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(full company / earnings flash notes) and comments from the PSA team for the week ending Friday, August 29, 2014 


1. Electronic Materials: Shin-Etsu (4063) – the Blessings of a Strong Cash Flow

2. CE: Sony (6758) – even sunnier prospects for the CMOS sensor market

3. Retail: Adastria (2685) – Not a Question of Weather, but When?

4. Auto Parts: Fujikura (5803) - FPC improvement encouraging for our NOK (7240)
investment thesis 


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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 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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