reports
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 4 July 2025
Weekly Comment Summary Usually, Japan’s House of Councillors election has little more to offer than curiosity interest. Not this time, as the coalition government risks being in a minority in both houses. Pelham smithers explains. PSA Weekly Contents at a Glance PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Japan Stock Market Strategy:2025 Q3 2. JMDC (4483 JT) – Could Valuations Take a Back Seat in the Current Market? Company / Sector / Thematic Comm...
- Hiroyuki Terada
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 4 July: Tariff dread, US hol curb market / May household spe...
PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen, William Nestuk and Hiroyuki Terada Tags: Ryohin Keikaku (7453 JT), Screen Holdings (7735 JT), Sumco (3436 JT), Shiseido (4911 JT), Socionext (6526 JT), Hino Motors (7205 JT), Nippon Steel (5401 JT), Japan Steel Works (5631 JT), Konami (9766 JT), Capcom (9697 JT), Nintendo (7974 JT), Anycolor (5032 JT), Keyence (6861 JT), Daikin (6367 JT), SMC Corp (6273 JT), Recruit (6098 JT), Bandai Namco (7832 JT), Yaskawa Electric (6506 JT), As...
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 3 July: Waiting on trade talks / Subaru and tariffs / Previe...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Lindsay Whipp Tags: Hino Motors (7205 JT), Nissan Motor (7201 JT), Mazda (7261 JT), Nippon Steel (5401 JT), Kobe Steel (5406 JT), Minebea Mitsumi (6479 JT), Taiyo Yuden (6976 JT), Toho (9602 JT), Konami (9766 JT), Koei Tecmo (3635 JT), Bandai Namco (7832 JT), Cover Corp (5253 JT), Anycolor (5032 JT), Resonac (4004 JT), Kioxia (285A JT), Screen (7735 JT), Advantest (6857 JT), Tokyo Electron (8035 JT), Japan Steel Works (5631 JT), ...
- Lindsay Whipp
PSA Healthcare Technology / Medtech: JMDC (4483 JT) – Could Valuations...
JMDC shares have rallied +56% since 7 April pushing EV/OP above 20x. However, shares are still half of what they were vs the 2021 peak. With the company in good shape to improve margins over the next three years thanks to an improving sales mix and balance of clients, and the IT Service sector being back in vogue in the Japanese market, we think it is possible that valuations might take a back seat.
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 2 Jul: Trump tariff threat dismay / Construction / Wolfspeed...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk and Thao Nguyen Tags: IHI (7013 JT), Namura Shipbuilding (7014 JT), Sumitomo Realty (8830 JT), Sekisui House (1928 JT), Daikin (6367 JT), Tokyo Gas (9531 JT), KDDI (9433 JT), NH Foods (2282 JT), Bandai Namco (7832 JT), Konami (9766 JT), CyberAgent (4751 JT), Amazon.com (AMZN US), Nintendo (7974 JT), Nvidia (NVDA US), Fujikura (5803 JT), Disco (6146 JT), Advantest (6857 JT), Renesas Electronics (6723 JT...
- Julie Boote
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 1 July: Tariff worries / Capcom's rich showcase / The case f...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Thao Nguyen and Hiroyuki Terada Tags: Furukawa Electric (5801 JT), Fujikura (5803 JT), Nintendo (7974 JT), Murata (6981 JT), Toyota Motor (7203 JT), Screen (7735 JT), Lasertec (6920 JT), Kioxia (285A JT), Toho (9602 JT), Capcom (9697 JT), Sega Sammy (6460 JT), Zojirushi (7965 JT), LY Corp (4689 JT), Electronic Arts (EA US), Take Two (TTWO US), Bandai Namco (7832 JT), Konami (9766 JT), Honda Motor (7267 JT), Toyota I...
- Pelham Smithers
PSA Japan Stock Market Strategy for 2025 Q3
As we discussed in our Strategy report published three months ago, four key conditions in place propelled the Japanese stock market higher in 2005 H2. These were (1) cheap valuations, (2) strong earnings growth, (3) BoJ being behind the curve and (4) fund flows going back into Japanese equities (foreign net buying). In our 2 Jan 2025 Japan Perspective, we argue that we were moving towards (but had not yet reached) a situation whereby the first four conditions were being met with sufficient vigou...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
PSA Today 30 Jun: Quarter ends on high note / Industrial production fo...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman and Lindsay Whipp Tags: Toho (9602 JT), Disney (DIS US), SoftBank Group (9984 JT), OpenAI (pvt), Olympus (7733 JT), Sekisui Chemical (4204 JT), Metaplanet (3350 JT), Remixpoint (3825 JT), Ceres (3696 JT), SBI Holdings (8473 JT), GMO Internet Group (9449 JT), Capcom (9697 JT), Gumi (3903 JT), Nintendo (7974 JT), Bandai Namco (7832 JT), Subaru (7270 JT), Mazda Motor (7261 JT), Sony (6758 JT), Sega Sammy (6460 JT), CD Pr...
- Hiroyuki Terada
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for the Week to 27 June 2025
Weekly Comment Summary Sony is facing a class action lawsuit in the Netherlands over its PlayStation ecosystem. While it may not lose the case, this is not good news at a time when positives are starting to disappear. Pelham Smithers assesses the storm clouds gathering over the company. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. DTS (9682 JT) – Don’t Dismiss the Dull in the Age of DX 2. PSA’s Updated Video Game Rankings 3. Small- / Mid-Ca...
- Joel Scheiman
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 27 Jun: Tech propels Nikkei 225 above 40,000 / June Tokyo CP...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk and Thao Nguyen Tags: Disco (6146 JT), Lasertec (6920 JT), TDK (6762 JT), Alps Alpine (6770 JT), Hitachi (6501 JT), Sakura Internet (3778 JT), Datasection (3905 JT), SRE Holdings (2980 JT), PKSHA (3993 JT), Sony (6758 JT), Sega Sammy (6460 JT), Yokohama Rubber (5101 JT), Bridgestone (5108 JT), Timee (215A JT), CyberAgent (4751 JT), Nintendo (7974 JT), Marvelous (7844 JT), Ubisoft (UBI FP), CD Projekt ...
- Pelham Smithers
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
PSA Today 26 June: Nvidia high spurs Japan tech names / Considering IC...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen and Lindsay Whipp Tags: Advantest (6857 JT), SoftBank Group (9984 JT), Tokyo Electron (8035 JT), Ebara (6361 JT), Sumitomo Electric (5802 JT), Resonac (4004 JT), Fujikura (5803 JT), Nvidia (NVDA US), Hitachi (6501 JT), PKSHA (3993 JT), Disco (6146 JT), Shin-Etsu Chemical (4063 JT), Fujimi (5384 JT), Towa Corp (6315 JT), Sakura Internet (3778 JT), Renesas (6723 JT), MHI (7011 JT), KHI (7012 JT), NEC Corp (6701 JT), Nissan...
- Lindsay Whipp
PSA IT Services: DTS Corp (9682 JT) – Don’t Dismiss the Dull in the Ag...
Mid-cap system integrator DTS Corp. (9682 JT) often struggles to capture the imagination of investors. It is not the most exciting of companies and it does not blow its own trumpet. The thing is, it should, because there is a lot to like about the company. Analyst Lindsay Whipp explains.
- Hiroyuki Terada
PSA Small- / Mid-Caps: Quarterly (Mar to May) Results Preview
Tags: Koshidaka Holdings (2157 JT), Curves Holdings (7085 JT), Treasure Factory (3093 JT), TKP (3479 JT), Novarese (9160 JT), Lilycolor (9827 JT) Analyst Hiroyuki Terada provides insights on the next quarterly set of results for the small- / mid-cap companies which we cover.
- Hiroyuki Terada
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 25 Jun: Calmer world, tech stocks up / Japan May services PP...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Thao Nguyen and Hiroyuki Terada Tags: Advantest (6857 JT), Tokyo Electron (8035 JT), Renesas (6723 JT), Wolfspeed (WOLF US), Sumco (3436 JT), Shin-Etsu Chemical (4063 JT), Apple (AAPL US), Taiyo Yuden (6976 JT), Alps Alpine (6770 JT), Namura Shipbuilding (7014 JT), Mitsui Engineering (7003 JT), Naikai Zosen (7018 JT), Furuno Electric (6814 JT), Chugoku Marine Paints (4617 JT), Olympus (7733 JT), Nintendo (7974 JT),...
- Pelham Smithers
PSA Media & Entertainment: PSA's Rankings of Video Game Stocks After A...
This CY25 Q2 has been another tremendous quarter for the Japanese video game sector, driven by the release of the Switch 2. Analyst Pelham Smithers reviews the performance and offerings of the video game stocks PSA covers and delivers his updated rankings.
NVDA NVIDIA CORPORATION
9697 CAPCOM CO. LTD.
9684 SQUARE ENIX HOLDINGS CO. LTD.
9468 KADOKAWA CORPORATION
3932 AKATSUKI INC.
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
9602 TOHO CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
3659 NEXON CO. LTD.
00700 TENCENT HOLDINGS LTD.
EA ELECTRONIC ARTS INC.
6460 JP SEGA SAMMY
21210 MIXI
EMBRAC B EMBRACER GROUP
78320 BANDAI NAMCO
36350 KOEI TECMO
WBD WARNER BROS. DISCOVERY INC.
215A TIMEE INC
- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 24 June: Higher as Middle East tensions ease / Review and ra...
PSA Today Japan Market Comment by Pelham Smithers, William Nestuk, Julie Boote and Thao Nguyen Tags: Lasertec (6920 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), PKSHA (3993 JT), Sakura Internet (3778 JT), Inpex (1605 JT), Ceres (3696 JT), SBI Holdings (8473 JT), Gumi (3903 JT), Remixpoint (3825 JT), Daiichi Sankyo (4568 JT), Nissan Motor (7201 JT), Mitsui Chemicals (4183 JT), Square Enix (9684 JT), Nexon (3659 JT), Capcom (9697 JT), Nintendo (7974 JT), Konami (9766 JT), Sega Sammy (6460...
- Pelham Smithers
- Julie Boote
- Pelham Smithers
- William Nestuk
PSA Today 23 Jun: Mild Iran effect / May manufacturing PMI / Video ga...
PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and William Nestuk Tags: Yamato Holdings (9064 JT), Kioxia (285A JT), Rohm (6963 JT), NTT Data (9613 JT), Renesas (6723 JT), Wolfspeed (WOLF US), Samsung Electric (005930 KS), SK Hynix (000660 KS), TSMC (2330 TT), Screen Holdings (7735 JT), Kokusai Electric (6525 JT), Lasertec (6920 JT), Chugai Pharmaceutical (4519 JT), Toyota Motor (7203 JT), Kandenko (1942 JT), Kinden (1944 JT), Nintendo (7974 JT), Marvelous (7844 JT), Bandai Namco...
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