reports
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 5 December 2025
Weekly Comment Summary Ahead of the video game ‘Game of the Year’ awards, Pelham Smithers celebrates the high quality of global game releases for 2025. He notes that while the $80 per game price point has been reached in some cases, games need not be this expensive to be fantastic. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. MARI (9552 JT) – Reborn? Early to Judge 2. TKP’s (3479 JT) Core Business & Novarese Both Doing Well 3. Net Protections...
- Pelham Smithers
PSA Media & Entertainment: Video Games Round-Up
We are now at the point in the calendar at which video game companies have usually already released their big titles for the holiday season, so new game releases are thin on the ground. Pelham Smithers reviews the most recent data and what to watch out for at next week’s Game Awards 2025.
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 5 Dec: Shares slide as yen up / Sharp Oct household spending...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Tags: Ibiden (4062 JT), SoftBank Group (9984 JT), Japan Steel Works (5631 JT), Mitsui Kinzoku (5706 JT), Sumco (3436 JT), Fujikura (5803 JT), Screen Holdings (7735 JT), Renesas (6723 JT), JX Advanced Metals (5016 JT), Trend Micro (4704 JT), Mazda (7261 JT), Suzuki (7269 JT), Toyota Motor (7203 JT), GS Yuasa (6674 JT), Denso (6902 JT), Bridgestone (5108 JT), Sumitomo Rubber (5110 JT), UMC Electronics (6615 JT), ZYT (p...
- Hiroyuki Terada
- Pelham Smithers
PSA Technology: 2025 Q3 Global SPE Shipments Rise +11% YoY
While +11% growth is a decent enough showing for 2025 Q3 SPE global shipments, it pales by comparison with semiconductor shipment growth. In fact, the ratio of SPE to IC spend for the quarter, at 16.1%, is the lowest since 2000 Q4, when semiconductor prices were boosted by the Covid lockdown. Unusually, this has happened when demand from China has been strong, since that usually equates to a high SPE : IC spend ratio. This time around, though, the story is about pricing, rather than the industry...
- Lindsay Whipp
PSA Professional Services / HR & Employment Services: Visional (4194 J...
Visional has consistently beaten quarterly consensus OP estimates in all but three quarters since FY22 (Jul yr-end) Q2 and it has come in ahead of its own annual OP forecasts every year since FY22 as well. The recruitment platform operator will announce its FY26 Q1 results on 11 Dec. Although we think that it is more likely to meet than beat on OP due to investments for growth, we are optimistic that it will outperform later in the year and surpass its full-year forecasts once more. Trading on a...
- Thao Nguyen
PSA Financial Services / Consumer Finance: Net Protections Holdings (...
The share price of Net Protections has fallen -29% following its quarterly earnings release on 14 Nov. Analyst Thao Nguyen reviews the results and provides forecast for the FY25~27 period while keeping her positive stance on the company.
- Hiroyuki Terada
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 4 Dec: Healthy bond auction, robotics focus, deliver strong ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: Medtronic (MDT US), Fanuc (6954 JT), Yaskawa Electric (6506 JT), SoftBank Group (984 JT), Keyence (6861 JT), Kawasaki Heavy (7012 JT), Omron (6645 JT), Taiyo Yuden (6976 JT), SMC (6273 JT), Rohm (6963 JT), Murata (6981 JT), Renesas (6723 JT), Harmonic Drive Systems (6324 JT), Nabtesco (6268 JT), Nippon Thompson (6480 JT), Nachi-Fujikoshi (6474 JT), Hamamatsu Photonics (6965 JT), Cyberdyne (7...
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 3 Dec: Marvell guidance revitalises AI plays / Growing impac...
PSA Today Japan Market Comment by Pelham Smithers, William Nestuk, Julie Boote and Thao Nguyen Tags: Marvell Technology (MRVL US), Amazon (AMZN US), Mitsui Kinzoku (5706 JT), Ibiden (4062 JT), SoftBank Group (9984 JT), Renesas (6723 JT), SiTime (STIM US), Sanrio (8136 JT), Shiseido (4911 JT), Bandai Namco (7832 JT), Ryohin Keikaku (7453 JT), Askul (2678 JT), PeptiDream (4587 JT), Seagate (STX US), Western Digital (WDC US), Buffalo (6676 JT), SanDisk (SNDK US), Pure Storage (PSTG US), Kioxia (2...
- Pelham Smithers
- Hiroyuki Terada
PSA Financials / Capital Markets: MARI (9552 JT) – Reborn? Early to J...
Although MARI’s operation of its M&A brokerage business has been improving, increased costs in its Consulting business, which we expect to be loss-making for a while, suggest to analyst Hiroyuki Terada that it is too early days to judge whether it will prove successful.
- William Nestuk
PSA Technology: Is Robotics to be Part of the Current Semiconductor Bo...
News that Fanuc (6954 JT) is integrating Nvidia’s (NVDA US) robotic tools into its own software solutions is a reminder that, for all the focus on where large language models like ChatGPT can take us, these solutions remain very much in the virtual realm. The next big breakthrough in AI would come when such models can deliver fully spatially aware, autonomous mobile products, be these self-drive cars or industrial robots, and to do so at a price and quality that is commercially viable. Analysts ...
NVDA NVIDIA CORPORATION
GOOGL ALPHABET INC. CLASS A
6324 HARMONIC DRIVE SYSTEMS INC.
5803 FUJIKURA LTD
6954 FANUC CORPORATION
6702 FUJITSU LIMITED
6141 DMG MORI CO. LTD.
6701 NEC CORP.
6268 NABTESCO CORPORATION
6506 YASKAWA ELECTRIC CORPORATION
SIE SIEMENS AG
6324 JT HARMONIC DRIVE SYSTEMS
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 2 Dec: Sentiment improves, nerves still / Robotics to be par...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk and Thao Nguyen Tags: Fanuc (6954 JT), Nvidia (NVDA US), Sumitomo Electric (5802 JT), Taiyo Yuden (6976 JT), NEC Corp (6701 JT), Fujikura (5803 JT), Murata (6981 JT), Fujitsu (6702 JT), Kioxia (285A JT), SanDisk (SNDK US), Hoya (7741 JT), Dexerials (4980 JT), Asahi Kasei (3407 JT), Teijin (3401 JT), Nippon Electric Glass (5214 JT), Nitto Boseki (3110 JT), Alphabet (GOOGL US), Yaskawa (6506 JT), Nabtesco (6268 JT), Ha...
- Julie Boote
- Pelham Smithers
- William Nestuk
PSA Today 1 Dec: Poor day on bond market, data reactions / Soaring Q2...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and William Nestuk Tags: Mitsui Fudosan (8801 JT), Daiwa House (1925 JT), Hibiya Engineering (1982 JT), Sanki Engineering (1961 JT), Canon Electronics (7739 JT), Canon (7751 JT), Fujikura Composites (5121 JT), SBI Aruhi (7198 JT), Nippon Steel (5401 JT), NS Solutions (2327 JT), Osaka Steel (5449 JT), Nidec (6594 JT), SoftBank Group (9984 JT), Eneos (5020 JT), Sompo Holdings (8630 JT), SBI Holdings (8473 JT), Kajima (1812 JT), Astel...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 28 Nov 2025
Weekly Comment Summary Does Japan Have a Jobs Creation Problem? One of the big improvements delivered by Abenomics was the ability of workers to find a job. According to Pelham Smithers, the latest employment data, though, suggests that this may not be the case for much longer. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Automakers: No Reprieve in FY25 H2 2. Amvis Holdings (7071 JT) Dawn Is Near; after Q1 3. PSA IT Services – Unpopularity Unwarranted – Sector Re...
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 28 Nov: Cyclical breather day / Genki macro / Nintendo Switc...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, William Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Mitsui E&S (7003 JT), Okuma (6103 JT), Kioxia (285A JT), Kokusai Electric (6525 JT), Tokyo Electron (8035 JT), Screen Holdings (7735 JT), JX Advanced Metals (5016 JT), Kokusai Electric (6525 JT), Tokyo Electron (8035 JT), Screen Holdings (7735 JT), Nintendo (7974 JT), Nexon (3659 JT), Tri Chemical Laboratories (4369 JT), Timee (215A), Canon (7751 JT), Canon Elec...
- Julie Boote
PSA Autos / New Mobility: Automakers - No Reprieve in FY25 H2
After the generally poor FY25 HI results posted by Japan's auto assemblers, what will the H2 picture look like? In this report, Julie Boote discusses the key earnings drivers and the outlook for individual assemblers; she concludes that FY25 will not be good, after what was an unsatisfactory FY24.
- 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.
- 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...
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