PSA Micro- / Small- / Mid-Cap Recap [16 Jan ~16 Feb 2026]

This report is a recap of reports and insights from the PSA Research Team on Micro- / Small- / Mid-cap companies [market cap < US$10bil] over the period covering 16 Jan ~16 Feb 2026.

Contents at a Glance
1. SRE Hdgs (2980 JT) – Building Profits and Data at Attractive Valuations
2. SRE Hdgs’ Produces an Exceptional FY25 Q3
3. New Constituent of the 2026 Q1 PSA Focus List – ExaWizards (4259 JT)
Main Points
4. Kyoritsu Maintenance (9616 JT) – CB Conversion Done
5. TKP (3479 JT) – Back to Office Continues
6. The Rise of GenAI Apps in Japan
7. Why the Semiconductor Industry is About to Get Much Bigger
Meeting Takeaways
8. Treasure Factory Meeting Takeaway
9. Curves Meeting Takeaway
10. Insource (6200 JT) Meeting Takeaway
11. TKP Meeting Takeaway
12. CUC Meeting Takeaway
13. M&A Capital Partners: Meeting Takeaway
14. Koshidaka Call Takeaway
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
15. Koei Tecmo FY25 Q3 OP +50% YoY
16. Megachips Revises Down on Expected Q4 Loss – Readthrough for Nintendo
Technology: Industrial Electronics / Components / Semis & SPE / Precision
17. Screen FY25 Q3 OP -27% YoY
18. Socionext: FY25 Q3 OP -33% YoY
19. Tokyo Seimitsu FY25 Q3 OP +10% YoY, Revises Up
Chemicals / Materials
20. Japan Vessel Chikyu Set to Return to Japan After Deep Sea Mud Excavation
21. Sumitomo Bakelite to Buy Kyocera’s Encapsulation Business / FY25 Results
22. Sumitomo Chemical Rises After Boosting Guidance
23. Nippon Electric Glass Q4 OP +551% YoY, Short of Consensus
24. Might Nitto Boseki Deliver Big FY25 Q3 Beat? Yes, it Did, and it Revised Up
25. Chemical Companies’ Results Round-Up:
26. Tokyo Ohka Kogyo Guides for +10% OP Growth in FY26
27. Dexerials FY25 Q3 OP +11 YoY%, Below Consensus
28. Dowa Mining FY25 Q3 Hit by Derivative Losses
29. Materials Results Round-up
Autos / New Mobility
30. Hino FY25 Q3: Poor Sales but Guidance up on Currency
31. Yamaha Motors Lowers Net Profit Guidance, Cuts Dividends
32. Huge Challenges Await MMC’s New President / FY25 Q3 Results
33. Mazda: FY25 Q3 Beats Consensus
Capital Goods / Machinery / Auto Parts
34. Nabtesco Hits 4-Year High / FY25 Results
35. Kinden Hits New Listing High for 7th Day in a Row
Internet / eCommerce
36. GA Technologies Reaches One-month Low
37. ZOZO’s FY25 Q3: Sales and Net Income Miss while OP Beats
38. Kakaku.com: FY25 Q3 Preview / Results
39. CyberAgent’s FY26 Q1 Well Ahead of Consensus
40. DeNA Revises Downward Due to Impairment Loss
41. Timee Announces New AI Easy Input
42. Net Protections to Further Integrate into Kintone Ecosystem
43. Kurashiru: No Change to FY25 Target
44. Mercari Revises Up FY26
Enterprise Software / IT Services
45. Money Forward’s Defence of SaaS in an AI-Dominated World
46. Money Forward Completes Tender Offer for OutlookConsulting Shares
47. Money Forward Narrows Net Loss Guidance for FY26
48. OBC Produces Steady FY25 Q1~Q3 Results, Raises DPS
49. TIS: FY25 Q3 Preview / Results
50. JMDC: FY25 Q3 Preview / Results
51. ExaWizards: FY25 Q3 Preview / Results / Contract with KEPCO Subsid
52. PKSHA Beats Consensus Estimates for FY26 Q1
53. IIJ: FY25 Q3 Preview / Results
54. DTS Corp: FY25 Q3 Preview
Small- / Mid-Cap Insights
55. Inbound Tourists Rise +3.7% YoY in Dec 2025, CY25 Are Up +15.8% YoY
56. Park24: Lower Gas Prices Stimulate Driving Demand
57. Insource: Sluggish FY26 Q1 but Outlook Improving / Mtg Takeaway
58. M&A Capital Partners: Advances Received Hit Historical High
59. CUC’s FY25 Q4, So Far, Seems to be Solid
60. Intermestic’s January KPIs Solid / FY25 Results
61. Anicom FY25 Q3 RP Miss; AXA Policy Transfers to Support Q4
62. Kyoritsu Maintenance: OP Growth to Accelerate in Q4
63. Treasure Factory: Solid January KPIs
64. Moriya FY25 Q3: Repair Work, Strong Order Backlog
65. Japan Elevator Service: Solid Modernization
66. TKP’s Two Listed Subsidiaries Report Better-Than-Expected FY25 OP Results
Miscellaneous
67. Shimano FY25 Q4 OP +5% YoY, Disappoints on Guidance
List of Recently Published PSA Notes & Reports