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PSA2024-04-12T12:56:54+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

    Because of the Lunar New Year Holiday, it is difficult to assess how the Chinese economy is doing. Next week sees a slew of economic data releases out of Beijing, which should afford some clarity about how China’s economy is performing, says Pelham…….

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Apr 12

    Highlights this week: REPORTS: Daifuku (6383 JT) / Nidec (6594 JT) / Kakuyasu (7686 JT) / Hotland (3196 JT) / INDUSTRY INSIGHTS: Video games industry round-up / Is live service gaming bad news for consoles? Or for console game developers? / Global music market grew 10% YoY in 2023 – IFPI / MISCELLANEOUS, MARKET & MACRO: January wage data revised down / March PPI / China PPI, CPI below expectations / February industrial production revised down / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Microsoft’s Japan investments / Shin-Etsu plans new IC materials plant / Boeing whistleblower claims the Dreamliner is unsafe

    Apr 05

    Highlights this week: REPORT: Hotland (3196 JT) / Daifuku (6383 JT) / INDUSTRY INSIGHTS: Video game industry round-up / Have we passed the peak in video games? [Update] / NAND, DRAM prices continue to head in opposite directions / Japanese OEMs outperform in USA auto market in CY24 Q1 / MISCELLANEOUS MARKET & MACRO: March Tankan / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Panasonic offloads its auto parts business / Tesla sales impact Nidec / Hitachi pushes AI / grid credentials / Ebara developing 2-nanometer IC equipment / Fujikura renews listing high / Yaskawa FY23 preview leaves us positive

    Mar 29

    Highlights this week: REPORTS: Market Strategy for 2024 Q2 / JMDC (4483 JT) / Mazda (7261 JT) / INDUSTRY INSIGHTS: Global game console sales / MISCELLANEOUS MARKET & MACRO: Topix consensus OP forecast for 2024 cut, but still suggests decent value / Nvidia’s FOMO effect on the Japanese stock market / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Bandai Namco to expand overseas toy capsule business / Growing talk GTA6 pushed back to 2026 / PotK: Alterna highlights crowding out of Japanese mobile game market / Is Hitachi an AI stock or a data stock? / Nissan shares drop after business plan release

    Mar 22

    Highlights this week: INDUSTRY INSIGHTS: NAND prices continue to rise as DRAM softens / Nvidia unveils Blackwell GPU architecture – readthrough for Japanese stocks / TSMC reportedly considering Japan packaging facility / Alzheimer’s Disease market seen to grow at 20% CAGR through to 2032 / MISCELLANEOUS, MARKET & MACRO: BoJ Repo Move, End of NIRP / ZIRP, US Fed / In-bound tourism jumps in February / Japan PMI Data surprises to upside / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony reportedly halts PSVR 2 production / Has Sony taken control of Bungie (and is it too late)? / Video Games Industry Round-up

    Mar 15

    Highlights this week: REPORTS: S-Pool Inc (2471 JT) / Kyoritsu Maintenance (9616 JT) / ASEAN’s Auto Markets / INDUSTRY INSIGHTS: FY24 getting tougher for Japan’s video game companies / Is the worst over for Japan’s second-tier game publishers? / Video game industry round-up / Japan’s automakers continue to struggle in China / MISCELLANEOUS MARKET & MACRO: Data & earnings mini storm / GDP / Producer Prices / Rengo wage negotiations / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Nintendo unveils remakes for 2024, but still no tent-pole title / Might Helldivers 2 change Sony’s PC gaming strategy? / Nidec targets Innomotics

    Mar 08

    Highlights this week: REPORTS: Koei Tecmo (3635 JT) / Kawasaki Heavy Industries (7012 JT) / Toyota Motor (7203 JT) / INDUSTRY INSIGHTS: Might the video games market shrink in 2024? / Video games industry round-up / Strong US auto sales growth in February for Toyota, Honda / China smartphone market struggling in 2024 / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Capcom FY24 line-up being fleshed out / Shin-Etsu to double its pharma cellulose capacity / Nissan said to invest in Fisker / investigated by the FTC / Listing highs for Komatsu, KHI / Sansan survey on digital contracts shows stumbling blocks to growth

    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
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    Weekly News
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