reports
- Pelham Smithers
PSA Semiconductors: Readthrough from Nvidia’s Q3 Results
While the FY25 Q3 results constituted a beat, they came in quite close to what the share price implied. However, the guidance for Q4 surprised on the upside. Pelham Smithers reviews the performance and outlook, with a readacross to beneficiaries in Japan and the numbers from China.
4062 IBIDEN CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6723 RENESAS ELECTRONICS CORPORATION
6758 SONY CORPORATION
6857 ADVANTEST CORP.
6857 JP ADVANEST
AAPL APPLE INC.
1532533D CAMBRICON TECHNOLOGIES CORP
688256 CAMBRICON TECHNOLOGIES CORP LTD
4062.T IBIDEN CO
AAPL US LTD.
285A JT APPLE INC
KIOXIA CORPORATION (285A JT)
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA Today 20 Nov: Market bounces on Nvidia Q3 results / Nvidia results...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman and Hiroyuki Terada Tags: Nvidia (NVDA US), Sumitomo Pharma (4506 JT), Sompo Holdings (8630 JT), Tokio Marina Holdings (8766 JT), Advantest (6857 JT), Ibiden (4062 JT), Mitsui Kinzoku (5706 JT), Disco (6146 JT), Sumitomo Electric (5802 JT), Fujikura (5803 JT), NEC (6701 JT), Hitachi (6501 JT), Mazda (7261 JT), Panasonic (6752 JT), Sony (6758 JT), Metaplanet (3350 JT), Ceres (3696 JT), SBI Holdings (8473 JT), Sumitomo ...
- Thao Nguyen
PSA Professional Services: Recruit Holdings (6098 JT) – New FY25 Guida...
Analyst Thao Nguyen revises her forecast following Recruit's FY25 guidance upward revision while keeping her positive stance on the company, especially when the share price has underperformed relative to Topix and valuations are low by historical standards.
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 19 Nov: Sideways market, focus on JGBs / Sep machinery order...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Tags: Skylark (3197 JT), Royal Holdings (8179 JT), Kioxia (285A JT), Furukawa Electric (5801 JT), Marvell (MRVL US), ARM (ARM US), Mitsui Kinzoku (5706 JT), JX Advanced Metals (5016 JT), Sumco (3436 JT), Dexerials (4980 JT), Tokyo Ohka Kogyo (4186 JT), Disco (6146 JT), Ebara (6361 JT), Towa Corp (6315 JT), Aeon (8267 JT), Seven & I (3382 JT), Intermestic (262A JT), Jins (3046 JT), Genky DrugStores (9267 JT), Cosmos P...
- Hiroyuki Terada
- Hiroyuki Terada
PSA Specialty Retails: Sanrio (8136 JT) – Take a Break for a While?
With inventories of licensee products mounting on the retail side in the US and Beijing now urging Chinese nationals to refrain from visiting Japan, analyst Hiroyki Terada has reduced his forecasts for FY25~26. However, in anticipation of Sanrio’s Hollywood Movie [schedule for Aug 2028], he has raised his FY27 OP estimates.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA today 18 Nov: Tech selloff broadens, JGB market getting jitters / ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman and Hiroyuki Terada Tags: Luckland (9612 JT), Giftee (4449 JT), Fujikura (5803 JT), Ibiden (4062 JT), Mitsui Kinzoku (5706 JT), Toho (9602 JT), M3 Inc (2413 JT), Shift (3697 JT), BayCurrent (6532 JT), Metaplanet (3350 JT), SBI Holdings (8473 JT), Remixpoint (3825 JT), Kao Corp (4452 JT), Unicharm (8113 JT), Fast Retailing (9983 JT), Shionogi (4507 JT), Chugai Pharmaceutical (4519 JT), Daiichi Sankyo (4568 JT), Tokyo S...
- Pelham Smithers
- Julie Boote
PSA Autos / Electronic Components: Nidec (6594 JT) Accounting Crisis W...
Nidec’s revised FY25 Q1 earnings include large accounting related adjustments. While the investigation into accounting irregularities is ongoing, the newly booked special losses indicate that material changes in financial statements are still possible. Analyst Julie Boote outlines a variety of potential consequences arising from Nidec’s accounting crisis.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 17 Nov: China spat offsets tech rebound / Q3 GDP / Notable ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Dexerials (4980 JT), Kokusai Electric (6525 JT), Towa Corp (6315 JT), Mitsui Kinzoku (5706 JT), Japan Steel Works (5631 JT), Ibiden (4062 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), Sony (6758 JT), Rohm (6963 JT), Socionext (6526 JT), Sanken (6707 JT), Renesas (6723 JT), Kioxia (285A JT), SanDisk (SNDK US), Isetan Mitsukoshi (3099 JT), Shiseido (4911 JT),...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 14 Nov 2025
Weekly Comment Summary The video game industry has grown into a US$200bil behemoth on the back of cheap memory chips. That “cheapness” is suddenly at risk as the AI industry hoovers up the world’s commodity semiconductors., says Pelham Smithers. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Anicom FY25 1H Ahead of Plan 2. M&A Capital Partners (6080 JT): Giant Deals Seem to Be in Pipeline 3. SBI Holdings (8473 JT) to IPO SBI Shinsei Bank 4...
- Pelham Smithers
PSA Media & Entertainment: Might Playing Video Games About to Become U...
The video game industry has grown into a US$200bil behemoth on the back of cheap memory chips. That “cheapness” is suddenly at risk as the AI industry hoovers up the world’s commodity semiconductors. Pelham Smithers discusses.
- Lindsay Whipp
PSA ERP Software / IT Services: Strong FY25 Earnings From PKSHA (3993 ...
Despite a strong FY25 performance, the market seemed focused on the Q4 miss – which had been flagged – sending the shares down a sharp -15% [14 Nov]. The stock is trading on a FY26 EV/OP of 21x based on consensus estimates and 20x based on our existing estimate; this drops to around 16x for FY27. ERP Software / IT Services analyst Lindsay Whipp notes that PKSHA is positioning itself for strong long-term growth and remains positive about the company’s prospects.
- Pelham Smithers
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 14 Nov: Wall Street triggers sharp rotation / China macro / ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: SoftBank Group (9984 JT), Fujikura (5803 JT), Furukawa Electric (5801 JT), Tokyo Electric Power (9501 JT), MHI (7011 JT), Ebara (6361 JT), Kioxia (285A JT), SanDisk (SNDK US), PKSHA (3993 JT), Rakuten Group (4755 JT), Sharp (6753 JT), Panasonic (6752 JT), Nissan Motor (7201 JT), Yokohama Rubber (5101 JT), Sapporo Holdings (2501 JT), Oriental Land (4661 JT), Kao Corp (4452 JT), ...
- Julie Boote
PSA Autos: Toyota Industries (6201 JT) More Pressure on Toyota Group a...
Toyota Industries’ buyout proposal met with much resistance among minority shareholders when details were announced in June. Analyst Julie Boote discusses the chances of a more favourable deal being offered, now that activist investor Elliott Management has entered the scene, challenging the Toyota Group over the acquisition price and transparency.
- Pelham Smithers
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 13 Nov: Another new high for Topix / Results: Q2s for Kioxia...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Thao Nguyen and Hiroyuki Terada Tags: Dexerials (4980 JT), M3 (2413 JT), Buffalo (6676 JT), SWCC (5805 JT), KYB (7242 JT), Isuzu (7202 JT), Haseko (1808 JT), PeptiDream (4587 JT), Skylark (3197 JT), NHK Spring (5991 JT), V Technology (7717 JT), Nissan Motor (7201 JT), Mazda (7261 JT), Paris Miki (7455 JT), Sanyu Construction (1841 JT), Outlook Consulting (5596 JT), Star Micronics (7718 JT), Decollte Holdings (7372 JT...
- Pelham Smithers
PSA Media & Entertainment: Risks and Opportunities in Video Game Stock...
With most Japanese video game stocks having reported their September quarter results, the general picture is a positive one. Pelham Smithers reviews the recent performance and ranks the 20 Japanese Video Game stocks, highlighting what to look out – both positive and negative.
- Hiroyuki Terada
PSA Financial Services / Capital Markets: M&A Capital Partners (6080 J...
With the proportion of large-sized deals rising +3.4ppts QoQ in the Q4, and with management noting that there are several large commission (¥500mil+) deals in the pipeline, analyst Hiroyuki Terada reviews MACP’s FY26 outlook. He also revises his forecasts and introduces his FY28 numbers. The stock offers both value and growth.
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