The Must Read PSA Weekly Research Round-up (week to 19 December)
Reports / Flash Notes Summaries
1. PSA Micro- / Small- / Mid-Cap Recap
This note is a recap of reports and insights from the PSA Research Team on Micro- / Small- / Mid-cap companies [market cap < US$5bil] for the period from 1 Nov~15 Dec. We have published reports on the following companies: TKP (3479 JT), Visional (4194 JT), Net Protections (7383 JT), M&A Research Institute (9552 JT), Amvis Holdings (7071 JT), Moriya Transportation Engineering & Manufacturing (6226 JT), M&A Capital Partners (6080 JT), Internet Initiative Japan (3774 JT).
Industry Insights
Global video game console sales fall -8% YoY in November
ACR rears its head again
Japan auto stocks rise on EU ICE ban reversal
Inbound tourist numbers +10.4% YoY in Nov
Macro / Market / Misc.
Tankan encourages talk of multiple rate hikes
Machinery order backlogs expand despite weak defence, EP orders
Japan CPI +0.4% MoM as rice, electricity prices rise
Company Insights: News / Previews & Results
Capcom’s Pragmata demo is a great test of LHS- / RHS brain
PS5 outsells Switch 2 in US and Europe in Nov
Sony’s extraction shooter game Marathon launches in Mar 2026
Tokyo Seimitsu in Advantest die probe tie-up
Kioxia’s AiSAQ gains traction
Nissan assesses US hybrid strategy
Honda to halt production on further chip shortages
Toyota to export cars from US to Japan
J-Tech conservatively keeps FY26 guidance unchanged
Mercari enters into a capital and business alliance with Surugaya
Kakaku.com acquires some of en Inc’s businesses
NRI’s AI co-creation model launched to boost its AI services
Cybozu forecasts slower sales and OP growth in FY26
Park24: Mobility / Overseas / dividend to improve for FY26
Anicom’s Nov KPIs remain firm
SBI Shinsei Bank debuts well above the IPO price
The Weekly Comment by Pelham Smithers
Nagoya Railroad is reviewing its plans to redevelop Nagoya Station as a scheduled contractor withdrew its bid, citing difficulties in securing personnel.
Labour shortages, rising wages, rising costs, and now higher interest rates, are likely to weigh not only on future development plans but ongoing projects.
Pelham Smithers discusses.
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics, Gaming
1. Video Games Round-up: Global Video Game Console Sales -8% YoY in Nov
2. ACR Rears its Head Again
3. Capcom’s Pragmata Demo is a Great Test of Left-Side, Right-Side Brain
4. Sony PS5 Outsells Nintendo Switch 2 in US and Europe in Nov
5. Sony’s Extraction Shooter Game Marathon Launches in March 2026
6. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Tokyo Seimitsu in Advantest Die Probe Tie-up
8. Kioxia’s AiSAQ Gains Traction
9. Other News & Moves That Caught Our Eye
Autos / New Mobility
10. Japan Auto Stocks Rise on EU ICE Ban Reversal
11. Nissan Assesses US Hybrid Strategy
12. Honda to Halt Production Due to Further Chip Shortages
13. Toyota to Export Cars from US to Japan
14. Other News & Moves That Caught Our Eye
Capital Goods / Machinery / Auto Parts
15. Machinery Order Backlogs Continues to Grow Despite Weak Defence, Electric Power Orders
16. Other News & Moves That Caught Our Eye
Internet / eCommerce
17. GA Technologies Conservatively Keeps FY26 Guidance Unchanged
18. Mercari Enters into a Capital and Business Alliance with Surugaya
19. Kakaku.com Acquires Part of en Inc’s Businesses
20. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
21. NRI Launches AI Co-Creation Model to Expand AI Services Business
22. Cybozu Forecasts Slower Sales and OP Growth in FY26
23. Other News & Moves That Caught Our Eye
FinTech
24. SBI Shinsei Bank Debuts Well Above the IPO Price
Small- / Mid-Cap Insights
25. November Inbound Tourist Numbers Rise +10.4% YoY
26. Park24: Mobility / Overseas / Dividend Payments Rising in FY26
27. Anicom’s November KPIs Remain Firm
Macro / Market / Strategy / Misc.
28. Tankan Encourages Talk of Multiple Rate Hikes
29. Japan CPI +0.4% MoM in Nov as Rice, Electricity Prices Rise
30. Other News & Moves That Caught Our Eye
PSA in the Press
Autos / New Mobility analyst Julie Boote features in the following articles:
8 High Growth EV Stocks to Buy Now – Insider Monkey
https://www.insidermonkey.com/blog/8-high-growth-ev-stocks-to-buy-now-1659972/
Toyota Motor Corporation (TM) Outperforms in China – Insider Monkey
https://www.insidermonkey.com/blog/toyota-motor-corporation-tm-outperforms-in-china-1661699/
PSA Company Visits, Tours and Interviews
Visited: Tokyo Ohka Kogyo (4186 JT), Intermestic (262A JT)
1-1 Call with: QB Net Holdings (6571 JT), Park24 (4666 JT), Moriya Transportation Engine & Mfg (6226 JT)
Presentations at: Mitsui Chemicals (4183 JT), Central Glass (4044 JT), Mitsubishi Chemical Group (4188 JT), Kuraray (3405 JT), Park24 (4666 JT)
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