The PSA Research Round-Up for the Week to 8 August 2025

Weekly Comment Summary
It used to be standard practice in Japan to report company results after the stock market close.
However, there are huge advantages in reporting results at lunchtime, and more firms are doing so.
Pelham Smithers discusses

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Curves Holdings (7085 JT) – New Format To Be Revealed in October along with New Midterm Plan
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Bandai Namco FY25 Q1 OP +18% YoY
3. Sony FY25 Q1 OP +23% YoY, Like-for Like +37% YoY
4. Sega Sammy Reports FY25 Q1 Loss but Exciting Q2~Q4 Outlook
5. CyberAgent’s FY25 Q3 Beats, Full-year Guidance Revised Up
6. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Tokyo Seimitsu FY25 Q1 OP +12% YoY
8. Rohm Returns to the Black in FY25 Q1
9. Omron, Sysmex Both Miss with FY25 Q1 Results
10. Fujifilm Maintains Guidance, Which Includes Tariffs
11. Kioxia FY25 Q1 OP ¥45bil -64% YoY
12. Other News & Moves That Caught Our Eye
Chemicals / Materials
13. Chemical Results That Caught Our Eye This Week
Autos / New Mobility
14. US Auto sales Rise in July Despite Higher Prices
15. Auto Stocks End the Week Higher on Confirmation of 15$ Tariff
16. Mazda Eyes FY25 OP of ¥50bil Post FY25 Q1 Operating Loss of -¥46bil
17. Suzuki Motors FY25 Q1 OP and NP Beats Consensus Estimates
18. Honda Raises FY25 Profit Guidance
19. Toyota Lowers Full-Year FY25 Guidance on Tariffs
20. Subaru FY25 Q1 Results Beat Market Estimates
21. Isuzu FY25 Q1 Results Decline on Rising Expenses, Forex Losses
22. Bridgestone FY25 Q2 Adjusted OP Beats Estimates
Capital Goods / Auto Parts / Machinery
23. MHI FY25 Q1 OP +24% YoY Very Positive
24. Daikin FY25 Q1 Reflects Excellent Discipline
25. Stunning Fujikura FY25 Q1
26. Furukawa Electric FY25 Q1 OP In-Line
27. Daifuku Riding High
28. Other News & Moves That Caught Our Eye
Internet / eCommerce
29. Mercari FY25 Ahead of Consensus
30. Kakaku.com FY25 Q1 Earnings Beat
31. DeNA’s FY25 Q1 Results and Full-Year Guidance Significantly Miss
32. Rakuten’s FY25 Q2 Below Consensus but Reports Q2 Non-GAAP OP Since 2019
33. Timee to Acquire SukimaWorks Inc.
34. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
35. DTS Beats Consensus Estimates for FY25 Q1
36. JMDC: FY25 Q1 Preview / Results
37. NTT Data FY25 Q1 Earnings Hit by Stronger Yen
38. IIJ’s FY25 Q1 is Below Consensus
Pharma / Healthcare
39. Chugai Slumps on Disappointing Orforglipron Phase III Results
40. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
41. CUC: FY25 Q1 OP Falls, As Expected
42. Intermestic: Explosive July SSS Driven by Ren Meguro Campaign / Q2 Results
43. Moriya FY25 Q1 Ahead of Plan Driven by Repair Work, Strong Backlog
44. Anicom FY25 Q1 In Line With Plan
45. Japan Elevator Service FY25 Q1 OP +30.2% YoY Driven by New Contracts and Higher ASPs
46. Sanrio’s New 1H and FY25 Guidance Looks Conservative
Market / Macro / Strategy / Misc.
47. Japan Composite PMI at 5-Month High
48. Japan Wages Rise +2.5% YoY in June, Short of Expectations, but Better than Feared
49. Japanese Household Spending Rises +5% YoY in June
50. 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
Technology analyst Pelham Smithers features in the following articles:
 Nintendo Climbs on Strong Switch 2 Sales, Solid 1Q: Street Wrap – Bloomberg [4 Aug]
o Switch 2 sales numbers suggest it’s been successful “across the globe”.
o However, Switch 2 software sales figure of 8.67mil was slightly disappointing as it implies only 1.5 software titles per console, although line-up for rest of year looks strong
o “Enough to look forward to” to stay positive on the stock.
Autos / New Mobility analyst Julie Boote features in the following articles:
 Nissan’s Closure in Civac Illustrates the End of Unprofitable Legace Operation – Arena Publica [4 Aug]
o El cierre de Nissan en Civac ilustra el fin de las operaciones heredadas poco rentables | Arena Pública
 Toyota May Lower Annual Profit Guidance on Tariffs: Preview – Bloomberg [6 Aug]
o Nervousness over Toyota’s first quarter results should be higher than usual, firstly because of the as yet unknown impact of US auto import tariffs on first quarter earnings, and secondly as Toyota is set to finally release full-year guidance numbers which will include the tariff effect.”


PSA Company Visits, Tours and Interviews
Visited: Moriya Transportation Engineering and Manufacturing (6226 JT), M&A Capital Partners (6080 JT), CUC (9158 JT)
1-1 Call with: Anicom Holdings (8715 JT)
Market Research: Intermestic (252A JT)’s Zoff stores
Presentations at: M&A Capital Partners (6080 JT), Anicom Holdings (8715 JT), Intermestic (262A JT), Sanrio (8136 JT), Open Up Group (2154 JT) (Video), Sumitomo Bakelite (4203 JT), Teijin (3401 JT), Dexerials (4980 JT), Fujifilm Holdings (4901 JT), Nissha (7915 JT), UBE Corp (4208 JT), Mitsui Chemicals (4183 JT), Sumco (3436 JT), Resonac (4004 JT), Mitsubishi Gas Chemical (4182 JT), Kuraray (3405 JT), Toray (3402 JT), Nissan Chemical (4021 JT), Kaneka (4118 JT), Fujikura (5803 JT), Daikin (6367 JT) Furukawa Electric (5801 JT), Daifuku (6383 JT), MHI (7011 JT), KHI (7012 JT), IHI (7013 JT), Mazda Motor (7261 JT), Honda Motor (7267 JT), Toyota Motor (7203 JT), Mercari (4385 JT)