The PSA Research Round-Up for the Week to 2 May 2025

Weekly Comment Summary
The Bank of Japan’s decision to leave interest rates unchanged is understandable in light of the tariff situation, but problematic in terms of the inflation situation, says Pelham Smithers

PSA Company Visits, Tours and Interviews
 Visited: CUC (9158 JT)
 1:1 Calls with: M&A Capital Partners (6080 JT), Insource (6200 JT), TKP (3479 JT), Smaregi (4431 JT), Nidec (6594 JT)
 Presentations at: M&A Research Institute (9552 JT), CUC (9158 JT), TDK (6762 JT), Tokuyama Corp (4043 JT), Hoya Corp (7741 JT), Sekisui Chemical (4204 JT), ZOZO (3092 JT)

PSA in the Press
 Pelham Smithers takes top billing among analysts’ views in the following article: Advantest Shares Drop on Full-Year OP Guidance Miss: Street Wrap [Bloomberg 28 Apr]
 The outlook for Murata may be considerably worse than projects, notes Pelham Smithers in the following article: Stock Crash: iPhone components maker shares fall the most in 25 years after profit warning - CNBC TV18
 Pelham also features in a Bloomberg write-up on Murata – Murata Shares Plunge on Lackluster Outlook: Street Wrap [1 May]

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Square Enix (9684 JT) – Back in Play
2. BayCurrent (6532 JT) – Strong Growth Ahead
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Industry Round-up; March Performance
2. Activists Go After Square Enix
3. Sony “Considering” Spinning Off CMOS Business
4. Microsoft Raises Xbox Prices
5. Koei Tecmo FY24 Q4 OP +108% YoY
6. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Hitachi FY24 OP +29% YoY, Guiding for +3% Growth in FY25
8. Socionext FY24 Q4 OP -43% YoY
9. TDK’s FY25 CE Below Consensus
10. Murata FY24 Q4 OP ¥45bil, Short of Expectations, Guidance Weak
11. Mitsubishi Electric Rises on Strong Domestic Earnings
12. Hoya Rises on Shareholder Return Policy
13. Other News & Moves That Caught Our Eye
Chemicals / Materials
14. Sumitomo Chemical Revises Up FY24, but What About FY25?
15. Other News & Moves That Caught Our Eye
Autos / New Mobility
16. Toyota Industries to Be Taken Private?
17. US Change Auto Tariff Set-up
18. US Auto Sales Surge Ahead of Tariffs
19. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
20. Komatsu Strong Q4 OP; Weak FY25 OP Guidance
21. Nabtesco FY25 Q1 OP and Orders Strong
22. Daikin Hits 5-Week High on Strong Carrier Guidance
23. Other News & Moves That Caught Our Eye
Internet / eCommerce
24. ZOZO’s FY24 Results and FY25 Outlook Below Consensus
25. DeNA FY24 Preview
Enterprise Software / IT Services
26. JMDC: FY24 Q4 Preview
27. TIS: FY24 Preview
28. NTT Data: FY24 Preview
29. DTS Produces Strong FY24 and FY25 Outlook that Looks Beatable
Pharma / Healthcare
30. Healthcare Equipment Update
31. Nxera Gains on Schizophrenia Drug Announcement / FY25 Q1 Results
32. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
33. CUC FY24 OP Ahead of Guidance, FY25 Outlook Conservative
34. MCAP: Despite FY25 Q2 OP -17.2% YoY, the Q3 Outlook Looks Promising
35. MARI FY25 H1 OP -50% YoY, Revises Down Full-Year OP
36. Insource Reports Strong April KPIs
Miscellaneous / Market / Strategy / Macro
37. Industrial Production, Retail Sales Weaker than Expected
38. Japan US Trade Talks Part 2 Wrapped Up
39. Foreigner Net Buyers of Japanese Equities in the Week to 25 Apr
40. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports