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PSA2024-03-01T13:45:57+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

    Famously, the Nikkei signalled peak-tech in 1999 when it massively rebalanced the Nikkei 225 in favour of Japan’s Nasdaq-type stocks. Pelham Smithers discusses whether the Nikkei, with the unveiling of Japan’s answer to SOX, has signalled peak semicon?…….

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Mar 01

    Highlights this week: REPORT: Japan Market Strategy / Sanrio (8136 JT) / Open Up Group (2154 JT) / INDUSTRY INSIGHTS: Video game industry round-ups / Chip tool capex to double by 2032? / Global auto production continues to rise for most of Japan’s automakers / Record number of foreign visitors to Japan in Jan for 10 countries / MISCELLANEOUS MARKET & MACRO: Nationwide CPI / industrial production for January / Foreigner net sellers / Japanese labour market quietly deteriorating / Major nonlife insurers to unwind ¥6.5tri in cross-holdings / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony video game layoffs hit 900

    Feb 22

    Highlights this week: REPORTS: Nintendo (7974 JT) / IT Service Providers Results Review / INDUSTRY INSIGHTS: “Value” opportunities in the Japanese IC / SPE space / MISCELLANEOUS, MARKET & MACRO: Nikkei 225 closes about 1989 high – at last / Foreigners net buyers / COMPANY INSIGHTS & NEWS: Sony Pictures: Life after Madame Web / Why there will be no in-house titles from Sony in FY24 / Nintendo Switch 2 delayed? / SoftBank Group eyeing US$100bil AI chip move / Positive reaction to Resonac’s plans continues / Mazda opens new innovation hub / Fujikura continues to set new listing highs / Nabtesco aims for 10% OPM in FY26

    Feb 16

    Highlights this week: REPORTS: Fujikura (5803 JT) / Enechange (4169 JT) / COMPANY NEWS INSIGHTS: Why are Sony and Bandai selling their stakes in Toei Animation? / Sony’s Billboard No.1s in 2023 / Arm’s rally puts the spotlight on SoftBank Group’s stock price / Nidec’s new President and CEO / Novo Nordisk begins trials of UBE’s compound for MASH / KHI firm on foreign broker upgrade / Industry Insights: Video game industry round-up / MISCELLANEOUS, MARKET & MACRO: Japan’s Q4 GDP falls -0.1% QoQ, putting country into technical recession / COMPANY PREVIEWS & RESULTS: Sony FY23 Q3

    Feb 09

    Highlights this week: REPORTS: Sony Review and Outlook / Corporate Culture Changes at Square Enix / Renault Cancels Ampere IPO – Consequences for Nissan Motor / Nikon Review and Outlook / INDUSTRY INSIGHTS: Video game round-up / MISCELLANEOUS, MARKET & MACRO: Dec wages / Net buying by foreigners / COMPANY PREVIEWS & RESULTS: Consumer Electronics / Gaming: Square Enix, Nintendo, Nexon / Industrial Electronics / Components: Tokyo Seimitsu, Taiyo Yuden, Fujifilm, Tokyo Electron / Chemicals: Dexerials, Asahi Kasei, Mitsui Chemicals, Nissan Chemical / Autos: Toyota, Suzuki, Honda, Subaru, Nissan, Mazda.......

    Feb 02

    Highlights this week: REPORTS: Nidec (6594 JT) / MARI (9552 JT) / COMPANY INSIGHTS & NEWS: Great news for Nexon / Tencent / Toyota Industries’ engine issue / Resolving Sumitomo Chem’s cross-holdings / Olympus showcases new products / Omron demonstrates carbon footprint visualisation tool / INDUSTRY INSIGHTS: Video games round-up / Inbound tourism returning / Jan US and Japan auto sales / COMPANY PREVIEWS & RESULTS: Consumer Electronics: Koei Tecmo, Capcom, Canon Marketing, Konami / Industrial Electronics / Components: Canon, Socionext, NEC, Advantest, Hitachi, Fujitsu / IT Services: Cybozu, SREH, NRI, TIS.....

    Jan 26

    Highlights this week: REPORTS: Insource (6200 JT) / TIS Inc (3626 JT) / MISCELLANEOUS, MARKET & MACRO: Japan earnings season early reports preview / 10yr / 20yr JGB yields rising / Dec export data / Jan PMI up / Japan Dec department store sales +5.4% YoY / Jan Tokyo CPI up just +1.6% YoY as prices fall MoM / COMPANY PREVIEWS & RESULTS: Is Sony’s gaming division OP set to drive overall profits up +40%? / Disco FY23 Q3 OP +25% YoY / Nidec lowers FY23 profit guidance on China EV woes / Hioki EE: FY23 Q4 OP -27% YoY, FY24e short of consensus / Koa Corp’s FY23 Q3 beats consensus / Shin-Etsu Polymer / Shin-Etsu Chem’s FY23 Q3 results

    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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