Not a breathtaking performance in September, but every plus is taken. As my portfolio still largely consists of $RKLB (+1,36 %) and they haven't moved much, the portfolio has remained rather stable overall. But after the rapid rise in the summer, I would say a little break is more than deserved.

New positions in September: $3993 (+0,91 %) and $INT (-2,11 %)

October has already got off to a strong start and looks promising overall.

Founded in 2012 by researchers and engineers from the high-end IT sector, the Japanese company PKSHA Technology $3993 (+0,91 %) has since developed into an expert in AI algorithms. Since last year, they have also been largely accessible in this country with their entry into the Prime Market of the Tokyo Stock Exchange.

PKSHA Technology is a specialized AI company with the overarching goal of driving the "co-evolution of humans and software" by developing and implementing cutting-edge algorithm solutions into society. In contrast to large US companies, the focus here is also particularly on social acceptance and social benefit, as this is seen as the basis for sustainable economic success.

The company has focused on the development and application of artificial intelligence (AI), particularly in the areas of natural language processing (NLP) and predictive algorithms for the automation of specific business processes. Instead of competing directly for general AI models with global hyperscalers (such as Google $GOOG (+1,83 %) or Microsoft $MSFT (+0,63 %)), PKSHA focuses on the vertical integration of AI solutions, for example in customer service, communication and data analysis.

Its business activities are divided into three areas:

1. R&D (Research & Development) as the technological basis,

2. AI Solution for the provision of customized AI systems and

3. AI SaaS (Software as a Service) for scalable standard products such as chatbots, voicebots and intelligent FAQ systems. With these high-revenue SaaS solutions, PKSHA is considered the market leader in Japan.

The clear market focus is historically and primarily on the Japanese corporate market, where PKSHA already serves over 4,330 customers and has established itself as a leading provider of enterprise AI. Major customers include Itochu $8001 (+0,54 %), Mitsui Fudosan $8801 (-2,89 %) and Microsoft Japan $MSFT (+0,63 %). A strong position in the Japanese market will serve as a basis for future expansion.

The company's decisive competitive advantage results from the direct link between research and commercial application. The in-house research department "PKSHA ReSearch" develops proprietary, application-specific algorithms that can be quickly converted into scalable products. These are often developed in collaboration with leading research institutes and universities. The management demonstrates an extremely high willingness to innovate by consistently prioritizing R&D investments. This creates a technological moat, which is further strengthened by very high switching costs and data network effects among customers. Thanks to this strategy, the company is well positioned to establish itself as a leading player in its segment and beyond in the long term.

Key financial data:

Market capitalization (current): € 695 million

Turnover (2025e): approx. € 122 million

Profit (2025e): approx. € 17.5 million

P/E ratio (current): approx. 38

P/E ratio (2028e): approx. 22

Net cash position (current): approx. € 69 million

Market capitalization (forecast 2035): € 10-65 billion (based on own AI-supported analysis of the company and the overall market)

-> High multiplication potential

In my opinion a real hidden gem. What do you think of the company? Did you know PKSHA Technology before?

(Founder Uenoyama Katsuya)