Pelham Smithers Associates Ltd - PSA Today 12 Dec: Topix ATH / Video games round-up / Smaregi Q2 FY26 beat / Park 24 FY25 Q4 preview – Nikkei 225 +1.37% | ¥$155.81

Report

Pelham Smithers Associates Ltd

Hiroyuki Terada ...

Joel Scheiman
Lindsay Whipp
Pelham Smithers
Thao Nguyen

PSA Today 12 Dec: Topix ATH / Video games round-up / Smaregi Q2 FY26 beat / Park 24 FY25 Q4 preview – Nikkei 225 +1.37% | ¥$155.81

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada
Tags: Oracle (ORCL US), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Dowa Mining (5714 JT), Toyota Motor (7203 JT), Panasonic (6752 JT), Aisin Seiki (7259 JT), Shin-Etsu Chemical (4063 JT), Adeka (4401 JT), Tokyo Ohka Kogyo (4186 JT), Tokyo Electron (8035 JT), Socionext (6526 JT), Advantest (6857 JT), Ohara Inc (5218 JT), W-Scope Chungju Plant [WCP] (393890 KS), Sekisui Chemical (4204 JT), Visional Inc. (4194 JT), Sandfall (pvt), Kepler (pvt), Sony (6758 JT), Electronic Arts (EA US), Team Cherry (pvt), Square Enix (9684 JT), Capcom (9697 JT), Take Two (TTWO US), Porsche (PAH3 GY), Embracer (EMBRACB SS), Sega Sammy (6460 JT), Krafton (259960 KS), Neon Giant (pvt), Nintendo (7974 JT), Smaregi (4431 JT), Park24 (4666 JT)
Main Points
 Topix hits all-time high as cyclicals gain on US rate cut, higher metal prices
 Video games round-up
 Smaregi’s revised FY26 OP guidance beats
 Park24 FY25 Q4 preview

12/12/2025 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

Lindsay Whipp

Pelham Smithers

Thao Nguyen

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Hiroyuki Terada ... (+7)

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The PSA Research Round-Up for Week to 12 December 2025

Weekly Comment Summary Has Japanese Manufacturing Got its Mojo Back? Next week sees the publication of the Q4 Tankan. Business confidence among Japanese manufacturers has been improving. Pelham Smithers considers whether the report might show an acceleration of that trend. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. The Economics and Implications of the Semiconductor, Data and AI Feedback Loop 2. Mitsubishi Electric (6503 JT) – Doubling OP Company / Sector / Thematic Comments Technology: Consumer Electronics, Gaming 1. Video Games Ro...

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PSA Capital Goods / Electrical Equipment: Mitsubishi Electric (6503 JT) – Doubling of OP

Analyst William Nestuk thinks Mitsubishi Electric offers an attractive four-fold theme: (1) high-margin data centre [DC] work, (2) defence (including for overseas), (3) restructuring and (4) share buybacks. We see FY27 OP at least doubling that of FY23, which at that time was a record level. Strong cash flow generation should produce another share buyback and higher dividends.

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PSA Global Semiconductors: The Economics and Implications of the Semiconductor, Data and AI Feedback Loop

The history of semiconductors is a history of prices being driven down by technology acting on both the supply curve (via new equipment) and on the demand curve (via software), shifts that can get temporarily reversed by the creation of feedback loops, due to the ability of semiconductors to drive demand for other semiconductors. We believe that we are at the early stage of another one of those feedback loops, one caused by the increasing take-up of AI, and manifest in growing demand for AI servers. Feedback loops take a long time to germinate, and even after hitting critical mass, can last fo...

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PSA Today 12 Dec: Topix ATH / Video games round-up / Smaregi Q2 FY26 beat / Park 24 FY25 Q4 preview – Nikkei 225 +1.37% | ¥$155.81

The PSA Research Round-Up for Week to 12 December 2025

PSA Capital Goods / Electrical Equipment: Mitsubishi Electric (6503 JT) – Doubling of OP

PSA Global Semiconductors: The Economics and Implications of the Semiconductor, Data and AI Feedback Loop

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