reports
- Pelham Smithers
PSA Market Strategy: Restating the “Goldilocks” Case for Japanese Stoc...
Have you missed it? As the Japanese stock market knocked unsuccessfully on the door of 50,000 yesterday [21 Oct], sentiment shifted from FOMO [fear of missing out] to FOTI [fear of topping in]. Would someone buying the Japanese market today be making the same mistake as someone buying in Oct 1989? Pelham Smithers discusses.
- Joel Scheiman
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 22 Oct: V-shape to today's market / Pelham talks strategy / ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, William Nestuk and Thao Nguyen Tags: General Motors (GM US), Honda (7267 JT), Toyota Motor (7203 JT), Kajima (1812 JT), SoftBank Group (9984 JT), Kioxia (285A JT), Screen (7735 JT), IHI (7013 JT), KHI (7012 JT), Tokyo Steel (5423 JT), Toyo Engineering (6330 JT), Daiichi Kigenso Kagaku Kogyo (4082 JT), Sumitomo Chemical (4005 JT), Rabigh Refining & Petrochemical Co (PETROR AB), Kurashiru Inc (299A JT) Main Points Tokyo sees V...
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 21 Oct: 50,000 looms / iPhone 17selling success / Important ...
PSA Today Japan Market Comment by Pelham Smithers, William Nestuk and Lindsay Whipp Tags: Amvis Holdings (70 71 JT), DeNA (2432 JT), Sega Sammy (6460 JT), KLab (3656 JT), Nexon (3659 JT), Capcom (9697 JT), Marvelous (7844 JT), Nintendo (7974 JT), Renesas (6723 JT), Sanken (6707 JT), Rohm (6963 JT), Apple (AAPL US), Dexerials (4980 JT), Tokyo Ohka Kogyo (4186 JT), Rorze (6323 JT), Tokyo Electron (8035 JT), Osaka Organic Chemical (4187 JT), Counterpoint (pvt), Xiaomi (1810 HK), Google (GOOGL US),...
- Pelham Smithers
PSA Macro: China Data Shows Country Desperate to Export Way Out of Pro...
Pelham Smithers notes that although there are reasons for thinking that the Chinese economy is producing “real” growth of around +5% for CY25, there are several structural problems that need to be considered and the implications for Japan.
- Pelham Smithers
PSA Today 20 Oct: Market surges as LDP secures Takaichi as PM / Consid...
PSA Today Japan Market Comment by Pelham Smithers Tags: Yaskawa Electric (6506 JT), Fanuc (6954 JT), SoftBank Group (9984 JT), Socionext (6526 JT), Renesas (6723 JT), Kioxia (285A JT), SK Hynix (000660 KS), Samsung Electronics (005930 KS), Asteria (3853 JT), Densan Systems (4072 JT), SBI Holdings (8473 JT), Anycolor (5032 JT), Nintendo (7974 JT), Bandai Namco (7832 JT), Nexon (3659 JT), Amvis (7071 JT), Askul (2678 JT), Asahi Group (2502 JT), Ryohin Keikaku (7453 JT), JD.Com (JD US), Alibaba (...
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 17 Oct 2025
Weekly Comment Summary Pelham Smithers considers the current applicability of lessons from the 1980s PC boom and the 2000 tech crash. He warns that an obvious difference between now and 2000 is that the semiconductor market had already peaked by the time the 1990s tech bubble burst, whereas now, semiconductor sales are at record high levels. However, there are other differences as well. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Chinese Automakers Jeopardizi...
- Hiroyuki Terada
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 17 Oct: Global credit concerns fan out / Nintendo's Switch2 ...
PSA Today Japan Market Comment by Pelham Smithers, William Nestuk, Thao Nguyen and Hiroyuki Terada Tags: Screen Holdings (7735 JT), SoftBank Group (9984 JT), MHI (7011 JT), Mitsui E&S (7003 JT), BayCurrent (6532 JT), Toho (9602 JT), Nintendo (7974 JT), Tekscend Photomask (429A JT), Tokyo Steel (5423 JT), CD Projekt (CDR PW), Bandai Namco (7832 JT), Fujikura (5803 JT), Oracle (ORCL US), Nvidia (NVDA US), OpenAI (pvt), SEI (5802 JT), Recruit (6098 JT), Amvis (7071 JT) Main Points Japan financial ...
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
PSA Today 16 Oct: Back up to 48k level / Machinery order backlogs / ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Lindsay Whipp and Hiroyuki Terada Tags: Hankyu Hanshin (9042 JT), Kintetsu Group (9041 JT), Keihan Holdings (9045 JT), Keihanshin Building (8818 JT), Kioxia (285A JT), Renesas (6723 JT), Socionext (6526 JT), ARM (ARM US), SoftBank Group (9984 JT), TEPCO (9501 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), Chubu E.P. (9502 JT), Sharp (6753 JT), Shift (3697 JT), Visional (4194 JT), Saizeriya (7581 JT), FP Partner (7388 JT)...
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 15 Oct: Rally on dovish Fed / Political stalemate / Hitachi'...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Lindsay Whipp, Thao Nguyen and Hiroyuki Terada Tags: Mazda (7261 JT), IHI (7013 JT), Kokusai Electric (6525 JT), Lasertec (6920 JT), Screen (7735 JT), Ibiden (4063 JT), Tokyo Ohka Kogyo (4186 JT), MEC (4971 JT), Air Water (4088 JT), Hitachi (6501 JT), NEC Corp (6701 JT), Timee (215A JT), Mercari (4385 JT), Recruit (6098 JT), Renesas (6723 JT), Wolfspeed (WOLF US), Nvidia (NVDA US), Synvert (pvt), McKinsey & Co (pvt), Asahi Kasei ...
PSA Enterprise Software / IT Services: Internet Initiative Japan (3774...
IIJ is flying under the radar in the IT Services sector. Its roots as Japan’s first ISP are playing a crucial role in its expansion as Japanese organisations shift to more open cloud-based IT systems, from which IIJ is winning larger project. Coupled with its higher-margin cyber security offerings and smart digital currency strategy, IIJ is in a strong position to improve OPM over the next three fiscal years. Meanwhile, valuations remain attractive. Analyst Lindsay Whipp explains.
- Hiroyuki Terada
- Pelham Smithers
- Thao Nguyen
PSA Today 14 Oct: Politics in turmoil, US-China trade concerns / Tamak...
PSA Today Japan Market Comment by Pelham Smithers Thao Nguyen and Hiroyuki Terada Tags: Shiseido (4911 JT), Furukawa Electric (5801 JT), SoftBank Group (9984 JT), Ebara (6361 JT), Socionext (6526 JT), Fanuc (6954 JT), Keyence (6861 JT), Nidec (6594 JT), Renesas (6723 JT), Kioxia (285A JT), SanDisk (SNDK US), Ryohin Keikaku (7453 JT), Tsuruha (3391 JT), Jins (3046 JT), Koshidaka (2157 JT), Sansan (4443 JT), Institute for Q-Shu Pioneers of Space (5595 JT), MonotaRO (3064 JT), Sony (6758 JT), Micr...
- Julie Boote
PSA Autos / New Mobility: Chinese Automakers Jeopardizing Japanese’ Po...
As Chinese auto manufacturers are aggressively expanding their operations overseas, competition for Japanese assemblers is heating up. Analyst Julie Boote is looking at recent sales developments in key markets and assessing the options of Japanese automakers. Tags: BYD (1211 HK), VW (VOW GR), GM (GM US), Toyota Motor (7203 JT), Honda Motor (7267 JT), Nissan Motor (7201 JT), Renault (RNO FP), Mazda Motor (7261 JT), Suzuki Motor (7269 JT), Mitsubishi Motors (7211 JT), Geely Automobile (175 HK),...
- William Nestuk
QCOM QUALCOMM INC
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
6383 DAIFUKU CO. LTD.
6954 FANUC CORPORATION
6702 FUJITSU LIMITED
6504 FUJI ELECTRIC CO. LTD.
6503 MITSUBISHI ELECTRIC CORP.
6645 OMRON CORPORATION
6268 NABTESCO CORPORATION
6273 SMC CORPORATION
9984 SOFTBANK GROUP CORP.
6506 YASKAWA ELECTRIC CORPORATION
6324 JT HARMONIC DRIVE SYSTEMS
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 10 Oct 2025
This Week’s Food for Thought Summary PSA’s automation and robotics analyst William Nestuk reviews the performance of automation stocks this year and explains why this month, AI has lit a touchpaper to strong performance by names in the sector PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Takaichi's Suprise Win – Is This Really “Pin Your Ears Back” Time for the Nikkei 225? 2. Square Enix (9684 JT): Can Remakes Get it Through to KH4, FFXVII? 3. ...
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 10 Oct: All sorts of worries / Komeito splits from LDP / Vid...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Lindsay Whipp, Hiroyuki Terada and Thao Nguyen Tags: Japan Steel Works (5631 JT), IHI (7013 JT), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Dowa Mining (5714 JT), Taiyo Yuden (6976 JT), Sony (6758 JT), Nikon (7731 JT), Konica Minolta (4902 JT), Fujikura (5803 JT), Yaskawa Electric (6506 JT), Fanuc (6954 JT), Fast Retailing (9983 JT), Nintendo (7974 JT), Take Two (TTWO US), Capcom (9697 JT), Electronic Arts (...
- Pelham Smithers
PSA Technology: Japan’s AI / DC List as AI Robotics Moves Closer to Re...
With the deal between Nvidia, Fujitsu and Yaskawa Electric on the one hand, and with SoftBank Group buying the robotics arm of ABB on the other, the AI story appears finally to be moving on, from being about a closed feedback loop between AI chip / server / data centre providers and hyperscalers / LLM solution providers, to one that incorporates edge computing and other non-data centre hardware. Pelham Smithers discusses the AI technology inftrastucture and the related plays. SoftBank Group (9...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 9 Oct: Up through 48k again / Takaichi power tussles / An AI...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: Omron (6645 JT), Konica Minolta (4902 JT), Softbank Group (9984 JT), ABB (ABBN SW), Nvidia (NVDA US), Fujitsu (6702 JT), Yaskawa Electric (6506 JT), Fujikura (5803 JT), Mitsui Kinzoku (5706 JT), Sumco (3436 JT), Tokyo Electric Power (9501 JT), Fuji Electric (6504 JT), Kioxia (285A JT), SanDisk (SNDK US), C3.ai (AI US), SentinelOne (S US), Qualys (QLYS US), Applied Materials (AMAT US), ASML (A...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 8 Oct: Political headwinds / Unhelpful wage data / Podcast p...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Thao Nguyen and Hiroyuki Terada Tags: Rakuten Bank (5838 JT), SBI Holdings (8473 JT), IHI (7013 JT), MHI (7011 JT), Tokyo Electron (8035 JT), Disco (6146 JT), NEC Corp (6701 JT), Mitsubishi Electric (6503 JT), Fujikura (5803 JT), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Mitsui Kinzoku (5706 JT), Toho Zinc (5707 JT), Toyota Motor (7203 JT), Subaru (7270 JT), Nissan Motor (7201 JT), Sega Sammy (...
- Thao Nguyen
PSA HR & Employment: Timee (215A JT) – A Revisit
The share price of Timee has fallen by over -34% since its FY25 (Oct yr-end) Q3 earnings release aftermarket on 11 Sep. In this report, Thao Nguyen reviews recent developments, provides revised forecasts while keeping her positive stance on the company's prospects unchanged.
- Pelham Smithers
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