reports
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 20 February 2026
Weekly Comment Summary While CY25 Topix OP/Unit ended up close to expectations, sell side analysts have hiked forecasts, considerably reducing market earnings valuations. However, that risks setting the market up for disappointment at the next earnings season. Pelham Smithers discusses PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Square Enix (9684 JT) FY25 Outlook and Beyond – Dragon Quest VII Reimagined Adds to Cost Cutting Story Company / Sector / Themat...
- Joel Scheiman
- Julie Boote
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 20 Feb: Lower on oil, war fears / Japan's CPI / Sega Sammy'...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Nicky Karanasou-Demertzi, William Nestuk and Thao Nguyen Tags: Toyota Motor (7203 JT), Isuzu Motors (7202 JT), Hino Motors (7205 JT), Rigaku Electronics (268A JT), Meiko Electronics (6787 JT), Mitsui Kinzoku (5706 JT), Japan Electronic Materials (6855 JT), Union Tool (6278 JT), Nitto Boseki (3110 JT), Resonac (4004 JT), Sumitomo Electric Industries (5802 JT), Unitika (3103 JT), Towa Corp (6315 JT), Kokusai Electric (...
- Pelham Smithers
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 19 Feb: Up on AI rebound, US nuclear power hopes / Big impl...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, William Nestuk and Thao Nguyen Tags: Kokusai Electric (6525 JT), Ulvac (6728 JT), Tokyo Seimitsu (7729 JT), Kioxia (285A JT), Micron (MU US), SanDisk (SNDK US), Sumitomo Electric (5802 JT), Furukawa Electric (5801 JT), Sumitomo Metal Mining (5713 JT), Dowa Holdings (5714 JT), Japan Steel Works (5631 JT), Hitachi (6501 JT), Kimura Chemical Plants (6378 JT), Murata (6981 JT), Taiyo Yuden (6976 JT), TDK (6762 JT), Visio...
- Pelham Smithers
PSA Media & Entertainment: Square Enix (9684 JT) FY25 Outlook and Beyo...
Square Enix’s FY25 results are being held up by aggressive cost cutting, rather than revenue growth. Q3 profit fell sharply on weak sales, but expenses dropped enough to keep full year OP guidance rising. DQ7 Reimagined launched better overseas than in Japan, but overall remake fatigue persists. Upcoming releases are light, with no mainline FF or DQ expected until FY27. Pelham Smithers discusses the issues the firm faces and provides his earnings model through to FY27.
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 18 Feb: Higher with selected AI names rebounding / Consider...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Tags: Unitika (3103 JT), AIMECHATEC (6227 JT), TDK (6762 JT), Ibiden (4062 JT), Toto (5332 JT), Fuji Electric (6504 JT), SoftBank Group (9984 JT), Yaskawa (6506 JT), Fanuc (6954 JT), SMC (6273 JT), SRE Holdings (2980 JT), ExaWizards (4259 JT), Appier (4180 JT), Visional (4194 JT), Kakaku.com (2371 JT), Shift (3697 JT), Kioxia (285A JT), Socionext (6526 JT), Rohm (6963 JT), GS Yuasa (6674 JT), Panasonic (6752 JT), Asah...
- Pelham Smithers
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
PSA Today 17 Feb: Holidays and strong yen sends Tokyo lower / Why AI i...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Hiroyuki Terada Tags: Nittetsu Mining (1515 JT), Toyo Engineering (6330 JT), Sumiseki Holdings (1514 JT), SoftBank Group (9984 JT), Fujikura (5803 JT), Nitto Boseki (3110 JT), AIMECHATEC (6227 JT), Taiyo Yuden (6976 JT), Murata (6981 JT), TDK (6762 JT), Sony (6758 JT), Nintendo (7974 JT), Nissan Motor (7201 JT), Mitsubishi Motors (7211 JT), Nikon (7731 JT), EssilorLuxottica (EL FP), Olympus (7733 JT), PeptiDream (4587 JT), Semc...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Micro- / Small- / Mid-Cap Recap [16 Jan ~16 Feb 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 16 Jan ~16 Feb 2026. Contents at a Glance 1. SRE Hdgs (2980 JT) – Building Profits and Data at Attractive Valuations 2. SRE Hdgs’ Produces an Exceptional FY25 Q3 3. New Constituent of the 2026 Q1 PSA Focus List – ExaWizards (4259 JT) Main Points 4. Kyoritsu Maintenance (9616 JT) – CB Conversion Done...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
PSA Today 16 Feb: Mixed day / Japan's 2025 Q4 GDP / Video game round-u...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: SoftBank Group (9984 JT), Trend Micro (4704 JT), NEC Corp (6701 JT), Recruit (6098 JT), Tokyo Ohka Kogyo (4186 JT), Shin-Etsu Chemical (4063 JT), Kokusai Electric (6525 JT), Kioxia (285A JT), Sumitomo Pharma (4506 JT), Kanto Denka (4047 JT), Olympus (7733 JT), Bridgestone (5108 JT), Nikon (7731 JT), Rohm (6963 JT), EssilorLuxottica (EL FP), Resona (830...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 13 February 2026
Weekly Comment Summary Billions of dollars have been knocked off software stock valuations in the past 24 hours, as markets globally take the view that we won’t need them, thanks to AI. At the same time business managers are rolling their eyes at the conclusion, as they beat earnings expectations. Who is right? Pelham Smithers discusses PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Winds of Change at Toyota (7203 JT)? 2. SRE Holdings (2980 JT) Produ...
- Julie Boote
PSA Autos / New Mobility: Nissan’s (7201 JT) Art of Accounting
Nissan Motor published better than expected FY25 Q3 results on an operating profit level and raised its FY25 guidance numbers, which was welcomed by markets. Analyst Julie Boote illuminates the accounting decisions by Nissan to support OP, while net losses remain at high levels. With less room for cost cuts , Nissan needs to prioritise top line growth in FY26 to engineer a recovery.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 13 Feb: Sell-off on AI fears / Results for Resonac, Daifuku,...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: AppLovin (APP US), Cisco (CSCO US), Roblox (RBLX US), Robinhood (HOOD US), Nexon (3659 JT), Rakuten Group (4755 JT), Recruit (6098 JT), NEC (6701 JT), SoftBank Group (9984 JT), SRE Holdings (2980 JT), Sansan (4443 JT), ExaWizards (4259 JT), Sumitomo Metal Mining (5713 JT), Dowa Holdings (5714 JT), Fujikura (5803 JT), Nitto Boseki (3110 JT), Kioxia (285A JT), Seg...
- Pelham Smithers
PSA Semiconductors: Kioxia (285A JT) FY25 Q3 and Outlook
Pelham Smithers reviews the blowout FY25 Q3 that Kioxia produced and presents his outlook for FY26 and beyond, coming in with some exciting growth and compelling valuations. Tags: Kioxia (285A JT), SanDisk (SNDK US), Micron (MU US), Tokyo Steel (5423 JT)
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 12 Feb: Roadblock at 58k on N225 / Results for Kioxia, Kokus...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Thao Nguyen and Hiroyuki Terada Tags: . Asahi Diamond (6140 JT), SRE Holdings (2980 JT), Hibiya Engineering (1982 JT), Kioxia (285A JT), Mitsui Kinzoku (5706 JT), Nitto Boseki (3110 JT), Unitika (3101 JT), JX Advanced Materials (5016 JT), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Dowa Mining (5714 JT), Sumiseki Holdings (1514 JT), Nittetsu Mining (1515 JT), Pacific Metals (5541 JT), Osaka Titan...
- Lindsay Whipp
SRE Holdings - Readthrough from Excellent FY25 Q3 Results
SRE Holdings (2980 JT) shares have been hammered by twin concerns that rising interest rates would harm their real estate business, while AI will whittle away at SRE Holdings’ AI solutions business. SRE has answered its critics with an exceptional FY25 Q3 performance, which not only has implications for the firm’s FY25 performance as a whole, but also has significant implications for FY26 and FY27. This report assesses the firm’s outlook in the wake of these results.
- Julie Boote
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 10 Feb: Takaichi Euphoria / Shimano Q4 / Materials Round-up ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Will Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Dexerials (4980 JT), Adeka (4401 JT), Kokusai Electric (6525 JT), Tokyo Ohka Kogyo (4186 JT), Kioxia (285A JT), Tokyo Seimitsu (7729 JT), Disco (6146 JT), Sumco (3436 JT), Shin-Etsu Chemical (4063 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), SWCC (5805 JT), Sumitomo Electric (5802 JT), Sumitomo Metal Minning (5713 JT) Toho Zinc (5707 JT), Dow...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- William Nestuk
PSA Today 9 Feb: New highs / Takaichi's landslide win / Cash earning...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Nicky Karanasou-Demertzi, Lindsay Whipp and Hiroyuki Terada Tags: Advantest (6857 JT), Disco (6146 JT), Tokyo Seimitsu (7729 JT), Tokyo Electron (8035 JT), Sumitomo Electric (5802 JT), Ibiden 4062 JT), Mitsui Kinzoku (5706 JT), Kinden (1944 JT), Nitto Boseki (3110 JT), Sony (6758 JT), Nissan Motor (7201 JT), Mitsubishi UFJ Financial Group (8306 JT), SMFG (8316 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), K...
- Pelham Smithers
PSA Market Strategy: A Fin de Siècle Earnings Season Can Still Trap th...
Whether companies are reporting full-year FY25 (Dec yr-end) results or guiding for the Mar yr-end FY25 full-year, there is an air of pointlessness in looking at results that may have little bearing on earnings performance to come. While 2026 and beyond may indeed be very different to 2025, that doesn’t mean that we should totally ignore 2025 results. Pelham Smithers discusses. Tags: Sony (6758 JT), Disco (6146 JT), Capcom (9697 JT), NEC Corp (6701 JT), Fujitsu (6702 JT), Hitachi (6501 JT), Pan...
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