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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 News
The Must Read PSA Weekly Research Round-Up
Mar 24
Highlights this week: REPORTS: Daifuku (6383 JT) / Hitachi (6501 JT) / INDUSTRY INSIGHTS: China video game market shrank 10% in 2022 / Department store sales +20.4% YoY / Global mobile game sales -7% YoY / Mixed signals from global EV markets / Might the semiconductor market recovery broaden out? / PS5 console sales slowing markedly in Japan / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony NFT patent published, paves way for NFT console gaming / Maxell to mass-produce solid-state LiBs; Readacross to beneficiaries / Shinko slashes its FY22 forecasts / Strong US Feb housing starts fail to boost Komatsu / HCM / MISCELLANEOUS, MARKET & MACRO: Rengo announces Spring wage rise of 3.8%, base pay rises 2.3% / Japan CPI for Feb
Mar 17
Highlights this week: REPORTS: NEC (6701 JT) / Mercari (4385 JT) / INDUSTRY INSIGHTS: Automation plays hit less than construction machinery / EU throws combustion engine a lifeline / MISCELLANEOUS, MARKET & MACRO: Topix EV/OP falls below 10x / Japan trade figures show J-Curve effect starting to unwind / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Eisai gets a VA break with Leqembi / Should Pfizer buy Astellas / Conflicting rumours over PS5 Pro in video game industry press / PS5 now outselling PS4 at similar stage / Strong week for Hitachi rollingstock business / Smaregi revises up / Nidec under pressure / Mazda appoints new CEO / Petrochemical ups and downs; Sumitomo and UBE
Mar 10
Highlights this week: REPORT: Square Enix (9684 JT) / INDUSTRY INSIGHTS: Why has NFT gaming proved so divisive? / Jan camera shipments -35% YoY / Machine tool orders continue to slide / Automation stocks touching 6~14-month highs / MISCELLANEOUS, MARKET & MACRO: Non-trust bank lending rises / Japan PPI falls -0.4% MoM in Feb as cost push pressure eases / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Japan’s video game market sees differing fortunes for Sony and Nintendo / Might GTA6 be pushed back to 2025? / Ricoh: solutions for others, not for itself / Renesas to demo AI / ML MCU based on Arm’s Cortex M85 processor / Asahi Kasei guides for FY22 loss after Polypore write-down
Mar 03
Highlights this week: REPORTS: Japanese IT spending: analysis of four system integrators / Murata (6981 JT) / Base Inc (4477 JT) / INDUSTRY INSIGHTS: Electronics production in Jan / Global machine vision market worth US$16.5bil in 2022 / Memory prices continue to drift down / Japan’s auto sales surge in Feb on low base of comparison, higher availability / Japanese automakers report mixed results for Feb US auto sales / COMPANY INSIGHTS, NEWS, PREVIEW & RESULTS: Sony PSVR2 – potential gamechanger / Might Sony buy Take Two? Might Microsoft sell Xbox? / Horizon Call of the Mountain sells 6k copies in Japan in launch week / Applied Materials threatens the multi-patterning process
Feb 24
Highlights this week: REPORTS: Shinko Electric (6967 JT) / Toyota (7203 JT) / INDUSTRY INSIGHTS: VTuber listing approval sends related plays higher / Video games industry round-up / Global EV sales in December +39% YoY / Europe records modest EV sales growth in January / Global game console sales +10% YoY in Jan / MISCELLANEOUS, MARKET & MACRO: Attention growing on Shunto outcome / Housing-related stocks downgraded / Japan CPI +4.3% YoY in Jan / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Gran Turismo AI now available for everyone to compete against / wage negotiations / Mining and housing strength for excavator makers / Mitsubishi Chemical updates its medium-term plans
Feb 17
Highlights this week: REPORTS: Sony: Now What? / INDUSTRY INSIGHTS: US video game sales in Jan -5% YoY / Dec camera shipments -5% YoY in unit terms, +37% in value terms / Risk of poor FY23 guidance numbers from the auto sector / MISCELLANEOUS, MARKET & MACRO: Japan Q4 GDP / Japan trade deficit hits record as export growth dries up / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: PS5 sales continue to grow in Japan / Tokyo Ohka’s FY23 guidance well-received / Nissha guides for a disappointing FY23 / Mitsubishi Chemical wins Gilenya arbitration / TDK anticipates growing automotive sales / SMC -2.7% after FY22 OP guidance unchanged / Toyota’s new CEO Koji Sato announces personnel changes
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.
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Weekly Comment
by Pelham Smithers
There are also beneficiaries in Japan. Pelham discusses what is working and what isn’t working in Japanese stock investment….