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PSA2023-01-27T16:27:24+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

    Market opportunities arise when, as now, there is a gap between perception and reality. Pelham discusses the case of Lam Research and other tech plays in USA and Japan. The question is how much of the bad news that has been priced in is justified?……

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Jan 27

    Highlights this week: REPORTS: Net Protections (7383 JT) / Nidec (6594 JT) / INDUSTRY INSIGHTS: Dec global console sales +4% YoY / MISCELLANEOUS, MARKET & MACRO: Japan’s upcoming earnings releases / Media anticipating a weak earnings season / Tokyo Jan CPI / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Microsoft reports 13% YoY decrease in gaming revenues / More stories in media on Sony launching a PS5 Pro in April / Fire Emblem sales in UK underline weak software market in Europe / The Last of Us TV show continues to put up impressive numbers / Nidec slashes forecast on weak demand / Disco 3Q FY22 OP ¥24.3bil (+4% YoY) / Koa 3Q FY22 OP +172% YoY

    Jan 20

    Highlights this week: REPORTS: Yaskawa Electric (6506 JT) / Toyota Motor (7203 JT) / INDUSTRY INSIGHTS: Console sales down 1% YoY in week to 17 Dec / Nov camera unit shipments +10% YoY, +48% YoY by value / Dec European auto sales +14.8% YoY / ASPs key as MLCC production slumps / MISCELLANEOUS, MARKET & MACRO: Japan inflation hits 4% / Dec wholesale prices surge / Dec machine tool orders +1% YoY / Lowest deficit since Apr 2022 / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Callisto Protocol falls short of expectations – tough crowd / Nintendo set to increase Switch production in FY23 / A Sony-published, indie-produced game shows the changing nature of game life cycles / Tesla’s price cuts raise concerns

    Jan 13

    Highlights this week: REPORTS: Tesla Update / Lecanemab / Leqembi – What Next? / Will Nintendo release a Switch 2 in 2024? / INDUSTRY INSIGHTS: UK video games industry data for December suggest cost-of-living crisis is biting / Nov global semiconductor shipments -18% YoY / Retailer results / Japan’s automakers lose market share in China / MISCELLANEOUS, MARKET & MACRO: Tokyo Dec CPI +4% YoY / 20yr JGBs rise ahead of BoJ policy meeting / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: TSMC Q4 OP +78% YoY / Google, Nvidia express concerns to FTC about Activision deal / Shin-Etsu and Dexerials make strides in micro-LED tech / Damar Hamlin’s case shows the utility of AEDs: think Asahi Kasei’s Zoll

    Jan 06

    Highlights this week: REPORTS: PSA Japan Perspective 2023 / US FDA Regulatory Approval System / Mitsui Chemicals (4183 JT) / MISCELLANEOUS, MARKET & MACRO: Nov Retail Sales / Industrial Production / Pressure Grows to Adjust BoJ Joint Accord / Kishida urges companies to raise wages faster than inflation / Foreign net selling / INDUSTRY INSIGHTS: How bad will this semiconductor downturn get? / “Could have been worse” – the video games industry in 2022 / Global console sales +11% YoY in week to 10 Dec / iOS mobile game sales fall 8.6% in Q4 / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: The Kioxia / WDC merger concept is revived / GlobalWafers notes weaker wafer demand / Sony Honda Mobility reveal new EV at CES

    Dec 23

    Highlights this week: REPORTS: Kuroda shifts monetary policy / INDUSTRY INSIGHTS: Mobile game revenue decline abates again / Machinery order backlog surges in October / Machinery demand in Japan firm overall but auto-related delayed / Video game console sales +24% YoY in week to 3 December / A miserable start to Christmas week for Japanese SaaS / Memory chip prices likely to have fallen 50% in 2022 / MISCELLANEOUS, MARKET & MACRO: Kuroda shifts monetary policy / Japan Nov CPI data / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULT: Shin-Etsu and Kuraray update key businesses / GS Yuasa to hike after-mkt battery prices by 15%+ in Japan from 1 Feb / Ricoh to acquire stake in Cybozu

    Dec 16

    Highlights this week: REPORTS: Global Electric Vehicle Market Outlook for 2023 / INDUSTRY INSIGHTS: Video games industry round-up / China auto sales drop in November / European auto sales rebound / MISCELLANEOUS, MARKET & MACRO: PPI data spells problems for the BoJ / Tankan data adds further support to concerns that Japan’s economy is quietly overheating / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: US FTC sues to block Microsoft’s acquisition of Activision / Sony set to spend ¥800bil on new smartphone sensor fab in Japan / Good news for Toray’s carbon fiber / Ohara’s FY23 OP forecast sends shares lower / Toyota’s Jan 2023 production plans / Good pricing and yen weakness still helping Komatsu, Daikin

    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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