The PSA Research Round-Up for the Week to 12 September 2025

Weekly Comment Summary
Japan’s central bank has now dropped enough hints about the future of its Japeq holdings, the question now is “what are the parameters for the ETF unwind?
Pelham Smithers discusses and suggests a solution to consider.

PSA Weekly Contents at a Glance
Company / Sector / Thematic Comments
Reports / Flash Notes Summaries
1. Capcom (9697 JT) – Levelling Up
2. Open Up Group (2154 JT) – Retention Rate Starts Improving
3. Cover (5253 JT): A Revisit
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Are Video Game Consoles Becoming the Preserve of the Wealthy?
3. Other News & Moves That Caught Our Eye 6
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Global Semiconductor Shipments Rise +26% YoY in July
5. Readthrough from the iPhone Launch
6. Kioxia and AI Optimization Revisited
7. SICC Q2 Results Show SiC Market Not Getting Any Better [Yet]
8. Mitsubishi Electric Gains on Job Cuts / IT Acquisition
9. Other News & Moves That Caught Our Eye
Chemicals / Materials
10. Mitsui Chemicals / Sumitomo Chem Petrochemical Cooperation
11. Mitsui Chemicals: A Potential Threat to EUV Pellicles
12. Other News & Moves That Caught Our Eye
Autos / New Mobility
13. Japanese Automakers Exhibit EV Models at European Auto Show
14. Mexico Raises China Import Tariffs: Auto Production Costs Set to Rise
15. Toyota’s Hybrid Dominance in Europe Under Threat
16. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
17. Fujikura & SEI See New Listing Highs
18. Cable Makers Rise on Oracle AI
Internet / eCommerce
19. Timee: Recent Trends / Q3 Results / FY25 OP Guidance Revised Up
20. Smaregi Keeps FY26 Guidance Unchanged
21. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
22. Visional Inc OP Sails Past Company and Market Estimates
23. ExaWizards Shares Have Soared +122% Since Early April
24. 5016Other News & Moves That Caught Our Eye
Pharma / Healthcare
25. Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
26. Treasure Factory’s August KPIs Surge
27. Hitomile: August Beer Consumption at Restaurants Rises on Heatwave
28. Park24 Raises Car Sharing Prices / Q3 Preview
29. Koshidaka Purchases Joysound Karaoke Stores
30. Other News & Moves That Caught Our Eye
Macro / Market / Strategy / Misc.
31. Implications of Ishiba’s Departure for Japanese Politics and the Markets
32. Might an Opposition Leader Become PM?
33. Other News & Moves That Caught Our Eye

List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited


PSA in the Press
1. Pelham Smithers features in the following Bloomberg article, which was then picked up by South African press:
 Metaplanet Shares Rebound in Japan as Overseas Offering Priced – Bloomberg [10 Sep] Metaplanet shares rebound in Japan as overseas offering priced - Moneyweb
Excerpt: Some investors likely piled back into Metaplanet Wednesday in anticipation of a funding influx from the international offering, said Pelham Smithers, an analyst who runs an eponymous Japan equity research firm in the UK.
Prior to the pricing announcement, “the shares had fallen back to below ¥600, where they were earlier in the year, and did so in heavy trading, suggesting a lot of tired bulls selling out,” said Smithers. “Normally, we would see such a rebound a day later, but this being a crypto-linked stock, everything just seems to happen bigger and faster.”
2. In a Nikkei article on Japanese politics and policies, Pelham Smithers outlines his thoughts on the market impact.
 /article/DGKKZO91246380Q5A910C2ENG000/ – Nikkei [11 Sep]
Excerpt: Pelham Smithers, an UK-based Japanese equity research firm, fears a scenario in which the next administration shifts to an expansionary fiscal policy or opposition parties form a coalition to take power with the aim of cutting consumption taxes. Depending on the bond market's reaction, this could lead to a stock market decline, which he believes "would be exciting for gamblers but not for investors."
3. Internet and e-Commerce analyst Thao Nguyen features in the following article:
 Timee Shares Plummet on 3Q Sales Miss, Food Business Worries – Bloomberg [12 Sep]
Excerpt: It was a negative surprise that the food industry still posted a decline in transaction volume,” wrote Thao Nguyen, an analyst at Pelham Smithers Associates, in a report. However, long term, company still stands to benefit from the increasing popularity of spot work in Japan.

PSA Company Visits, Tours and Interviews
Visited: Kaneka (4118 JT)
1-1 Call with: Hitomile (7686 JT), Park24 (4666 JT), Intermestic (262A JT), Koshidaka Holdings (2157 JT), Open Up Group (2154 JT), Mazda (7261 JT)
Presentations at: Nitto Denko (6988 JT), Mitsui Chemicals (4183 JT), Ohara Inc (5218 JT)