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PSA 2020-03-27T17:01:25+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)20 3740 5500.

Weekly Comment
by Julie Boote

Pelham Smithers notes how the Japanese stock market’s reaction to the Covid-19 pandemic falls into two neat blocks each a month long. He discusses what, as of now, are the opportunities offered by the market to institutional investors….

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Weekly News

The Must Read PSA Weekly Research Round-Up

Mar 27

REPORTS: Japan Market Strategy MACRO: Sector performance on Mar 23 underscores defensive, balance sheet, and oil sensitivity of the market INDUSTRY INSIGHTS: US auto market in crisis; Flash, DRAM prices diverging; Will Covid-19 end the LBP business model?; Plus additional COMPANY INSIGHTS

Mar 20

REPORTS: CyberAgent (4751 JT) - Offering Resilience and Value MACRO / MARKET: INDUSTRY INSIGHTS: Growing doubt on 2020 launch of PS5 / Xbox X; ERP Software, the Systems Integration Sector and the market rout last week; Top-line growth leaders in machinery sector fare well; Plus additional COMPANY INSIGHTS

Mar 13

Highlights this week: REPORTS: WingArc1st (4432 JT): A Pre-Listing Gander; Mazda (7261 JT) – Improved Fundamentals but Recovery Delayed; MACRO / MARKET: Fiscal response worries and more weak data; Trump “on tilt” Covid-19 & the Japanese new economy / old economy dichotomy Companies to investors: (some) Japanese shares are cheap. WingArc1st pulls its IPO, again Plus INDUSTRY & COMPANY INSIGHTS

Mar 06

Highlights this week: REPORTS: Daikin (6367 JT): cost (Depreciation) Reduction; 2020 Theme; MACRO: Poor Feb department store sales; Liquidity boost; Disappointing comments from Abe Diet Speech; INDUSTRY INSIGHTS: Covid-19 impacting Japan 5G rollout; 8Gb DRAM above US$3.00; Japanese automakers record strong Feb US auto sales; Autos: Concern over further supply chain disruptions; Automakers aiming for profitable EV business; Plus additional COMPANY INSIGHTS

Feb 28

Highlights this week: REPORTS: KDDi (9433 JT) – Monetizing the Cambrian Explosion of Data; MACRO: Grim supermarket sales for Jan 2020; Mixed macro data on Friday; INDUSTRY INSIGHTS: Outlook for 5G rollout; Geneva Auto Show cancelled; Automakers pushing for more online sales over showrooms; Event cancellations due to Covid-19 hits advertisers; Plus additional COMPANY INSIGHTS

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
Our Team
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Weekly News
Media
Our Team
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