The Must Read PSA Weekly Research Round-up (week to 14 August)
Reports / Flash Notes Summaries
1. Introducing Six Japanese Semiconductor Value Chain Specialists
AI is rewriting the semiconductor playbook, pushing demand toward the materials and processes that make cutting edge chips possible. At the core of this shift stand six Japanese powerhouses within the value chain, commanding dominant global positions in their respective fields. Analyst Natsuko Douglas introduces six Japanese companies in the semiconductor value chain whose expertise ensures that the industry can continue advancing at the pace AI now demands.
Company News / Insights
China’s YMTC overtakes Kioxia in NAND
Kioxia readthrough from SanDisk investor day
Both Lumentum and Coherent cite concerns on InP bottleneck – read across to JXAM and SEI
Fujikura up in record trading volume
Potential IHI defence positive
Tata Tech to develop some platforms for Honda
Industry Insights
Global memory chip makers filling over half of production on LTAs – Chosun Daily
Opportunities abound in video game stocks after cracking quarter
Tungsten carbide price hikes
Company Previews / Results
Square Enix FY26 Q1 OP +89% YoY
Nexon FY26 Q2 OP -17% YoY
Rasa Industries FY26 Q1 OP + 37% YoY
Ebara Q2 below expectations
Archion reports first set of FY26 Q1 results; benefits from product availability, pricing
IIJ FY26 Q1 results: OP short of consensus but sales beat
ExaWizards FY26 Q1 misses consensus
PKSHA FY26 Q3 miss consensus
Appier revises up FY26 CE
Trend Micro cuts full-year FY26 CE
Rakuten Group sees record-high Q2 sales and first PTP in 8-years
Sanrio’s FY26 Q1 OP fails to impress
Cover Corp’s FY26 Q1 OP -33% YoY
No change to Dentsu’s FY26 CE
Istyle’s FY26 actual earnings and FY27 earnings guidance beat
The Weekly Comment by Pelham Smithers
Listed Japan had a very solid 2026 Q2. Topix EBIT grew +21% YoY, up from +16% YoY in 2026 Q1. At 8.1%, OPM was the highest for a Q2 since Japan went to consolidated accounting in 1994.
Japan Market Strategist Pelham Smithers reviews what is behind the solid performance and considers the factors ahead that might disrupt the Goldilocks scenario Japan finds itself in.
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Opportunities Abound in Video Game Stocks After Cracking Quarter
2. Square Enix FY26 Q1 OP +89% YoY
3. Nexon FY26 Q2 OP -17% YoY
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Global Memory Chip Makers Filling Over Half of Production on LTAs – Chosun Daily
5. China’s YMTC Overtakes Kioxia in NAND Output – Counterpoint
6. Kioxia Readthrough from SanDisk Investor Day
Chemicals / Materials
7. Further Tungsten Carbide Price Hikes
8. Rasa Industries: FY26 Q1 OP +37% YoY
9. Both Lumentum and Coherent Cite Concerns on InP Bottleneck – Read Across to JXAM and SEI
Autos / New Mobility
10. Tata Tech to Develop Some Platforms for Honda 13
11. Archion Reports FY26 Q1 Earnings
Capital Goods / Machinery
12. Fujikura Up in Record Trading Volume
13. Potential IHI Defence Positive
14. SEI Up on InP Demand
15. Ebara FY26 Q2 Below Expectations
Internet / eCommerce
16. Rakuten Group Achieves Record-High Q2 Sales and First PTP in 8-Years
17. Sanrio’s FY26 Q1 OP Fails to Impress
18. Cover’s FY26 Q1 OP -33% YoY
19. Trend Micro Cuts FY26 Earnings Targets
20. Istyle’s FY26 Actual Earnings and FY27 Earnings Guidance Beat
21. Dentsu’s FY26 Guidance Unchanged
Enterprise Software / IT Services
22. ExaWizards FY26 Q1 Preview / Results
23. IIJ FY26 Q1 Results: OP Short of Consensus but Sales Beat
24. PKSHA FY26 Q3 Short of Consensus
25. Appier Revises UP FY26 Forecasts
*If you would like access to the full weekly the reports highlighted, or the full Weekly (which includes the full comment) and if you would like to see the list of reports produced YTD, please contact our sales team.
You can also find PSA research on FactSet, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, Bloomberg (under PSAZ < GO> or by typing in the < stock code> equity CN PSA), FactSet, Alpha Sense, Independent Research Forum.
.
