The PSA Weekly Research Round-Up for the Week to 7 January 2025

Weekly Comment Summary
While Topix is down since the year began, the TSE Growth 250 index is up +4.3%. Results have helped, but as Pelham Smithers point out, the index also includes several stocks in emerging industries that are attracting attention globally.

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Fanuc (6954 JT) – Robotics Order Recovery; Margin Improvement
2. GA Technologies (3491 JT) – A Revisit
3. PeptiDream (4587 JT) – FY24 (Dec) Q4 Preview & FY25 / FY26 Outlook
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up: Nintendo Tops Charts for Week to 26 Jan
2. Nintendo FY24 Q3 OP -32% YoY, Revises Down Full-Year Guidance
3. Bandai Namco FY24 Q3 OP ¥65.6bil +412% YoY
4. Sega Sammy FY24 Q3 OP ¥10.9bil -27% YoY, Revises Up
5. Square Enix FY24 Q3 OP -31% YoY
6. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Rohm Reports FY24 Q3 Operating Loss, but Leaves Forecasts Unchanged
8. Murata FY24 Q3 OP Flat YoY, No Change to Full-Year Guidance
9. Kyocera Q3 Operating Loss -¥25.6bil, Revises Down, Buys Back Shares
10. Hoya FY24 Q3 and Full-Year Guidance NP Below Consensus
11. Mitsubishi Electric FY24 Q3 +46% YoY Yet Cautious Guidance Given
12. Ibiden FY24 Q3 OP -51% YoY; Keeps Full-Year OP and Sales Guidance, NP Revised Up
13. Tokyo Seimitsu FY24 Q3 OP +89% YoY; Orders at 2-Year Highs
14. Renesas FY24 (Dec) Q4 AOI ¥75.4bil −35% YoY
15. Tokyo Electron FY24 Q3 OP ¥200bil +51% YoY
16. Nikon FY24 Q3 OP ¥2.3bil -89% YoY, Revises Down
17. Other News & Moves That Caught Our Eye
Chemicals / Materials
18. Sumitomo Bakelite: Restructuring Costs Lead to FY24 NP Revision Down
19. Sumco FY24 Halved YoY
20. Other News & Moves That Caught Our Eye
Autos / New Mobility
21. North American Tariffs to Hit Japanese Automakers
22. Honda Considers a Nissan Takeover
23. Honda Nissan Deal on The Brink of Collapse
24. Mitsubishi Motors Lowers FY24 its Guidance Numbers
25. Toyota Raises FY24 Guidance
26. Suzuki Raises FY24 Guidance Numbers
27. Subaru Raises FY24 Guidance on Weaker Yen
28. Mazda FY24 Q3 OP below Estimates
29. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
30. MHI FY24 Q3 -16% YoY Disappoints
31. Daikin Q3 OP +2% YoY Disappoints
32. IHI Q3 OP -51% YoY Disappoints
33. KHI Q3 OP -7% YoY But Strong Q4 Guidance
34. Other News & Moves That Caught Our Eye
Internet / eCommerce
35. GA Technologies Issues New Shares for an International Offering
36. Kakaku.com: A Revisit
37. Kakaku.com’s Q3 Earnings Beat; Keeps Guidance Unchanged
38. Kakaku Positive Reaction Continues as Investors Look Past Unchanged FY24 Guidance
39. Mercari’s Q2 Earnings Beat; Keeps Guidance Unchanged
40. Mercari Possible US Exit Outweighs Concerns over MAU Decline
41. DeNA’s FY24 Q3 Earnings Beat
42. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
43. JMDC: FY24 Q3 Preview
44. JMDC FY24 Q3 OP Misses Consensus Estimates, Sends Shares Sharply Lower
45. NTT Data: FY24 Q3 Preview
46. NTT Data FY24 Q3 Misses OP Expectations but Beats on Sales
47. TIS Inc FY24 Q3 OP Beats Consensus Estimates But No Upward Revision
48. SRE Holdings FY24 Q3 Misses OP and Sales Expectations, Shares Soar
49. Other News & Moves That Caught Our Eye
Pharma / Healthcare
50. Astellas Books FY24 Q3 Operating Loss
51. Shimadzu Announces FY24 3Q Earnings
52. Sysmex FY24 Q3 Earnings Preview
53. Mitsubishi Chemical to Divest Pharma Subsidiary
54. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
55. Insource January KPIs
56. Intermestic Jan KPIs
57. Amvis Q1 FY25 Results
58. Kyoritsu Maintenance FY24 Q3 and Upward Revision
59. Treasure Factory Jan SSS +10.6% YoY
60. Open Up Group FY25 Q2 Better than Expected
61. Anicom FY24 Q3 Above Plan
Miscellaneous / Market / Strategy / Macro
62. Average Wages +4.8% YoY in December as Bonuses Rise
63. Household Spending +2.7% YoY in Real Terms in December
64. 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: M&A Research Institute (9552 JT), TKP (3479 JT)
1-1 Call with: M&A Insource (6200 JT), Amvis (7071 JT), Anicom Holdings (8715 JT), Kyoritsu Maintenance (9616 JT)
Presentations at: M&A Capital Partners (6080 JT), Open Up Group (2154 JT), Koei Chemical (4367 JT), Hoya Corp (7741 JT), Sumitomo Chemical (4005 JT), Sumitomo Bakelite (4203 JT), Mitsui Chemicals (4183 JT), Asahi Kasei (3407 JT), Nippon Sanso (4091 JT), UBE Corp (4208 JT), Teijin (3401 JT), Fujifilm Holdings (4901 JT), Mitsubishi Chemical Group [earnings meeting and pharma meeting] (4188 JT), Sumco (3436 JT), Nissan Chemical (4021 JT), Mitsubishi Motors (7211 JT)

PSA in the Press
With the DeepSeek scare, PSA’s technology analyst Pelham Smithers notes the rotation into videogame stocks in the following Taipei Times article. /News/biz/archives/2025/02/01/2003831138
PSA autos / mobility analyst Julie Boote highlights the importance of Honda’s Motorcycle division [3 Feb] /business/2025/02/03/companies/honda-motorcycle-business/
Julie Boote features in the following Bloomberg write-up titled Mitsubishi Motors Shares Plunge on Earnings Outlook: Street Wrap [4 Feb]
Julie Boote is quoted in the following Bloomberg write-up titled Nissan Shares Rise After Said Likely to Reject Honda Deal Offer [5 Feb]
Pelham Smithers features in the following Bloomberg write-up titled: Nintendo Investors Shrug off Plummeting Sales: Tech In Depth [6 Feb]
Julie Boote also features in the Bloomberg write-up Toyota Shares Rise on Guidance Boost, ROE Hopes: Street Wrap [6 Feb]
Pelham Smithers features in the following Bloomberg write-up titled: Tokyo Electron Stock Falls After Outlook Downgrade: Street Wrap [7 Feb]