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)
- 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
- Hiroyuki Terada
PSA Specialty Retail: Sanrio (8136 JT) – Q2 Earnings Should Be Next Ca...
Small-cap specialist Terada-san reviews Sanrio’s Q1 performance and full-year guidance. Despite US tariffs, contributions expected from new licensees and continued steady demand for Hello Kitty products leads him to revise up his OP forecasts for FY25~FY27.
- Pelham Smithers
- Hiroyuki Terada
PSA Leisure Facilities: Koshidaka (2157 JT) – Aggressive Cost Control ...
Having spoken with management after the release of its FY25 Q3 results, analyst Hiroyuki Terada revises up his forecasts for FY25~27 to reflect the firm’s aggressive cost control efforts and the planned accelerated pace of new store openings.
- Hiroyuki Terada
- Hiroyuki Terada
PSA Commercial Services: Park24 (4666 JT) – No Equity Finance Risk Any...
With attractive valuations, a dividend yield of 4.6% for FY27 and, in analyst Hiroyuki Terada’s opinion, there is no longer the risk of an equity finance, this update on Park24 reviews the recent Q2 performance and the earnings outlook.
- Hiroyuki Terada
PSA Small- / Mid-Caps: Quarterly (Mar to May) Results Preview
Tags: Koshidaka Holdings (2157 JT), Curves Holdings (7085 JT), Treasure Factory (3093 JT), TKP (3479 JT), Novarese (9160 JT), Lilycolor (9827 JT) Analyst Hiroyuki Terada provides insights on the next quarterly set of results for the small- / mid-cap companies which we cover.
- Hiroyuki Terada
- Hiroyuki Terada
- Hiroyuki Terada
- Hiroyuki Terada
- Hiroyuki Terada
- 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)
- Hiroyuki Terada
PSA Leisure Facilities: Koshidaka (2157 JT) – FY25 Q2 Outlook Disappoi...
Tags: Koshidaka (2157 JT), Kakuyasu Group (7686 JT), Daiichikosho (7458 JT) Hiroyuki Terada lowers his FY25~27 OP estimates for karaoke operator Koshidaka and discusses how a possible income tax threshold hike might benefit demand.
- Hiroyuki Terada
- Hiroyuki Terada
PSA Consumer Staples Distribution / Food Retail: Kakuyasu Group (7686...
PSA's small-cap analyst Hiroyuki Terada revises down his FY24~26 forecasts for Kakuyasu but finds that after FY24's challenges, prospects for the company are set to improve. Changes to the income tax threshold would also take pressure of hiring costs.
- Hiroyuki Terada
PSA Professional Services: Park24 (4666 JT) 4% Dividend Yield in FY27 ...
PSA Professional Services: Park24 (4666 JT) 4% Dividend Yield in FY27 Attractive Growth is steady and dividend yield, buybacks and payout ratio look attractive. Balance sheet quality has improved and risk of equity financing is limited.
- Hiroyuki Terada
- Hiroyuki Terada
PSA Leisure Facilities: Koshidaka Holdings (2157 JT) Update
In light of karaoke operator Koshidaka’s strong Q4 performance, analyst Hiroyuki terada has adjusted his OP forecasts for FY25 and FY26 up, mainly due to stronger same store sales and an acceleration of new store openings. We also introduce our forecasts out to FY27 as the firm has released its mid-term plan. Management is guiding for a payout ratio of 35% which we expect can generate at DPS of Y44, so offers an attractive dividend yield of 3.7%.
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