reports
- Pelham Smithers
- Pelham Smithers
PSA FinTech: SBI Shinsei Bank (8473 JT) Unveils IPO Plans
Pelham Smithers reviews SBI Shinei Bank’s IPO metrics and makes a comparison with Rakuten Bank. As for SBI Holdings, despite the strong rise in the shares, on a a sum-of-the-parts analysis and factoring its holding in (1) SBI Shinsei and (2) Ripple Labs, there is still hidden value to unlock.
- 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)
- Lindsay Whipp
PSA IT Services: Japanese Banking Industry’s Investment in DX Deepens
The most recent quarterly earnings for the system integrators highlighted the sustained increase in spending by Japanese financial institutions over recent quarters, as they seek to improve products and services amid a shift in interest rates and the introduction of tax-exempt investment accounts, and as interest in digital currencies grows. Analyst Lindsay Whipp reviews some of the DX spending undertaken by Japan’s banking industry and highlights beneficiaries'.
4307 NOMURA RESEARCH INSTITUTE LTD.
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
3774 INTERNET INITIATIVE JAPAN
7182 JAPAN POST BANK CO. LTD.
3994 MONEY FORWARD
3626 JT TIS INC
8473 JT NTT LTD
9682 JT SBI HOLDINGS [STRATEGIC BUSINESS INNOVATOR GROUP] (8473 JT)
DTS CORP (9682 JT)
- Pelham Smithers
PSA Financial Services: SBI Holdings (8473 JT) – Migrating from Star B...
Pelham Smithers reviews the changing face of SBI Holdings. The firm is widely viewed as an online broker with other financial services tagged on. In fact, broking is not its biggest business, instead, it is now banking that accounts for over 50% of core profits. This report explains how the firm developed into the entity it is today and outlines the future value of the SBI Shinsei listing, with a compare and contrast to Rakuten Bank. There is also talk of Ripple Labs being listed so that too nee...
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