PSA Interviews & Media Coverage – 2017

Bloomberg.com

20 December 2017

Bitcoin as Money? Here’s How It’ll Happen

by Andy Mukherjee

“…. Now that bitcoin is a mainstream asset, with futures contracts traded at the world’s largest exchange, becoming actual money should be the logical next step. But if you were to ask investors their expectations, the reply in most cases would likely be: “Not in my lifetime.”
After all, even as an asset, the digital token’s volatility is a damper. Researchers Pelham Smithers Associates and Albert Maass reckon that bitcoin is 25 times more volatile than stocks, and since it moves in lockstep with shares 94 percent of the time, only about 4 percent of an equity portfolio can be substituted without taking more risk for the same reward.”

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Financial Times

10 November 2017

Japan: ganbare! 

“…. The country has plenty of its own technology companies. Most of them actually make stuff, rather than dominating the intangible world of cyber space. That Japan does not have its own Faangs is partly down to the infancy of its bull run. It is also, smirks Pelham Smithers Associates, because tech goliaths such as Keyence, Tokyo Electron and Fanuc all start with consonants. Technology accounts for about 13 per cent of Japan’s market, high for almost any country bar the US, which has nearly double that proportion….”

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CNBC

27 October 2017

Why Twitter’s “fake counting” is pretty irrelevant 

Pelham Smithers, managing director at Pelham Smithers Associates, speaks about micro-blogging site Twitter’s third-quarter earnings beat.

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WSJ 

3 September 2017

Nissan Hopes Drivers Will Turn To Its New Leaf by Sean McLain

TOKYO — Nissan Motor Co. was a path-breaker in electric vehicles for the mass market, but for nearly seven years the masses mostly ignored it.
This week, Nissan hopes to inspire car buyers to turn to its new Leaf. On Tuesday in the U.S., the company will release a revised version of its Leaf all-electric

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MoneyWeek 

25 August 2017

How to invest as electric cars get the green light

As emissions caps choke demand for diesel vehicles, electric cars will start motoring. Buy lithium miners and battery makers to cash in, says Julie Boote of Pelham Smithers Associates

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CNBC

18 August 2017

China has no practical alternative to Alibaba, online retail

Chinese e-commerce giants like Alibaba should have a degree of oversight because of China’s lack of a retail alternative to digital, Pelham Smithers, managing director at Pelham Smithers Associates, said.

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Bloomberg

7 August 2017

Softbank Profit Tops Estimates on Shift To Deals, Investing

…..SoftBank’s founder Masayoshi Son has long relied on earnings from Japanese wireless and telecom operations, using the money to make acquisitions and investments. The billionaire is in the process creating the $100 billion SoftBank Vision Fund, which was included in the results for the first time, to speed up investments in technology startups abroad. And the dealmaking is set to continue, with Sprint said to be back in merger talks with T-Mobile US Inc. “The issue is whether SoftBank is a conglomerate, or else an investment vehicle,” Pelham Smithers, whose London-based firm offers equity research on Asian technology companies, wrote in a note to clients. “This is likely to be the question which focuses the minds of both senior management and investors over the next few years.”……..

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Financial Times

7 August 2017

Softbank seeks to push into US with stake in Uber or Lyft

….. SoftBank on Monday broke out the results of the private equity and venture capital mega-fund for the first time, a move that analysts said made sense and could help with attaching a value to the company. “You could value the SVF business as it were any other fund management business and that makes it easier to value SoftBank in the future because you don’t have to estimate the fund’s undisclosed holdings,” said Pelham Smithers, a veteran Japan analyst……..

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CNBC

21 July 2017

Netflix numbers show there is an upside for Tech

Pelham Smithers, managing director at Pelham Smithers Associates, takes a look at how the tech sector has performed so far in the latest round of earnings.

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Financial Times

26 June 2017

Toyota’s problems highlight risks for carmakers

Fuel cell infrastructure is about 10 years behind electric vehicle charging infrastructure, reckons Julie Boote, analyst at Pelham Smithers Associates. She says it is too early to call Toyota’s push into fuel cells a misinvestment, but the timing has been off because governments around the globe supported the development of electric vehicles.

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Financial Times

26 June 2017

Is it the end of the road for the motor car marque?

……. BMW is trialling an “Airbnb for cars” scheme to let drivers in the US rent out their own cars to others using an app. Mercedes has a similar scheme in Germany, called Croove, but it is open to all drivers regardless of car brand. Julie Boote, an analyst at Pelham Smithers, says these moves are necessary as car ownership will increasingly be displaced by fleet services that will operate cars at all hours of the day, necessitating faster replacement that could lift overall sales……

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Financial Times

23 June 2017

Toshiba to be demoted to second ranks of Tokyo Stock Exchange

“…….Under a strict reading of TSE rules, Toshiba’s failure to submit signed-off accounts by June 30 would trigger a delisting process but history suggests a level of flexibility in those rules being applied. Pelham Smithers, who runs a boutique research company focused on Japan, said that the Toshiba case had forced the authorities into an uncomfortable choice given Prime Minister Shinzo Abe’s purported mission to clean up corporate Japan. “If the authorities play the ‘extenuating circumstances’ card it will be seen for what it is — preferential treatment for a Japan Inc stalwart,” he said….”

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Bloomberg

23 April 2017

Radio’s the Star to Kill Pricey 7-Eleven Checkout Clerks

“…….. switch could translate into 50 billion yen ($460 million) in demand for RFID tags, Pelham Smithers Associates wrote in a research note on the Smartkarma website. Potential demand for 7-Eleven RFID… ”

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Financial Times

11 April 2017

Fujitsu in big trouble over little Japanese chip maker

…….. “The problem for Fujitsu is whether it can afford to be seen to step down,” said Pelham Smithers, who runs a boutique research firm focused on Japan. “If the bidding does stop here, Fujitsu’s management may well think they’ve dodged a bullet. But if it doesn’t, they could be in for a rough ride.”

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Financial Times

18 January 2017

Five questions Winterkorn will face over Dieselgate

…….. Julie Boote, analyst at Pelham Smithers Associates, said “there are three possible scenarios. First, there is not enough evidence to suggest anyone on VW’s management or supervisory boards knew about the cheating, Second, the fine finalised last week with the DoJ includes secretive immunity for board members from prosecution. ……”

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BBC World – World Business Report

6 January 2017

Samsung Q416 numbers

Pelham Smithers discusses Samsung’s Q4 2016 figures and gives his views on what they show for the company going forward…..

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