The PSA Research Round-Up for the Week to 22 August 2025

Weekly Comment Summary
The IT Service sector was the shining light in a gloomy results season. Although shares have risen amid expectations for full-year outperformance, there is still a lot to like about the sector.
ERP software and IT services analyst Lindsay Whipp explains.

PSA Weekly Contents at a Glance
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Animé to the Fore in Japan’s Assault on Global Pop Culture
2. Gamescom Opening Night Reveals
3. Sony Raises PS5 Price in US by US$50
4. Capcom Continues to Have Problems with Monster Hunter Wilds
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Is Nidec Being Reassessed as An AI Data Centre Play?
7. Other News & Moves That Caught Our Eye
Chemicals / Materials
8. Asahi Kasei to Double Polyimide Capacity
9. Other News & Moves That Caught Our Eye
Autos / New Mobility
10. Suzuki Sales to Benefit from India Tax Cuts
11. Mazda’s FY25 Outlook Risks
12. Honda and Helm.ai Deepen Their Collaboration
13. Nissan’s New Models Launch at Low Prices
14. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
15. Mitsubishi Elec & Daifuku: New Highs
16. Mitsui Mining’s Move Lifts Non-Ferrous Stocks
17. Other News & Moves That Caught Our Eye
Internet / eCommerce
18. Dely Launches Kurashiru Retail Network
19. GMO Financial Gate Re-Evaluated
20. Read Across from Mercari’s Recent Survey on Attitudes toward Savings
21. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
22. ERP Software / IT Services News & Moves That Caught Our Eye
Fintech
23. Asteria Adapts Service to Deliver No-Code Solution for JPYC Integration
24. SBI Holdings Joins the Stablecoin Rush
25. Blockchain & Stablecoin Integration: The New Nexus for Japanese Enterprise Software Providers
26. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
27. Inbound Tourism Hit by Earthquake Warning, but Still Growing.
28. Koshidaka: Karaoke Rooms Heatwave Haven
29. Anicom July KPIs Remain Firm
Macro / Market / Strategy / Misc.
30. 20yr JGB Yields Hit New Highs
31. 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 Nikkei articles:
 Overseas investors drive Japanese stocks to record highs, buying ¥1.1tril worth of futures in the second week of August – 21 August /article/DGXZQOUB2177Z0R20C25A8000000/
o Pelham Smithers, managing director of Pelham Smithers Associates, a British Japanese stock research firm, said, "With Japanese stocks hitting new highs every day, interest in Japanese stocks has increased significantly among overseas investors. We are also seeing a trend of them starting to turn their attention to domestic demand stocks."
 Nikkei average stock price fluctuates as caution intensifies, leading to buying of lagging regional bank stocks – 22 August. /article/DGXZQOUB220LYTS5A820C2000000/
o Pelham Smithers, managing director of Pelham Smithers Associates, a British Japanese equity research firm, points out, "The Nikkei average has a lot of tech-related stocks. Overseas investors are concerned about the similarity to tech stocks being sold in the U.S. market."

PSA Company Visits, Tours and Interviews
 Visited: Intermestic (262A JT), Sanrio (8136 JT), Novarese (9160 JT), Lilycolor (9287 JT), TDK (6762 JT), Tokyo Ohka Kogyo (4186 JT), Fujifilm Holdings (4901 JT), Nabtesco (6268 JT), Yaskawa (6506 JT), Mitsubishi Electric (6503 JT)
 1-1 Call with: Kyoritsu Maintenance (9616 JT), Zoff (Intermestic (262A JT) several stores, Manekineko (Koshidaka Holdings (2157 JT) Shibuya stores
 Presentations at: Sekisui Chemical (4204 JT), Mitsubishi UBE Cement (unlisted)