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PSA2022-12-02T16:32:36+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

    The Bank of Japan may, finally, be getting nominal GDP to grow. That is particularly good news for Japan’s healthcare sector, as Pelham explains….

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    Dec 02

    Highlights this week: REPORTS: Eisai (4523 JT) INDUSTRY INSIGHTS: Global mobile game sales down 6.6% YoY in week to 20 Nov / Global video game console sales +25% YoY in week to 19 Nov / PS5, Xbox continue to face stock issues in Japan – Gematsu / Might 2023 be the low point for SPE sales in the 2020s? / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony to supply iPhone 15 with image sensors / Nidec expands its machine tool business / Honda not giving up on Europe yet / IHI up on broker upgrade and travel recovery / MISCELLANEOUS, MARKET & MACRO: Japan economic data / 3Q corporate software spend +27% YoY / Japanese consumer confidence at its lowest levels since Covid

    Nov 25

    Highlights this week: REPORTS: Some DX plays considered: Mid-tier IT Vendor Orders +12% YoY in 2Q FY22 / Internet Initiative Japan (3774 JT) / A Review of Selected Smartphone Game Companies / INDUSTRY INSIGHTS: Video games round-up: Mobile game sales -9.0% YoY / Mid-tier IT vendor orders +12% YoY / Readthrough from iPhone shortfall news / A review of selected smartphone game companies / What is going on in China’s EV market? COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Nidec builds e-Axle plant in Mexico / Mazda to Ramp Up Its Electrification Efforts / MISCELLANEOUS, MARKET & MACRO: Chinese container rates down over 50% from peak / Japan’s frog-in-boiling-water inflation situation

    Nov 18

    Highlights this week: REPORTS: Enechange (4169 JT) / Freee KK (4478 JT) / INDUSTRY INSIGHTS: Video game stats / Core machinery orders -4.6% MoM, +2.9% YoY / MISCELLANEOUS, MARKET & MACRO: Japan’s Q3 GDP -0.3% QoQ / Topix Q3 2022 OP +45% YoY / Ballwave at Medica / Foreign activity / Oct Nationwide CPI / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony starts taking PSVR2 orders / Pokémon: Scarlet & Violet Launches / Will Toho Titanium add capacity? / Is there a future for the Prius? / Toyota reveals pictures of new Prius, new bZ concept / VW reconsiders EV – vindication for Toyota? / Microwave Chemical +74% this week / Ferrotec gains on capacity boost and dividend hike / SMC falls as FY22 OP guidance cut

    Nov 11

    Highlights this week: REPORTS: Sony (6758 JT) / Nissan / Renault Negotiations / INDUSTRY INSIGHTS: Mobile game sales fall 13.2% YoY in week to 30 Oct / September chip shipments better than feared / Apple’s struggles send suppliers lower / God of War: Ragnarok ups the ante in console gaming / Autos Q2 overview / The strong yen and machinery makers / COMPANY INSIGHTS: Nintendo 2Q +18% YoY but no change to full year / Square Enix 2Q NP +104% YoY / Nexon’s FY22 OP target misses consensus / Bandai Namco raises FY OP but it falls short of consensus / COMPANY PREVIEWS & RESULTS: Taiyo Yuden FY22 CE OP cut; readacross to Murata / Sysmex 2Q FY22 OP +18% YoY / Nikon 2Q FY22 OP -25% YoY

    Nov 04

    Highlights this week: REPORTS: Anycolor (5032 JT) Initiation / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Sony 2Q FY22 OP +13%: PSVR2 headset launches in Feb 2023 / Panasonic 2Q results suggest hard work ahead / Koei Tecmo 2Q falls short of consensus / Tough comps for Konami / Murata’s FY22 guidance based on ¥140/US$ / Lasertec’s 1Q OP +321% YoY but no change to FY guidance / TDK FY22 revision still looks conservative / Rohm 2Q Beat and FY raised / Minebea Mitsumi firm FY23 CE / Ricoh cut FY22 guidance / JSR’s medium term looks better than its short term / Dexerials revises up earnings and share buybacks / Zeon lowers guidance on weak optical film / Toyota keeps FY22 OP forecast unchanged / Maruti Suzuki Q2 results

    Oct 28

    Highlights this week: REPORTS: Suzuki Motor (7269 JT) / Strategy: BoJ’s Policy / INDUSTRY INSIGHTS: Mobile and console games sales / Smartphone image sensor market in H1 CY22 down 5.5% YoY / COMPANY NEWS & INSIGHTS: Denka to cede cement to Taiheiyo Cement / Toyota’s China-only EV launch / MISCELLANEOUS, MARKET & MACRO: China GDP / BoJ retains easy money policy / COMPANY RESULTS & PREVIEWS: Canon 3Q FY22 OP +39% YoY / Capcom 2Q FY22 OP +85% YoY / Advantest 2Q FY22 OP +102% YoY / Shinko 2Q OP +54% YoY, Ibiden +21% / Alps Alpine 2Q FY22 OP +81% YoY / NEC 2Q FY22 OP +32% YoY / Hitachi 2Q FY22 OP -14% YoY / Nidec: solid FY22 Q2 earnings / Shin-Etsu preview & 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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