healthcare Products: Olympus (7733 JT) Cements FY23 as a Write-Off...
Olympus (7733 JT) seems to be leaning into the market’s acceptance that FY23 is a write-off, reporting yet more expenses for Q4. This review includes management’s comments on how the firm plans to achieve an earnings recovery in FY24.
- Nia Dokova
PSA Health Care Equipment: Olympus (7733 JT) - FY24 Test on Clean Up O...
FY23 is proving to be a housecleaning year for Olympus, some of it undertaken proactively, such as the sale of the scientific instruments business, some of it reactively, such as recalls and write downs. Analyst Nia Dokova discusses the outlook.
- Pelham Smithers
PSA Market Strategy: How Japan Transformed from a Bear Market to a Bul...
In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.
NVDA NVIDIA CORPORATION
LLY ELI LILLY AND COMPANY
FB FACEBOOK INC. CLASS A
9433 KDDI CORPORATION
6954 FANUC CORPORATION
8001 ITOCHU CORPORATION
6752 PANASONIC CORPORATION
6971 KYOCERA CORPORATION
8031 MITSUI & CO. LTD
4183 MITSUI CHEMICALS INC.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
5401 NIPPON STEEL CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
XOM EXXON MOBIL CORPORATION
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
BRK.A BERKSHIRE HATH-A
APPL APPLE INC - APPL - US
9810 NIPPON STEEL TRADING CORP
- Sid Rajeev
- Pelham Smithers
PSA Healthcare: Olympus (7733 JT) – Time to Look Forward to FY24?
Asset sale gains by Olympus in FY22 made it hard for FY23 to look good anyway, but a procession of problems has turned a difficult situation into a bad one. However, with most of the issues being one-offs, a recovery in earnings is expected in FY24. With the shares down -30% from their peak, it may be time to revisit the stock.
- 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
- Julie Boote
PSA Autos: Fuel Cell Electric Trucks – A Silent Evolution
Whereas hydrogen fuel cell systems have not had a break-through in the passenger car market, the situation for the commercial vehicle market looks very different: For heavy-duty trucks in particular, FCVs are superior to BEVs when it comes to charging times, payload and driving range. In this report, analyst Julie Boote assesses the outlook for hydrogen fuel cell trucks and explains how the main global participants are positioned.
CMI CUMMINS INC.
EO FAURECIA SA
DAI DAIMLER AG
TSLA TESLA INC
TOT.N TOTAL SE
CVX CHEVRON CORPORATION
SHA SCHAEFFLER AG
600166 BEIQI FOTON MOTOR (A)
600006 DONGFENG AUTOMOBILE CO. LTD. A
600028 CHINA PETROLEUM & CHEMICAL CORPORATION CLASS A
7205 HINO MOTORS LTD.
7267 HONDA MOTOR CO. LTD.
7202 ISUZU MOTORS LIMITED
8088 IWATANI CORPORATION
7203 TOYOTA MOTOR CORP.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
TATAMOTORS TATA MOTORS LIMITED
5021 COSMO ENERGY HOLDINGS CO. LTD.
COPN COSMO PHARMACEUTICALS NV
XOM EXXON MOBIL CORPORATION
BLD BALLARD POWER SYSTEMS INC.
5380 HYUNDAI MOTOR CO
GM GENERAL MOTORS COMPANY
A2DSYC LINDE PLC
VOW VOLKSWAGEN (VOW GR)
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
0953660D MERCEDES-BENZ AG
72820 TOYODA GOSEI COMPANY LIMITED
VOLV-B VOLVO AB-B SHS
CWR.L CERES POWER
STLA STELLANTIS N.V.
IVG IVECO GROUP
688339 BEIJING SINOHYTEC CO LTD
- Lindsay Whipp
INFY INFOSYS LIMITED
GOOGL ALPHABET INC. CLASS A
CRM SALESFORCE.COM INC.
CAP CAPGEMINI SE
9613 NTT DATA CORPORATION
6702 FUJITSU LIMITED
4307 NOMURA RESEARCH INSTITUTE LTD.
8001 ITOCHU CORPORATION
6501 HITACHI LTD.
6701 NEC CORP.
5401 NIPPON STEEL CORP.
8053 SUMITOMO CORPORATION
TCS TATA CONSULTANCY SERVICES LIMITED
3774 INTERNET INITIATIVE JAPAN
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
3626 JT TIS INC
TXG 10X GENOMICS INC CLASS A
4443 JT SANSAN (4443 JT)
4478 JT FREEE KK
3394 JT MONEY FOWARD
RRRP3 3R PETROLEUM OLEO E GAS
4169 JT ENECHANGE LIMITED
- Joel Scheiman
7741 HOYA CORPORATION
6988 NITTO DENKO CORP.
5233 TAIHEIYO CEMENT CORPORATION
4901 FUJIFILM HOLDINGS CORP
5411 JFE HOLDINGS INC.
7915 NISSHA CO.LTD.
4063 SHIN-ETSU CHEMICAL CO LTD
4004 SHOWA DENKO K.K.
5232 SUMITOMO OSAKA CEMENT CO. LTD.
6762 TDK CORPORATION
4042 TOSOH CORPORATION
4980 DEXERIALS
41850 JSR CORPORATION
41180 KANEKA
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