Pelham Smithers Associates Ltd - PSA Today 26 Sep: Tech sell-off / Tokyo CPI / TGS2025 and Koei Tecmo / Considering Oracle Japan / J-Tech recovery – Nikkei 225 -0.87% | ¥$149.77

Report

Pelham Smithers Associates Ltd

Lindsay Whipp ...

Pelham Smithers
Thao Nguyen

PSA Today 26 Sep: Tech sell-off / Tokyo CPI / TGS2025 and Koei Tecmo / Considering Oracle Japan / J-Tech recovery – Nikkei 225 -0.87% | ¥$149.77

PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen and Lindsay Whipp
Tags: Lasertec (6920 JT), Sumco (3436 JT), Disco (6146 JT), Kioxia (285A JT), Towa Corp (6315 JT), Sumitomo Pharma (4506 JT), Otsuka Holdings (4578 JT), Chugai Pharm (4519 JT), Fujifilm (4901 JT), Japan Steel Works (5631 JT), Recruit (6098 JT), Bandai Namco (7832 JT), Capcom (9697 JT), Sega Sammy (6460 JT), KLab (3656 JT), Gunma Bank (8334 JT), Chiba Kogyo Bank (8337 JT), Kyoto Financial Group (5844 JT), Mitsubishi UFJ (8306 JT), Koei Tecmo (3635 JT), Konami (9766 JT), Nintendo (7974 JT), Sony (6758 JT), Akatsuki (3932 JT), Oracle Corp Japan (4716 JT), Oracle (ORCL US), NRI (4307 JT), DTS (9682 JT), GA Technologies (3491 JT)
Main Points
 Mixed day for Japan shares as tech sell-off hits Nikkei 225
 Tokyo CPI Slows to +2.5% YoY
 Might TGS2025 spark an upswing in Koei Tecmo’s stock price?
 Oracle Japan shares fall after FY25 Q1 OP falls
 GA Technologies posted first gain in six days

26/09/2025 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

Lindsay Whipp

Pelham Smithers

Thao Nguyen

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The PSA Research Round-Up for the period from 16~26 September 2025

Weekly Comment Summary The Switch 2, Hello Kitty and Demon Slayer have underlined Japan’s global pop culture influence. Is 2025 the peak, or is there more to come? Pelham Smithers investigates. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Marvelous (7844 JT) – How Marvellous is Marvelous? 2. Visional (4194 JT) – Well Positioned for Growth 3. Fujikura (5803 JT) – AI Expansion Undaunted 4. Mazda Motor (7261 JT) – Bleak FY25 Outlook, Longer-term Challenges Company / Sector / Thematic Comments Technology: Consumer Electronics, Gami...

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William Nestuk

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PSA Capital Goods / Electrical Equipment: Fujikura (5803 JT) – AI Expansion Undaunted

We see AI data centre expansion continuing throughout the late 2020s, driven by hyperscalers and emerging smaller players such as Oracle. Analyst William Nestuk remains positive on the earnings outlook for Fujikura and suggests a target price of ¥19,000, which is 35% above the current level.

1h / 24m 1h / 24m 1 EN

Julie Boote

Julie Boote

PSA Autos / New Mobility: Mazda Motor (7261 JT) – Bleak FY25 Outlook, Longer-term Challenges

Mazda’s earnings are set to take a massive hit from US import tariffs, even after the implementation of mitigating factors. Given that the stock is now trading at a higher level than before the tariff announcement, it seems that the market has not factored in the impact of the new trade situation to weigh on profitability. Analyst Julie Boote is reviewing Mazda’s sales and profit outlook for FY25 and assesses its positioning in an increasingly challenging global market environment.

1h / 39m 1h / 39m 1 EN

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PSA Today 26 Sep: Tech sell-off / Tokyo CPI / TGS2025 and Koei Tecmo / Considering Oracle Japan / J-Tech recovery – Nikkei 225 -0.87% | ¥$149.77

The PSA Research Round-Up for the period from 16~26 September 2025

PSA Capital Goods / Electrical Equipment: Fujikura (5803 JT) – AI Expansion Undaunted

PSA Autos / New Mobility: Mazda Motor (7261 JT) – Bleak FY25 Outlook, Longer-term Challenges

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