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PSA2020-09-18T14:57:35+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)20 3740 5500.

Weekly Comment
by Lindsay Whipp

Lindsay reviews Japan’s SaaS and IT service companies. Using sales/employee as a tool for comparison highlights interesting points to consider when choosing the best businesses in the sector……….

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Weekly News

The Must Read PSA Weekly Research Round-Up

Sep 18

Highlights this week: REPORTS: Mercari (4385 JT) Kioxia (6600 JT) INDUSTRY INSIGHTS: Suga goes after spectrum usage fees Chinese cities, automakers step up FCV development efforts EU auto market: Electrification taking hold MARKET / MACRO: Yoshihide Suga wins LDP Presidency COMPANY INSIGHTS: Sony’s PS5 Event – Square Enix’s Final Fantasy XVI NEC in insurance blockchain move Plus additional COMPANY INSIGHTS

Sep 11

Highlights this week: REPORTS: NEC (6701 JT) Daikin (6361 JT) RPA Holdings (6572 JT) Hitachi (6501 JT) INDUSTRY INSIGHTS: Additional support for China’s fuel cell vehicle developers announced Shared Merpay and Barai QR code started today Shipping sector gets upgraded Super App situation for wireless operators: readacross to KDDI MARKET / MACRO: 2Q GDP / household spending / wage data Olympics back on next year Plus additional COMPANY INSIGHTS

Sep 4

Highlights this week: REPORTS: Japan's Potential Old Tech Crisis: The Demise of the Printer Copier Business Panasonic (6752 JT): Pain Now, Gain Later? Toyota’s (7203 JT) Good Fundamentals but Slow Road to Recovery Toyota’s (7203 JT) Risky EV Bet: Profitability Over Volumes MARKET / STRATEGY: A Warren Buffett market in Japan? “Warren Buffett” style stocks in PSA’s Focus List MACRO: Jobs-to-applicants / FY20 Q2 profits and software spending Industrial production surges in July Plus additional INDUSTRY & COMPANY INSIGHTS

Aug 21

Highlights this week: REPORTS: Time for AI to Exit “The Trough of Disillusionment” Money Forward (3994 JT) Initiation MACRO: Japan’s weird 2Q numbers / trade data Convenience store sales get worse INDUSTRY INSIGHTS: Wireless triangulation encouraging Japan’s take-up of eCommerce Product Life Management to the fore Plus additional COMPANY INSIGHTS & RESULTS

Aug 14

Highlights this week: REPORTS: Lasertec (6920 JT) Daifuku (6383 JT) COMPANY INSIGHTS: Apple loses two patent cases AT&T looking to Sony as buyer of Crunchyroll Gaming moves that caught our eye: Square Enix / Nexon Might Pokémon Go return to China? Toyota and Mazda increase investment in US plant; read across to Daifuku MACRO: Tertiary industry activity +7.9% MoM in June Plus additional COMPANY 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
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Weekly News
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