The PSA Research Round-Up for Week to 23 January 2026

Weekly Comment Summary
The AI data centre [DC] theme was all the rage in the market during Sep~Oct 2025, but interest cooled off as worries resurfaced over the possible limits to DC capex.
William Nestuk looks at catalysts that could revive interest in the cable stocks that have fallen and warns where caution might be required.

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries 3
1. SRE Holdings (2980 JT) – Building Profits and Data at Attractive Valuations
2. Rakuten (4755 JT) – Agentic AI as a Catalyst for Ecosystem Monetisation
3. Kyoritsu Maintenance (9616 JT) – CB Conversion Done
4. New Constituent of the 2026 Q1 PSA Focus List – Nabtesco (6268 JT)
5. New Constituent of the 2026 Q1 PSA Focus List – Fanuc (6954 JT)
6. New Constituent of the 2026 Q1 PSA Focus List – Kinden (1944 JT)
7. Micro- / Small- / Mid-cap Recap

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Game Round-Up
2. Capcom Makes Resident Evil Requiem Optimized on Nvidia GeForce Now
3. Nintendo FY25 Q3 Earnings Preview
4. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Disco: FY25 Q3 OP +21% YoY
6. Advantest FY25 Q3 Preview
7. Other News & Moves That Caught Our Eye
Chemicals / Materials
8. Sumitomo Bakelite to Acquire Kyocera’s Encapsulation Business
9. Other News & Moves That Caught Our Eye
Autos / New Mobility
10. China Auto Market Still a Challenge for Japan’s Automakers
11. Mazda Delays EV Launch
12. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
13. Machinery Orders – Better than They Look
14. Nabtesco Hits 4-Year High
15. Kinden Hits New Listing High for 7th Day in a Row
16. Other News & Moves That Caught Our Eye
Internet / eCommerce
17. Kakaku.com: FY25 Q3 Preview
18. Net Protections to Further Integrate into Kintone Ecosystem
19. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
20. Money Forward’s Defence of SaaS in an AI-Dominated World
21. Money Forward Completes Tender Offer for OutlookConsulting Shares
Small- / Mid-Cap Insights
22. Inbound Tourists Rise +3.7% YoY in Dec 2025, CY25 Are Up +15.8% YoY
23. Treasure Factory Meeting Takeaway
24. Park24: Lower Gas Prices Stimulate Driving Demand
25. Curves Meeting Takeaway
26. TKP Meeting Takeaway
Macro / Market / Strategy / Misc.
27. Is the Worst Over for Japanese Inflation?
28. “Guns and Butter” Day as Political Shocks Reverberate
29. Chugai Pharm Sees Benefits from AI Agency Utilization – AI Readthrough for Japanese Stocks in General
30. 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
Pelham Smithers features in the following article:
Disco Shares Surge 15% on 3Q Beat, AI Demand Boost: Street Wrap (Bloomberg – 22 Jan)
Excerpt:
 Results were “encouraging,” especially the “noticeable improvement” in high-margin dicer sales, which had been weak
 “The surge in semiconductor prices in 2025 is likely to lead to higher capacity utilization in 2026 H1, and increased capacity coming on stream in H2, both of which should benefit Disco”
 Guidance is “notoriously conservative,” so the fact it’s close to consensus should be seen as positive

PSA Company Visits, Tours and Interviews
Visited: Treasure Factory (3093 JT), S-poo (2471 JT), Curves Holdings (7085 JT), TKP (3479 JT)
1-1 Call with: Park24 (4666 JT), Kyoritsu Maintenance (9616 JT)
Presentations at: UBE Corp (4208 JT), Sumitomo Bakelite (4203 JT)