Aug 21

Aug 21

PSA2026-08-27T14:56:23+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 21PSA2026-08-27T14:56:23+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

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

Apr 03

Apr 03

PSA2026-04-17T15:45:10+00:00

Highlights this week: When you think about companies at the forefront of the AI boom, initial thoughts go to the likes Nvidia, OpenAI, Anthropic & Alphabet, rather than a Japanese firm. Yet Japan has done very well out of the AI boom on the AI solutions side with demand for Japanese materials producers has picked up. Pelham asks if there’s a case to be made that something similar might happen with oil – a commodity that Japan is notoriously short of. Lindsay looks at BayCurrent, who are expected to announce its FY25 results mid-April…..

Apr 03PSA2026-04-17T15:45:10+00:00

Mar 13

Mar 13

PSA2026-04-03T13:41:23+00:00

Highlights this week: Lindsay takes a look at ExaWizards’ (4259 JT) they raised its OP guidance for a second time, thanks to strong momentum at its AI Products Business, while the strategy shift at its AI Solution Services Business is bearing fruit. The company is benefiting from the tailwind of AI adoption in Japan, with several of its AI products offering a safe entry point for companies keen to adopt AI. With the recent tumble in the shares of JX Advanced Metals (5016 JT), Nicky & Pelham discuss whether the selloff provides a buying opportunity.

Mar 13PSA2026-04-03T13:41:23+00:00

Feb 27

Feb 27

PSA2026-03-06T15:55:55+00:00

Highlights this week: 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. Julie reviews the auto companies' FY25 Q1~Q3 performance, assesses what to look for in the final quarter and looks at what is behind the earnings recovery expected in FY26. Ahead of Capcom’s launch of Resident Evil Requiem, Pelham took us through where company and market expectations differ and what to watch out for.

Feb 27PSA2026-03-06T15:55:55+00:00

Feb 20

Feb 20

PSA2026-02-27T15:14:44+00:00

Highlights this week: 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 discusses the issues the firm faces and provides his earnings model through to FY27. Pelham also looks at why Japan’s MLCC makers .....

Feb 20PSA2026-02-27T15:14:44+00:00

Feb 13

Feb 13

PSA2026-02-20T16:27:49+00:00

Highlights this week: Toyota's appointment of Kenta Kon as CEO came as a surprise, indicating a change in direction for the company. Julie assesses the possible implications of the new leadership for Toyota's policies and earnings outlook. Pelham reviews the blowout FY25 Q3 that Kioxia produced & presents his outlook for FY26 and beyond. Lindsay takes a look at SRE Holdings (2980 JT) who are experiencing challenging times to their estate business, while AI will whittle away at their AI solutions business.

Feb 13PSA2026-02-20T16:27:49+00:00