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

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 17

Apr 17

PSA2026-05-15T16:24:33+00:00

Highlights this week: Japanese video game stocks have had a tough start to 2026 with the third-party publishers sold off on concerns that AI would undermine their business models, while the console makers have been sold off over rising memory costs, in store sales of video games from Japanese publishers have been selling well. Pelham provides previews, flagging what to expect for FY25 and what to watch out for in the new forecasts. Julie Boote previews Toyota’s FY25 Q4 results [due 8 May], anticipating a beat FY25........

Apr 17PSA2026-05-15T16:24:33+00:00

Dec 30

Dec 30

PSA2026-01-09T16:06:07+00:00

Highlights this week: Lindsay reviews the FY25 Q2 performance and notes that although the 20% decline in the share price over the past six months as lowered Oracle Japan’s FY26 EV/OP down to 18.5x, uncertainty around the pace of OP growth this fiscal year remains a concern. Hiroyuki reviews the FY25 performance of Park24, highlights KPIs for FY26 and flags that in addition to undemanding valuations, shareholder returns are improving. Pelham flags the reason behind NAND pricing differentials, previews the market for 2026.

Dec 30PSA2026-01-09T16:06:07+00:00

Dec 19

Dec 19

PSA2025-12-31T10:12:17+00:00

Highlights this week: Pelham looks at that the machinery order data for October, which he sees as “something of a curate’s egg”. The numbers are strong but the pressure on capacity remains strained. As a result, companies may start to focus on making savings in non-production areas, such as G&A. We at the point where any increase in AI chip production poses problems for DRAM supply. One solution has been to work out a way to offload work done by DRAM onto NAND. Kioxia’s open-source software AiSAQ meets this need.

Dec 19PSA2025-12-31T10:12:17+00:00

Nov 28

Nov 28

PSA2025-12-05T13:14:41+00:00

Highlights this week: Lindsay looks at the overall results for the IT Services sector and then delves into each company in our coverage. Our valuations quadrant provides a snapshot of the valuation of each company vs. their growth. It shows that half the companies under our coverage in the IT Service sector feature in the Higher Growth, Lower Valuation segment of the quadrant. Hiroyuki provides an update for Amvis (7071 JT), as upcoming fee revisions and cautious forecasts set the stage for potential upside amid attractive valuations.

Nov 28PSA2025-12-05T13:14:41+00:00

Nov 21

Nov 21

PSA2025-11-28T15:16:54+00:00

Highlights this week: Thao revises her forecast following Recruit's FY25 guidance upward revision while keeping her positive stance on the company, as their share price has underperformed relative to Topix and valuations are low by historical standards. Hiroyuki reviews Moriya’s FY25 Q2 performance and adjusts his FY25~27 forecasts. Pelham considers the impact of rising memory prices for Nintendo’s consoles, whether the firm can pass along the costs and how much is already priced into the stock.

Nov 21PSA2025-11-28T15:16:54+00:00

Oct 31

Oct 31

PSA2025-11-07T16:52:48+00:00

Highlights this week: Julie discusses the implications of the TSE’s decision to designate Nidec as a ‘security on special alert’. For FY25 Q2, NEC saw its OP surge +107% YoY and has duly revised up for the full year. It also announced the acquisition of CSG Systems. Pelham discusses the deal, reviews the earnings and suggests the outlook for the full-year and beyond looks solid. Lindsay Whipp reviews the FY25 Q2 earnings for Obic and Obic Business Consultants and notes the different reactions by the market.

Oct 31PSA2025-11-07T16:52:48+00:00

Oct 24

Oct 24

PSA2025-10-31T15:42:03+00:00

Highlights this week: As the Japanese stock market knocked unsuccessfully on the door of 50,000 on 21 Oct, sentiment shifted from FOMO to FOTI [fear of topping in]. Would someone buying the Japanese market today be making the same mistake as someone buying in Oct 1989? Pelham discusses. Thao Nguyen looks at GA Technologies, the only listed Proptech – property technology – company in Japan & reminds investors why they are worth considering. Pelham also looks at whether the Chinese economy is producing “real” growth…..

Oct 24PSA2025-10-31T15:42:03+00:00