The PSA Research Round-Up for the Week to 9 May 2025

Weekly Comment Summary
Views are mixed concerning the importance of the US / UK trade deal for those two countries.
The readthrough for Japan is significant, although not particularly encouraging, says Pelham Smithers

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Square Enix (9684 JT) – Back in Play
2. TKP (3479 JT) (3479 JT) – Conservative Guidance; Improving Shareholder Returns
3. Fujikura (5803 JT) – Record Earnings Out to FY26
4. Nidec (6594 JT) – What to Look out for in FY25
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Are We in a “Worst Case” Scenario for Sony?
2. Bloomberg / PSA Nintendo Q&A
3. Nintendo FY24 Q4 OP -46% YoY, Guides for FY25 OP of Just +13% YoY
4. Bandai Namco’s FY24 Results and FY25 Outlook Below Consensus
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Tokyo Seimitsu FY24 Q4 OP -3% YoY
6. Screen Holdings FY24 Q4 OP +15% YoY, Disappoints on Guidance
7. Other News & Moves That Caught Our Eye
Chemicals / Materials
8. Fujifilm: FY24 Beats Consensus, Hints FY25 Outlook is Conservative
9. Asahi Kasei Sees OP Peak For First Time in Six Years
10. Chemical / Material-Related News & Moves That Caught Our Eye
Autos / New Mobility
11. Toyota Forecasts FY25 OP -21% YoY
12. MMC’s FY24 Q4 Ahead of Consensus but FY25 Guidance Falls Short
Auto Parts / Machinery / Capital Goods
13. IHI Hits 35-Year High on Firm FY25 Guidance
14. KHI Falls But Some Positive Points
15. MHI Pulls Back from Listing Highs
16. Daikin FY25 OP CE +8% – Impressive
Internet / eCommerce
17. Mercari FY25 Q3 OP Beats Consensus Estimates, No Change to Full-Year
18. LY Corp’s Weak FY25 Guidance
19. Recruit Produces Lacklustre FY24 Results and FY25 Forecasts
Enterprise Software / IT Services
20. NTT to Take NTT Data Private
21. SRE Holdings: FY24 Q4 and Full-Year Preview
22. Appier: FY25 Q1 Preview
23. JMDC FY24 Q4 and Full-Year Results Wide of Expectations
24. TIS Inc’s FY24 Q4 and Full-Year Results Outperform
Pharma / Healthcare
25. Omron FY24 Short of Consensus
26. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
27. Insource FY25 1H Results, Full-Year Guidance Revised Up
28. Intermestic FY25 Q1 Beats Guidance
29. Anicom Beats Guidance But FY25 Outlook at Low End of New Mid-Term Plan
Miscellaneous / Market / Strategy / Macro
30. March Household Spending Increases +6.4% YoY, +2.1% YoY in Real Terms
31. SBI Holdings FY24 Q4 NP +120% YoY
32. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports

PSA in the Press
 Pelham Smithers features in the following Bloomberg articles on Nintendo:
o Nintendo Sees 15 Million Switch 2 Sales in Cautious Outlook – 8 May
o Switch 2 Tariff Headache Tests Nintendo’s Record Stock Gain – 8 May
o Nintendo Shares Climb on Switch 2 Sales Hopes: Street Wrap – 8 May
 Autos analyst Julie Boote notes that the involvement of Chairman Akio Toyoda personally, the creation of an SPV, and Toyota Motor’s plan to participate in further investment in Toyota Industries, begs the question of what will happen to the cross-shareholdings of the two companies: トヨタ創業家などの陣営が野村証ＦＡに、11月にもＴＯＢ－関係者 - Bloomberg – 7 May [Toyota's founding family and others will be listed in the Nomura Securities FA, and in November the TOB-related party [Google Translate]
 Julie Boote also features in the following article: Toyota’s Outlook Remains Uncertain on Tariff Woes: Street Wrap – Bloomberg [9 May]

PSA Company Visits, Tours and Interviews
 Visited: M&A Capital Partners (6080 JT), M&A Research Institutes (9552 JT), Insource (6200 JT)
 1-1 Call with: Intermestic (262A), Anicom Holdings (8715 JT), Lilycolor (9827 JT)
 Conference Calls with: Toyota Motor (7203 JT)
 Presentations at: Fujifilm Holdings (4901 JT), Asahi Kasei (3407 JT), Sumco (3436 JT), Shin-Etsu Polymer (7970 JT), Nissha (7915 JT), Open Up Group (2154 JT), M&A Capital Partners (6080 JT), Toyota Motor (7203 JT), IHI (7013 JT), Daikin (6367 JT), KHI (7012 JT), MHI (7011 JT)