The PSA Research Round-Up for the Week to 21 Nov 2025

Weekly Comment Summary
Are there general market lessons to be learned from Nidec’s multifarious accounting problems? There are, says Julie Boote, yet they are commonly overlooked

PSA Weekly Contents at a Glance

Reports / Flash Notes Summaries
1. Nidec (6594 JT) Accounting Crisis Widens, FY25 Q1 OP & NP Lowered
2. Nintendo’s (7974 JT) Exposure to Rising Memory Chip Prices
3. Sanrio (8136 JT) – Take a Break for a While?
4. Moriya Transportation Engineering & Manufacturing (6226 JT) – Acceleration in Repair Work Volume
5. Recruit Holdings (6098 JT) – New FY25 Guidance Still Conservative
6. Readthrough from Nvidia’s (NVDA US) Q3 Results
What’s Next for Nidec?
Lessons to Be Learned from Nidec’s Accounting Crisis
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Football Manager 26 Tops European Sales Charts, Hyrule Warriors at No.4
2. Nintendo Releases First Official Photos of Live-Action Zelda Movie
3. Square Enix Looks to Widen Dragon Quest Audience
4. Video Games Round-Up
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. DRAM Prices Surge Again
7. Increased Factory Automation: Opportunities for Canon and Murata
8. Readthrough from Nvidia’s Q3 Results
9. Other News & Moves That Caught Our Eye
Chemicals / Materials
10. Sharp and Others Advance Perovskite Solar Cell Tech
11. Other News & Moves That Caught Our Eye
Autos / New Mobility
12. Toyota US Import Tariff Forecast Explained
13. Toyota Motor to Reduce Stake in Toyota Gosei
14. Subaru Predicts A Sharp Drop in US Import Tariffs in FY25 H2
15. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
16. September Machinery Orders Rise +14% YoY
17. Other News & Moves That Caught Our Eye
Internet / eCommerce
18. Giftee Maintains FY25 Guidance
19. Is the Net Protections Post-Earnings Sell-off Coming to an End?
Enterprise Software / IT Services
20. Appier Misses FY25 Q3 Consensus Estimates
21. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
22. Park24: Domestic Parking is Solid, Equity Finance Risk Disappears
23. October Inbound Tourist Numbers Rise +17.6% YoY
24. Anicom October KPIs Remain Firm
Macro / Market / Strategy / Misc.
25. Japan 2025 Q3 GDP Dips -0.4% QoQ
26. Japan Nationwide CPI +3.0% YoY in October
27. Metaplanet in Pref Share Move as XBT Slumps
28. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited

PSA Company Visits, Tours and Interviews
Visited: Anicom Holdings (8715 JT), Japan Elevator Services Holdings (6544 JT), Amvis Holdings (7071 JT), M&A Research Institutes (9552 JT), LilyColor (9827), Fujifilm Holdings (4901 JT)
1-1 Call with: Sanrio (8136 JT), Park 24 (4666 JT), Nidec (6594 JT)
Presentations at: Sanrio (8136 JT), Kyoritsu Maintenance (9616 JT), Hitomile (7686 JT), Mitsubishi UBE Cement (unlisted), Iwatani Corp (8088 JT), Kanto Denka (4047 JT)