PSA Today 30 Apr: Good earnings, trade hopes / Macro / Video games / Auto tariffs / Analyst comments: SQE, Sony CMOS, Koei Tecmo, Murata, Melco, Nabtesco, Sumi Chem, TIS, NTT Data, MACP, MARI – Nikkei 225 +0.57% | ¥$142.54

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Hiroyuki Terada
Tags: NEC Corp (6701 JT), Socionext (6526 JT), TDK (6762 JT), Mitsubishi Electric (6503 JT), Hitachi (6501 JT), Sumitomo Pharma (4506 JT), Sumitomo Chemical (4005 JT), Nikon (7731 JT), Square Enix (9684 JT), Sony (6758 JT), Sega Sammy (6460 JT), Stakelogic BV, Koei Tecmo (3635 JT), Akatsuki (3932 JT), Life Create (352A JT), Mitsui OSK (9104 JT), Otsuka Holdings (4578 JT), Suzuken (9987 JT), Toyota Motor (7203 JT), Toyota Industries (6201 JT), Alphabet (GOOG US), Capcom (9697 JT), Konami (9766 JT), Bandai Namco (7832 JT), Tencent (700 HK), Nintendo (7974 JT), Microsoft (MSFT US), Ubisoft (UBI FP), Take Two (TTWO US), Electronic Arts (EA US), Embracer (EMBRACB SS), Kadokawa (9468 JT), Kepler (pvt), Idea Factory (pvt), Nexon (3659 JT), Murata Mfg (6981 JT), Nabtesco (6268 JT), Honda Motor (7267 JT), Nissan Motor (7201 JT), Subaru (7270 JT), Mazda Motor (7261 JT), Mitsubishi Motors (7211 JT), Suzuki Motor (7267 JT), TIS Inc. (3626 JT), SAP (SAP US), NTT Data (9613 JT), M&A Capital Partners (6080 JT), M&A Research Institute (9552 JT)
Main Points
 Japan shares higher on earnings, trade talk hopes
 Industrial production, retail sales weaker than expected
 Activists go after Square Enix
 Sony “considering” spinning off CMOS business
 Koei Tecmo FY24 Q4 OP +108% YoY
 Video games industry round-up
 Murata FY24 Q4 OP ¥45bil, short of expectations, guidance weak
 Mitsubishi Electric rises on strong domestic earnings
 Nabtesco FY25 Q1 OP and orders strong
 Sumitomo Chemical revises up FY24, but what about FY25?
 US change auto tariff set-up
 TIS: FY24 preview
 NTT Data: FY24 preview
 Despite a -17.2% YoY fall in FY25 Q2 OP, the Q3 outlook for M&A Capital Partners looks promising
 MARI FY25 H1 OP -50% YoY, revises down full-year OP