- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Nicky Karanasou-Demertzi
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Research Round-Up for Week to 20 February 2026
Weekly Comment SummaryWhile CY25 Topix OP/Unit ended up close to expectations, sell side analysts have hiked forecasts, considerably reducing market earnings valuations.
However, that risks setting the market up for disappointment at the next earnings season.
Pelham Smithers discusses
PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Square Enix (9684 JT) FY25 Outlook and Beyond – Dragon Quest VII Reimagined Adds to Cost Cutting Story
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Game Round-up
2. Does It Matter if the PS6 Lands in 2029?
3. Sega Sammy: Yakuza Kiwami 3 Debuts at No. 1 in Japan Charts, No. 6 in UK
4. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Why AI is More of a “Win” than a “Loss” for Japanese MLCC Makers
6. Union Tool Continues to See Buying Interest on Diamond-Coated Routers
7. Other News & Moves That Caught Our Eye
Chemicals / Materials
8. Oxide Announces Full-Scale Launch of LME Business
9. Other News & Moves That Caught Our Eye
Autos / Auto Parts / New Mobility
10. EU Considers ‘Made in EU’ Rule for EVs
11. US Business Costs Biggest Drag on Profits for Automakers
12. Bridgestone’s FY26 Guidance Below Consensus on Tariffs, Business Costs
13. Why Do Toyota and Subaru Launch New EV Models in the US?
14. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
15. Dec 2025 Machinery Order Data Suggests Customers Starting to Panic, AI Server Impact Also Seen
16. Nabtesco Positive Earnings Call
17. Fuji Electric Near Listing High
Internet / eCommerce
18. Trend Micro’s FY25 Results and FY26 Guidance Beat
19. Giftee to Transition to a Holding Company Structure
20. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
21. Appier Tumbles After Missing FY25 Full-Year Forecasts
22. Other News & Moves That Caught Our Eye
Pharma / Healthcare
23. Sumitomo Pharma Sold Down After iPS Panel Endorsement
24. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
25. Park24 Jan KPIs
26. Anicom: Meeting Takeaway
Macro / Market / Strategy / Misc.
27. 2025 Q4 Japan GDP +0.1% QoQ
28. Japan CPI Growth Slows Faster than Expected
29. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited
PSA Company Visits, Tours and Interviews
Visited: JSW (5631 JT), Anicom Holdings (8715 JT), Kyoritsu Maintenance (9616 JT), Sanrio (8136 JT)
Presentations at: Fujifilm Holdings (4901 JT), Sumitomo Pharma (4506 JT), Mitsubishi UBE Cement (unlisted), Daifuku (6383 JT), Nabtesco (6268 JT)
Small meeting: Sumitomo Chemical (4005 JT), HCM (6305 JT)
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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