The PSA Research Round-Up Covering the Period of 17~28 March 2025

Weekly Comment Summary
The April CPI data series was supposed to be the one that the Bank of Japan would worry about, as firms look to raise prices at the start of the fiscal year. However, the publication of the March Tokyo CPI series has proved worrying enough, as Pelham Smithers explains.

PSA Company Visits, Tours and Interviews
Visited: Zensho Holdings (7550 JT), Shin-Etsu Chemical (4063 JT), Tokyo Ohka Holdings (4186 JT), Resonac (4004 JT)
Presentations at: Mitsubishi Gas Chemical (4182 JT), Denso (6902 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Advantest (6857 JT): Winning Market share in a Booming Business
2. Disco (6146 JT) Enjoying Its Near-Monopoly
3. SMID-Cap IT Services: Continued Gap Between Valuations and Growth
4. Mercari (4385 JT): Empowering the Ecosystem with New Service Launches
5. Bridgestone (5108 JT): Opportunities and Risks for FY25
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up Part 1:
2. Video Games Round-Up Part 2:
3. Bandai Namco Games Talk, Switch 2 AI Patent, Suggest Upcoming Console More Powerful Than Expected
4. Rating Japanese Video Game Stocks Ahead of the Switch 2 Reveal
5. Nintendo to Hold Switch-Oriented “Direct” Show [27 Mar]
6. Capcom’s Monster Hunter: Wilds Tops US Games Chart in February
7. CyberAgent’s Accounting Scandal Outweighs New Game Launch
8. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
9. Where Interest in Tech is Focused
10. Compact Camera ASPs Hit Record High in January
11. Nidec Ramps up Production for AI Data Centre Equipment
12. Other News & Moves That Caught Our Eye
Chemicals / Materials
13. Ryobi Inaugurates New Gigacasting Facility
14. JXAM Makes an Auspicious Debut
15. Iwatani et al Pull Back from Australian Hydrogen
16. Nippon Sanso Cuts FY24 Guidance on Failed Hydrogen Project
17. Other News & Moves That Caught Our Eye
Autos / New Mobility
18. US to Impose 25% Import Tariffs on Autos
19. Auto Industry / Government Consider Their Options Regarding US Tariffs
20. Feb European Auto Sales Down -3.1% YoY on Weak Demand for Petrol Cars
21. Suzuki Hikes Prices in India Despite Weak Sales
22. Honda to Buy Hybrid Batteries from Toyota in the US
23. Mazda’s New EV Strategy: Not a Long-term Panacea
24. Mitsubishi Motors to Outsource EV Production to Foxconn
25. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
26. MHI and Mitsubishi Electric Hit Listing Highs
27. Mitsubishi Data Centre News Helps Fujikura
28. Fujikura Overly Hit on Microsoft Worries?
29. Denso ADAS Business Update
30. Other News & Moves That Caught Our Eye
Internet / eCommerce
31. Mercari’s Labour Shortage Survey Results – Good News for Mercari Hallo
32. Timee Shares Surge as Recruit to Discontinue its Spot Work Service
33. Kakaku.com Announces Its Mid-term Plan
34. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
35. Visional: Time for a Reappraisal?
36. Digital Invoicing Survey Suggests Still Some Way to Go Until Full Adoption
37. Other News & Moves That Caught Our Eye
Pharma / Healthcare
38. Pharma Round-Up
39. Gyre Updates on Drug Pipeline
40. Chugai Gains on Lunsumio Update
41. GNI Group CFO Resigns
42. PeptiDream’s Management Update
43. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
44. February Tourism Figures Released
45. Anicom – Solid Feb KPIs
46. Other News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
47. Feb Nationwide CPI Rises +3.7% YoY
48. Climate Change Back in the News Amid High Temperatures, Forest Fires, Early Cherry Blossom
49. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited