The Must Read PSA Weekly Research Round-up (week to 21 Feb)
Reports / Flash Notes Summaries
1. Keyence (6861 JT) – In-depth Appraisal
Despite high valuations and a dull share price performance of late, there are almost uniformly positive ratings for Keyence’s stock among sell-side analysts. This in-depth report looks at (1) how best to assess Keyence as a business, (2) its potential, and (3) whether the positivity is merited or whether groupthink is at work.
2. Amvis Holdings (7071 JT) – Good Risk / Reward
With the results of the Sunwels investigation having been released, worst is over. Given its attractive valuations [FY25 PER of 10.1x and PEG of 0.4x], analyst Hiroyuki Terada thinks this provides an opportunity to accumulate the shares.
Reports Out This Week:
Keyence (6861 JT)
Amvis (7071 JT)
Industry Insights
Implications for Japanese IC / SPE names of an Intel break-up
Video games round-up
Risk of US auto import tariffs for Japanese automakers
January inbound tourists to Japan +41%
Miscellaneous / Market / Macro
Japan Q4 GDP +0.7% QoQ, +2.8% annualized, ahead of expectations
Results season – Topix Q4 OP marginally higher than expected, forecasts raised
Economic data shows Japan economy accelerating, inflation an issue
Company Insights: News / Previews & Results
Speculation that GTA6 will land in Nov, come to PC in early 2026
The Last of Us Season 2 premiere set for 13 April
Nidec submits answers to Makino Milling’s second questionnaire
Bridgestone FY24 Q4 profits miss estimates; announces large share buyback
Nissan shares surge on consortium investment news
Daifuku closes limit up +15.9%
Nabtesco assumes no robot gear recovery until 2026
Olympus announces reorganisation as FY24 Q3 OP and downward revision to full-year miss consensus
Central Glass develops PFAS-free ArF resists
Trend Micro FY24 earnings miss while FY25 guidance beats
Giftee shares reach a one-year high
Money Forward opens software development centre in India
Park24 January JPIs ahead of plan
Anicom January KPIs
The Weekly Comment by Pelham Smithers
One problem emerging from Japan’s 35-year dormancy.
Numbers are a lot bigger than when Japan went to sleep in 1990, and sacking people for “losing” ¥1.9tril (US$12.7bil) is not necessarily practical, let alone a good idea. Pelham Smithers discusses
Reports / Flash Notes Published This Week: Headlines at a Glance
1. Keyence (6861 JT) – In-depth Appraisal
2. Amvis Holdings (7071 JT) – Good Risk / Reward
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Speculation that GTA6 Will Land in November, Come to PC in Early 2026
3. The Last of Us Season 2 to Premiere 13 April
4. Other Consumer Electronics-Related News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Implications for Japanese IC / SPE Names of an Intel Break-up
6. Nidec Submits Answers to Makino Milling’s Second Questionnaire
7. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
8. Central Glass develops PFAS-free ArF Resists
9. Other Chemical / Materials-Related News & Moves That Caught Our Eye
Autos / New Mobility
10. Risk of US Auto Import Tariffs for Japanese Automakers
11. Bridgestone: FY24 Q4 Profits Below Street; Large Buyback Announced
12. Nissan Shares Get a Reprieve
13. Nissan Shares Surge on Consortium Investment News
14. Other Auto-related News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
15. Daifuku Closes Limit Up +15.9%
16. Nabtesco Assumes No Robot Gear Recovery Until 2026
Internet / eCommerce
17. Trend Micro’s FY24 Earnings Miss while FY25 Guidance Beats
18. Giftee Shares Reach a One-Year High
19. A Weak Day [20 Feb] for Domestic Demand Stocks
Enterprise Software / IT Services
20. Money Forward Opens Software Development Centre in India
Pharma / Healthcare
21. Olympus Announces Reorganization as Q3 OP and Revision Down to Full-Year Guidance Come Below Consensus
22. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
23. January Inbound Tourists to Japan +41%
24. Park24 January KPIs Ahead of Plan
25. Anicom January KPIs
26. Other News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
27. Japan Q4 GDP +0.7% QoQ, +2.8% Annualized, Ahead of Expectations
28. Results Season: Topix 2024 Q4 OP Marginally Higher than Expected, Forecasts Raised
29. Has Inflation in Japan Hit 4%?
30. Data Shows Japan Economy Accelerating, Inflation an Issue
31. Other News & Moves That Caught Our Eye
PSA in the Press
PSA electronics materials analyst Joel Scheiman is cited in the following two Bloomberg articles on 17 Feb:
Kioxia Shares Jump After Returning to 9-month Operating Profit
Kioxia Shares Rally on Profit in First Earnings Report Since IPO
PSA Company Visits, Tours and Interviews
Visited: Lilycolor (9827 JT), Amvis Holdings (7071 JT), Moriya (6226 JT), TDK (6762 JT)
1-1 Call with: Park24 (4666 JT), Anicom (8715 JT)
Conference Calls with: Honda Motor (7267 JT)
Presentations at: Fujifilm Holdings (4901 JT), UBE Mitsubishi Cement (unlisted), Daifuku (6383 JT), Nabtesco (6268 JT)
Corporate Access: Amvis Holdings (7071 JT)
*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), Alpha Sense, Electronic Research Interchange and ResearchPool.
