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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
June 02
Highlights this week: REPORTS: Advantest (6857 JT) / Mid-Sized ERP Companies / Cover Corp (5253 JT) Initiation / INDUSTRY INSIGHTS: Chip stocks start to suffer altitude sickness / Signs of improvement for electronic components industry / Japan software spend continues to grow at +20% YoY rate / Video game industry news round-up / US auto sales surge on low base of comparison / MISCELLANEOUS, MARKET & MACRO: Japan’s poor April retail sales and industrial production data / Foreign buying of Japanese shares continues / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Might Sony enjoy record profits in FY23? / Latest Famitsu chart makes worrying reading for Sony
May 26
Highlights this week: REPORTS: Japan's GARP 30 / What Nvidia’s Results Tell us about this Semiconductor Cycle / Where Are Japan’s Auto Companies Headed? / INDUSTRY INSIGHTS: Global video game console sales fall YoY in April / Heavies rise on defence theme / Japanese small-cap AI firms incorporate ChatGPT into their products / MISCELLANEOUS, MARKET & MACRO: Weak March Machinery Orders / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Street Fighter 6 set to face tough competition in 2023 / Nintendo in gacha lawsuit in USA / Could Sega Sammy have better used the Rovio money? / Nvidia’s FY23 Q2 outlook sparks rally in Japan-related plays
May 19
Highlights this week: REPORTS: Fanuc (6954 JT) / INDUSTRY INSIGHTS: Interest in WWDC 2023 on the up / Japanese assemblers are developing hydrogen motorcycles / Japan to promote development and use of e-fuel – new hydrogen strategy in the works / US video game spend down 5% YoY in April / MISCELLANEOUS, MARKET & MACRO: Japan producer prices in April rise +0.2% MoM / Japan CY23 Q1 GDP +0.4% QoQ / COMPANY PREVIEWS & RESULTS: Suzuki beats FY22 Q4 estimates, but misses FY23 estimates / Daifuku pares losses on FY23 OP “bottom” guidance / COMPANY INSIGHTS & NEWS: Rakuten issues new shares
May 12
Highlights this week: REPORTS: Sony (6758 JT) / Mazda (7261 JT) / Z Holdings (4689 JT) / INDUSTRY INSIGHTS: We revisit why the outlook for the semiconductor sector’s is complicated / March camera shipments +37% / Glum guidance given by tech- supply chain companies / COMPANY INSIGHTS & NEWS: Astellas to Buy Iveric Bio for US$5.8bil / PayPay to stop accepting outside credit cards / Rakuten / KDDI roaming deal / MISCELLANEOUS, MARKET & MACRO: Foreign buying up again / COMPANY PREVIEWS & RESULTS: Panasonic forecasts sharp rise in FY23 OP / Video Game makers results: Nintendo, Bandai Namco, Capcom, Colopl, Konami, SQE / Sharp hints at FY24 Switch 2 / Ibiden Q4 OP -32% YoY / Ricoh, Brother Q4 OPs fall short
Apr 28
Highlights this week: REPORTS: Toyota Motor (7203 JT) / COMPANY INSIGHTS & NEWS: Sony to release 23 films in 2023 / Smart Pachislot Hokuto no Ken sales already at 40,000 / TDK Ventures clean lithium extraction investment / parent TDK to focus more on auto sales / Fujifilm leverages AI in medical diagnostics / Mitsubishi Electric edges up on more revamping / BIIB-080 shows AD could be reversed / Cybozu’s monthly sales growth continues to slow / Industry Insights: March global console sales rise +45% YoY / MISCELLANEOUS, MARKET & MACRO: Japan’s economy continues to soar? / COMPANY PREVIEWS & RESULTS: Koei Tecmo FY22 Q4 OP +118% / Sony forecast -3% fall in FY23 OP
Apr 21
Highlights this week: REPORTS: Money Forward (3994 JT) / Renesas (6723 JT) / Japan’s Cashless Payment Market / Industry Insights: March video game console sales in Europe / Capacitor production slumps in February / Is EUV capex set to fall? / IRA EV tax credit list published: no Japanese models qualify / Japan’s Big 3 present new models at Shanghai auto show / Mixed picture for EV sales in March / MISCELLANEOUS, MARKET & MACRO: How enthusiastic are foreign investors about Japan? / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sega Sammy to buy Angry Birds maker Rovio / Capcom / Niantic to launch mobile Monster Hunter game / Sony to spin out PlayStation business? / Alps Alpine cuts OP forecast
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
With the advent of Nvidia’s Grace CPU and Hopper DPU, Pelham traces the influence on computing of Rear Admiral Grace Hopper, US military officer and scientific genius…..