The PSA Research Round-Up for week to 3 October 2025

Weekly Comment Summary
Unless something goes badly awry, a new LDP leader will start their job with the Nikkei 225 at an all-time high, begging the question “what next?”
Pelham Smithers discusses.

PSA Weekly Contents at a Glance
Summaries of this Week’s Published Reports
1. Japan Stock Market Strategy for 2025 Q4
2. Recruit Holdings (6098 JT): Recent Sell-off Presents an Opportunity
3. Kioxia (285A JT) – The Technology Behind the Stock's Rally
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Revisiting Potential Consolidation for Japan’s Video Game Publishers
2. Konami’s Silent Hill f Tops Japan Charts
3. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Spot NAND Prices +7.4% MoM in Sep
5. Kioxia / SanDisk Open Kitakami Fab 2 / Super-Fast SSDs with Nvidia
6. Nidec Unaudited Securities Report Submitted; Accounting Investigation Continues
7. NEC Big Winner of the UK’s Facial Recognition Rollout
8. Yaskawa’s FY25 Q2 Firm on Motion Control
9. Other News & Moves That Caught Our Eye
Autos / New Mobility
10. US Auto Sales Rise in September; Toyota Outperforms
11. Toyota Set to List India Subsidiary
12. Isuzu Starts Building US Plant
13. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
14. Fujikura Posts Highest Close
15. Other News & Moves That Caught Our Eye
Internet / eCommerce
16. Mercari Shares Hit One-Month Low
17. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
18. Shift: FY25 Q4 Preview / Steps Up M&A, Establishes Business in Middle East
19. Money Forward to Launch AI Invoice Download Agent, to Help Automate the Processes
20. Other News & Moves That Caught Our Eye
Pharma / Healthcare
21. Good News for DSK’s Enhertu
Small- / Mid-Cap Insights
22. Koshidaka FY25 Q4 Full-Year Preview / Subsidiary Sells Hotel
23. Solid September KPIs for Insource
Macro / Market / Strategy / Misc.
24. Multi-Speed Nature of Japanese Economy Highlighted in Latest Data
25. Tankan Little Changed (Again)
26. Japan’s Multi-Speed Economy [Cont…]
27. 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
PSA’s Auto / Mobility analyst Julie Boote features in the following articles:
 Toyota to Expand EV Fast-Charger Network across Japan Dealerships
Excerpt: Automotive analyst Julie Boote at Pelham Smithers Associates Ltd. said it could take five years for Toyota’s new technologies to have a meaningful impact on its business. Toyota to expand EV fast-charger network across Japan dealerships - Cryptopolitan [30 Sept]
 Toyota Is Clawing Back China Market Share With New $15,000 EV – Bloomberg [30 Sept]
Excerpt: “Over the last five years, the Chinese auto market has presented very tough going for foreign automakers,” said Julie Boote, an automotive analyst at London-based research firm Pelham Smithers Associates Ltd. Toyota has indicated that it was trying to replicate the Chinese automakers’ success by building low-priced EVs with a high content of tech features, she said. “It seems that the company has succeeded. Still, the carmaker faces continued headwinds in its push for a bigger share of China. While sales are increasing, average profit per car dropped to ¥162,000 ($1,090) in fiscal 2024 from ¥274,000 in fiscal 2021, according to Pelham Smithers. Its total China profits have tumbled to ¥290bil from ¥525bil in the same period. /news/stories/T3C31VGOYMTD
Japan Market Strategist Pelham Smithers features in the following article:
 Japan’s Next PM Eyed as Catalyst to Extend Rally: Taking Stock – Bloomberg [2 Oct]
Excerpt: Of course, there’s a risk that the LDP election could sour market sentiment if the outcome is unexpected, UK-based Japan equity analyst Pelham Smithers warned. “If the party goes for a surprise candidate, like Takayuki Kobayashi, it might prove that the LDP is out of touch” with the electorate and the market, Smithers said.

PSA Company Visits, Tours and Interviews
1-1 Call :with Open Up Group (2154 JT), Insource (6200 JT), Koshidaka Holdings (2157 JT)
Presentations at: Mitsui Chemicals (4183 JT), Yaskawa Electric (6506 JT)