reports
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 27 Nov: US rate cut hopes / Considering imminent macro stats...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk and Thao Nguyen Tags: Resonac (4004 JT),Toppan (7911 JT), SoftBank Group (9984 JT), Alphabet (GOOGL US), Nvidia (NVDA US), Kioxia (285A JT), Metaplanet (3350 JT), Remixpoint (3825 JT), Brother Industries (6448 JT), Nexon (3659 JT), Nissan Motor (7201 JT), Nintendo (7974 JT), Sony (6758 JT), Toyota Motor (7203 JT), Toyota Industries (6201 JT), Capcom (9697 JT), Nidec (6594 JT), NEC Corp (6701 JT), SoftBank Group (9984...
- Lindsay Whipp
PSA IT Services – Unpopularity Unwarranted – Sector Report
PSA IT Services – Unpopularity Unwarranted – Sector Report In this report we discuss the overall results for the IT Services sector and then delve into each company in our coverage. Our valuations quadrant on page 9 provides a snapshot of the valuation of each company vs. their growth. It shows that half the companies under our coverage in the IT Service sector feature in the Higher Growth, Lower Valuation segment of the quadrant, underlining the opportunities that the sector still presents.
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 26 Nov: Rebound / Considering Alphabet and Nvidia / Murata s...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk and Thao Nguyen Tags: Socionext (6526 JT), SoftBank Group (9984 JT), Sumco (3436 JT), Ebara (6361 JT), Tepco (9501 JT), Ibiden (4062 JT), Sumitomo Electric (5802 JT), Kioxia (285A JT), Murata Mfg (6981 JT), Apple (AAPL US), TSMC (2330 TT), Nikon (7731 JT), Essilorluxottica (EL FP), Alphabet (GOOGL US), Nvidia (NVDA US), Fujikura (5803 JT), Mitsui Kinzoku (5706 JT), Tokyo Electric Power (9501 JT), JGC (1963 JT), Japan...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 25 Nov: AI, China issues / Oct global console sales / Spot D...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: Kioxia (285A JT), SoftBank Group (9984 JT), Alphabet (GOOGL US), OpenAI, Arm (ARM US), Oracle (ORCL US), Mitsui Kinzoku (5706 JT), Tokyo Electric Power (9501 JT), Japan Steel Works (5631 JT), Meta Platforms (META JT), Nvidia (NVDA US), Eisai (4523 JT), Novo Nordisk (NOVOB DC), Shiseido (4911 JT), Kao Corp (4452 JT), Asics (7936 JT), Sanrio (8136 JT), Isetan Mits...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 21 Nov 2025
Weekly Comment Summary Are there general market lessons to be learned from Nidec’s multifarious accounting problems? There are, says Julie Boote, yet they are commonly overlooked PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Nidec (6594 JT) Accounting Crisis Widens, FY25 Q1 OP & NP Lowered 2. Nintendo’s (7974 JT) Exposure to Rising Memory Chip Prices 3. Sanrio (8136 JT) – Take a Break for a While? 4. Moriya Transportation Engineering & Manufacturing (6226 JT) – Acc...
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 21 Nov: Topix quiet, Nikkei 225 -1200 pts / Oct Nationwide C...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: Nvidia (NVDA US), Mitsui Kinzoku (5706 JT), Furukawa Electric (5801 JT), Sumitomo Metal Mining (5713 JT), Dowa Mining (5714 JT), Metaplanet (3350 JT), Remixpoint (3825 JT), SBI Holdings (8473 JT), Nintendo (7974 JT), Sony (6758 JT),Capcom (697 JT), Konami (9766 JT), Strategy Inc (MSTR US), Konami (9766 JT), Nintendo (7974 JT), Bandai Namco (7832 JT),Square Enix (9684 JT), Koei Tecmo (3635 JT)...
- 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.
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