The PSA Research Round-Up for Week to 6 March 2026

Weekly Comment Summary
One of the features of recent weak inflation numbers in Japan has been lower utility rates.
The spike in oil prices brought about by the attack on Iran poses a double problem for monetary policy. Pelham Smithers discusses.

Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Japanese Video Games Industry Outlook – Picking Winners as Memory Chips and AI Threaten the Status Quo
2. Nidec (6594 JT) Releases Results of Third-Party Accounting Investigation
3. Intermestic (262A JT) SSS Growth Ahead to be Catalyst for Stock
4. Visional (4194 JT) FY26 Q2 Preview – Another Earnings Beat?

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up [Week to 22 Feb]
2. “Plus Postage & Packaging” Adding to Rising Costs for Sony and Nintendo
3. Resident Evil Requiem Launch Sales Hit 5mil, +60% on Previous RE Games
4. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Hitachi Sets Sights on Acquisitions of ¥1tril+
6. Murata Completes Sale of Micro Primary Battery Business
7. Details of Nidec’s Fraudulent Accounting (Finally) Come to Light
8. Anritsu Bucking Market Selloff On 800G+ Testing Equipment
9. Denso to Buy Rohm?
10. Fuji Electric Hit by Denso-Rohm News
11. Other News & Moves That Caught Our Eye
Chemicals / Materials
12. Shin-Etsu Chemical to Invest Again in the US PVC Chain
13. JX Advanced Attracting Attention on Recycling Front
14. Other News & Moves That Caught Our Eye
Autos / New Mobility
15. Toyota Raises Toyota Industries TOB to Close Deal
16. Suzuki’s Vulnerability to Middle East Conflict
17. Impact of Middle East Conflict on Isuzu and Hino
18. Other News & Moves That Caught Our Eye
Internet / eCommerce 0
19. PayPay Launches the Roadshow for Its US IPO
20. Timee’s FY26 Q1 Results Preview
21. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
22. DeCurret in Digital Currency POC with Osaka Gamba
Small- / Mid-Cap Insights
23. Park24 – Meeting Takeaway
24. Intermestic’s KPIs Likely to be Solid Again in March
Macro / Market / Strategy / Misc.
25. “Union Wages” / “Actual Wages”: Japan’s Parallel Employment Universes
26. 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
Toyota's buyout deal is a bigger win for Elliott than for governance | Reuters – [3 Mar]
/sustainability/sustainable-finance-reporting/toyotas-buyout-deal-is-bigger-win-elliott-than-governance-2026-03-03/
Excerpt: While the deal was widely seen as a test case for corporate governance in Japan, Julie Boote, auto analyst at Pelham Smithers Associates, said the outcome showed there was still a long way to go for safeguarding minority shareholders' rights in Japan. "The recent developments do not demonstrate that Japanese corporate governance reforms have prompted changes among companies’ ⁠attitudes towards shareholders’ rights – given that Toyota was forced to cave in and put up a fight not to do so," she said in a note to clients.
Technology Analyst and Market Strategist Pelham Smithers features in the following article:
Nintendo’s Biggest Money-Maker Under Siege From Chip Price Surge – Bloomberg [5 Mar]
Excerpt: Besides consumer unhappiness about having to spend $50 plus – the cost of a new game – for MicroSD Express cards that can provide additional storage, the problem poses long-term risks for the company, said Pelham Smithers, managing director at Pelham Smithers Associates. “If the Switch 2 gets a reputation for being just a vehicle for Nintendo games, then third parties may stop trying, which can start a domino effect in terms of consumer interest,” he said.

PSA Company Visits, Tours and Interviews
Visited: Intermestic (262A JT), Park24 (4666 JT)
Presentations at: Nidec (6594 JT)