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PSA2022-09-09T15:22:42+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

    With indications from China that cost-push inflation is abating, Pelham considers the Bank of Japan’s policy, and the question of future demand-pull pricing pressure……

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Sept 09

    Highlights this week: REPORTS: iStyle (3660 JT) / Subaru (7270 JT) / INDUSTRY INSIGHTS: Mobile game revenues continue weaker / Video game console sales +16% YoY in the week to 27 Aug / DDR5 prices falling, but still short of being competitive / July global semiconductor sales fall 6% YoY / MISCELLANEOUS, MARKET & MACRO: Olympics bribery scandal and arrests / European natural gas prices / The ¥/US$ and JGB yields / The thorny issue of inflation subsidies / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Call of Duty update: game to be available on PS for “several more years” / The PS6 question arises again / Reports of Sony PS5 immediate availability in US / Panasonic increasingly set for clear run on 4680 batteries for Tesla in US

    Sept 02

    Highlights this week: REPORTS: Ferrotec Holdings (6890 JT) / AMD’s Ryzen 7000 Series / INDUSTRY INSIGHTS: Global console sales -2% YoY in week to 20 August / 2022 LCD monitor shipments set to fall / Q2 2022 global NAND revenues +10% YoY, +1% QoQ / Japan’s semiconductor material suppliers lured by US CHIPS Act to invest / US DoC’s restrictions hit SPE- / packing-related stocks / Hydrogen theme revival / China plug-in vehicle sales continue to soar despite new subsidy for ICEs / July global auto production / Aug US auto sales / COMPANY INSIGHTS, NEWS, Previews & RESULTS: What are the implications if Amazon bids for EA? / MISCELLANEOUS MARKET & MACRO: Macro data out this week / Is Japan quietly tightening?

    Aug 26

    Highlights this week: REPORTS: Global Video Game Outlook / Demae-can (2484 JT) / INDUSTRY INSIGHTS: Semiconductor inventories: now are they an issue? / Video game console sales below 700,000/wk, mobile revs sliding / PS5 sales down YoY in latest weekly data / Real estate companies support DX: survey feedback / Japan’s nuclear plans / MISCELLANEOUS, MARKET & MACRO: Many corporations still cautious with forex assumptions / Tokyo CPI / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: How exposed is Sony over the new PlayStation court case? / Sony’s PSVR2 set to be playable at Tokyo Games Show / Nidec COO Jun Seki is leaving the motor maker / Ferrotec edges up 1% WoW on firm FY22 outlook

    Aug 19

    Highlights this week: REPORTS: US EV Tax Bill / Semiconductor Cycle Update / Daikin Industries (6367 JT) / INDUSTRY INSIGHTS: More bad news for memory: iPhone 14 Pro likely to have just 128GB storage / DRAM industry revenues increase in Q2 2022 / China auto sales surge in July – Japanese underperform / MISCELLANEOUS, MARKET & MACRO: Japan Q2 GDP +0.5% QoQ / China July economic data disappoints / China container rates down for 5th week in a row / The weak side of the weak yen / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Ghost of Tsushima movie to be in Japanese, with an all-Japanese cast? / Might Sony launch its own PC game platform? / Ferrotec up 10% on strong Q1 but possible flattening in FY22?

    Aug 12

    Highlights this week: Reports Out This Week: Nintendo (7974 JT) / Mercari (4385 JT) / INDUSTRY INSIGHTS: Japan tech plays hit by Micron’s earnings warning / MISCELLANEOUS, MARKET & MACRO: Topix 100 OP -1% YoY through Friday / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Nexon 2Q OP +47% YoY / Tokyo Electron 1Q OP -17% YoY / SoftBank’s 1Q ¥3.2tril pre-tax loss / Nissha hikes FY22 target again / Toray guides for higher carbon fiber OP, cuts plastics / Market reacts positively to Isuzu’s Q1 results / Mazda reports an operating loss / Honda raises its FY22 guidance / Hino & Toyota face US lawsuit / Daifuku’s Q1 falls despite boost from weak yen but shares firm / Nabtesco to pass on costs in FY23

    Aug 05

    Highlights this week: REPORTS: Toyota Motor (7203 JT) Preview and Results / The Rise of Digital Invoicing in Japan / Global June Semiconductor Shipments / COMPANY NEWS: Mitsubishi Chemical may split off petrochemicals / Hino emission data falsification case broadens / MISCELLANEOUS, MARKET & MACRO: Company results thus far: * Latest results underscore a market problem: what happens when the market gets a cyclical stock or sector 100% wrong? / * Duller and a bit more disappointing than expected / COMPANY PREVIEWS & RESULTS: Sony 1Q OP +10% YoY, revises down FY22 / ups PS5 shipments / Nintendo 1Q OP -15% YoY / SQE 1Q FY22 OP -17% YoY / Bandai Namco 1Q OP +64% YoY

    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

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    Weekly News
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