Pelham Smithers Associates Ltd - PSA Today 14 Nov: Wall Street triggers sharp rotation / China macro / Sony Financial Q2 / Hyrule Warriors AOI debut / CyberAgent Abema milestone / Net Protections / PKSHA Q4 – Nikkei 225 -1.77% | ¥$154.58

Report

Pelham Smithers Associates Ltd

Hiroyuki Terada ...

Joel Scheiman
Lindsay Whipp
Pelham Smithers
Thao Nguyen

PSA Today 14 Nov: Wall Street triggers sharp rotation / China macro / Sony Financial Q2 / Hyrule Warriors AOI debut / CyberAgent Abema milestone / Net Protections / PKSHA Q4 – Nikkei 225 -1.77% | ¥$154.58

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada
Tags: SoftBank Group (9984 JT), Fujikura (5803 JT), Furukawa Electric (5801 JT), Tokyo Electric Power (9501 JT), MHI (7011 JT), Ebara (6361 JT), Kioxia (285A JT), SanDisk (SNDK US), PKSHA (3993 JT), Rakuten Group (4755 JT), Sharp (6753 JT), Panasonic (6752 JT), Nissan Motor (7201 JT), Yokohama Rubber (5101 JT), Sapporo Holdings (2501 JT), Oriental Land (4661 JT), Kao Corp (4452 JT), Dai-Ichi Life (8750 JT), Aozora Bank (8304 JT), Sony Financial (8729 JT), Toray (3402 JT), Japan Vilene (unlisted), Sony Financial (8729 JT), Sony (6758 JT), Rakuten Bank (5838 JT), Koei Tecmo (3635 JT), Nintendo (7974 JT), Square Enix (9684 JT), TPC (pvt), CyberAgent (4751 JT), Net Protections (7383 JT), Sapeet Inc (269A JT), Circulation (pvt), Lilycolor (9827 JT), TKP (3479 JT)
Main Points
 Nikkei 225 down 905pts in extreme market rotation trading
 China data suggests economy slowing again
 Sony Financial FY25 Q2 PTNP -10% YoY
 Hyrule Warriors Age of Imprisonment debuts with 73,183 sales in Japan
 CyberAgent’s ABEMA finally profitable; FY26 guidance misses; new president announced
 Net Protections revises FY25 guidance upward again
 PKSHA beats consensus estimates FY25 Q4 and full-year sales
 Lilycolor & Novarese FY25 Q3 better than plan, positive for TKP

14/11/2025 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

Lindsay Whipp

Pelham Smithers

Thao Nguyen

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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...

November 14, 2025 November 14, 2025 1 EN

Pelham Smithers

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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

Lindsay Whipp

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 14 Nov: Wall Street triggers sharp rotation / China macro / Sony Financial Q2 / Hyrule Warriors AOI debut / CyberAgent Abema milestone / Net Protections / PKSHA Q4 – Nikkei 225 -1.77% | ¥$154.58

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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