reports
- William Nestuk
PSA 2026 Q1 Focus List Addition – Kinden (1944 JT)
A first time constituent of the PSA Focus List for 2026 Q1, Kinden’s exposure to AI for data centre electrical engineering work will continue to contribute to earnings expansion. We think the full-year guidance is conservative and rate the firm for continuing to improve shareholder returns.
- Hiroyuki Terada
- Pelham Smithers
- Thao Nguyen
PSA Today 21 Jan: Lower but AI stock buying limits losses / FY25 Q3 p...
PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen and Hiroyuki Terada Tags: Furukawa Electric (5801 JT), Fujikura (5803 JT), Broadcom (AVGO US), KLA Corp (KLAC US), SanDisk (SNDK US), GlobalFoundries (GFS US), Kioxia (285A JT), Kokusai Electric (6525 JT), Rorze (6323 JT), Renesas (6723 JT), Sumitomo Metal Mining (5713 JT), Dowa Mining (5714 JT), Ricoh (7752 JT), Sharp (6753 JT), Sony (6758 JT), Nintendo (7974 JT), Disco (6146 JT), Kakaku.com (2371 JT), en Inc (4849 JT), Kyoritsu Ma...
- William Nestuk
- William Nestuk
PSA 2026 Q1 Focus List Addition – Nabtesco (6268 JT)
In our 2026 Japan Perspective (published on 1 Jan), we introduced our new PSA Focus List for 2026 Q1. This note provides key points as to why Nabtesco has been added into the list. . Analyst William Nestuk highlights the firm’s strong global market share and how it will likely benefit from Nvidia’s AI chips going to Nabtesco’s robot gear customers.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA Today 20 Jan: Day 2 of the Takaichi Manifesto trade, 40yr JGBs ov...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote and Hiroyuki Terada Tags: Aeon (8267 JT), Nichirei (2871 JT), Nissui (1332 JT), Ryohin Keikaku (7453 JT), Toyo Engineering (6330 JT), Daiichi Kigenso (4082 JT), Unitika (3103 JT), Toho Zinc (5707 JT), Envipro (5698 JT), Mitsuba Corp (7280 JT), Toda Kogyo (4100 JT), Renesas (6723 JT), Rohm (6963 JT), Toyota Motor (7203 JT), Nissan Motor (7201 JT), Honda Motor (7267 JT), Mazda Motor (7261 JT), Changan Automobile (000625...
- Lindsay Whipp
PSA Diversified Real Estate: SRE Holdings (2980 JT) – Building Profit...
SRE Holdings’ business model of operating in the industries that it develops AI SaaS solutions gives it specialist insights into what customers need as well as generating proprietary data. Analyst Lindsay Whipp thinks that the company’s FY26 (Mar yr-end) EV/OP of 11.1x is attractive for a company that we expect to grow at a 5-yr OP CAGR to FY27 of over +35%.
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Micro- / Small- / Mid-Cap Recap [15 Dec 2025~16 Jan 2026]
This report is a recap of reports and insights from the PSA Research Team on Micro- / Small- / Mid-cap companies [market cap < US$10bil] over the period covering 15 Dec 2025~16 Jan 2026. Tags: Koshidaka Holdings (2157 JT), ZOZO (3092 JT), Sansan (4443 JT), Money Forward (3994 JT), Shift (3697 JT), Demae-can (2484 JT), TKP (3479 JT), Novarese (9160 JT), Lilycolor (9827 JT), Curves Holdings (7085 JT), Treasure Factory (3093 JT), Cover Corp (5253 JT), CyberAgent (4751 JT), Shift Inc (6532 JT), Ko...
- Pelham Smithers
PSA Media & Entertainment: Capcom (9697 JT) Makes Resident Evil Requie...
Issues with the performance of Monster Hunter Wilds following DLC updates may not have impacted earnings performance, but they soured what would otherwise have been an impressive outing for Requiem at both Gamescom and TGS, and while Capcom’s results have been fine, Pelham Smithers addresses the concern that Requiem’s launch next month will be hurt by the same problems as befallen Monster Hunter Wilds.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA Today 19 Jan: Political shocks reverberate / Machinery orders bet...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote and Hiroyuki Terada Tags: Aeon (8267 JT), Ajinomoto (2802 JT), Sapporo Holdings (2501 JT), Seven & I (3382 JT), Nichirei (2871 JT), MHI (7011 JT), KHI (7012 JT), Japan Steel Works (5631 JT), Panasonic (6752 JT), Nitto Boseki (3110 JT), Mitsubishi Gas Chemical (4182 JT), Resonac (4004 JT), Dowa Holdings (5714 JT), Kioxia (285A JT), SanDisk (SNDK US), Advantest (6857 JT), Disco (6146 JT), Sony (6758 JT), TDK (6762 JT),...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 16 January 2026
Weekly Comment Summary The benchmark of an auto-stock-trading-as-a-tech-stock is of course Tesla. This week Hyundai Motors seems to have been given a rerating as the market is now focusing more on its advances in new tech than its ability to build automobiles. Analyst Julie Boote discusses the value AI can create for the large automakers. While success will depend on the smooth integration of software / AI into automakers’ fleets, there is also the question of whether robotics can generate a s...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 16 Jan: Consolidation / Video games round-up / Harry Styles,...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Hiroyuki Terada and Thao Nguyen Tags: TSMC (2330 TT), Rorze (6323 JT), Screen (7735 JT), Ferrotec (6890 JT), Nitto Boseki (3110 JT), Resonac (4004 JT), Hoya (7741 JT), Tokyo Electron (8035 JT), Kioxia (285A JT), Tokyo Seimitsu (7729 JT), Modec (6269 JT), Toyo Engineering (6330 JT), Money Forward (3994 JT), BayCurrent (6532 JT), Shift (3697 JT), Sanrio (8136 JT), McDonalds Japan (2702 JT), Capcom (9697 JT), Sony (67...
- Pelham Smithers
PSA Semiconductors: Memory Prices Continue to Rise
The new year has seen a continuation in the rise in memory chip prices, even though, seasonally, we should expect some weakness. In this note, which is a recap of the articles and reports over the first two weeks of trading for 2026, in descending chronological order, Pelham Smithers outlines the pricing trends and highlights beneficiaries and those who are likely to get squeezed unless they too can raise prices.
- Julie Boote
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 15 Jan: Rotation into cyclicals / Politics at play again / S...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote and Lindsay Whipp Tags: Daiichi Kigenso (4082 JT), Toyo Engineering (6330 JT), Envipro (5698 JT), Rasa Corp (3023 JT), Toho Zinc (5707 JT), Fuji Die (6167 JT), Mitsui Kinzoku (5706 JT), ARE Holdings (5857 JT), Dowa Mining (5714 JT), Mitsui & Co (8031 JT), Iwatani Corp (8088 JT), Mitsubishi Corp (8058 JT), Advantest (6857 JT), Disco (6146 JT), Renesas (6723 JT), Kioxia (285A JT), JX Advanced Metals (5016 JT), Shin-Et...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 14 Jan: Day-trader dream market / Kioxia outlook as memory ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Thao Nguyen and Hiroyuki Terada Tags: Kioxia (285A JT), SanDisk (SNDK US), Disco (6146 JT), JX Advanced Metals (5016 JT), Dexerials (4980 JT), Daiichi Kigenso Kagaku Kogyo (4082 JT), Toyo Engineering (6330 JT), Toho Zinc (5707 JT), Envipro (5698 JT), Japan Petroleum Exploration (1662 JT), Iwatani Corp (8088 JT), Dentsu (4324 JT), Dentsu Soken (4182 JT), Omnicom (OMC US), Publicis (PUB FP), Disney (DIS US), WPP (WPP...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 13 Jan: New highs on N225 / Perfect storm hits Japan's bond...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: Daiichi Kigenso Kagaku (4082 JT), Japan Petroleum Exploration (1662 JT), Toho Zinc (5707 JT), Furukawa (5715 JT), Furukawa Electric (5801 JT), Dowa Mining (5714 JT), Kioxia (285A JT), SanDisk (SNDK US), Toyota Motor (7203 JT), Subaru (7270 JT), Hyundai Motor (005380 KS), Nvidia (NVDA US), Nintendo (7974 JT), Sony (6758 JT), Konami (9766 JT), Square Enix (9684 JT), Bandai Namco (7832 JT), Nex...
- Pelham Smithers
PSA Consumer Electronics: The Memory Trap – Outlook for Sony in 2026
Thanks to higher memory prices, Sony has a tough couple of years ahead, which is a pity, because the firm’s achievements in FY25 should have set it on a path to solid earnings growth in both years. Problematically, Sony is now heavily exposed to decisions by others – notably Apple’s iPhone pricing – and the outlook could be considerably worse than Pelham Smithers outlines in this earnings preview for FY25 and beyond.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 9 January 2026
Weekly Comment Summary The new year has seen a continuation in the rise in memory chip prices, even though, seasonally, we should expect some weakness. But what if prices continue to rise? Pelham Smithers discusses. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. 2026 Japan Perspective / PSA Focus List for 2026 Q1 Company / Sector / Thematic Comments Technology: Consumer Electronics, Gaming 1. Sony’s Memory Chip Problem 2. Anaconda Movie G...
- Hiroyuki Terada
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 9 Jan: Weak yen sees volatile week close up / Switch 2's str...
PSA Today Japan Market Comment by Pelham Smithers, William Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Mazda Motor (7261 JT), Isuzu Motors (7202 JT), Daido Steel (5471 JT), Tokyo Steel (5423 JT), Toho Zinc (5707 JT), Japan Petroleum (1662 JT), Fast Retailing (9983 JT), Aeon (8267 JT), Zozo (3092 JT), Isetan Mitsukoshi (3099 JT), Coherent (COHR US), Nvidia (NVDA US), Fujikura (5803 JT), Ibiden (4062 JT), Micron (MU US), SanDisk (SNDK US), Kioxia (285A JT), Renesas (6723 JT), Roh...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 8 Jan: Sold off again on China concerns / Wage growth data /...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: Toyo Engineering (6330 JT), Shin-Etsu Chemical (4063 JT), Sumitomo Seika (4008 JT), Sumco (3436 JT), Nippon Sanso (4091 JT), Lasertec (6920 JT), Tokyo Electron (8035 JT), Kokusai Electric (6525 JT), Screen Holdings (7735 JT), Renesas (6723 JT), Kioxia (285A JT), Howa Machinery (6203 JT), MHI (7011 JT), Japan Steel Works (5631 JT), KHI (7012 JT), Sony (6758 JT), ...
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