reports
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 9 May 2025
Weekly Comment Summary Views are mixed concerning the importance of the US / UK trade deal for those two countries. The readthrough for Japan is significant, although not particularly encouraging, says Pelham Smithers PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Square Enix (9684 JT) – Back in Play 2. TKP (3479 JT) (3479 JT) – Conservative Guidance; Improving Shareholder Returns 3. Fujikura (5803 JT) – Record Earnings Out to FY26 4. ...
- Julie Boote
PSA Industrials / Electrical Equipment: Nidec (6594 JT) – What to Look...
Despite presenting a cautious outlook for FY25, investors reacted enthusiastically to Nidec’s FY24 results and FY25 guidance. Nidec shares have been out of favour since the EV bubble burst, but the company’s more balanced product portfolio and its focus on margin expansion as outlined in a solid three-year plan suggest that the company is turning over a new leaf. Analyst Julie Boote is examining the key aspects of changes happening at the motor maker.
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 9 May: 11-day rally / Mar household spending / FY24 Q4s for ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Will Nestuk, Lindsay Whipp and Thao Nguyen Tags: Nintendo (7974 JT), Bandai Namco (7832 JT), Omron (6645 JT), LY Corp (4689 JT), Kakaku.com (2371 JT), Ibiden (4062 JT), NTT Data (9613 JT), Kao Corp (4452 JT), Intermestic (262A JT), TIS Inc (3626 JT), Shiseido (4911 JT), DTS Corp (9682 JT), Renesas (6723 JT), Socionext (6526 JT), Alps Alpine (6770 JT), NTT (9432 JT), NEC Corp (6701 JT), BayCurrent (6532 JT), SBI Sumis...
- William Nestuk
PSA Capital Goods / Electrical Equipment: Fujikura (5803 JT) – Record ...
Data centre [DC] demand (top-line) should be largely unfazed by Trump tariffs, writes analyst William Nestuk. This report provides insights in earnings drivers for Fujikura as it enjoys strong pricing power for its high-margin data centre components and significant order backlog.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
PSA Today 8 May: Topix 10 days up (just), tech optimism returns / NTT...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Lindsay Whipp, Nia Dokova, Hiroyuki Terada and Thao Nguyen Tags: Toyota Industries Corp. (6201 JT), Itochu (8001 JT), NTT Data (9613 JT), NTT Corp (9432 JT), Torii Pharmaceutical (4551 JT), Shionogi (4507 JT), Japan Tobacco (2914 JT), Nvidia (NVDA US), Qualcomm (QCOM US), Kokusai Electric (6525 JT), Disco (6146 JT), Bandai Namco (7832 JT) Nintendo (7974 JT), Fujifilm (4901 JT), Sumco (3436 JT), Mercari (4385 JT), JMD...
- Pelham Smithers
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
PSA Today 7 May: US China trade talk hope / PSA heads up on Sony / Nin...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Lindsay Whipp, Thao Nguyen, Nia Dokova and Hiroyuki Terada Tags: M3 (2413 JT), Nxera (4565 JT), Ono Pharmaceutical (4528 JT), Eisai (4523 JT), Sumitomo Pharma (4506 JT), Shionogi (4507 JT), Otsuka Holdings (4578 JT), Daiichi Sankyo (4568 JT), Torii Pharmaceutical (4551 JT), Japan Tobacco (2914 JT), UBE Corp (4208 JT), Toyota Motor (7203 JT), Mitsubishi Motors (7211 JT), Sony (6758 JT), Warner Music Group (WMG US), H...
- Hiroyuki Terada
PSA Commercial Services: TKP (3479 JT) Initiation Report – Conservati...
Small-cap specialist Hiroyuki Terada initiates on TKP. The firm started its corporate space-sharing business by putting idle real estate to effective use, by leasing space from owners, renovating it as conference rooms, and offering these to corporate customers. It has now built up a nationwide network offering corporate conference and banquet rooms across a range of six quality grades.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 2 May 2025
Weekly Comment Summary The Bank of Japan’s decision to leave interest rates unchanged is understandable in light of the tariff situation, but problematic in terms of the inflation situation, says Pelham Smithers PSA Company Visits, Tours and Interviews Visited: CUC (9158 JT) 1:1 Calls with: M&A Capital Partners (6080 JT), Insource (6200 JT), TKP (3479 JT), Smaregi (4431 JT), Nidec (6594 JT) Presentations at: M&A Research Institute (9552 JT), CUC (9158 JT), TDK (6762 JT), Tokuyama Corp...
PSA Today 2 May: US China talks? / Japan US trade talks Part 2 / MSFT ...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Thao Nguyen, Lindsay Whipp and Nia Dokova Tags: Rakuten Bank (5838 JT), SBI Sumishin (7163 JT), DTS (9682 JT), JVCKenwood (6632 JT), Coca-Cola Bottlers Japan (2579 JT), Seiko Epson (6724 JT), Daito Trust (1878 JT), Japan Airlines (9201 JT), Itoham Yonekyu (2296 JT), Marubeni (8002 JT), Itochu (8001 JT), Mitsubishi Corp (8058 JT), Microsoft (MSFT US), Sony (6758 JT), Nintendo (7974 JT), Take Two (TTWO US), Ford Moto...
- Lindsay Whipp
PSA Research & Consulting Services: BayCurrent (6532 JT) Update 2025
BayCurrent (6532 JT) is a pure-play Japanese IT and management consultancy company which is growing sales faster than the broader market, thanks to robust hiring, and a strategy of increasing the number of its core clients. Increasing hiring by around +20% YoY is limiting utilisation growth, but we expect gradual improvement from FY26. Spending on IT is a long-term investment in efficiency and a solution to labour shortages, both of which need addressing in Japan. This places IT Service sector c...
- Pelham Smithers
PSA Media & Entertainment: Square Enix (9684 JT) – Back in Play
An activist investor in Square Enix is causing the market take note of a business that is on the up, aided by improved game development efficiency and growing profitability of its non-video game businesses. While we are sceptical about the success of the activism, it does add a call option element to the stock which is arguably offering attractive valuations, explains Pelham Smithers.
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
PSA Today 1 May: Gains as BoJ leaves rates unch, dollar, bonds up / Ge...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Thao Nguyen, Nia Dokova and Hiroyuki Terada Tags: Microsoft (MSFT US), Advantest (6857 JT), Socionext (6526 JT), Disco (6146 JT), Hitachi (6501 JT), Hoya (7741 JT), Murata (6981 JT), Alps Alpine (6770 JT), Mitsui OSK Lines (9104 JT), Toyota Motor (7203 JT), Daihatsu (unlisted), Hino Motors (7205 JT), Aisin Corp (7259 JT), Denso (6902 JT), Sony (6758 JT), Nintendo (7974 JT), ZOZO (3092 JT), Olympus (7733 JT), Medtron...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 30 Apr: Good earnings, trade hopes / Macro / Video games / A...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: NEC Corp (6701 JT), Socionext (6526 JT), TDK (6762 JT), Mitsubishi Electric (6503 JT), Hitachi (6501 JT), Sumitomo Pharma (4506 JT), Sumitomo Chemical (4005 JT), Nikon (7731 JT), Square Enix (9684 JT), Sony (6758 JT), Sega Sammy (6460 JT), Stakelogic BV, Koei Tecmo (3635 JT), Akatsuki (3932 JT), Life Create (352A JT), Mitsui OSK (9104 JT), Otsuka Holdings (4578 ...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- William Nestuk
PSA Today 28 Apr: Sentiment uptick / FY24s for Hitachi, NEC / Socionex...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Hiroyuki Terada Tags: Toyota Motor (7203 JT), Toyota Industries (6201 JT), Namura Shipbuilding (7014 JT), Mitsui E&S (7003 JT), Anritsu (6754 JT), Advantest (6857 JT), Disco (6146 JT), Tokyo Seimitsu (7729 JT), ARE Holdings (5857 JT), Shin-Etsu Chemical (4063 JT), Sakura Internet (3778 JT), Daiwa Securities (8601 JT), Japan Exchange (8697 JT), Sumitomo Heavy (6302 JT), Nitto Denko ...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Two-Week Period Covering 11~25 April...
Weekly Comment Summary Two weeks ago, we wrote here about how US trade policy was generating a very “top down” market. Since then, uncertainty has replaced fear, and this has led to a very “bottom up" market, with the winners those delivering good / better-than-expected news, explains Pelham Smithers. PSA Company Visits, Tours and Interviews Visited: TKP (3479 JT), JINS Holdings (3046 JT), Treasure Factory (3093 JT), Koshidaka Holdings (2157 JT) 1-1 Call with: Insource (6200 JT) Presentat...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- William Nestuk
PSA Today 25 Apr: Most of tariff fall recouped now / Tokyo CPI / Analy...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Nia Dokova Tags: Renesas (6723 JT), Fujikura (5803 JT), Furukawa Electric (5801 JT), Nidec (6594 JT), Fujitsu (6702 JT), Hitachi (6501 JT), NEC Corp (6701 JT), Canon (7751 JT), Shin-Etsu Chemical (4063 JT), Zeon Corp (4205 JT), Tokyo Steel (5423 JT), Daiichi Sankyo (4568 JT), Chugai Pharmaceutical (4519 JT), Advantest (6857 JT), Teradyne (TER US), Lam Research (LRCX US), Tokyo Seimi...
- Pelham Smithers
- Julie Boote
- Lindsay Whipp
- Nia Dokova
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 24 April: Tech hardware bid up / April PPI / Nintendo Switch...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Thao Nguyen, Hiroyuki Terada and Nia Dokova Tags: Yaskawa Electric (6506 JT), Fanuc (6954 JT), TDK (6762 JT), Murata (6981 JT), Apple (AAPL US), Renesas (6723 JT), Fujikura (5803 JT), Appier (4180 JT), NTT Data (9613 JT), OpenAI (pvt), Nintendo (7974 JT), Konami (9766 JT), Bandai Namco (7832 JT), Rakuten (4755 JT), AST SpaceMobile (ASTS US), Sega Sammy (6460 JT), Capcom (9697 JT), Koei Tecmo (3635 JT), Konami (9766...
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