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)
- Julie Boote
PSA Autos: Nissan (7201 JT) without Honda (7267 JT): What Happens Next...
As Nissan’s merger talks with Honda have terminated, Nissan needs to review its options, both in regard to its restructuring plans and to entering new partnerships. Analyst Julie Boote reviews the automaker’s possible course of action and markets’ reaction.
- Julie Boote
- Julie Boote
PSA Autos / Mobility: Hino Motors (7205 JT) on a Rebound as Emission ...
Tags: Hino Motors (7205 JT), Toyota Motor (7203 JT), Nissan Motor (7201 JT), Honda Motor (7267 JT), Volkswagen (VOW GR), Cummins Inc. (CMI US), Isuzu Motors (7202 JT), Daimler Truck (DTG GR) News that Hino Motors settled its emission fraud case with US authorities should finally put an end to an affair that has dragged down Hino for almost three years. Investor focus can now return to the truck maker’s operational performance. While a sales recovery in Japan is already under way, Asia is still ...
- Julie Boote
PSA Autos: Honda (7267 JT) and Nissan (7201 JT) Share Price Rollerco...
Nissan and Honda’s share prices have been volatile since the announcement last December of a possible business integration. With the agreement deadline for June approaching rapidly, analyst Julie Boote comments here on the many factors at play, and on whether, and in what form, the deal could happen.
- Julie Boote
PSA Autos / New Mobility: Honda and Nissan Plan Merger for 2026
PSA Autos / New Mobility: Honda and Nissan Plan Merger for 2026 We discuss Honda and Nissan's announcement elaborating the possibility of a merger in 2026 and understanding of what conditions need to be met. Honda is clearly in the driver's seat.
- 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
- Julie Boote
PSA Autos / New Mobility: Toyota’s Possible Path to Unwinding Its Cros...
Toyota Motor (7203 JT) has traditionally been keen on holding on to its portfolio of strategic and non-strategic shareholdings, which it has built up over many years and regards as being mutually beneficial to all parties involved in terms of stability, protection from take-over and business interests. Based on analyst Julie Boote’s discussion with the company, this report provides an update on how Toyota’s thinking has evolved regarding the groups’ cross-shareholdings.
- Julie Boote
PSA Autos / New Mobility: Auto sector FY24 Q2 Results and Outlook Revi...
As the earning season has concluded, investors are taking stock about the auto sector’s FY24 Q2 results and updated guidance numbers. Analyst Julie Boote reviews the key developments in the industry, and how these could affect automakers’ earnings in the second half of the fiscal year.
- Julie Boote
- Julie Boote
PSA Autos / Machinery: Hino Motors (7205 JT) FY24 Q2 Results
With details of the provisions given, Hino has riased its full-year FY24 sales and OP guidance, mainly due to a better-than-expected performance in Japan / Toyota sales and lower than previously predicted fixed costs. However, Julie Boote cautions that while the trend is improving, it is unlikely that Hino will be in a position to pay out any dividends this year or next.
- Julie Boote
PSA Autos / New Mobility: Toyota (7203 JT) FY24 Q2: Profits Set to De...
Toyota Motor (7203 JT) is likely to report a profit decline in FY24 Q2, as high expenses are set to more than offset moderate positive contributions from vol/mix/price and the currency. However, since this OP decline is anticipated (as per consensus numbers), the key focus should be on Toyota’s FY24 guidance: we view the automaker’s profit forecasts as conservative, leaving room for an upgrade.
- Julie Boote
- Julie Boote
PSA Autos / New Mobility: The Fraught Path to Electrification
Given that the EV market is not a free market, led by demand and supply, but a distorted market, moved by political intervention in the form of subsidies (or lack of), making EV sales forecasts is very challenging indeed. This is a headache for analysts, but even more so for auto companies with a ten-year planning horizon. In this report, we outline the sales situation for different regions, as well as providing an outlook based on currently available information.
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
TSLA TESLA INC
F FORD MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
VOW3 VOLKSWAGEN AG PREF
600104 SAIC MOTOR CORPORATION LIMITED CLASS A
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
7211 MITSUBISHI MOTORS CORPORATION
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
1211 BYD COMPANY LIMITED CLASS H
A0M32L CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED CLASS A
GM GENERAL MOTORS COMPANY
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
VOLV-B VOLVO AB-B SHS
STLA STELLANTIS N.V.
XPEV XPENG INC. ADR SPONSORED CLASS A
TSVT 2SEVENTY BIO INC
BCOW 1895 BANCORP OF WISCONSIN INC
PSNY GORES GUGGENHEIM INC
MBG MERCEDES BENZ GROUP AG
02015 LI AUTO INC
VOLCAR-B VOLVO CAR AB
- 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)
- 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
- Julie Boote
- Julie Boote
Hino’s (7205 JT) Long Path to Recovery - FY24: Not out of the Woods; F...
As the emission data manipulation case is dragging into its fourth year, Hino’s earnings outlook for FY24 remains weak. Sales restrictions in Japan and poor market conditions in Asia are limiting Hino’s sales growth, and high costs are weighing on profitability. But is there an upside? Analyst Julie Boote investigates.
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