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

Weekly Comment Summary
One problem emerging from Japan’s 35-year dormancy.
Numbers are a lot bigger than when Japan went to sleep in 1990, and sacking people for “losing” ¥1.9tril (US$12.7bil) is not necessarily practical, let alone a good idea.
Pelham Smithers discusses

PSA in the Press
PSA electronics materials analyst Joel Scheiman is cited in the following two Bloomberg articles on 17 Feb:
Kioxia Shares Jump After Returning to 9-month Operating Profit
Kioxia Shares Rally on Profit in First Earnings Report Since IPO.

PSA Company Visits, Tours and Interviews
Visited: Lilycolor (9827 JT), Amvis Holdings (7071 JT), Moriya (6226 JT), TDK (6762 JT)
1-1 Call with: Park24 (4666 JT), Anicom (8715 JT)
Conference Calls with: Honda Motor (7267 JT)
Presentations at: Fujifilm Holdings (4901 JT), UBE Mitsubishi Cement (unlisted), Daifuku (6383 JT), Nabtesco (6268 JT)
Corporate Access: Amvis Holdings (7071 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Keyence (6861 JT) – In-depth Appraisal
2. Amvis Holdings (7071 JT) – Good Risk / Reward
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Speculation that GTA6 Will Land in November, Come to PC in Early 2026
3. The Last of Us Season 2 to Premiere 13 April
4. Other Consumer Electronics-Related News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Implications for Japanese IC / SPE Names of an Intel Break-up
6. Nidec Submits Answers to Makino Milling’s Second Questionnaire
7. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
8. Central Glass develops PFAS-free ArF Resists
9. Other Chemical / Materials-Related News & Moves That Caught Our Eye
Autos / New Mobility
10. Risk of US Auto Import Tariffs for Japanese Automakers
11. Bridgestone: FY24 Q4 Profits Below Street; Large Buyback Announced
12. Nissan Shares Get a Reprieve
13. Nissan Shares Surge on Consortium Investment News
14. Other Auto-related News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
15. Daifuku Closes Limit Up +15.9%
16. Nabtesco Assumes No Robot Gear Recovery Until 2026
Internet / eCommerce
17. Trend Micro’s FY24 Earnings Miss while FY25 Guidance Beats
18. Giftee Shares Reach a One-Year High
19. A Weak Day [20 Feb] for Domestic Demand Stocks
Enterprise Software / IT Services
20. Money Forward Opens Software Development Centre in India
Pharma / Healthcare
21. Olympus Announces Reorganization as Q3 OP and Revision Down to Full-Year Guidance Come Below Consensus
22. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
23. January Inbound Tourists to Japan +41%
24. Park24 January KPIs Ahead of Plan
25. Anicom January KPIs
26. Other News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
27. Japan Q4 GDP +0.7% QoQ, +2.8% Annualized, Ahead of Expectations
28. Results Season: Topix 2024 Q4 OP Marginally Higher than Expected, Forecasts Raised
29. Has Inflation in Japan Hit 4%?
30. Data Shows Japan Economy Accelerating, Inflation an Issue
31. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited