The PSA Research Round-Up for the Week to 14 Nov 2025

Weekly Comment Summary The video game industry has grown into a US$200bil behemoth on the back of cheap memory chips. That “cheapness” is suddenly at risk as the AI industry hoovers up the world’s commodity semiconductors., says Pelham Smithers. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Anicom FY25 1H Ahead of Plan 2. M&A Capital Partners (6080 JT): Giant Deals Seem to Be in Pipeline 3. SBI Holdings (8473 JT) to IPO SBI Shinsei Bank 4...

PSA Media & Entertainment: Might Playing Video Games About to Become U...

The video game industry has grown into a US$200bil behemoth on the back of cheap memory chips. That “cheapness” is suddenly at risk as the AI industry hoovers up the world’s commodity semiconductors. Pelham Smithers discusses.

PSA ERP Software / IT Services: Strong FY25 Earnings From PKSHA (3993 ...

Despite a strong FY25 performance, the market seemed focused on the Q4 miss – which had been flagged – sending the shares down a sharp -15% [14 Nov]. The stock is trading on a FY26 EV/OP of 21x based on consensus estimates and 20x based on our existing estimate; this drops to around 16x for FY27. ERP Software / IT Services analyst Lindsay Whipp notes that PKSHA is positioning itself for strong long-term growth and remains positive about the company’s prospects.

PSA Media & Entertainment: Koei Tecmo's (3635 JT) Hyrule Warriors Age ...

Koei Tecmo’s latest Hyrule Warriors game is of to a good start. Will it have legs? Pelham Smithers discusses.

PSA Today 14 Nov: Wall Street triggers sharp rotation / China macro / ...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: SoftBank Group (9984 JT), Fujikura (5803 JT), Furukawa Electric (5801 JT), Tokyo Electric Power (9501 JT), MHI (7011 JT), Ebara (6361 JT), Kioxia (285A JT), SanDisk (SNDK US), PKSHA (3993 JT), Rakuten Group (4755 JT), Sharp (6753 JT), Panasonic (6752 JT), Nissan Motor (7201 JT), Yokohama Rubber (5101 JT), Sapporo Holdings (2501 JT), Oriental Land (4661 JT), Kao Corp (4452 JT), ...

PSA Autos: Toyota Industries (6201 JT) More Pressure on Toyota Group a...

Toyota Industries’ buyout proposal met with much resistance among minority shareholders when details were announced in June. Analyst Julie Boote discusses the chances of a more favourable deal being offered, now that activist investor Elliott Management has entered the scene, challenging the Toyota Group over the acquisition price and transparency.

PSA FinTech / Financial Services: SBI Holdings (8473 JT) to IPO SBI Sh...

Ahead of SBI Holding’s plan to IPO SBI Shinsei Bank [17 Dec], Pelham Smithers takes us through the deal and considers valuations.

PSA Today 13 Nov: Another new high for Topix / Results: Q2s for Kioxia...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Thao Nguyen and Hiroyuki Terada Tags: Dexerials (4980 JT), M3 (2413 JT), Buffalo (6676 JT), SWCC (5805 JT), KYB (7242 JT), Isuzu (7202 JT), Haseko (1808 JT), PeptiDream (4587 JT), Skylark (3197 JT), NHK Spring (5991 JT), V Technology (7717 JT), Nissan Motor (7201 JT), Mazda (7261 JT), Paris Miki (7455 JT), Sanyu Construction (1841 JT), Outlook Consulting (5596 JT), Star Micronics (7718 JT), Decollte Holdings (7372 JT...

PSA Media & Entertainment: Risks and Opportunities in Video Game Stock...

With most Japanese video game stocks having reported their September quarter results, the general picture is a positive one. Pelham Smithers reviews the recent performance and ranks the 20 Japanese Video Game stocks, highlighting what to look out – both positive and negative.

PSA Financial Services / Capital Markets: M&A Capital Partners (6080 J...

With the proportion of large-sized deals rising +3.4ppts QoQ in the Q4, and with management noting that there are several large commission (¥500mil+) deals in the pipeline, analyst Hiroyuki Terada reviews MACP’s FY26 outlook. He also revises his forecasts and introduces his FY28 numbers. The stock offers both value and growth.

PSA Today 12 Nov: Topix hits record high / Risks and opportunities in ...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: SoftBank Group (9984 JT), Nvidia (NVDA US), OpenAI (pvt), Mitsui Kinzoku (5706 JT), Sumco (3436 JT), Tokyo Ohka Kogyo (4186 JT), Kokusai Electric (6525 JT), Rakuten Bank (5838 JT), SRE Holdings (2980 JT), Sanken Electric (6707 JT), Towa Corp (6315 JT), Tokyo Seimitsu (7729 JT), Tokyo Electron (8035 JT), Advantest (6857 JT), Applied Materials (AMAT US), Modec (6269 JT), Sony (6758...

PSA Consumer Electronics: Sony (6758 JT) FY25 Q2 OP +10% YoY, Revises ...

Sony’s FY25 Q2 OP at ¥429bil (+10% YoY) came in ahead of consensus at ¥390bil and our forecast of ¥410bil. The firm raised its full-year OP target, also ahead of consensus, and for good measure, has thrown in a ¥100bil share buyback; not exactly meaningful on ¥26tril market cap, but at least a gesture. Pelham Smithers reviews the performance but has concerns on how far Sony can further push out the envelope.

PSA HR & Employment Services: Insource (6200 JT) Increasing DX Revenue

Small- / Mid-cap analyst Hiroyuki Terada reviews the FY25 performance for Insource and adjusts his forecasts, introducing his FY28 outlook. Valuations remain undemanding and the FY28 PSAe dividend yield offers an attractive 4.9%.

PSA Today Armistice Day: Very mixed / Bank lending / Q2s for Sony, KHI...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Unitika (3103 JT), Nitto Boseki (3110 JT), Brother Industries (6448 JT), Kioxia (285A JT), Fujikura (5803 JT), SK Hynix (000660 KS), Samsung Electronics (005930 KS), Sony (6758 JT), Tokyo Ohka Kogyo (4186 JT), Mitsui Chemicals (4183 JT), KHI (7012 JT), Kokusai Electric (6525 JT), Toyota Industries (6201 JT), Nidec (6594 JT), Mitsubishi Electric (650...

PSA ERP Software / IT Services: IIJ (3774 JT) Reports FY25 Q2 Outperfo...

IIJ’s FY25 Q2 came in ahead of consensus with the OPM improving +1.3ppts YoY. Analyst Linsday Whipp flags a strong order book to support further earnings growth. Moreover, the stock offers attractive valuations.

PSA Semiconductors: Global Semiconductor Shipments Rise +28% YoY in Se...

PSA Consumer Electronics: Sony FY25 Q2 Preview

Ahead of Sony’s FY25 Q2 results at noon JST tomorrow [11 Nov], Pelham Smithers previews what to expect.

PSA Macro / Politics: Takaichi Signals How Fiscal Policy is to be Loos...

On Friday [7 Nov], new Japanese Prime Minister Sanae Takaichi gave a speech to the Diet which, while not necessarily as important as Shinzo Abe’s speech to the Diet in Nov 2012, is certainly the most important since then. Pelham Smithers expands on what Takaichi’s policy could lead to and what the response by the BoJ might be.

PSA Today 10 Nov improved sentiment, earnings / Takaichi signals / Sep...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, Lindsay Whipp and Hiroyuki Terada Tags: Tokyo Electron (8035 JT), Advantest (6857 JT, Disco (6146 JT), Kokusai Electric (6525 JT), Towa Corp (6315 JT), ARM (ARM US), Marvell (MRVL US), Fujikura (5803 JT), Furukawa Electric (5801 JT), Kioxia (285A JT), SanDisk (SNDK US), Mercari (4385 JT), Olympus (7733 JT), Omron (6645 JT), Sega Sammy (6460 JT), Square Enix (9684 JT), Honda Motor (7267 JT), Nexperia (pvt), Wingtech ...

The PSA Research Round-Up for Week to 7 November 2025

Weekly Comment Summary The last month has seen a small rise in consensus OP for Topix for 2025, but a sizable one for 2027. This is evidence that analysts are starting to struggle to justify valuations, so raising long term earnings forecasts to achieve fair value. Pelham Smithers discusses. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Toyota Motor (7203 JT) FY25 Outlook Overcast by Tariffs 2. FY25 Q2 Results Review for IT Service Companies Company ...