reports
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 19 December 2025
Weekly Comment Summary Nagoya Railroad is reviewing its plans to redevelop Nagoya Station as a scheduled contractor withdrew its bid, citing difficulties in securing personnel. Labour shortages, rising wages, rising costs, and now higher interest rates, are likely to weigh not only on future development plans but ongoing projects. Pelham Smithers discusses. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. PSA Micro- / Small- / Mid-Cap Recap Company / Sector / Thematic Com...
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 19 Dec: Higher on Micron, CPI, BoJ rates hike / Nov CPI data...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Lindsay Whipp Tags: Micron (MU US), Tokyo Electron (8035 JT), Advantest (6857 JT), Screen Holdings (7735 JT), Kokusai Electric (6525 JT), Shift (3697 JT), Cybozu (4776 JT), GA Technologies (3491 JT), SRE Holdings (2980 JT), Nintendo (7974 JT), Konami (9766 JT), Sony (6758 JT), Mazda Motor (7261 JT), Toyota Motor (7203 JT), Microsoft (MSFT US), Square Enix (9684 JT), Koei Tecmo (3635 JT), Tencent (700 HK), Bandai Namco (7832 JT)...
- Pelham Smithers
PSA Media & Entertainment: PS5 Outsells Switch 2 in Nov / Sony’s (6758...
This note contains two articles related to Sony: One highlighting how November sales of the 5-yr-old PS5 is outselling the Switch 2 and an update on Sony’s new game Marathon. It is due in next year but PSA’s gaming expert, Pelham Smithers, is not expecting much.
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 18 Dec: Oracle issues triggers another sell-off in tech hard...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen and Hiroyuki Terada Tags: Oracle (ORCL US), SoftBank Group (9984 JT), Lasertec (6920 JT), KHI (7012 JT), Japan Steel Works (5631 JT), Shift (3697 JT), BayCurrent (6532 JT), Nintendo (7974 JT), Sony (6758 JT), Honda (7267 JT), Nexperia (pvt), Wingtech (600745 CH), Koei Tecmo (3635 JT), Sega Sammy (6460 JT), Electronic Arts (EA US), Take Two (TTWO US), Capcom (9697 JT), Microsoft (MSFT US), BattleState Games (pvt), Nexon ...
- Pelham Smithers
PSA Macro: Machinery Order Backlog Continues to Grow Despite Weak Defe...
Pelham Smithers notes that the machinery order data for October is something of a curate’s egg. The numbers are strong but the pressure on capacity remains strained. As a result, companies may start to focus on making savings in non-production areas, such as G&A.
- Pelham Smithers
PSA Semiconductors: Kioxia’s (285A JT) AiSAQ Gains Traction
We at the point where (1) any increase in AI chip production poses problems for DRAM supply and (2) DRAM is starting to become a speed bottleneck in the AI training process. One solution has been to work out a way to offload work done by DRAM onto NAND. Kioxia’s open-source software AiSAQ meets this need. Pelham Smithers explains.
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 17 Dec: Mixed day, public sector spending plans reiterated /...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen and Hiroyuki Terada Tags: Nvidia (NVDA US), Kioxia (285A JT), MHI (7011 JT), SBI Shinsei Bank (8303 JT), SBI Holdings (8473 JT), Rakuten Bank (5838 JT), Tokyo Seimitsu (7729 JT), Advantest (6857 JT), Hitachi (6501 JT), Honda (7267 JT), Ferrotec (6890 JT), Nintendo (7974 JT), Visional (4194 JT), Cybozu (4776 JT), Zilliz (pvt), Dell (DELL US), SanDisk (SNDK US), Nissan Motor (7201 JT), Toyota Motor (7203 JT), Honda Motor ...
- Thao Nguyen
PSA Interactive Services: GA Technologies (3491 JT) Conservatively Kee...
The market was probably disappointed with the fact that J-Tech kept its FY26 guidance unchanged, as it sent the share price down a sharp -10.3% today [16 Dec]. However, analyst Thao Nguyen thinks the company has established a pattern of overachieving its goals, and FY26 is likely to be no exception as the firm’s prospects continue to look promising.
- Lindsay Whipp
PSA Enterprise Software / IT Services: Visional (4194 JT) FY26 Q1 OP C...
Analyst Lindsay Whipp is encouraged by the Q1 performance and even though investment is weighted to H2, that was also the case in FY25, when it significantly outperformed. There is a strong change it could do it again this year.
- Pelham Smithers
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Micro- / Small- / Mid-Cap Recap [1 Nov~15 Dec 2025]
This report is a recap of reports and insights from the PSA Research Team on Micro- / Small- / Mid-cap companies [market cap < US$5bil] PSA Weekly Contents at a Glance Summaries of Micro- / Small - / Mid-Cap Reports & Flash Notes [1 Nov~15 Dec] 1. TKP’s (3479 JT) Core Business & Novarese Both Doing Well 2. Visional (4194 JT) FY26 Q1 Preview: Outperformance Becoming a Habit 3. Net Protections (7383 JT): Post-Results Sell-off Has Brought in Valuations 4. MARI...
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 16 Dec: Market negatives crowd in / ACR lawsuit ensnares Son...
PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen and Linsday Whipp Tags: Yaskawa Electric (6506 JT), Fujikura (5803 JT), Kioxia (285A JT), Panasonic (6752 JT), Renesas (6723 JT), Shin-Etsu Chemical (4063 JT), GA Technologies (3491 JT), Anycolor (5032 JT), Park24 (4666 JT), Sony (6758 JT), LG Electronics (066570 KS), Samsung Electronics (005930 KS), Hisense (921 HK), TCL (1070 HK), Vizio (pvt), SRE Holdings (2980 JT), Tokyo Seimitsu (7729 JT), Advantest (6857 JT), Sumco (3436 JT), ...
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
PSA Today 15 Dec: ATH for Topix as Nikkei falls on AI worries / Genki ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Hiroyuki Terada Tags: Fanuc (6954 JT), Yaskawa Electric (6506 JT), Japan Steel Works (5631 JT), SoftBank Group (9984 JT), Nippon Steel (5401 JT), Aeon (8267 JT), East Japan Railway (9020 JT), Recruit (6098 JT), Daiichi Sankyo (4568 JT), Mercari (4385 JT), Toyota Motor (7203 JT), Shin-Etsu Chemical (4063 JT), Subaru (7270 JT), Mazda Motor (7261 JT), Kioxia (285A JT), SanDisk (SNDK US), KLab (3656 JT), Square Enix (9684 JT), KDD...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 12 December 2025
Weekly Comment Summary Has Japanese Manufacturing Got its Mojo Back? Next week sees the publication of the Q4 Tankan. Business confidence among Japanese manufacturers has been improving. Pelham Smithers considers whether the report might show an acceleration of that trend. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. The Economics and Implications of the Semiconductor, Data and AI Feedback Loop 2. Mitsubishi Electric (6503 JT) – Doubling OP Compan...
- William Nestuk
PSA Capital Goods / Electrical Equipment: Mitsubishi Electric (6503 JT...
Analyst William Nestuk thinks Mitsubishi Electric offers an attractive four-fold theme: (1) high-margin data centre [DC] work, (2) defence (including for overseas), (3) restructuring and (4) share buybacks. We see FY27 OP at least doubling that of FY23, which at that time was a record level. Strong cash flow generation should produce another share buyback and higher dividends.
- Pelham Smithers
PSA Global Semiconductors: The Economics and Implications of the Semic...
The history of semiconductors is a history of prices being driven down by technology acting on both the supply curve (via new equipment) and on the demand curve (via software), shifts that can get temporarily reversed by the creation of feedback loops, due to the ability of semiconductors to drive demand for other semiconductors. We believe that we are at the early stage of another one of those feedback loops, one caused by the increasing take-up of AI, and manifest in growing demand for AI serv...
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 12 Dec: Topix ATH / Video games round-up / Smaregi Q2 FY26 b...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Oracle (ORCL US), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Dowa Mining (5714 JT), Toyota Motor (7203 JT), Panasonic (6752 JT), Aisin Seiki (7259 JT), Shin-Etsu Chemical (4063 JT), Adeka (4401 JT), Tokyo Ohka Kogyo (4186 JT), Tokyo Electron (8035 JT), Socionext (6526 JT), Advantest (6857 JT), Ohara Inc (5218 JT), W-Scope Chungju Plant [WCP] (393890 KS), S...
- Pelham Smithers
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 11 Dec: AI infrastructure investment concerns send Japan low...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen and Lindsay Whipp Tags: Oracle Corp (ORCL US), SoftBank Group (9984 JT), JX Advanced Materials (5016 JT), Mitsui Kinzoku (5706 JT), Taiyo Yuden (6976 JT), Screen Holdings (7735 JT), Advantest (6857 JT), Ebara (6361 JT), Toppan Holdings (7911 JT), Anycolor (5032 JT), Cover Corp (5253 JT), Accrete (4395 JT), Forward Edge AI (pvt), Nintendo (7974 JT), Microsoft (MSFT US), SanDisk (SNDK US), Seagate (STX US), Apple (AAPL US...
- Thao Nguyen
PSA Media & Entertainment: Anycolor (5032 JT) Revises FY26 Guidance Up...
Anycolor shares were heavily sold down -17% on 11 Dec, likely in reaction to the Q2 miss and despite management revising up their FY26 guidance, given the forecasts remain below consensus estimates. Moreover, the stock had doubled YTD, so there were easy profits to take. Despite this sharp reaction, PSA’s positive outlook towards Anycolor remains. In terms of valuations, EV/OP on FY26 upper-end OP guidance is now just 12.4x, which comes down to 9.9x on FY27’s OP consensus estimates.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.