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 15

May 15

PSA2026-05-29T14:44:01+00:00

Highlights this week: Pelham takes us through Capcom’s results and FY26 outlook, meanwhile Lindsay looks at JMDC’s share price decline as a clear message of the market’s disappointment in the company’s earnings, based on the weak FY26 OP guidance, it draws our attention to other companies in the IT Service Sector, that are more attractive options. Thao reviews CyberAgent’s FY26 Q2 performance & concludes that the full-year guidance now looks conservative. Julie takes a look at Isuzu, who have produced FY25 Q4 OP.....

May 15PSA2026-05-29T14:44:01+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

Mar 27

Mar 27

PSA2026-04-03T13:41:40+00:00

Highlights this week: Ahead of Denso’s presentation of its mid-term strategy plan next week, analyst Julie reviews the company's business and earnings outlook. Denso is facing challenges on the sales side, such as the slowdown in EV sales growth, surging R&D expenses, quality expenses and rising input costs. Thao looks at Trend Micro who are navigating one of the most important strategic transitions in its 35 year history as it shifts from a traditional security vendor to a unified, platform centric cybersecurity leader............

Mar 27PSA2026-04-03T13:41:40+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

Jan 30

Jan 30

PSA2026-02-06T16:19:16+00:00

Highlights this week: Honda’s Auto operations are under pressure, as auto sales have fallen substantially over the last two years as Honda is struggling with its market positioning and product line-up. Julie Boote notes that business risks in both the Auto & the Motorcycle division suggest that a longer lasting recovery following the write-off year FY25 might not be on the cards. Thao Nguyen highlights Rakuten as a beneficiary as its Rakuten AI service and is positioned to monetise rising AI engagement across its platform.

Jan 30PSA2026-02-06T16:19:16+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

Aug 15

Aug 15

PSA2025-08-22T15:51:36+00:00

Highlights this week: As the US is introducing new import tariffs, the auto sector is among the worst hit in corporate Japan. Japanese automakers are set to book major losses related to tariffs, leading to substantial FY25 earnings’ declines. Yet, after an initial negative stock market reaction, share prices have recovered close to or above pre-tariff levels. Analyst Julie Boote investigates. Hiroyuki Terada has revised up his forecasts for FY25~FY27 and despite the shares having doubled, believes the stock is still on undemanding valuations.

Aug 15PSA2025-08-22T15:51:36+00:00