The PSA Research Round-Up for the Week to 11 April 2025

Weekly Comment Summary
Stock market performance during the Covid Lockdown became very stylized, with the biggest winners being domestic demand small cap tech service companies.
Pelham Smithers discusses whether we are now seeing something similar in the fallout from the Trump Trade.

PSA Company Visits, Tours and Interviews
1-1 Call with: Koshidaka Holdings (2157 JT), S-pool (2471 JT), Anycolor (5032 JT), Timee (215A JT)
Presentations at: Treasure Factory (3093 JT), Asahi Kasei (3407 JT)

PSA in the Press
Pelham Smithers is quoted in the following articles:
o Can Nintendo’s Switch 2 revive a stagnant gaming industry? [Financial Times 8 April]
o Japan Equities May See One More ‘Big Sell-Off’: Pelham Smithers [Bloomberg 7 April]
Machinery analyst William Nestuk features in the Yaskawa Drops Most in 50 Years on Frail Outlook: Street Wrap [Bloomberg 7 April]

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. IT Services as a Defensive Option
2. Review of Auto Stocks in Light of Import Tariffs
3. Anycolor (5032 JT) – Undemanding Valuations with Decent Growth
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Industry Round-Up
2. What Does Nintendo Do Now?
3. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Star Micronics Reveals Funding for Aggressive Med-Term Investments
5. Other News & Moves That Caught Our Eye
Chemicals / Materials
6. Carbon Fiber Shares Slide on EU Restriction Talk
Autos / New Mobility
7. Toyota to Build EVs in Five Countries
8. Nissan Makes Production Adjustments in Response to Tariffs
9. Honda Senior Executive Resignation
10. Subaru Production Plans in View of Tariffs
11. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
12. Yaskawa CEO Offers Updates
13. Fujikura Should Do Well
Internet / eCommerce
14. ZOZO to Acquire 100% of UK-based LYST Ltd
15. Timee Shares Showing Resilience
16. Timee Forms a Business Alliance with WATAMI FAST CASUAL
Enterprise Software / IT Services
17. BayCurrent: FY24 Results Ahead of Market Expectations, Raises Dividend Payout Ratio Targets
18. Shift FY25 Q2 OP Sails Past Market Expectations, But Sales Miss
19. Money Forward: FY25 Q1 Preview
Pharma / Healthcare
20. Pharma Rollercoaster
21. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
22. Kakuyasu Group (7686 JT) Reports March KPIs
23. Treasure Factory March KPIs / FY24 Results
24. Koshidaka’s FY25 Q2 Results
25. S-Pool Reports FY25 Q1 Results
26. Curves FY25 Q2 Preview
Miscellaneous / Market / Strategy / Macro
27. Bottom Picking in a Vacuum
28. DPP Calls for BoJ Rate Cut
29. PPI Data, Trump Switch Add to Bank of Japan’s Migraine
30. JGB Market is Slumping
31. Will We See a Repeat of the Aug 2024 Flash Crash
32. Other News & Moves That Caught Our Eye

List of Recently Published PSA Notes & Reports

Important Disclosure Statement from Pelham Smithers Associates Limited