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Weekly News

PSA Japan Research Round-Up for the week ending February 16, 2018
The Weekly Comment by Pelham Smithers: Surf's up: Pelham Smithers considers whether we are starting to see a break in the link between the yen and the Japanese stock market.
Reports / Flash Notes Summaries
1. Mitsubishi Electric (6503 JP): FA and Infrastructure Upturn
2. Sony (6758 JP): FY17 Outlook and SoTP5
Company / Sector / Thematic Comments
1. Sony (6758 JP) Surprises, Irritates with Peter Rabbit / Overlooked in the Media – CNBC
2. NEC (6701 JP): Language Terminals Expected to be A Big Hit
3. Square Enix (9684 JP): Monsters Inc Comes to Kingdom Hearts III
4. Capcom (9697 JP) to Officially Enter the Japanese eSports Market
5. Casino Guidelines / Limitations Starting to Appear from the LDP Committee
6. Toshiba (6502 JP) Enters a New Era
7. Fujifilm (4901 JP) Shares Weaker after Xerox Takeover Resistance
8. Tokyo Ohka Kogyo (4186 JP) Disappoints in Several Areas
9. Nissha's (7915 JP) Explanation Gets a Positive Reception
10. Showa Denko (4004 JP):, Profits Suddenly Reliant Upon Electrode Markets


Our Team

Research Team

Pelham Smithers has 25 years’ experience in investment analysis, specializing in Japanese technology companies. Having started his career covering Japanese software companies for Yamaichi Securities, he became head of research for Cresvale Securities. During the 1990s he was Japan Strategist for ING Barings, before moving to investment management. In 2004 he set up Kensington Research, an independent research firm specializing in Japanese technology, which was acquired by Pali International, the UK arm of US broker, Pali Holdings, in 2006.

Pelham’s main area of focus is consumer technology, including electronics, telecoms and pharmaceuticals. He also publishes on special situations, such as the implications of Japan’s power crisis.
Media Notes: Pelham is based in London, but travels frequently to Hong Kong, Tokyo and New York. He has written for a variety of publications, including an opinion piece for the Financial Times. He regularly appears on television and radio to discuss technology.

JulieJulie Boote has 15 years’ experience in investment research, having worked with UBS in Zurich and Tokyo before joining Pali International to be their auto analyst. She has also worked for Ford Motors.

Julie’s focus is on autos and automotive technology, such as electric / hybrid power-trains. She publishes a highly regarded monthly report on the global auto market and is highly regarded for her analysis on the commercial viability of new model launches.
Media Notes: Julie is based in Cornwall, UK, but travels frequently to London, Tokyo and New York. She regularly appears in print and on TV to discuss automotive issues.

joel-scheimanJoel Scheiman has 30 years’ experience in investment research, having worked with WI Carr, Goldman Sachs, ING Barings and MF Global in Tokyo before joining PSA to be their basic materials analyst.

His main focus is on electronics industry supply chain firms, but he also covers bulk and specialty chemicals and other basic materials, plus technology-related areas such as pharmaceuticals.
Media Notes: Joel is based in Tokyo and travels to the USA, UK and HK. His work and views are regularly cited in trade journals.


William Nestuk - Early in William’s career in Tokyo, where he has been based for 20 years, he was a Nikkei-ranked analyst covering auto-part suppliers and special situation companies, which are the sectors he covers for PSA.

After working at Barings and Société Generale, William spent 6 years at WestLB before co-founding Japaninvest, the first independent research provider to list on the Tokyo stock exchange.

William obtained a BA in Economics at Harvard before taking up a Japanese government scholarship to study law at Tokyo University. 

TN Mar17 bw2Thao Nguyen - Thao joined PSA in 2014 after graduating from Cass Business School. She was awarded membership in Beta Gamma Sigma, the International Honor Society Recognising Business Excellence, and qualified as an associate member of Chartered Institute for Securities & Investment (CISI).

Thao's main focus is on internet in the Far East. She covers companies involved in the web portal, eCommerce, SNS and smartphone game markets. She also follows other parts of the Asian media market, including advertising.

Thao is based in London.

Sales Team

James Ford co-founded PSA in 2009 and is in charge of sales and marketing at PSA, with a focus on UK and East-Coast clients. He has twenty years of experience in research sales with ING Barings and Pali International. Prior to joining Barings, James was an officer in the Welsh Guards. James is based in Devon.


Cindy Baker BA in Japanese and Business Studies, Auckland University; post-grad cert in Advanced Japanese, Sophia University, Tokyo) is based in London and covers EMEA clients. Cindy first worked as an equity research analyst on Japanese construction , housing and real estate at W.I Carr and Kleinwort Benson, switching to sales at Kleinwort Benson and continuing in sales at James Capel and Smith Barney/Citigroup before joining PSA in 2012.


Debby Guthrie (BA in Modern Languages/Philosophy, MA. Oxon.) is based in London covering global accounts. Debby's first career was in the Administrative Service of the Hong Kong Government. She has covered the Japan equity market as a research salesman for over 25 years, starting at Hoare Govett and then at Smith New Court/Merrill Lynch/Bank of America, before joining PSA in 2012.

R Jameson - new BW profile 4 Dec 2016

Robert Jameson has over 25 years' experience in equity sales and trading, having worked with Nomura, Merrill Lynch, Mizuho on the sell side as well as at TIAA-CREF trading all of Asia on the buy side. Prior to joining PSA Robert worked at MF Global. Robert is based in Tokyo and covers clients across the region and in the US. He spent the first half of his career in a variety of trading roles from proprietary trading to sales trading before moving to research sales, and is active in corporate access. Robert has a Bachelor's degree from the State University of New York, and spent a year studying in France at the University of Grenoble. He started his working life at the United Nations in NY, before moving to Japan to learn the language, and start a career in broking. 

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