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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
Dec 01
Highlights this week: REPORTS: Park24 (4666 JT) / Kyoritsu Maintenance (9616 JT) / Koshidaka Holdings (2157 JT) / Sanrio (8136 JT) / M&A Research Institute (9552 JT) / Nexon (3659 JT) / Digital Payments: Brazil’s Pix / INDUSTRY INSIGHTS: Oct global console sales / Teething problems for Japan’s new invoice system / Machine tool orders lowest since Feb 2021 / Big week for economic data in Japan / Smaller electronic materials companies shares move / Japan auto sales continue to rise in November / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Insiders suggest Sony is close to ending Zee merger / Sony, Microsoft look to broaden gaming ecosystems
Nov 24
Highlights this week: REPORTS: IIJ (3774 JT) / INDUSTRY INSIGHTS: Japan’s auto Big 3 raise wages in USA / MISCELLANEOUS, MARKET & MACRO: Are we still at risk of BoJ interest rate policy error? / Japan CPI +3.3% YoY in October / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Nintendo, Sony offering sizable Black Friday deals / Sony fails to avert PlayStation UK lawsuit / Konami’s train set game beats out Super Mario RPG in Japanese charts / Hitachi in 1,000 unit electric bus battery deal with UK’s Firstgroup / UBE Machinery – more than just gigapress / GS Yuasa raising funds to supply LiBs / Toyota specifies its solid state battery plans
Nov 17
Highlights this week: REPORTS: Global Video Game Industry Update / System Integrators’ Results and Outlook / KHI (7012 JT) / INDUSTRY INSIGHTS: China auto sales rise on exports, EVs / US video game spending -5% YoY in October / Japan video games sector overview / MISCELLANEOUS, MARKET & MACRO: Japan’s earnings season: not going well / Oct data for Japan PPI / US CPI / China Industrial Production / Japan 2023 Q3 GDP -0.5% QoQ / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Will a Zelda movie please Zelda fans? / Panasonic to sell majority stake in automotive business / Nvidia unveils H200 Tensor Core chip
Nov 10
Highlights this week: REPORTS: Murata (6981 JT) / Nidec (6594 JT) / Company / Industry Insights: Canon to price new litho tools with “one digit less” / Money Forward’s CEO boosts his stake in the firm / MISCELLANEOUS MARKET & MACRO: Japan’s interest rate dilemma underscored by market moves / Upcoming GDP number could be crucial in BoJ interest rate decision / COMPANY PREVIEWS & RESULTS: Nintendo FY23 Q2 -20% YoY, revises up FY23 OP / Sony preview / results – the devil is in the details / Sega Sammy’s losses in Europe / Nexon Q3 OP +47% YoY / Asahi Kasei’s Q2 and full-year guidance are well received
Nov 02
Highlights this week: REPORT: The New World of Gigacasting / Nintendo (7974 JT) / NTT Data (9613 JT) / MISCELLANEOUS, MARKET & MACRO: Economic data galore / BoJ leaves rates unchanged, raises GDP, inflation forecasts / Did the BoJ increase or decrease policy error risk? / COMPANY PREVIEWS & RESULTS: Panasonic lowers FY OP target / EC Q2 below consensus / Advantest cuts full-yr OP estimate / Murata revises up full-year targets / Socionext ups FY OP / Hoya guides for steady but slow IT recovery / No change to TDK’s guidance / Rohm slashed FY23 OP forecast / Mtb Elec seeing strong A/C and infrastructure demand
Oct 27
Highlights this week: REPORTS: Shift Inc (3697 JT) / INDUSTRY INSIGHTS: DRAM prices slipping as NAND continues higher / Xbox results underscore gaming industry growth / MISCELLANEOUS, MARKET & MACRO: Will this earnings season live up to expectations? / Japan PMI data comes into the limelight / Bloomberg’s IC shipment / IC capex growth targets to 2023 / JGB yield curve flattening / Tokyo CPI for October / COMPANY PREVIEWS & REPORTS: Spider-man 2: 2.5mil copies sold in 24hrs / Capcom FY23 Q2 OP falls short / Nidec’s subdued FY23 Q2 results / Koa FY23 Q2 OP -80% YoY / Renesas FY23 Q3 AOI -7% YoY / Shinko FY23 2Q OP -69% YoY
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
Having spent heavily over the summer, the Japanese consumer reined in spending considerably in October. While this may be a one-off, it may also be that Japanese consumers are “spent out”. Pelham investigates….