Kweichow Moutai (600519.SS) enters late 2025 with fortress margins, ample cash, and a historically defensive share profile. Trailing‑twelve‑month revenue is 178.36B with profit margin of 50.42% and operating margin of 63.69%. Net cash is substantial (total cash 178.71B vs total debt 268.63M) and liquidity strong (current ratio 5.73). Quarterly revenue growth year over year stands at 7.30% while quarterly earnings growth is 5.20%. Yet the stock has trended sideways to lower over six months, from 1,748.0 (Sep 2024) to 1,467.97 (week of Sep 19, 2025), below its 200‑day moving average of 1,493.19 and near the 50‑day at 1,457.00; 52‑week range is 1,260.66–1,910.00. With a forward dividend yield of 3.51% and beta of 0.76, Moutai offers income and stability; the three‑year question is growth durability and pricing power.

Honda Motor Co. (7267.T) enters the next three years balancing margin repair with a measured electrification push. The stock has stabilized around 1,631 by 19 September 2025, up 5.36% over the past year and trading above its 200‑day moving average of 1,470.00. Fundamentals show trailing revenue of 21.62T, a 2.95% profit margin and 4.57% operating margin. Cash of 4.17T against 11.87T in total debt and a 1.30 current ratio anchor liquidity, while a 4.27% forward dividend yield and 47.25% payout ratio support total return. Recent headlines point to a product refresh, including a hybrid Prelude, alongside mixed sentiment — a tepid Acura ADX review and a “Reduce” consensus rating roundup. With low beta (0.32) and steady free cash flow, Honda’s risk profile looks measured, but near‑term revenue and earnings growth are soft.

Advantest Corp. enters late 2025 with momentum typical of an AI‑led test equipment upcycle. The stock has climbed to 15,020 (as of the week ending September 19, 2025), near its 52‑week high of 15,195, and up 130.82% over 12 months. Fundamentals look strong: trailing‑12‑month revenue stands at 904.76B with quarterly revenue growth up 90.10% year over year, a 46.99% operating margin, and 25.14% profit margin. Cash of 273.41B versus 91.78B in total debt underpins a 2.26 current ratio, while ROE at 44.12% and operating cash flow of 305.14B highlight efficiency. With a modest dividend (rate 39; ~0.26% yield; 17.89% payout), the market is signaling a growth focus. This note outlines key drivers, plausible scenarios to September 2028, and risks that could sway the shares.

Tokyo Electron (8035.T), a leading wafer fab equipment supplier, enters late 2025 with solid profitability despite a mixed capex cycle. Over the last twelve months, revenue reached ¥2.43T with a 26.33% operating margin and 22.08% net margin; return on equity sits at 29.39%. Quarterly revenue growth remains slightly negative (−1.0% year over year) and quarterly earnings declined −6.6%, reflecting lumpy orders. Cash of ¥367.51B and a 2.97 current ratio underpin flexibility, while operating cash flow of ¥473.35B funds investment and dividends. Shares have been volatile but trade near ¥25,715, between a 52‑week low of ¥16,560 and high of ¥28,540. With a forward dividend of ¥480 (1.89% yield) and exposure to AI and advanced‑node spending, the three‑year setup hinges on order momentum, export rules and regional expansion.