reports
- Joel Scheiman
- Julie Boote
- Nicky Karanasou-Demertzi
- Pelham Smithers
PSA Today 5 Mar: Rise in oil takes shine off rebound / Opportunities f...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi and Julie Boote Tags: Inpex (1605 JT), ENEOS (5020 JT), Capcom (9697 JT), Koei Tecmo (3635 JT), Nexon (3659 JT), Anritsu (6754 JT), Viavi Solutions (VIAV US), Exponent (EXPO US), Shin-Etsu Chemical (4063 JT), Westlake Corp (WLK US), JX Advanced Metals (5016 JT), Suzuki Motor (7269 JT), Maruti Suzuki (MSIL IN) Main Points Continued rise in oil prices takes shine off market rebound Anritsu bucking ma...
- Hiroyuki Terada
- Pelham Smithers
PSA Media & Entertainment: Japanese Video Games Industry Outlook
The Japanese video game sector joined in the global sell-off in video game stocks that has been in place since mid-2025. However, the sector put in a decent set of numbers in 2025 Q4, and has got off to a good start in 2026. We remain wary of the impact of higher memory chip prices, but view AI concerns as misplaced, at least when it comes to content producers. Several Japanese video game stocks have potential hits in 2026, but one stock stands out. Tags: Betashares Video Game and Esports ETF ...
- Julie Boote
- Pelham Smithers
- Thao Nguyen
PSA Today 4 Mar: Another slump lower / Impressive launch sales for Res...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Tags: Renesas (6723 JT), Torex Semiconductor (6616 JT), Kyowa Kirin (4151 JT), Amgen (AMGN US), Sony (6758 JT), Nintendo (7974 JT), Bandai Namco (7832 JT), Square Enix (9684 JT), Capcom (9697 JT), Nidec (6594 JT), Netflix (NFLX US), Take Two Interactive (TTWO US), Timee (215A JT) Main Points Shares continue to slump as Iran quagmire feared, oil surges Resident Evil Requiem launch sales hit 5mil, +60% on previou...
- Julie Boote
PSA Electronic Components: Nidec (6594 JT) Releases Results of Third-P...
On 3 March, Nidec (6594 JT) presented some interim findings of its Third-Party Committee investigation into the firm’s accounting misconduct, and top management followed up a press conference an hour later. Analyst Julie Boote reviews the findings thus far, discusses the consequences – both organisational and financial – and considers what could be next for the motor maker.
- Hiroyuki Terada
- Joel Scheiman
- Pelham Smithers
- Thao Nguyen
PSA Today 3 Mar: Broad selloff / Rising costs to exporters, with read ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen and Hiroyuki Terada Tags: JX Advanced Metals (5016 JT), Nitto Boseki (3110 JT), Resonac (4004 JT), Kioxia (285A JT), Mitsubishi Gas Chemical (4182 JT), KDDI (9433 JT), Aeon (8267 JT), Sapporo Holdings (2501 JT), Cosmos Pharmaceutical (3349 JT), Osaka Gas (9532 JT), Tokyo Gas (9531 JT), Apple (AAPL US), TDK (6762 JT), Taiyo Yuden (6976 JT), Murata (6981 JT), Sony (6758 JT), Toyota Motor (7203 JT), Mazda Motor (7261 JT)...
- Joel Scheiman
- Julie Boote
- Pelham Smithers
PSA Today 2 Mar: Lower on Iran, AI bottleneck, Defense plays gain / Vi...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Joel Scheiman Tags: Fujikura (5803 JT), Furukawa Electric (5801 JT), Resonac (4004 JT), Mitsui Kinzoku (5706 JT), Unitika (3103 JT), AIMECHATEC (6227 JT), Nitto Boseki (3110 JT), Inpex (1605 JT), Japex (1662 JT), JX Advanced (5016 JT), ENEOS (5020 JT), Suzuki Motor (7269 JT), Nissan Motor (7201 JT), Mitsubishi Motors (7211 JT), Isuzu Motors (7202 JT), Mazda Motor (7261 JT), Bridgestone (5108 JT), Yokohama Rubber (5101 JT), Sumit...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Weekly Research Round-Up to 27 February 2026
Weekly Comment Summary At Japan’s one-time “Zombie” companies, schadenfreude comes at a precise temperature and a HALO effect. Pelham Smithers highlights the once given up for dead companies of old that have come back to life thanks to AI. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Japanese Autos: Earnings Recovery in FY26, but Not an Easy Ride. Company / Sector / Thematic Comments Technology: Consumer Electronics, Gaming 1. Video Games Round-...
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 27 Feb: Record highs /Small improvements in eco data / Rapid...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen, William Nestuk and Hiroyuki Terada Tags: Nvidia (NVDA US), Atlassian (TEAM US), GoDaddy (GDDY US), Visional (4194 JT), PKSHA (3993 JT), NRI (4307 JT), BayCurrent (6532 JT), Disco (6146 JT), Advantest (6857 JT), Tokyo Electron (8035 JT), Tokyo Seimitsu (7729 JT), Screen (7735 JT), Shin-Etsu Chemical (4063 JT), Tokuyama (4043 JT), Nissan Chemical (4021 JT), Sony (6758 JT), Nintendo (7974 JT), Capcom (9697 JT), Konami (97...
- Julie Boote
PSA Autos / New Mobility: Japanese Automakers – Earnings Recovery in F...
Tags: Toyota Motor (7203 JT), Honda Motor (7267 JT), Sony (6758 JT), Nissan Motor (7201 JT), Subaru (7270 JT), Suzuki Motor (7269 JT), Mazda Motor (7261 JT), Mitsubishi Motors (7211 JT), Hino Motors (7205 JT), GM (GM US), Renault (RNO FP), Maruti Suzuki (MSIL IN) It has been a dismal fiscal year for Japanese OEMs given the slew of factors weighing on profits, yet the performance of the auto stocks have not fallen in tandem with the decline in earnings. Analyst Julie Boote reviews the auto compa...
- Lindsay Whipp
PSA Enterprise Software / IT Services: Japanese vs Global SaaS Giant V...
Tags: Adobe (ADBE US), Workday (WDAY US), Atlassian (TEAM US), Salesforce (CRM US), SAP (SAP GEY), Oracle (ORCL US), ServiceNow (NOW US), Visional (4194 JT), Appier (4180 JT), Sansan (4443 JT), PKSHA (3993 JT), SRE Holdings (2980 JT), Obic (4684 JT), JMDC (4483 JT), Fujitsu (6702 JT),ExaWizards (4259 JT), Money Forward (3994 JT) This is an extended version of an article from the 26 February PSA Today, in which analyst Lindsay Whipp notes that Japanese Saas valuations are on par with global Saa...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 26 Feb: Bargain hunting / Read across from Nacon's insolvenc...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen, Lindsay Whipp and Joel Scheiman Tags: Shift (3697 JT), NRI (4307 JT), NEC Corp (6701 JT), BayCurrent (6532 JT), Nvidia (NVDA US), Tokyo Electron (8035 JT), Advantest (6857 JT), Kioxia (285A JT), Sony (6758 JT), Nintendo (7974 JT), Capcom (9697 JT), Konami (9766 JT), Nexon (3659 JT), Metaplanet (3350 JT), SBI Holdings (8473 JT), SBI Shinsei Bank (8303 JT) AIMECHATEC (6227 JT), Nittobo (3110 JT), JX Advanced Metals (5016...
- Pelham Smithers
- Hiroyuki Terada
- Joel Scheiman
- Lindsay Whipp
- Pelham Smithers
PSA Today 25 Feb: N225 at new ATH, AI bounces back / What to look for ...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Lindsay Whipp and Hiroyuki Terada Tags: MHI (7011 JT), IHI (7013 JT), Toyo Engineering (6330 JT), Daiichi Kigenso (4082 JT), BayCurrent (6532 JT), JX Advanced Metals (5016 JT), Union Tool (6278 JT), Mitsui Kinzoku (5706 JT), Nitto Boseki (3110 JT), Unitika (3103 JT), AIMECHATEC (6227 JT), Kioxia (285A JT), SanDisk (SNDK US), Advanced Micro Devices (AMD US), Meta Platforms (META US), Advantest (6857 JT), Disco (6146 JT), Tokyo Ele...
- Joel Scheiman
- Julie Boote
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
PSA Today 24 Feb: Manufacturing trounces services / Video games update...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi, Thao Nguyen and Julie Boote Tags: CrowdStrike (CRWD US), Corning Glass (GLW US), Kioxia (285A JT), JX Advanced Metals (5016 JT), Renesas (6723 JT), Towa (6315 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), Murata (6981 JT), Koa Corp (6999 JT), Nihon Dempa Kogyo (6778 JT), Sakai Chemical (4078 JT), Union Tool (6278 JT), Nitto Boseki (3110 JT), Trend Micro (4704 JT), BayCurrent (6532 JT), IBM (IBM U...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 20 February 2026
Weekly Comment Summary While CY25 Topix OP/Unit ended up close to expectations, sell side analysts have hiked forecasts, considerably reducing market earnings valuations. However, that risks setting the market up for disappointment at the next earnings season. Pelham Smithers discusses PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Square Enix (9684 JT) FY25 Outlook and Beyond – Dragon Quest VII Reimagined Adds to Cost Cutting Story Company / Sector / Themat...
- Joel Scheiman
- Julie Boote
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 20 Feb: Lower on oil, war fears / Japan's CPI / Sega Sammy'...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Nicky Karanasou-Demertzi, William Nestuk and Thao Nguyen Tags: Toyota Motor (7203 JT), Isuzu Motors (7202 JT), Hino Motors (7205 JT), Rigaku Electronics (268A JT), Meiko Electronics (6787 JT), Mitsui Kinzoku (5706 JT), Japan Electronic Materials (6855 JT), Union Tool (6278 JT), Nitto Boseki (3110 JT), Resonac (4004 JT), Sumitomo Electric Industries (5802 JT), Unitika (3103 JT), Towa Corp (6315 JT), Kokusai Electric (...
- Pelham Smithers
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 19 Feb: Up on AI rebound, US nuclear power hopes / Big impl...
PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, William Nestuk and Thao Nguyen Tags: Kokusai Electric (6525 JT), Ulvac (6728 JT), Tokyo Seimitsu (7729 JT), Kioxia (285A JT), Micron (MU US), SanDisk (SNDK US), Sumitomo Electric (5802 JT), Furukawa Electric (5801 JT), Sumitomo Metal Mining (5713 JT), Dowa Holdings (5714 JT), Japan Steel Works (5631 JT), Hitachi (6501 JT), Kimura Chemical Plants (6378 JT), Murata (6981 JT), Taiyo Yuden (6976 JT), TDK (6762 JT), Visio...
- Pelham Smithers
PSA Media & Entertainment: Square Enix (9684 JT) FY25 Outlook and Beyo...
Square Enix’s FY25 results are being held up by aggressive cost cutting, rather than revenue growth. Q3 profit fell sharply on weak sales, but expenses dropped enough to keep full year OP guidance rising. DQ7 Reimagined launched better overseas than in Japan, but overall remake fatigue persists. Upcoming releases are light, with no mainline FF or DQ expected until FY27. Pelham Smithers discusses the issues the firm faces and provides his earnings model through to FY27.
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