reports
- Thao Nguyen
PSA Internet / eCommerce: The Rise of GenAI Apps in Japan
Japan’s Generative AI app market accelerated sharply in 2025, led by AI Assistant apps, with downloads up +126% YoY and in app purchase (IAP) revenue surging 329% YoY. ChatGPT dominated the category, ranking No.1 among GenAI apps by both downloads and IAP revenue. It is also the top non game app by downloads in Japan. Despite rapid adoption, domestic developers remain under represented, creating a strategic opportunity for ecosystem embedded players. Analyst Thao Nguyen highlights Rakuten as a b...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 28 Jan: AI wins edge out FX-linked losses / Advantest's Q3 /...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Thao Nguyen, Lindsay Whipp and Nicky Karanasou-Demertzi Tags: Meta (META US), Corning (GLW US), Fujikura (5803 JT), Furukawa Electric (5801 JT), NTT (9432 JT), Sumitomo Electric (5802 JT), JX Advanced Metals (5016 JT), Toho Zinc (5707 JT), Kioxia (285A JT), AGC (5201 JT), Nippon Sheet Glass (5202 JT), Resonac (4004 JT), Unitika (3103 JT), Qualcomm (QCOM US), Renesas (6723 JT), Texas Instruments (TXN US), ASML (ASML N...
- Pelham Smithers
- Julie Boote
PSA Autos / New Mobility: Honda Motor's (7267 JT) Auto Business in Tro...
Honda’s Auto operations are under pressure, as extraordinary factors, as well as fundamental company-specific issues, are weighing on profits. Auto sales have fallen substantially over the last two years as Honda is struggling with its market positioning and product line-up. Analyst Julie Boote notes that business risks in both the Auto and the (currently successful) Motorcycle division suggest that a longer lasting recovery following the write-off year FY25 might not be on the cards.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 27 Jan: IC, SPE, commodity plays boosts market ahead of res...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Will Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: Kokusai Electric (6525 JT), Advantest (6857 JT), Resonac (4004 JT), Fanuc (6954 JT), Yaskawa Electric (6506 JT), Dowa Holdings (5714 JT), Sumitomo Metal Mining (5713 JT), Koei Tecmo (3635 JT), Capcom (9697 JT), Konami (9766 JT), Sony (6758 JT), Nintendo (7974 JT), Suzuki Motor (7269 JT), Maruti Suzuki (MSIL IN), Mitsubishi Chemical Group (4188 JT), Asahi Kasei (34...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 26 Jan: Intervention fears, poor polling, weak US$ / Electio...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Will Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: Nitori (9843 JT), Sapporo (2501 JT), Nichirei (2871 JT), Disco (6146 JT), Socionext (6526 JT), Kokusai Electric (6525 JT), Kioxia (285A JT), Advantest (6857 JT), Toho Zinc (5707 JT), Dowa Holdings (5714 JT), Sumitomo Metal Mining (5713 JT), Capcom (9697 JT), Sony (6758 JT), Fujitsu (6702 JT), Nitto Boseki (3110 JT), Toyota Motor (7203 JT), Honda Motor (7267 JT), Nintendo (7974 JT...
- Lindsay Whipp
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 23 January 2026
Weekly Comment Summary The AI data centre [DC] theme was all the rage in the market during Sep~Oct 2025, but interest cooled off as worries resurfaced over the possible limits to DC capex. William Nestuk looks at catalysts that could revive interest in the cable stocks that have fallen and warns where caution might be required. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 3 1. SRE Holdings (2980 JT) – Building Profits and Data at Attractive Valuations 2. ...
- Hiroyuki Terada
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 23 Jan: Shares up, bond yields down / Considering Japan's in...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Will Nestuk, Thao Nguyen and Hiroyuki Terada Tags: Intel (INTC US), Advantest (6857 JT), Tokyo Seimitsu (7729 JT), Disco (6146 JT), Kioxia (285A JT), Kokusai Electric (6525 JT), Nintendo (7974 JT), Capcom (9697 JT), Konami (9766 JT), Sony (6758 JT), Nexon (3659 JT), Tokyo Electric Power (9501 JT), Japan Steel Works (5631 JT), MHI (7011 JT), IHI (7013 JT), Toyota Industries (6201 JT), Elliott Investment Management (pvt), Toyota Moto...
- Pelham Smithers
PSA Semiconductor Production Equipment: Advantest (6857 JT) FY25 Q3 Pr...
Advantest reports its FY25 Q3 results on 28 Jan, and following two blowout quarters, the question is very much can they do a “threepeat”? According to Bloomberg, consensus thinking is “no”. Analyst Pelham Smithers thinks differently.
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 22 Jan: Chip-focused market / Advantest FY25 Q3 preview / Na...
PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen, William Nestuk, Joel Scheiman, Julie Boote and Lindsay Whipp Tags: Disco (6146 JT), Kioxia (285A JT), SanDisk (SNDK US), ARM Holdings (ARM US), SoftBank Group (9984 JT), Ferrotec (6890 JT), Sumco (3436 JT), Screen (7735 JT), Tokyo Seimitsu (7729 JT), Nitto Boseki (3110 JT), Toto (5332 JT), Nikon (7731 JT), Tokyo Electric Power (9501 JT), Japan Steel Works (5631 JT), Furukawa Electric (5801 JT), Daiichi Kigenso (4082 JT), Toyo Engin...
- Thao Nguyen
PSA Internet / eCommerce: Rakuten (4755 JT) – Agentic AI as a Catalyst...
Rakuten’s AI strategy has evolved from experimentation to generating tangible impacts. Analyst Thao Nguyen explains what distinguishes Rakuten from both global and domestic peers and the firm’s commitment to provide AI for everyone and how that translates into earnings.
- Pelham Smithers
- 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%.
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