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PSA2022-08-05T14:46:06+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

    Just how bad was China’s economy in Q2? Examining Japanese companies’ Q2 results, Pelham draws some conclusions…….

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    Weekly News

    The Must Read PSA Weekly Research Round-Up

    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

    Jul 29

    Highlights this week: REPORTS: Shin-Etsu Chemical (4063 JT) / Daifuku (6367 JT) / Sony (6758 JT) / INDUSTRY INSIGHTS: Upcoming corporate results week: US and Japan tech ask different questions / Is Gartner predicting a short downturn in the semiconductor market? / Is the upswing over for big tech? / US Energy Bill: Read-across to EVs and Toyota / COMPANY PREVIEWS & RESULTS: Koei Tecmo 1Q OP +20% YoY / Capcom 1Q FY22 OP -49% YoY / Is the market right to be nervous about Panasonic’s 1Q? / Canon and its listed subsidiaries deliver strong June Q earnings / Murata 1Q FY22 OP -16% YoY / Advantest 1Q FY22 OP +71% / Strong reactions to revisions at Koa and W-Scope / Shin-Etsu Polymer’s strong Q1

    Jul 22

    Highlights this week: REPORTS: Feedback from the July 2022 Automotive News Europe Congress / DX Small- / Mid-Caps – From Gloom to Swoon? An Update Sysmex Corp (6869 JT) / Enigmo (3665 JT) / INDUSTRY INSIGHTS: Video game console sales down 7% YoY – week to 9 July / Q2 CY22 global smartphone shipments -9% YoY / US CHIPS Act progress could brighten sentiment / MISCELLANEOUS MARKET & MACRO: Foreigners net buyers of Japanese equities last week / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Square Enix in NFT move / Sony wins opening round in PlayStation Store legal battle / ASML cuts full year revenue guidance / Disco 1Q FY22 OP +40% YoY / Nidec preview / results / market reaction

    Jul 15

    Highlights this week: REPORTS: Square Enix (9684 JT) / Money Forward (3994 JT) / INDUSTRY INSIGHTS: Weekly video game console sales pick up as quarter ends / Japan consumer electronics demand slumping / May MLCC production volumes fall but ASPs rise / Q2 global PC Shipments -10.1% YoY / May Global EV sales +55% YoY / SaaS / enterprise software stocks: outperformers emerge / MISCELLANEOUS, MARKET & MACRO: Macro releases this week / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Apple to raise iPhone 14 prices by US$100? / Capcom’s Resident Evil 2 Remake sells 10mil units / TSMC FY22 2Q NP +78% YoY / FY22 1Q results previews for Hitachi / Murata / Mimasu Semiconductor FY22 4Q OP -20% YoY

    Jul 08

    Highlights this week: REPORTS: Japan Market Strategy for CY22 Q3 / Bets on e-Fuels – Saving the Combustion Engine / INDUSTRY INSIGHTS: CY22 Q2 US auto sales record double-digit sales decline / Update on video game console sales / May camera shipments highest since Nov 2018 / 2022 smartphone shipments set to be lowest since 2014 / China standards to focus on printer copier market; are servers next? / Auto sector under pressure / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Apple raises iPhone 13 prices in Japan / Nikkei report claims Nintendo is unable to make enough Switch consoles / Could Forspoken be SQE’s last western-style RPG? / Mixed reviews for Sony PC Gaming equipment

    Jul 01

    Highlights this week: REPORTS: Recruit Holdings (6098 JT)Daikin Industries (6367 JT)INDUSTRY INSIGHTS: NAND flash prices slumping / Automakers’ May production offers mixed picture / China EV market back to new-found strength / MISCELLANEOUS, MARKET & MACRO: Global warming comes to Japan / Shipping rates / Tankan woes / COMPANY INSIGHTS, NEWS, PREVIEWS & RESULTS: Shin-Etsu’s new antibacterial coating / GlobalWafers’ Texas plans may be contingent / Toyota seeks more support for hybrids in Japan – e-fuels to make hybrids ‘clean’ / Nissan discloses several details on the Renault alliance / Net Protections extends YTD loss to 69% / Rakuten falls as Rakuten Mobile loses out to competitors

    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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