The PSA Research Round-Up for the Week to 30 May 2025

Weekly Comment Summary
To dampen down rice prices, the LDP government has released rice stockpiles. However, with cereal prices rising yet again in the Tokyo CPI series, Pelham Smithers asks whether this is too little, too late, ahead of July’s Upper House election, and whether we might we see tax cuts as a result

Weekly Comment Summary
Reports / Flash Notes Summaries
1. Santen Pharma (4536 JT) – Looking into the Future
2. CUC (9158 JT) – Short Break till Q2
3. IT Services: Share Price Appreciation, Confident FY25 Forecasts and Some Attractive Valuations – Particularly IIJ
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Industry Round-Up
2. Nintendo Switch 2 Prices on eBay Fall
3. Sony Pictures TV has Another TV Series Cancelled
4. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Japan AI / Data Centre Plays Revisited
6. Renesas Drops Plans to Make Next-Gen EV Power ICs
7. Other News & Moves That Caught Our Eye
Chemicals / Materials
8. Mitsui Chemicals Plans to Split Off Petrochemicals
9. Other News & Moves That Caught Our Eye
Autos / New Mobility
10. Mixed Global Auto Production Results in April
11. Nissan Planning to Raise US$7bil via Debt, Asset Sales
Capital Goods / Auto Parts / Machinery 13
12. Comments from PM on Icebreaker Sends KHI Shares Higher
13. Furukawa and Fujikura See Upgrades 13
14. Fujikura Rises on Nvidia Q1
15. MHI Medium-Term Plan Suggests Upside
16. Other News & Moves That Caught Our Eye
Internet / eCommerce
17. Timee Partners with Gosen City
18. BASE Inc Shares Fall on TOB
19. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
20. Visional: FY25 Q3 Preview
Telecom
21. Buying SBI Sumishin Makes Sense for NTT, Underscores Attractiveness of Japanese Fintech
Pharma / Healthcare
22. What is the Addressable Market for GNI’s Hydronidone?
23. Healthcare Equipment Update: Olympus / Shimadzu / Omron
24. Promising Data for Nxera
25. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
26. Koshidaka Reports April SSS Below Guidance
27. Park24 to Delay Q2 Results Release
Miscellaneous / Market / Strategy / Macro
28. What’s Worked, What Hasn’t, in Japanese Equities
News Analysis
29. Macro Data Releases: Flagging May Tokyo CPI – Core Inflation +3.4%, Headline +3.3%
30. Foreign Buying Edges Ups
31. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports

PSA in the Press
Pelham Smithers is quoted in the following article:
SBI Holdings Jumps as Bank Unit’s Board Mulls NTT Docomo’s Offer – Bloomberg 29 May

PSA Company Visits, Tours and Interviews
Visited: Sunwels (9229 JT), Next Generation Technology Group (319 A JT), Novarese (9160 JT), Komatsu (6301 JT)
1-1 Call with: Koshidaka Holdings (2157 JT), Park 24 (4666 JT)
Presentations at: Toray (3402 JT), Kaneka (4118 JT), Nippon Soda (4041 JT), Sakai Chemical (4078 JT), Adeka (4401 JT), Mitsubishi UBE Cement Corp (unlisted), Mitsui Chemicals (4183 JT), MHI (7011 JT)