Pelham Smithers Associates Ltd - PSA Today Armistice Day: Very mixed / Bank lending / Q2s for Sony, KHI, Cover, Q3s for TOK, Intermestic / Nidec / Fujikura and Trump / Appier Q3 preview – Nikkei 225 -0.14% | ¥$154.24

Report

Pelham Smithers Associates Ltd

Hiroyuki Terada ...

Joel Scheiman
Julie Boote
Lindsay Whipp
Pelham Smithers
Thao Nguyen
William Nestuk

PSA Today Armistice Day: Very mixed / Bank lending / Q2s for Sony, KHI, Cover, Q3s for TOK, Intermestic / Nidec / Fujikura and Trump / Appier Q3 preview – Nikkei 225 -0.14% | ¥$154.24

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada
Tags: Unitika (3103 JT), Nitto Boseki (3110 JT), Brother Industries (6448 JT), Kioxia (285A JT), Fujikura (5803 JT), SK Hynix (000660 KS), Samsung Electronics (005930 KS), Sony (6758 JT), Tokyo Ohka Kogyo (4186 JT), Mitsui Chemicals (4183 JT), KHI (7012 JT), Kokusai Electric (6525 JT), Toyota Industries (6201 JT), Nidec (6594 JT), Mitsubishi Electric (6503 JT), TDK (6762 JT), SEI (5802 JT), Cover Corp (5253 JT), Appier (4180 JT), Intermestic (262A JT)
Main Points
 Mixed market as tech leaders sell off in PM session
 Japanese bank lending continues to accelerate
 Sony FY25 Q2 OP +10% YoY, revises up
 Tokyo Ohka Kogyo reports a strong Q3
 Nidec is to release FY25 Q1 results at last
 KHI Q2 OP -52% YoY disappoints
 Fujikura sinks on Trump promise
 Cover’s FY25 Q2 misses
 Appier: FY25 Q3 preview
 Intermestic FY25 Q3 OP +7.7% YoY, mulling an upward revision for the full-year

11/11/2025 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

Thao Nguyen

William Nestuk

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PSA Today Armistice Day: Very mixed / Bank lending / Q2s for Sony, KHI, Cover, Q3s for TOK, Intermestic / Nidec / Fujikura and Trump / Appier Q3 preview – Nikkei 225 -0.14% | ¥$154.24

PSA Consumer Electronics: Sony (6758 JT) FY25 Q2 OP +10% YoY, Revises Up Full-Year OP, Throws in ¥100bil Share Buyback

PSA HR & Employment Services: Insource (6200 JT) Increasing DX Revenue

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