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PSA2022-01-14T15:12:20+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 Pelham Smithers

    Weekly Comment Summary
    Having operated in a zero-inflation environment for twenty years, Japanese companies are starting to raise prices. Pelham comments……

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Jan 14

    Highlights this week: REPORTS: Money Forward (3994 JT) / Shift Inc (3697 JT) / INDUSTRY INSIGHTS: Production issues impact sales of consoles over holiday period / CY21 China auto sales +3.8% YoY / MISCELLANEOUS, MARKET & MACRO: Tokyo Stock Exchange new section designations / Are Japanese companies behind the curve on raising prices? / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony to keep making PS4s through 2022 / Nintendo’s problem for 2022: deciding when to call “time” on the Switch / Yaskawa’s FY21 Q3 results: modest on component shortage / Eisai follows BIIB lower

    Jan 07

    Highlights this week: REPORTS: PSA Japan Perspective 2022 / Denso (6902 JT) / Sansan Inc (4443 JT) / INDUSTRY INSIGHTS: Auto industry well represented at CES / MISCELLANEOUS, MARKET & MACRO: Important economic data releases / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony unveils second BEV, says may enter car-making business / Can Sony, Nexon make gaming work in Hollywood? / PSVR2 may not be permanently tethered – CNET / SQE President hints at future involvement in NFTs, metaverse / Fujifilm to augment DX support services / expands its healthcare business / Toyota’s strong start to the year /

    Dec 24

    Highlights this week: REPORTS: ExaWizards (4259JT) / INDUSTRYINSIGHTS: Possible end of US EV tax incentive bill - competitive advantage for Toyota, Nissan / MISCELLANEOUS, MARKET & MACRO: Japan department store sales bounce back in Nov / Topix hit a 50-year low relative to the MSCI World Index in US dollar terms / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Spider-man debuts at US$253mil in US box office – 3rd highest ever / Sony inks deal with Zee / Square Enix puts console back-catalogue on sale on smartphone and showcases Q4 lineup/ Micron numbers underscore DRAM market rebound

    Dec 10

    Highlights this week: REPORTS: The Importance of the DPU and why we think the Arm deal ought to be blocked / Is disruption being disrupted? / Alps Alpine (6770 JT) / Nabtesco (6268 JT) / Giftee (4449 JT) / ‘Tis the season for IPOs: What to expect from the cloud / SaaS Sell-off / MISCELLANEOUS, MARKET & MACRO: 3Q GDP revised down / PPI data / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: iPhone production surge? / Sony in PlayStation subscription service launch report / Square Enix launches Final Fantasy XIV Endwalker expansion pack / Nexon acquires Warhammer licence / Life Science to boost JSR’s growth

    Dec 03

    Highlights this week: REPORTS: Ferrotec (6890 JT) / INDUSTRY INSIGHTS: Is the Metaverse for work or play? / PC build prices continue to rise / First signs of improvement on the auto chip front / US November auto sales fall on chip supply shortage / Miserable for IT Services / Is the smartphone boom over? / MACRO: Economic data remains mixed / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS Zoom sues Zoom / Sony’s acquisition spree continues / Mitsubishi Chemical to exit petrochemicals / Nissan presents electrification plan / Toyota’s electrification plans: new models, new pledges / Z Holdings issues PayPay Card /

    Nov 19

    Highlights this week: REPORTS: Money Forward (3994 JT) / Semiconductor / SPE Super Cycle / INDUSTRY INSIGHTS: Should we be buying video game stocks (along with video game stocking fillers)? / Japan government to subsidize LiB plants, reports say / Our explanation for the continued semiconductor boom / MISCELLANEOUS, MARKET & MACRO: Bloomberg Sep quarter Topix OP/share +12% YoY / Kishida’s US$700bil stimulus package / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony criticizes Activision’s response / Nvidia and the rise of the DPU / GungHo’s FY21 Q3 OP +36.1% YoY / Ferrotec’s FY22 guidance well received

    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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