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Weekly News

Reports/Flash Notes:

1. Solar: West Holdings (1407) - EV/OP FY8/16e 2.5x and 4 Reasons to See Solar Demand to Improve

2. Internet: Yume No Machi Souzou Iinkai (2484) Initiation

3. Electronic Components: Kyocera (6971) Waiting in the Wings with Value

4. Auto parts/ Electronic Components: NOK (7240): We will Pat Ourselves on the Back

5. Chemicals: JSR (4185) - Momentum to Comfortably Exceed Forecasts

6. Internet: Kakaku (2371) – Looking Better, Set to Beat


7. Consumer Electronics: Video Games and a Reminder to Put Nintendo (7974) on Your Buy List

8. Consumer Electronics: Sony (6758) Restructuring Continues – Albeit Slowly

9. Industrial Electronics: Hitachi (6501)/Fujitsu (6702)/Toshiba (6502) – Value Discussion

10. Autos and Auto Parts: Airbag Recalls/Nissan's Dongfeng JV/MMC 1H Revision Up/Honda's Quality Czar

11. Pharma: VIIV and Shionogi (4507) Suggests 40% Upside

12. Machinery: Yaskawa Electric Corporation (6506); Fanuc (6954); Nabtesco (6268); Nidec (6594)

13. Electronic Materials / Chemicals: Nitto Denko (6988); Sumitomo Chemical (4005); JSR (4185); Tokyo Ohka Kogyo (4186)

14. Energy: No Nuclear and Solar Sometime Soon?

15. Services: M3 Inc (2413) Is the Good News In the Price?

16. Industrial: MHI (7011) Building Passenger Jet – Melco (6503) A Potential Beneficiary

17. Internet: Kakaku.com (2371); Gree (3632); KDDI (9433); Rakuten (4755)

18. Retailers: Adastria (2685) – Sept Sales Good, Expect to Beat CE FY2/14 Earnings

For further details on the reports and comments above, please see below. You can also find PSA research on Factset, Thomson Reuters (Reuters Knowledge, Thomson One Analytics, Starmine), Capital IQ, and on Bloomberg under PSAZ <GO> or by typing in the <stock code> equity CN PSA <GO>. Easier: ask your sales contact to send what you would like to look at.

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What we do

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.

PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.

The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.


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Pelham Smithers has 25 years’ experience in investment analysis, specializing in Japanese technology companies.

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