PSA Consumer Electronics: Sony (6758 JT) FY25 Q2 OP +10% YoY, Revises ...

Sony’s FY25 Q2 OP at ¥429bil (+10% YoY) came in ahead of consensus at ¥390bil and our forecast of ¥410bil. The firm raised its full-year OP target, also ahead of consensus, and for good measure, has thrown in a ¥100bil share buyback; not exactly meaningful on ¥26tril market cap, but at least a gesture. Pelham Smithers reviews the performance but has concerns on how far Sony can further push out the envelope.

PSA HR & Employment Services: Insource (6200 JT) Increasing DX Revenue

Small- / Mid-cap analyst Hiroyuki Terada reviews the FY25 performance for Insource and adjusts his forecasts, introducing his FY28 outlook. Valuations remain undemanding and the FY28 PSAe dividend yield offers an attractive 4.9%.

PSA Today Armistice Day: Very mixed / Bank lending / Q2s for Sony, KHI...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Unitika (3103 JT), Nitto Boseki (3110 JT), Brother Industries (6448 JT), Kioxia (285A JT), Fujikura (5803 JT), SK Hynix (000660 KS), Samsung Electronics (005930 KS), Sony (6758 JT), Tokyo Ohka Kogyo (4186 JT), Mitsui Chemicals (4183 JT), KHI (7012 JT), Kokusai Electric (6525 JT), Toyota Industries (6201 JT), Nidec (6594 JT), Mitsubishi Electric (650...

PSA ERP Software / IT Services: IIJ (3774 JT) Reports FY25 Q2 Outperfo...

IIJ’s FY25 Q2 came in ahead of consensus with the OPM improving +1.3ppts YoY. Analyst Linsday Whipp flags a strong order book to support further earnings growth. Moreover, the stock offers attractive valuations.

PSA Semiconductors: Global Semiconductor Shipments Rise +28% YoY in Se...

PSA Consumer Electronics: Sony FY25 Q2 Preview

Ahead of Sony’s FY25 Q2 results at noon JST tomorrow [11 Nov], Pelham Smithers previews what to expect.

PSA Macro / Politics: Takaichi Signals How Fiscal Policy is to be Loos...

On Friday [7 Nov], new Japanese Prime Minister Sanae Takaichi gave a speech to the Diet which, while not necessarily as important as Shinzo Abe’s speech to the Diet in Nov 2012, is certainly the most important since then. Pelham Smithers expands on what Takaichi’s policy could lead to and what the response by the BoJ might be.

PSA Today 10 Nov improved sentiment, earnings / Takaichi signals / Sep...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Lindsay Whipp and Hiroyuki Terada Tags: Tokyo Electron (8035 JT), Advantest (6857 JT, Disco (6146 JT), Kokusai Electric (6525 JT), Towa Corp (6315 JT), ARM (ARM US), Marvell (MRVL US), Fujikura (5803 JT), Furukawa Electric (5801 JT), Kioxia (285A JT), SanDisk (SNDK US), Mercari (4385 JT), Olympus (7733 JT), Omron (6645 JT), Sega Sammy (6460 JT), Square Enix (9684 JT), Honda Motor (7267 JT), Nexperia (pvt), Wingtech ...

The PSA Research Round-Up for Week to 7 November 2025

Weekly Comment Summary The last month has seen a small rise in consensus OP for Topix for 2025, but a sizable one for 2027. This is evidence that analysts are starting to struggle to justify valuations, so raising long term earnings forecasts to achieve fair value. Pelham Smithers discusses. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Toyota Motor (7203 JT) FY25 Outlook Overcast by Tariffs 2. FY25 Q2 Results Review for IT Service Companies Company ...

PSA Japan Market Strategy: 2027 Earnings Estimates Getting Punchy

The last month has seen a small rise in consensus OP for Topix for 2025, but a sizable one for 2027. This is evidence that analysts are starting to struggle to justify valuations. Japan market strategist Pelham Smithers discusses what could support the earnings growth and suggests a where Topix fair value could be.

PSA Today 7 Nov: US job worries depress / Video games round-up / Q2s f...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp, Thao Nguyen and Hiroyuki Terada Tags: Kioxia (285A JT), SanDisk (SNDK US), Fujikura (5803 JT), Ajinomoto (2802 JT), Rohm (6963 JT), Recruit (6098 JT), Square Enix (9684 JT), Internet Initiative Japan (3774 JT), KDDI (9433 JT), Mazda Motor (7261 JT), Advantest (6857 JT), Socionext (6526 JT), Shin-Etsu Chemical (4063 JT), Renesas (6723 JT), Wolfspeed (WOLF US), Take Two (TTWO US), Sony ...

PSA Today 6 Nov: Rebound / Wage Data / Fallen Hero results / Q2s for B...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp, Thao Nguyen and Hiroyuki Terada Tags: Fujikura (5803 JT), Konica Minolta (4902 JT), Nippon Yusen (9101 JT), Bandai Namco (7832 JT), Biprogy (8056 JT), SoftBank Corp (9434 JT), Seiko Epson (6724 JT), Sanrio (8136 JT), Daikin (6361 JT), Alsok (2331 JT), Disco (6146 JT), Tokyo Ohka Kogyo (4186 JT), Advantest (6857 JT), Kioxia (285A JT), SanDisk (SNDK US), Ebara (6361 JT), Toyota Motor (72...

PSA Today Bonfire Night: Early nasty slump, some recovery / Q2s for TO...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp, Thao Nguyen and Hiroyuki Terada Tags: Disco (6146 JT), Lasertec (6920 JT), Advantest (6857 JT), Fujikura (5803 JT), Socionext (6526 JT), Kioxia (285A JT), SanDisk (SNDK US), SK Hynix (000660 KS), Nintendo (7974 JT), NSK (6471 JT), Yamaha Corp (7951 JT), Tokyo Seimitsu (7729 JT), Yokogawa Electric (6841 JT), Daitron (7609 JT), Hitachi Construction Machinery (6305 JT), Hitachi Ltd (6...

PSA Today 4 Nov: Earnings miss / DDR5 prices, Nintendo / Daiwa Secs in...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp, Thao Nguyen and Hiroyuki Terada Tags: Socionext (6526 JT), Screen Holdings (7735 JT), Advantest (6857 JT), SoftBank Group (9984 JT), NTT (9432 JT), Marubeni (8002 JT), Mitsui OSK (9104 JT), Sumitomo Chemical (4005 JT), Mitsubishi Corp (8058 JT), Daiwa Securities (8601 JT), Sumitomo Bakelite (4203 JT), SMFG (8316 JT), SBI Holdings (8473 JT), Samsung Electric (005930 KS), Tokyo Ohka Ko...

PSA IT Services: FY25 Q2 Results Review for IT Service Companies

Tags: Obic (4684 JT), Obic Business Consultants (4733 JT), PCA Corp (9629 JT), Ines Corp (9742 JT), Shift (3697 JT), BayCurrent (6532 JT), PKSHA (3993 JT), ExaWizards (4259 JT) Six enterprise software companies reported earnings during the week to 31 Oct with mixed results. Analyst Lindsay Whipp takes us through the performance of four companies in her coverage – TIS, NRI, Obic and OBC.

PSA Autos / New Mobility: Toyota Motor (7203 JT) FY25 Outlook Overcast...

Ahead of its FY25 Q2 results release on Wednesday [5 Nov], analyst Julie Boote provides a preview and cautions that perhaps not all the bad news is in the price.

PSA Japan Market Strategy – Has There Really Been a Takaichi Boom in t...

Tags: SoftBank Group (9984 JT), Hitachi (6501 JT), Advantest (6857 JT), Tokyo Electron (8035 JT), Toyota Motor (7203 JT), Mitsubishi Heavy (7011 JT), Hoya (7741 JT), Aeon (8267 JT), Fast Retailing (9983 JT), Fujikura (5803 JT), NEC (6701 JT), Mitsubishi Electric (6503 JT), Murata (6981 JT), Sumitomo Electric (5802 JT), Fujitsu (6702 JT), TDK (6762 JT), Kioxia Holdings (285A JT), Itochu Corp (8001 JT), Mitsubishi Corp (8058 JT), Ibiden (4062 JT) Although the Nikkei 225 is soaring, most stocks i...

The PSA Research Round-Up for Week to 31 October 2025

Weekly Comment Summary Although the Nikkei 225 is soaring, most stocks in Japan fell in October, and in USD terms, Topix rose less than the S&P500. If there is to be a “Takaichi Boom”, then that’s still to come, says Pelham Smithers. PSA Weekly Contents at a Glance 1. Koshidaka Holdings (2157 JT): Another Good Deal 2. Nissan (7201 JT) Releases FY25 OP Guidance Company / Sector / Thematic Comments Technology: Consumer Electronics, Gaming 1. Is “Live Action” Set...

PSA Today Halloween: What a week! / Macro / PSA on Q2s for Murata, TDK...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: Lasertec (6920 JT), Socionext (6526 JT), Konami (9766 JT), Hitachi (6501 JT), Renesas (6723 JT), NEC (6701 JT), Panasonic (6752 JT), Oriental Land (4661 JT), Murata Mfg (6981 JT), Hoya Corp (7741 JT), SBI Holdings (8473 JT), Sumitomo Pharma (4506 JT), Nexon (3659 JT), Nexperia (pvt), Wingtech Technology (600745 CH), Honda Motor (7267 JT), Nissan Motor (7201 JT), TDK (6762 JT...

PSA Leisure Facilities: Koshidaka Holdings (2157 JT) – Another Good De...

In light of a new acquisition, analyst Hiroyuki Terada adjusts his earnings model and extends his forecast to include FY28. Koshidaka is on track generate steady double digit growth in earnings and offers undemanding valuations.