reports
- Pelham Smithers
- Pelham Smithers
PSA Media & Entertainment: Are We at Peak Japan Soft Power? Considerin...
Switch 2, Hello Kitty and Demon Slayer have underlined the success of Japan’s global pop culture influence. In this review, Pelham Smithers discusses whether 2025 will be the peak, or if there more to come. In light of the capital limitations faced by Japanese game developers evident at TGS2025, Pelham thinks further consolidation is likely and suggests three likely scenarios.
NEH NETEASE INC. SPONSORED ADR
NFLX NETFLIX INC.
9697 CAPCOM CO. LTD.
9684 SQUARE ENIX HOLDINGS CO. LTD.
9468 KADOKAWA CORPORATION
9766 KONAMI HOLDINGS CORP
7974 NINTENDO CO. LTD.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
9602 TOHO CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
EA ELECTRONIC ARTS INC.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
78320 BANDAI NAMCO
36350 KOEI TECMO
- Pelham Smithers
PSA Media & Entertainment: PSA's Rankings of Video Game Stocks After A...
This CY25 Q2 has been another tremendous quarter for the Japanese video game sector, driven by the release of the Switch 2. Analyst Pelham Smithers reviews the performance and offerings of the video game stocks PSA covers and delivers his updated rankings.
NVDA NVIDIA CORPORATION
9697 CAPCOM CO. LTD.
9684 SQUARE ENIX HOLDINGS CO. LTD.
9468 KADOKAWA CORPORATION
3932 AKATSUKI INC.
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
9602 TOHO CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
3659 NEXON CO. LTD.
00700 TENCENT HOLDINGS LTD.
EA ELECTRONIC ARTS INC.
6460 JP SEGA SAMMY
21210 MIXI
EMBRAC B EMBRACER GROUP
78320 BANDAI NAMCO
36350 KOEI TECMO
WBD WARNER BROS. DISCOVERY INC.
215A TIMEE INC
- Pelham Smithers
PSA Media & Entertainment: Square Enix (9684 JT) – Back in Play
An activist investor in Square Enix is causing the market take note of a business that is on the up, aided by improved game development efficiency and growing profitability of its non-video game businesses. While we are sceptical about the success of the activism, it does add a call option element to the stock which is arguably offering attractive valuations, explains Pelham Smithers.
- Pelham Smithers
PSA Media & Entertainment: Video Game Third-Party Publishers’ FY24 Q4 ...
The US market has been good to Japanese game developers, so far, in 2025. Pelham Smithers updates us on what is performing well in the charts and what implications it has for the upcoming earnings season. Several companies have seen their shares rise April-to-date, so the FY25 outlook will be closely watched.
- 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)
- 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
- 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
- Pelham Smithers
9684 SQUARE ENIX HOLDINGS CO. LTD.
3656 KLAB INC.
3932 AKATSUKI INC.
9766 KONAMI HOLDINGS CORP
6758 SONY CORPORATION
2432 DENA CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
3659 NEXON CO. LTD.
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
21210 MIXI
651 GREE ELECTRIC APPLIANCES
78320 BANDAI NAMCO
36350 KOEI TECMO
1954.T NIPPON KOEI CO LTD
- Pelham Smithers
- Pelham Smithers
PSA Media & entertainment: Is NFT Gaming Making a Comeback?
With Bitcoin above US$70,000, it is perhaps no surprise that interest in NFT / blockchain gaming is on the increase. Is this yet another flash in the pan,? Or is it a sustainable business model for video game developers? Pelham Smithers discusses.
- Pelham Smithers
PSA Media & Entertainment: Square Enix (9684 JT) – Corporate Culture C...
Square Enix’s relatively new CEO, Takashi Kiryu, is taking about ending the producer-led culture at the company, and moving game development onto a more structured, top-down framework. Pelham Smithers discusses whether it really matters.
- Pelham Smithers
- Pelham Smithers
- Pelham Smithers
PSA Consumer Electronics / Entertainment: Video Game Industry Update
With global console game sales rising, analyst Pelham Smithers discusses whether we are in a new video game industry upswing. Moreover, sales of the PS5 are starting to generate clear water between those of the Xbox X/S in the Americas region – Microsoft’s backyard – so, if the gap becomes even more significant, there will certainly be implications for the X/S.
- Pelham Smithers
PSA Media & Entertainment: Square Enix (9684 JT) – Dropping the Pilot
Yosuke Matsuda, who as President took Square Enix from losses in FY12 to record profits in FY21, is to leave the firm. He will be replaced by the little-known Takashi Kiryu. Matsuda’s departure leaves Square Enix at something of a crossroads, and it will be as interesting to see which road Kiryu takes, as it will be to see how well he does.
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