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Pelham Smithers
  • 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.

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.

Alicia Reese ... (+3)
  • Alicia Reese
  • Kade Barr
  • Matthew McCartney
Pelham Smithers
  • Pelham Smithers

PSA Entertainment: Capcom (9697 JT) – Levelling Up

Pelham Smithers outlines Capcom’s game line-up and new lines of business, with the move to mobile, in addition to its strong PC / console game offering. Earnings growth for FY26~FY27 is set to expand at a double-digit rate, taking the OPM to 43%, up from 39% in FY25. Our FY27 EV/OP of 19x is below that of Take Two’s 21x, despite the high expectations for GTA6.

Pelham Smithers
  • Pelham Smithers

PSA Media & Entertainment: Sony (6758 JT) – Upping its Game

Pelham Smithers ponders Sony’s excellent FY25 Q1 results and weighs up whether they will be followed by a backlash or are a harbinger of earnings strength to come.

Pelham Smithers
  • Pelham Smithers

PSA Media & Entertainment: Tokyo Game Show Line-Up

In the wake of Gamescom, it is the lead up to the Tokyo Game Show. Pelham Smithers flags what to watch out for in the line-up of eye-catching games.

PSA Media & Entertainment: Nintendo (7974 JT) Even More Switched On

Where next for Nintendo? Pelham Smithers explains the many opportunities which are opening up for the company in the wake of the Switch2 launch

Alicia Reese ... (+3)
  • Alicia Reese
  • Kade Barr
  • Matthew McCartney
Wedbush Research
  • Wedbush Research
UBI UBISOFT ENTERTAINMENT SA
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
HURN HURON CONSULTING GROUP INC.
GME GAMESTOP CORP. CLASS A
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
BZH BEAZER HOMES USA INC.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
INOD INNODATA
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
CVCO CAVCO INDUSTRIES INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
ROKU ROKU INC. CLASS A
ISR ISORAY
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
APLS APELLIS PHARMACEUTICALS
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
UBER UBER TECHNOLOGIES INC.
STOK STOKE THERAPEUTICS
IGMS IGM BIOSCIENCES
IDYA IDEAYA BIOSCIENCES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
KROS KEROS THERAPEUTICS
ITOS ITEOS THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
LRMR LARIMAR THERAPEUTICS INC
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
PLTR PALANTIR TECHNOLOGIES
VRDN VIRIDIAN THERAPEUTICS INC
IMNM IMMUNOME
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
STX SEAGATE TECHNOLOGY HLDGS PLC
ATXS ASTRIA THERAPEUTICS INC
GFS GLOBALFOUNDRIES INC
GMTX GEMINI THERAPEUTICS INC
VIGL VIGIL NEUROSCIENCE INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
DDI DOUBLEDOWN INTERACTIVE CO LTD
APGE APOGEE THERAPEUTICS INC
SKLZ SKILLZ INC
EMBRAC B EMBRACER GROUP AB
DNTH DIANTHUS THERAPEUTICS INC
TLX TELIX PHARMACEUTICALS LIMITED
MAZE MAZE THERAPEUTICS INC
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