Pelham Smithers Associates Ltd - PSA Today 10 Nov improved sentiment, earnings / Takaichi signals / Sep semi shipments / SBI, Ripple /Previews: Sony Q2, PKSHA Q4 / Subaru guidance unchanged / Q2s for IIJ, Anicom – Nikkei 225 +1.26% | ¥$153.96

Report

Pelham Smithers Associates Ltd

Hiroyuki Terada ...

Joel Scheiman
Julie Boote
Lindsay Whipp
Pelham Smithers

PSA Today 10 Nov improved sentiment, earnings / Takaichi signals / Sep semi shipments / SBI, Ripple /Previews: Sony Q2, PKSHA Q4 / Subaru guidance unchanged / Q2s for IIJ, Anicom – Nikkei 225 +1.26% | ¥$153.96

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Lindsay Whipp and Hiroyuki Terada
Tags: Tokyo Electron (8035 JT), Advantest (6857 JT, Disco (6146 JT), Kokusai Electric (6525 JT), Towa Corp (6315 JT), ARM (ARM US), Marvell (MRVL US), Fujikura (5803 JT), Furukawa Electric (5801 JT), Kioxia (285A JT), SanDisk (SNDK US), Mercari (4385 JT), Olympus (7733 JT), Omron (6645 JT), Sega Sammy (6460 JT), Square Enix (9684 JT), Honda Motor (7267 JT), Nexperia (pvt), Wingtech (600745 CH), Mazda Motor (7261 JT), Ripple (pvt), SBI Holdings (8473 JT), SBI Global AM (4765 JT), Sony (6758 JT), Canon (7751 JT), Nikon (7731 JT), Mitsubishi Gas Chemical (4182 JT), Subaru (7270 JT), Internet Initiative Japan (3774 JT), PKSHA (3993 JT), Circulation Co.(pvt), Anicom (8715 JT)
Main Points
 Japan shares gain on improved sentiment, earnings results
 Takaichi signals how fiscal policy is to be loosened
 Global semiconductor shipments +28% YoY in September
 Readthrough for SBI as Ripple decides against IPO
 Sony Q2 preview
 Subaru leaves FY25 guidance unchanged
 IIJ reports FY25 Q2 outperformance
 PKSHA: FY25 Q4 preview
 Anicom FY25 1H ahead of plan

10/11/2025 1 EN

Provider

Pelham Smithers Associates Ltd

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.

See profile

Analysts

Hiroyuki Terada

Joel Scheiman

Julie Boote

Lindsay Whipp

Pelham Smithers

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The PSA Research Round-Up for the Week to 14 Nov 2025

Weekly Comment Summary The video game industry has grown into a US$200bil behemoth on the back of cheap memory chips. That “cheapness” is suddenly at risk as the AI industry hoovers up the world’s commodity semiconductors., says Pelham Smithers. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Anicom FY25 1H Ahead of Plan 2. M&A Capital Partners (6080 JT): Giant Deals Seem to Be in Pipeline 3. SBI Holdings (8473 JT) to IPO SBI Shinsei Bank 4. Toyota Industries (6201 JT) More Pressure on Toyota Group as Elliott Mgt Steps In Compan...

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PSA Media & Entertainment: Might Playing Video Games About to Become Unaffordable?

The video game industry has grown into a US$200bil behemoth on the back of cheap memory chips. That “cheapness” is suddenly at risk as the AI industry hoovers up the world’s commodity semiconductors. Pelham Smithers discusses.

November 14, 2025 November 14, 2025 1 EN

Lindsay Whipp

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PSA ERP Software / IT Services: Strong FY25 Earnings From PKSHA (3993 JT)

Despite a strong FY25 performance, the market seemed focused on the Q4 miss – which had been flagged – sending the shares down a sharp -15% [14 Nov]. The stock is trading on a FY26 EV/OP of 21x based on consensus estimates and 20x based on our existing estimate; this drops to around 16x for FY27. ERP Software / IT Services analyst Lindsay Whipp notes that PKSHA is positioning itself for strong long-term growth and remains positive about the company’s prospects.

November 14, 2025 November 14, 2025 1 EN

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PSA Today 10 Nov improved sentiment, earnings / Takaichi signals / Sep semi shipments / SBI, Ripple /Previews: Sony Q2, PKSHA Q4 / Subaru guidance unchanged / Q2s for IIJ, Anicom – Nikkei 225 +1.26% | ¥$153.96

The PSA Research Round-Up for the Week to 14 Nov 2025

PSA Media & Entertainment: Might Playing Video Games About to Become Unaffordable?

PSA ERP Software / IT Services: Strong FY25 Earnings From PKSHA (3993 JT)

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