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So far PSA has created 390 blog entries.

Sept 11

Sept 11

PSA2026-09-17T13:30:39+00:00

Highlights this week: Hitachi has developed a symbiosis between its main AI product, Lumada, & its Energy and Mobile divisions, which is generating a positive feedback loop between the three. Furthermore, the Energy business is in hyperdrive, because not only is it being revolutionized by AI, but demand for its energy grid services is also booming because of AI. Pelham reviews the outlook and updates his earnings model. Meanwhile, Lindsay looks at the IT Service sector which showed stronger sales growth than margin improvement….

Sept 11PSA2026-09-17T13:30:39+00:00

Sept 04

Sept 04

PSA2026-09-17T13:12:26+00:00

Highlights this week: A constituent of the PSA 2026 Q3 Focus List, small-cap software solutions firm Fixstars disappointed the market with a weaker FY26 Q3 than hoped for. However, in his latest update, analyst Pelham notes that the underlying growth remains impressive. Its involvement in the Qualcomm robotics centre project should help address a key issue we have with the firm, which is awareness in the business community. Also Pelham discusses the impact on earnings from Hitachi’s expanding offerings in its HMAX range of services…..

Sept 04PSA2026-09-17T13:12:26+00:00

Aug 21

Aug 21

PSA2026-09-17T13:12:09+00:00

Highlights this week: Advanced materials analyst Nicky provides details of several key technological developments discussed at the IEEE’s [Institute of Electrical and Electronics Engineers] Hot Interconnects Conference. Of note was Meta’s AI networking architecture and photonic computing firm Lightmatter's insights on the vital role photonics plays in scale-up systems. Lindsay reports back on her email exchange with ExaWizards discussing the sharp drop in the FY26 Q1 GPM and what to expect going forward.

Aug 21PSA2026-09-17T13:12:09+00:00

Aug 14

Aug 14

PSA2026-08-27T14:28:01+00:00

Highlights this week: With the bulk of results out of the way, analyst Pelham assesses the big picture for Japan’s gaming stocks, highlighting his top picks and noting which firms he remains negative on. Also in this note is a recap of the recent results comments. Internet Initiative Japan has reported its FY26 (Mar yr-end) Q1 results. With the market likely shifting focus to the significant sales beat and the surge in System Integration orders, Lindsay reviews the Q1 performance and outlook for the full year.........

Aug 14PSA2026-08-27T14:28:01+00:00

Aug 07

Aug 07

PSA2026-08-20T16:02:57+00:00

Highlights this week: Pelham reviews Capcom’s excellent FY26 Q1 performance, assesses the outlook to FY28 and has raised his forecasts. He also reviews the FY26 Q1 performance of Bandai Namco and Nintendo, both of which reported results this week and raises key questions for the full-year and beyond. Meanwhile, the last five (Nissan, Honda, Mitsubishi Motors, Toyota, Mazda) Japanese automakers have released their FY26 Q1 results, Julie reviews their performance for the full year ………………

Aug 07PSA2026-08-20T16:02:57+00:00

Jul 31

Jul 31

PSA2026-08-07T14:32:19+00:00

Highlights this week: Julie previews Toyota’s FY26 Q1 results which look set to be boosted by the currency. However, she explains why she does not anticipate an upward revision to the full-year. Meanwhile Konami’s Q1 performance smashed consensus estimates but the firm left the full-year guidance unchanged, as Pelham notes that the shares are still below last year’s. Lindsay looks at NEC as they raised its full-year FY26 guidance on a consensus busting Q1 and notes that this is a strong start for the year......

Jul 31PSA2026-08-07T14:32:19+00:00

Jul 24

Jul 24

PSA2026-07-31T15:07:51+00:00

Highlights this week: Both Obic (4684 JT) and OBC (4733 JT) produced FY26 results that beat consensus estimates. Lindsay reviews the performance and discusses whether current valuations are justified. Pelham highlights two strands of the same AI infrastructure story – the fear that cheaper, more efficient AI models could undermine chip demand, and the evidence from memory markets that AI-related demand is still absorbing rising supply. Natsuko accesses Shin-Etsu Chemical modest set of FY26 Q1 results ...........

Jul 24PSA2026-07-31T15:07:51+00:00

Jul 03

Jul 03

PSA2026-07-24T14:32:53+00:00

Highlights this week: Advantest has lagged the wider Japanese AI hardware rally despite strong absolute gains, partly due to recent market-share losses to Teradyne that may reflect capacity constraints rather than demand weakness. Pelham argues that the upside risk to the FY26 Q1 results (due 29 Jul) is meaningful if new SoC tester capacity and/or stronger memory-tester demand have started to come through, with NAND now also emerging as a potential incremental driver after a sharp rebound in wafer shipments……

Jul 03PSA2026-07-24T14:32:53+00:00

June 05

June 05

PSA2026-07-03T13:58:46+00:00

Highlights this week: Pelham Smithers brings an interesting spin on the global semiconductor market – the Walmart anomaly - and updates us on 16Gb spot prices, which broke through the US$40-level. As demonstrated by Recruit's FY25 results, the company is far from being destroyed by the proliferation of AI services, but rather emerging as a clear beneficiary of the advanced technology. Analyst Thao Nguyen expects OP to rise at 3-year CAGR of over +19%, while valuations are not stretched by stock’s recent standards.

June 05PSA2026-07-03T13:58:46+00:00

May 29

May 29

PSA2026-06-12T09:52:37+00:00

Highlights this week: In efficient markets, it shouldn’t matter what time of year you buy & sell a stock. But it seems to with Hitachi. Pelham asks, “Is the pattern set to repeat in 2026 or will this year be different?” Meanwhile, most automakers published upbeat FY26 guidance numbers, despite facing increasingly difficult market conditions. Julie assesses each firm’s forecasts & whether they can meet them or not. Thao updates her numbers following CyberAgent's strong FY26 Q2 results and maintains her positive stance..........

May 29PSA2026-06-12T09:52:37+00:00