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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
Sept 22
Highlights this week: REPORTS: Yaskawa (6506 JT) / BASE Inc (4477 JT) / INDUSTRY INSIGHTS: Pan-America PS5 sales in August up sharply on July / Petrochemical profits threatened by rising naphtha / Europe’s BEV Sales Share Exceeds 20% for First Time / Video games round up - Global console sales +6% YoY in August / MISCELLANEOUS, MARKET & MACRO: BoJ’s JGB buying signals clear change in interest rate policy from January / Japan to construct more missile storage facilities / Government minister jumps on European politicians’ green energy shift / COMPANY INSIGHTS, NES, PREVIEWS & RESULTS: TSMC reportedly pushing back equipment deliveries / Suzuki Motor sees profit-taking
Sept 15
Highlights this week: REPORTS: Toyota Motor (7203 JT) / Appier Group Inc (4180 JT) / INDUSTRY INSIGHTS: Video game industry round-up / iPhone 15 reveal – readthrough for Japanese supply chain names / What does the iPhone 15 Pro Max mean for console gaming? / Rising US auto inventory levels suggest market conditions are changing / MISCELLANEOUS, MARKET & MACRO: Ueda’s hawkish(?) comments / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Starfield issues suggest “Pro” models for Xbox X / PS5 are already needed / Sony’s new automotive camera brings CIS technology in line with LiDAR / Ryobi orders the first giga-press from UBE Corp / Rising oil lifts Komatsu to 5-year high
Sept 08
Highlights this week: REPORTS: Global Semis: Opportunities & Risks from the AI Chip Boom / Daikin (6367 JT) / Smaregi (4431 JT) / INDUSTRY INSIGHTS: Video game industry round up Flash memory prices starting to rally / Does Japan still benefit from Apple’s shift to high-end iPhone models? / July semiconductor shipments / Construction machinery moves / Third of Japanese firms still need to prepare for Oct’s invoice system – Money Forward survey / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Tekken 8 to be priced at US$69.99 / Microsoft’s Starfield / NEC divisional changes highlight where OPM progress is needed / Shin-Etsu Chemical and Oki Electric advance GaN.......
Sept 01
Highlights this week: REPORTS: Building the Perfect EV Platform / System Integrators / INDUSTRY INSIGHTS: Google hedges its AI bets, adds to AI price war / Machinery: pockets of strength / The metaverse in HR activities / MISCELLANEOUS, MARKET & MACRO: Does the Bank of Japan need to increase liquidity more; could it even do so? / Data out this week / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: New Bandai Namco / Kadokawa video game gets positive reviews / Sony ups PS Plus prices / Equalizer 3 box office receipts expected to be a hit over long weekend / Panasonic unveils power generating window technology / NEC enters process mining in tie-up with industry leader Celonis Celonis
Aug 25
Highlights this week: REPORTS: Komatsu (6301 JT) / Hitachi (6501 JT) / INDUSTRY INSIGHTS: Video games round-up: July PS5 sales in Europe +115% YoY / July global console sales -20% YoY / Increasing concerns over auto industry strike in USA / India EV sales on the rise; Japan’s assemblers absent / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: As free-to-play comes to console gaming, could Nexon’s business model go global? / Readthrough from Nvidia results / Kureha to expand PVDF despite PFAS concerns / W-Scope’s ambitions for LiBs and membranes / Nidec rethinks e-Axles business / Komatsu resilient in weak market / Rakuten falls as KDDI gives new benefits to subscribers
Aug 18
Highlights this week: REPORTS: Semis vs Sox / Nabtesco (6268 JT) / Secure Inc (4264 JT) / INDUSTRY INSIGHTS: Video games: PS5 sales picking up, Pikmin 4 doing well / As semiconductor stocks sell off, the chip market shows signs of recovery / 2023 Q2 camera shipments vols +9% YoY / value +14% YoY / Mounting impetus to restructure chemicals / The rise of the mini EV / Uneven recovery in inbound tourism brings pain to Japan’s credit card processors / Commotion in US pick-up market / COMPANY RESULTS: Ferrotec’s FY23 Q1 in-line / Dentsu suffers FY23 Q2 operating loss / Recruit results rewarded with sharp rise / Mercari sold off as it guides for worsening profitability
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
In the first two weeks of September, foreign investors sold ¥2.4tril worth of Japanese shares and they have been sellers for four of the past five weeks. Has the love affair with Japanese shares ended? Or perhaps it was never really there in the first place?…..