The Must Read PSA Weekly Research Round-up (week to 09 January)
Reports / Flash Notes Summaries
1. 2026 Japan Perspective / PSA Focus List for 2026 Q1
The 2026 Japan Perspective is our 17th annual preview of the year ahead for Japan and the Japanese stock market. Much as 2024 proved to be a repeat of 2004, 2025 – at least up until the last few weeks – has proved to be a repeat of 2005.
Strategist Pelham Smithers addresses key questions such as:
Will 2026 extend the run and be a repeat of 2006, a more measured year than its predecessors, one that rewarded stock picking and timing over “buy and hold”?
What is the outlook for the Japanese economy?
Having selected Sanae Takaichi as the country’s first female prime minister, is she what Japan wants or needs at this point?
Meanwhile, at a stock selection level, has the AI theme run its course?
Likewise, is “cute” still cute, from a stock market viewpoint? And,
Has Sony missed a trick with its national treasure, Kokuho?
Please find our thoughts on these issues and more, in this appraisal of Japan in 2026, and our revised PSA Focus List for 2026 Q1.
Industry Insights
Spot DDR5 DRAM prices hit new high
Japanese automakers – except Toyota – post declines for CY25 Q4 US sales
Macro / Market / Misc.
China ups the ante on Japan’s Taiwan position
Outlook for Japan small caps in 2026
Dec Manufacturing PMI hits 50.0
Dec Services PMI falls sharply
Nov wage growth +0.5% YoY
Company Insights: News / Previews & Results
Sony’s memory chip problem
Anaconda’s global gross takings hit US$88mil vs US$45mil budget
Sony Honda Afeela 1 disappoints at CES2026
Switch 2 sales’ struggles continued into December – report
Yaskawa FY25 Q3 OP weak but positive guidance
Disco’s Dec-qtr shipments -1% YoY
Shin-Etsu Chemical should see conditions improve
Dichlorosilane anti-dumping risk to IC material makers
Kandenko and Kinden hit new highs
Suzuki to build electric mini cars in Japan
Timee to change its accounting period
Cover Corp announces its first smartphone game
Shift: FY26 Q1 preview
IIJ affiliate DeCurret expanding digital currency projects
BayCurrent: FY25 Q3 preview
Money Forward: FY25 Q4 and full-year preview
Curves FY26 Q1 preview – we expect a positive set of results
Intermestic’s Dec KPIs
Koshidaka FY26 Q1 preview / Results sluggish as expected; Q2 is off to a solid start
Treasure Factory: Solid Dec KPIs
The Weekly Comment by Pelham Smithers
The new year has seen a continuation in the rise in memory chip prices, even though, seasonally, we should expect some weakness.
But what if prices continue to rise? Pelham Smithers discusses.
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Sony’s Memory Chip Problem
2. Anaconda Movie Global Gross Takings Hit US$88mil vs Budget of US$45mil
3. Sony Honda Afeela 1 Disappoints at CES2026
4. Switch 2 Sales’ Struggles Continued into December – Report
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Spot DDR5 DRAM Prices Hit New High
7. Disco Shipments -1% YoY in Dec Qtr
8. Yaskawa FY25 Q3 OP Weak but Positive Guidance
9. Other News & Moves That Caught Our Eye
Chemicals / Materials
10. Shin-Etsu Chemical Should See Conditions Improve
11. Dichlorosilane Anti-dumping Risk – Read Across to IC Material Makers
Autos / New Mobility
12. Japanese Automakers Post 2025 Q4 US Sales Declines – Except Toyota
13. Suzuki to Build Electric Mini Cars in Japan
14. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
15. Kandenko and Kinden Hit New Highs
16. Other News & Moves That Caught Our Eye
Internet / eCommerce
17. Timee to Change its Accounting Period
18. Other News & Moves That Caught Our Eye
19. Cover Corp Announces Its First Smartphone Game
Enterprise Software / IT Services
20. IIJ Affiliate DeCurret Continues to Expand Digital Currency Projects.
21. BayCurrent: FY25 Q3 Preview
22. Money Forward: FY25 Q4 and Full-Year Preview
23. Shift: FY26 Q1 Preview
Pharma
24. Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
25. Outlook for Japan Small Caps in 2026
26. Curves Q1 Preview – We Expect a Positive Set of Results
27. Intermestic’s December KPIs
28. Koshidaka’s FY26 Q1 Sluggish as Expected; Q2 is Off to a Solid Start
29. Treasure Factory: Solid December KPIs
Macro / Market / Strategy / Misc.
30. China Ups the Ante on Japan’s Taiwan Position
31. Japan Manufacturing PMI Hits 50.0 in December
32. Japan Services PMI Falls Sharply in December
33. November Wage Growth +0.5% YoY
34. Other News & Moves That Caught Our Eye
PSA Company Visits, Tours and Interviews
Visited: Shin-Etsu Chemical (4063 JT)
1-1 Call with: Koshidaka Holdings (2157 JT)
Presentations at: Asahi Kasei (3407 JT), Mitsui Kinzoku (5706 JT)
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