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PSA2022-07-01T15:27:26+00:00

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    Pelham Smithers Associates

    Pelham Smithers Associates is a leading English language independent research provider covering the Japanese stock market. We focus primarily on Japanese manufacturing – TMT, autos, pharma, and machinery – and on internet plays and video games. We also write on market strategy.

    Founded in 2009, Pelham Smithers Associates has steadily built up a blue chip institutional stock investing client base as paying readers of its research. We are fortunate in having benefited from word of mouth recommendations. We are recognised by our clients as a go-to provider of in-depth analysis and explanation of new technologies emanating from Japan and the impact of these on both Japanese companies and companies globally.

    One of the firm’s founders, Pelham Smithers, is a world expert on consumer technology trends and appears regularly in the financial media. Another, Julie Boote, is a high-profile commentator on automotive technology, having started her career at Ford Motor. In aggregate, our research team has accrued over a hundred years of knowledge while carrying out Japanese equity research.

    PSA produces both company and sector reports. These tend to focus on the manufacturing technologies at the core of companies’ endeavours. We aim to identify the winners and losers as new technologies come to impact the top and bottom lines of corporations. Central to PSA research is clear explanation of how these new technologies work and how they affect both companies and industries.  While our primary focus is on Japanese equity research, our approach enables us to discover investment opportunities outside of Japan.

    PSA also produces widely read daily and weekly commentary. Our daily tends to pick up on the development of themes previously identified in PSA reports. The PSA weekly summarises recently produced reports and collates the daily commentary plus analysts’ additional short comments, week by week.

    PSA’s clients include globally-renowned mutual funds as well as smaller, even start-up, specialist investment advisors.

    PSA research is available on Factset, Thomson Reuters, S&P Capital IQ, Bloomberg (PSAZ), RSRCHX and Research Pool. Research can also be sent by PSA’s sales team email to PMs and analysts.

    If you would like to discuss terms for research provision to your firm by Pelham Smithers Associates, kindly contact Co-Founder James Ford, either by email, at james@pelhamsmithers.com, or by calling +44 (0)1548 857358.

    Weekly Comment
    by Lindsay Whipp

    Lindsay discusses Japan’s EV charging market. Enechange’s positioning provides insights into Japan’s electricity market now and in the future………

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Jul 01

    Highlights this week: REPORTS: Recruit Holdings (6098 JT)Daikin Industries (6367 JT)INDUSTRY INSIGHTS: NAND flash prices slumping / Automakers’ May production offers mixed picture / China EV market back to new-found strength / MISCELLANEOUS, MARKET & MACRO: Global warming comes to Japan / Shipping rates / Tankan woes / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Shin-Etsu’s new antibacterial coating / GlobalWafers’ Texas plans may be contingent / Toyota seeks more support for hybrids in Japan – e-fuels to make hybrids ‘clean’ / Nissan discloses several details on the Renault alliance / Net Protections extends YTD loss to 69% / Rakuten falls as Rakuten Mobile loses out to competitors

    Jun 24

    Highlights this week: REPORTS: Honda (7267 JT) / Fanuc (6954 JT) / INDUSTRY INSIGHTS: Video game console sales slide / Weak yen helps April camera shipments / PC build costs easing / Auto price hikes on the horizon in Japan / Japan SPE Billings +0.8% YoY / MISCELLANEOUS, MARKET & MACRO: Consumer staples getting price hikes / Commodity plays weak as copper and oil prices ease / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony targeting 60% of image sensor market / working on 100M sensor / New CATL EV battery powerful but heavy / Suzuki / Honda starts building EV plant in China / Toyota cuts production forecasts again / Sharp rise in Diamond Electric Electric / CyberAgent surges as Uma Musume ranks No. 1 in Korea

    Jun 17

    Highlights this week: REPORTS: Capcom (9697 JT) / INDUSTRY INSIGHTS: Video game console sales picking up / VC money coming Japan’s way? / MISCELLANEOUS, MARKET & MACRO: China economic data for May shows mild improvement from April / JGB market 2022 vs UK sterling crisis 1992 / What next for the JGB market? / Trade numbers show yen’s effect / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Can Capcom get to 37mil games sold in FY22? / Hitachi’s Investor Day presentation / Nervousness on Nidec’s succession plans – or lack of / Honda launches new HR-V in the US / Sony Honda Mobility Inc to launch EVs in 2025 / Toray / LG Chem confirm LiB separator JV / Fanuc firm on broker upgrade /

    Jun 10

    Highlights this week: REPORT: REPORT: Mercari (4385 JT) / What Now for the Flip Chip Package Makers? / Blessed are the Bean Counters: An Update / INDUSTRY INSIGHTS: Global video game revenues +4% YoY in Q1 2022 with a pick-up in May / iPhone 14 leaks suggest subdued upgrade / April semiconductor shipments weaker than they look / DRAM prices down 10% QTD / Fertilizer shares rise along with titanium / US auto sales plunge in May / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony PS5 State of Play / PS5 shipments / Capcom’s Showcase / Sony, Honda may IPO EV JV / Can Panasonic leverage Blue Yonder? / Tokyo Electro’s Mid-Term Plan / Intel pushes back Sapphire Rapids SP launch / Nidec to streamline chip procurement

    May 27

    Highlights this week: REPORTS: The Global Semiconductor Industry – Introduction to the Data Processing Unit / Ferrotec (6890 JT): Capacity Expansion Leap over FY22~FY23 / INDUSTRY INSIGHTS: Will the new minicar EV kick-start an EV boom in Japan? / Echoes of Asian chip sector sentiment in 2021 as broker calls the US semiconductor sector “uninvestable” / Japan SPE billings +9% YoY in April / MISCELLANEOUS, MARKET & MACRO: Share buybacks continue apace / Nvidia, Alphabet, and lessons from the Japanese market crash of 1990 / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Our thoughts on Sony’s Investor Day presentations / Sony, again, goes after photo / video production market with new phone

    May 20

    Highlights this week: REPORTS: Why semiconductor stocks need a reappraisal / Square Enix (9684 JT) / Mitsubishi Motors (7211 JT) / Nomura Research Institute (4307 JT) / Enechange (4169 JT) / Ukraine From an Eastern Europe Perspective / INDUSTRY INSIGHTS: Autos outlook for FY22; an overview / Global auto sales plunge at beginning of fiscal year / Japan, UK in fighter jet tie-up move / Q1 2022 camera shipments / Game console sales continue to struggle / COMPANY PREVIEWS & RESULTS: Consumer Electronics / Gaming results comments for: Square Enix (9684 JT), GungHo (3765 JT) / Disappointing results and outlook for Yamaha Motors (7272 JT) / Machinery results for Daifuku (6383 JT)

    Research Categories

    Auto Sector

    Analysis of global automobile companies with a special focus on Japan’s assemblers…

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    Auto Parts

    Looking at auto component makers in a separate context from their respective…

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    Internet

    The main focus is on internet companies in the Far East. This covers companies involved in…

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    Telecomms

    Analysis of the Japanese telecoms sector, highlighting differences in business strategy…

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    Electronic Parts & Materials

    The main focus is on Japan’s electronics industry supply chain firms…

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    Consumer Electronics

    Analysis of the global electronics market with a focus on the role Japanese companies…

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    Strategy

    In the first week of every calendar year Pelham Smithers writes the substantive…

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    Capital Goods

    Analysis focuses primarily on automation and robotics…

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    Pharmaceuticals

    Analysis of the Japanese pharmaceuticals sector with particular focus on…

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    Video Games

    Analysis of the Japanese video sector including the nascent eSports market…

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    Reports

    We produce 5 types of research – PSA Today is our daily product, that focuses on the companies and sectors PSA analysts cover. It is integral to our evolving research and is a vehicle for analysts to confirm or change their investment views. PSA Weekly highlights what the PSA team has produced in the week. It summarises PSA’s published reports; contains analysts’ key company / sector comments; and includes a weekly strategy comment. It is also where the team likes to signpost their ideas for the week to come. In-depth Company provides detailed analysis of individual companies. Company Update are the follow up to the reports we have written. In-depth Sector provides a detailed analysis of the sectors our analysts cover.

    PSA Today

    PSA Weekly

    Company Update

    In-depth – Sector

    In-depth – Company

    Weekly News
    Media
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    Weekly News
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