The PSA Research Round-Up for the Week to 15 August 2025

Weekly Comment Summary
Nikkei Newspaper Article: Nikkei 225 average to hit ¥48,000 by year-end, says Smithers of Pelham Smithers in the UK

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Autos: Large US Import Tariff Hit Dismissed by Markets
2. Nintendo (7974 JT) – Even More Switched On
3. Moriya Transportation Engineering & Maintenance (6226 JT) – Market Missing GPM Improvement
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Nexon FY25 Q2 OP -17% YoY
3. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. NAND Joins DRAM With Price Gains
5. AMAT Follows TEL in Giving Weak Guidance
6. Other News & Moves That Caught Our Eye
Chemicals / Materials
7. Other Chemical / Materials-related News & Moves That Caught Our Eye
Autos / New Mobility
8. Toyota NA Position Remains Solid
9. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
10. Continued Bifurcation of Automation Stock Performance
11. Fujikura & SEI New Listing Highs
Internet / eCommerce
12. Cover’s FY25 Q1 Mixed, FY25 Guidance Unchanged
13. Istyle FY25 Results Beat and FY26 Guidance Ahead of Consensus
14. Net Protections Revises Up
15. Strong 2025 Q2 Private Consumption Positive for Domestic Demand Plays
Enterprise Software / IT Services
16. SRE Holdings FY25 Q1 Sales and OP Fall but No Change to Full-Year
17. Appier FY25 Q2 OP Beats Consensus Estimates
18. PKSHA FY25 Q3 OP Beats Consensus Estimates
19. ExaWizards Reports First Ever Q1 OP, But Sales Growth is Limited
Small- / Mid-Cap Insights
20. Amvis to Delay FY25 Q2 Results Release
21. Hitomile FY25 Q1 OP +30% YoY Ahead of Plan
22. TKP New Guidance Still Conservative
23. Amvis FY25 1H Slightly Ahead of Plan
24. Park24 July KPIs
Macro / Market / Strategy / Misc.
25. Are Ishiba’s Days as PM Numbered?
26. Producer Price Inflation Slows to +2.6% YoY in July
27. Japan Shrugs Off Tariff Concerns to Deliver Positive Q2 GDP Performance
28. Readthrough for Japanese Equities from "Crypto Rubicon"
29. Other News & Moves That Caught Our Eye

List of Recently Published PSA Notes & Reports

Important Disclosure Statement from Pelham Smithers Associates Limited


PSA in the Press
Pelham Smithers features in the following article in which he notes that European stocks already seem overvalued, and Chinese stocks (due to economic uncertainty) are difficult to buy apart from tech stocks. If investors shift simply a small amount of their funds from US stocks to Japanese stocks, it will have a big impact (due to the difference in market size). Nikkei Stock Average hits a new high, optimistic about money inflation and tariff impact - Japan Keizai Shimbun [/article/DGXZQOUB122Q30S5A810C2000000/ ]


PSA Company Visits, Tours and Interviews
Visited: Open Up Group (2154 JT), Japan Elevator Service (6544 JT), Anicom Holdings (8715 JT)
1-1 Call with: TKP (3479 JT), Hitomile (7686 JT), Amvis Holdings (7071 JT), Intermestic (262A JT) Zoff Store (Ebisu Branch, Shibuya Branch, Jiyugaoka Branch, Akasaka Branch, Shinjuku Branch), Koshidaka Holdings (2157 JT), Park24 (4666 JT), Toyota Motor (7203 JT)
Presentations at: Novarese (9160 JT), Lilycolor (9827 JT) (video)