The PSA Research Round-Up for Week to 31 October 2025

Weekly Comment Summary
Although the Nikkei 225 is soaring, most stocks in Japan fell in October, and in USD terms, Topix rose less than the S&P500.
If there is to be a “Takaichi Boom”, then that’s still to come, says Pelham Smithers.

PSA Weekly Contents at a Glance
1. Koshidaka Holdings (2157 JT): Another Good Deal
2. Nissan (7201 JT) Releases FY25 OP Guidance
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Is “Live Action” Set to Become a Niche Business at Sony?
2. Koei Tecmo FY25 Q2 OP -11% YoY
3. Capcom FY25 Q2 OP +88% YoY, Ahead of Consensus
4. Panasonic FY25 Q2 OP ¥71bil -57%
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Nidec Shares Limit Down on ‘Security on Special Alert' Designation
7. Advantest FY25 Q2 OP +71% YoY, Revises Up
8. Advantest Update Following Teradyne Results / Guidance
9. Canon FY25 Q3 OP -10% YoY
10. NEC FY25 Q2 OP +107% YoY, Beats Consensus, to Buy CSG Systems
11. Disco FY25 Q2 OP +4% YoY in Line with Expectations, Guidance Weak
12. Keyence Raises Dividend by 57%
13. Hitachi FY25 Q2 OP +43% YoY
14. Anritsu FY25 Q2 OP +25% YoY
15. Ibiden FY25 Q2 OP -13% YoY
16. Murata Mfg FY25 Q2 OP +13% YoY
17. TDK: Strong Q2 but Full-Year Guidance Close to Consensus
18. Tokyo Electron FY25 Q2 OP +7% YoY
19. Mitsubishi Electric Outlook Positive
20. Other News & Moves That Caught Our Eye
Chemicals / Materials
21. Tokuyama Shares Rise on Strong H1
22. Other News & Moves That Caught Our Eye
Autos / New Mobility
23. Mixed Results for Japan’s Automakers’ Global Auto Production in September
24. Toyota Out to Impress at Japan Mobility Show 2025
25. Nissan Provides Details on Earnings Preview
26. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
27. Fujikura Hits Our Target Price
28. Furukawa Beats Fujikura Today
29. Komatsu Guides for a Weak H2
30. Nabtesco Outlook Positive
31. SEI Soars on Automotive & AI
32. Other News & Moves That Caught Our Eye
FinTech
33. SBI Shinsei Bank Unveils IPO Plans
Enterprise Software / IT Services
34. TIS: FY25 Q2 Preview
35. Obic’s FY25 Q2 Meets Consensus Estimates
36. OBC FY25 H1 Results Narrowly Beat Company Interim Forecasts
37. Sumitomo Corp to Take System Integrator Subsidiary SCSK Private
38. DTS Corp FY25 Q2 Preview
39. NRI Reports Strong FY25 Q2, Beating Consensus Estimates
40. Other News & Moves That Caught Our Eye
Pharma / Healthcare
41. Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
42. M&A Capital Partners: Solid Outlook for FY26
43. MARI Misses OP Guidance for FY25 but as Expected
Macro / Market / Strategy / Misc.
44. The Nikkei 225’s Narrow, Thematic Market
45. Industrial Production, Inflation Higher than Expected as Japan’s Economy Moves Up a Gear 35
46. Shimano FY25 Q3 OP -57% YoY
47. Other News & Moves That Caught Our Eye
Important Disclosure Statement from Pelham Smithers Associates Limited

PSA in the Press
Pelham Smithers features in the following article:
 Advantest Shares Rally After Profit Outlook Hike: Street Wrap – Bloomberg [29 Oct]
Excerpt: Should the quarter’s pattern repeat that of the previous quarters from Teradyne, then Advantest “will have taken around a 75% market share”. It looks like the company is “continuing to completely dominate” the AI chip tester market. Should the company hold a 75% market share, then this fiscal year operating profit could be as much as ¥390b versus its new guidance of ¥374b.
PSA Company Visits, Tours and Interviews
Visited: Koshidaka Holdings (2157 JT)
1-1 Call with: M&A Capital Partners (6080 JT)
Presentations at: M&A Research Institute (9552 JT), Tokuyama Corp (4043 JT), Nitto Denko (6988 JT), Sekisui Chemical (4204 JT), TDK (6762 JT), Hoya (7741 JT), Zeon Corp (4205 JT), Mitsubishi Chemical Group (4188 JT), Nissan Motor (7201 JT)