The PSA Research Round-Up for Week to 16 January 2026

Weekly Comment Summary
The benchmark of an auto-stock-trading-as-a-tech-stock is of course Tesla. This week Hyundai Motors seems to have been given a rerating as the market is now focusing more on its advances in new tech than its ability to build automobiles.
Analyst Julie Boote discusses the value AI can create for the large automakers. While success will depend on the smooth integration of software / AI into automakers’ fleets, there is also the question of whether robotics can generate a solid return on investment.

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. The Memory Trap – Outlook for Sony in 2026
2. PSA 2026 Q1 Focus List Addition – Toyota Motor (7203 JT)
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up – Part 1
2. Video Games Round-Up – Part 2
3. Harry Styles Announces a New Album, Sony Inks US$7bil Deal with Netflix
4. Sega Opts Not to Use Game Key Card for Switch 2 Version of Sonic Game
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. DDR5 Spot Prices Go Above US$2/Gb
7. Kioxia Outlook as Memory Prices Continue to Rise
8. Other News & Moves That Caught Our Eye
Autos / New Mobility
9. Weak Yen Could See Automakers Upgrade Their FY25 Forecasts
10. Toyota Warns of Headwinds in the US for 2026
11. TOB for Toyota Industries Raised to ¥18,800
12. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
13. Upside for Yaskawa
14. Mitsubishi Electric to Sell Automotive Business
Internet / eCommerce
15. Another Quarter of YoY Sales Decline and Bigger Losses for Demae-Can
16. ZOZO: FY25 Q3 Preview
Enterprise Software / IT Services
17. Sansan: FY25 Q2 Preview / Results
18. Money Forward: Top-End of FY26 OP Guidance is Positive for First Time
19. BayCurrent Falls Short of FY25 Q3 Consensus OP but Beats on Sales
20. Shift’s FY26 Q1 Short of Street; Large Acquisition / Share Buyback Planned
Small- / Mid-Cap Insights
21. Curves FY26 Q1 Ahead of Guidance
22. Treasure Factory FY25 Q3: Good SSS / Solid Pace of New Store Openings
23. TKP and its Subsidiaries Report FY25 Q3 Results with Improvements Across the Board
24. Koshidaka: FY26 Q1 and Outlook
Macro / Market / Strategy / Misc.
25. Perfect Storm Hits Japanese Bond Market
26. Japanese Politics Spins Again
27. Dentsu’s Crisis Takes Another Lurch Down
28. 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
Elliott Rejects Toyota Industries Bid, Urges Investors to Resist [15 Jan Bloomberg]
Excerpt: “The higher takeover bid still seems to fall short of fair value,” said Julie Boote, an analyst at London-based research firm Pelham Smithers Associates Ltd. “The only way to explain the price hike now is to say that this was an act of goodwill towards minority shareholders.”

PSA Company Visits, Tours and Interviews
Visited: Koshidaka Holdings (2157 JT)
1-1 Call with: Curves Holdings (7085 JT)
Presentations at: TKP (3479 JT), Nissan Chemical (4021 JT)