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

Weekly Comment Summary
Universal Music Group has reported a 2024 pre-tax profit of €2.87bil [US$3.11bil] on revenues of €11.8bil [US$12.8bil], beating Sony on revenues for the seventh successive year. Worryingly, this was Sony’s best chance of being No. 1 in the global music industry.
Pelham Smithers considers Sony’s Music business, past, present and future.

PSA Company Visits, Tours and Interviews
Visited: Intermestic (262A JT), Asahi Kasei (3407 JT), Fujifilm Holdings (4901 JT), UBE Corp (4208 JT)
1-1 Call with: Insource (6200 JT), Hotland (3196 JT), Zensho Holdings (7550 JT), QB Net Holdings (6571 JT)
Presentations at: Open Up Group (2154 JT), Sumitomo Chemical (4005 JT)

PSA in the Press
PSA Autos / New Mobility analyst Julie Boote is cited in this Japan Times article discussing Toyota’s efforts to woo retail investors with perks. /4i9UdDO
PSA small-cap analyst Hiroyuki Terada features in the Bloomberg Taking Stock article entitled Restaurants, Retail Set to Win on Japan Pay Hikes [6 March].

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Fujikura (5803 JT) – AI Theme FY25; Telecom Carriers FY26
2. TIS Inc (3626 JT) – Looking for a Growth Recovery in FY25
3. M&A Research Institute (9552 JT) – Risk of Downward Revision to FY25 Earnings
4. Kakuyasu Group (7686 JT) – Hike of Income Tax Threshold Could be Positive
5. Kyoritsu Maintenance (9616 JT) – Solid ADRs to Continue
6. Intermestic (262A JT) – The Price Hike Drives SSS by +3%
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Monster Hunter Wilds Sells 8mil Copies in Four Days
3. Might GTA6 Sell for US$100+?
4. Tariffs Are a Problem for Nintendo, but Are Not its Only Problem
5. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Other News & Moves That Caught Our Eye
Chemicals / Materials
7. UBE Corp – Businesses in Flux
Autos / New Mobility
8. US Import Tariffs Set to Hurt Japanese Automakers
9. Japan February Auto Sales Bounce Back
10. Toyota Announces Shareholder Benefit Program
11. Rumour Mill Running on Nissan’s New CEO
12. Other News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
13. Defence Stocks Continue as Trading Volume Leaders, Hitting New Highs
14. Daikin and IHI See Broker Upgrades
Internet / eCommerce
15. Mercari Launches MVNO Service – Read Across to Rakuten Mobile
16. LY Corp Shares Hit a One-year High
17. Other News & Moves That Caught Our Eye
Pharma / Healthcare
18. Pharma / Healthcare News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
19. Insource Reports February KPIs
20. Intermestic February KPIs
21. Treasure Factory February KPIs
Miscellaneous / Market / Strategy / Macro
22. Japan Composite PMI Up to 52.0
23. Japan’s Stock Market Goes Domestic
24. Trump Trade / Merz Trade-Related Stocks to the Fore – Implications on Global Bond Markets
25. Ceres Joins the NERO Chain
26. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports
Important Disclosure Statement from Pelham Smithers Associates Limited