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PSA2021-09-20T12:55:39+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 Pelham Smithers

    Foreigners are buying the Japanese market, but are using futures more than cash. Ideally, this would be the other way around, says Pelham………

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Sep 17

    Highlights this week: REPORT: Market Strategy: Is It Time for (More) Foreign Investors to Positively Reappraise the Japanese Market? / The Automotive Operating System – the Big Issue / INDUSTRY INSIGHTS: Japan August SPE billings +30% YoYMACRO: Acquisitions and issues / Import / export data and foreign investor flows / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Nintendo cuts Switch price in Europe / Weekly Switch sales recover the 300K mark / Nidec outlines ¥100bil machine tool plan; Nagamori is back / NEC Mobile PoS function upgrades hit 200 mark / Apple reveals its 2021 iPhones / Investors appear trusting of Asahi Kasei's Itamar acquisition

    Sep 10

    Highlights this week: REPORTS: Renesas (6723 JT) / Mitsui Mining & Smelting (5706 JT) / Shift Inc (3697 JT) / INDUSTRY INSIGHTS: Europe’s auto sales plunge / Firm August machine tool orders / 2Q global SPE shipments +48% YoY / Subsidies support domestic machine tool orders / Market / Macro: Nikkei 225 changes / PM Suga’s succession / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Speculation builds regarding Sony’s upcoming PS5 showcase / Sony acquires Firesprite, Canon acquires Redlen / The slowing of Nintendo Switch sales / Square Enix’s Forspoken set for Spring 2022 / PlayStation Showcase: the content and the reaction

    Sep 03

    Highlights this week: REPORTS: The Global Semiconductor Industry – Overheating or Just Warming Up? / Tokyo Electron (8035 JT) / INDUSTRY INSIGHTS: China limits underage gaming to three hours a week / Japanese gaming, a roundup of the week / Japan software spend continues to boom / COMPANY INSIGHTS: News / Previews & Results / Murata’s quick restart at Fukui / underscores a healthy MLCC market / TSMC asking for 15% price cut from suppliers? / WDC enquires about a Kioxia merger / Sony’s PS5 redesign attracts controversy / Mazda tackle its China problem / Subaru’s all-new Solterra SUV EV / Daikin’s record listing highs continue /

    Aug 27

    Highlights this week: REPORTS: CyberAgent (4751 JT) in FY23 is Different from CyberAgent in FY21 / Valve’s Steam Deck: New Competition for the Switch / INDUSTRY INSIGHTS: Mobile game sales picking up in Asia on Covid / Government subsidies for EVs, HEVs, FCVs / MACRO / MARKET: LDP loses Yokohama seat / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: TSMC raises prices, but DRAM price slide accelerates / NEC regains No.1 spot for face recognition technology / Sony film unit sale talk is back / Square Enix and Panasonic develop a new wearable gaming speaker system / Plus additional COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS

    Aug 20

    Highlights this week: REPORTS: Ferrotec (6890 JT) / INDUSTRY INSIGHTS: Japan alliance against auto cyberattack / July US video game data / Mobile game revenues struggling / China’s EV market is booming but it’s a struggle for Japan’s automakers / MACRO / MARKET: / Baltic freight rates / Shanghai exports / Japan’s GDP +0.3% QoQ in 2Q / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Tokyo Electron 1Q FY21 OP +92% YoY / Sapphire Rapids-SP pushback to impact Shinko 2H FY21; FY21 OP beat still likely /Toyota’s production plans / Ferrotec limit up in weak market on record Q1 / istyle’s FY21 results

    Aug 13

    Highlights this week: RESULTS: Square Enix (9684 JT) / Daifuku (6383 JT) / INDUSTRY INSIGHTS: DRAM price slide picking up speed / MACRO: China trade data / shipping rates / Japan PPI / Japan probes underwriting fairness / COMPANY NEWS & INSIGHTS: Sony’s VR successor / Konami announces its Gamescom 2021 Line-up / COMPANY RESULTS, PREVIEWS & ANNOUNCEMENTS / Nexon 2Q FY21 -42% YoY / IIJ 1Q FY21 OP +113% YoY / MEC 2Q FY21 OP +53% YoY / V-Cube FY21 2Q OP +6% YoY / GMO Financial Gate’s FY21 Q3 results / Rakuten’s FY21 Q2 results / Mercari’s FY21 results / Recruit’s FY21 Q1 results / Plus additional COMPANY NEWS

    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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    Categories
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    Weekly News
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