The Must Read PSA Weekly Research Round-up (week to 13 June)
Reports / Flash Notes Summaries
1. Toyota (7203 JT) Keeps Calm – But, Should They?
Toyota Motor is facing another challenging year, as it continues to invest heavily in new technologies, and is supporting its suppliers, while having to deal with the uncertainty over the impact of US import tariffs. Its FY25 guidance numbers do not yet fully reflect the potential costs related to these duties, risking an earnings downgrade later this year. Criticism over its handling of the Toyota Industries privatisation is mounting, with questions raised over corporate governance. Analyst Julie Boote investigates.
2. Kyoritsu Maintenance (9616 JT): Osaka Expo Drives ADR in H1
Following the release of FY24 (Mar yr-end) Q4 results for Kyoritsu Maintenance and his discussion with management, analyst Hiroyuki Terada revises up his FY25 and FY26 forecasts and introduces his FY27 numbers.
Industry Insights
Video games round-up
Readthrough from Famitsu sales figures
Tire makers benefit from falling rubber prices
Miscellaneous / Market / Macro
2025 Q1 GDP revised up
Japan PPI +3.2% YoY in May, down from +4.1% in April
Spending on business software in Japan looks set to grow rapidly
Tokyo office vacancies continue to fall
Company Insights: News / Previews & Results
Has Nintendo left money on the table?
Capcom as Japan’s Take Two?
Sony reportedly acquiring Hipgnosis Songs Group
Tencent renews its interest in Nexon
Nidec predicts limited impact from rare earth shortage crisis
Hino merger with Mitsubishi Fuso confirmed
Toyota Industries: undervalued?
Toyota: AGM strangely uneventful / New non-EV Aygo launched
Fujikura may see a fresh listing high
Yaskawa to offer US outlook on 17 July
Anycolor’s FY24 results and FY25 guidance beat
Timee keeps FY25 guidance unchanged
Treasure Factory reports strong May KPIs
Kakuyasu Group May KPIs rising ahead of plan
GA Technologies revises up its FY25 guidance
Smaregi’s FY25 results beat guidance
The Weekly Comment by Pelham Smithers
Japanese cultural soft power stocks come with the story “These are investments you can’t make anywhere else”. VTuber plays Anycolor and Cover are the sine qua non of the genre.
Pelham Smithers explores the weird and wacky world of Japan’s Avatar V Tuber stocks.
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics / Media & Entertainment / Gaming
1. Video Games Round-Up
2. Readthrough from Famitsu Sales Data
3. Capcom as Japan’s Take-Two?
4. Sony Reportedly Acquiring Hipgnosis Songs Group
5. Tencent Renews Its Interest in Nexon
6. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components & Materials / Semis & SPE / Precision
7. Nidec Predicts Limited Impact from Rare Earth Shortage Crisis
8. Other News & Moves That Caught Our Eye
Autos / New Mobility / Auto Parts
9. Tire Makers Benefiting from Falling Rubber Prices
10. Toyota Industries: How Undervalued?
11. Toyota AGM: Strangely Uneventful
12. Toyota Launches Most Efficient (non-EV) Subcompact in Europe
13. Other News & Moves That Caught Our Eye
Capital Goods / Machinery
14. Fujikura May See a Fresh Listing High
15. Other News & Moves That Caught Our Eye
Internet / eCommerce
16. Anycolor’s FY24 Results and FY25 Guidance Beat
17. Timee Keeps its FY25 Guidance Unchanged
18. GA Technologies Revises Up its FY25 Guidance
19. Smaregi’s FY25 Results Ahead of Guidance
Enterprise Software / IT Services
20. Spending on Business Services in Japan Looks Set to Grow Rapidly
21. Other News & Moves That Caught Our Eye
Pharma / Healthcare
22. Pharma-Related News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
23. Treasure Factory Reports Strong May KPIs
24. Kakuyasu Group May KPIs Rising Ahead of Plan
Miscellaneous / Market / Strategy / Macro
25. CY25 Q1 GDP Revised Up
26. Japan PPI +3.2% YoY in May, Down From +4.1% in April
27. Tokyo Office Vacancies Continue to Fall
28. Other News & Moves That Caught Our Eye
PSA in the Press
Our Autos / New Mobility analyst Julie Boote features in the following article: Toyota Industries Shareholders Question Buyout at Annual Meeting – Bloomberg [10 Jun]
PSA Company Visits, Tours and Interviews
Visited: Kyoritsu Maintenance (9616 JT), Asahi Kasei (3407 JT), UBE Corp (4208 JT), Tokyo Ohka Kogyo (4186 JT), Mitsui Chemicals (4183 JT)
Calls with: Kakuyasu Group (7686 JT)
Presentations at: Zeon Corp (4205 JT), Ohara Inc. (5218 JT), Tokuyama Corp (4043 JT), Crasus Chemical [unlisted subsidiary of Resonac (4004 JT)] Corporate Access: Intermestic (262A JT)
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