- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Micro- / Small- / Mid-Cap Recap [1 Nov~15 Dec 2025]
This report is a recap of reports and insights from the PSA Research Team on Micro- / Small- / Mid-cap companies [market cap < US$5bil]PSA Weekly Contents at a Glance
Summaries of Micro- / Small - / Mid-Cap Reports & Flash Notes [1 Nov~15 Dec]
1. TKP’s (3479 JT) Core Business & Novarese Both Doing Well
2. Visional (4194 JT) FY26 Q1 Preview: Outperformance Becoming a Habit
3. Net Protections (7383 JT): Post-Results Sell-off Has Brought in Valuations
4. MARI (9552 JT) – Reborn? Early to Judge
5. Amvis Holdings (7071 JT) Dawn Is Near; after Q1
6. Moriya Transportation Engineering & Manufacturing (6226 JT): Acceleration in Repair Work
7. Strong FY25 Earnings from PKSHA (3993 JT)
8. M&A Capital Partners (6080 JT): Giant Deals Seem to Be in Pipeline
9. Insource FY25 1H Ahead of Plan
10. IIJ (3774 JT) Reports FY25 Q2 Outperformance
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Koei Tecmo (3635 JT) – Debut of Hyrule Warriors Age of Imprisonment in Japan
2. CyberAgent (4751 JT) : ABEMA Finally in the Black; FY26 CE Below Consensus; New President Announced
Technology: Industrial Electronics / Components / Semis & SPE / Precision
3. UMC (6615 JT) Wins Orders from China
4. Rigaku’s (268A JT) Measuring Systems Gaining Traction
Chemicals / Materials
5. Miraial (4238 JT) Surprises with an Upward Revision
6. Challenging Conditions for Material Manufacturers: Ohara (5218 JT), W-Scope (6619 JT)
Internet / eCommerce
7. Net Protections (7383 JT) Report: Post-Results Sell-off Has Brought in Valuations
8. Anycolor (5032 JT) Revises FY26 Guidance Up Again
9. Timee’s (215A JT) FY25 Results Miss
10. Smaregi (4431 JT) Launches New Plan for Restaurants / Revised FY OP CE
Enterprise Software / IT Services
11. Visional (4194 JT) Report: FY26 Q1 Preview – Outperformance Becoming a Habit
12. Visional FY26 Q1 Results: OP Cruises Past Consensus Estimates
13. IIJ (3774 JT) Report: FY25 Q2 Beats Consensus Estimates
14. PKSHA (3993 JT) Report: Strong FY25 Earnings
15. Sansan (4443 JT) Adds AI-powered Automatic Reconciliation Function to Bill One
Pharma / Healthcare
16. Positive News from Nippon Shinyaku’s (4516 JT) Partner Capricor (CAPR US)
Small- / Mid-Cap Insights
17. Insource (6200 JT) Report – Increasing DX Revenue
18. M&A Capital Partners (6080 JT) Report: Giant Deals Seem to Be in Pipeline
19. Amvis (7071 JT) Report – Dawn is Near, after Q1
20. Moriya Transportation E&M (6226 JT) Report – Acceleration in Repair Work
21. MARI (9552 JT) Report – Reborn? Too Early to Judge
22. TKP (3479 JT) Report – Core Business & Novarese Both Doing Well
23. Intermestic (262A JT) November KPIs
24. Treasure Factory (3093 JT): Nov KPIs Solid
25. Park24: FY26 Mobility / Overseas / Dividend Payments to Improve
Telecom
26. Accrete (4395 JT) Trades Limit Up
List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited
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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