Research Categories

Auto Sector

Julie Boote analyses global automobile companies with a special focus on Japan’s assemblers, looking particularly at global automotive technology trends such as electric, fuel cell and hybrid power trains. She is highly regarded for her analysis of the commercial viability of new models and model architecture. As well as authoring reports on individual auto sector companies, Julie focuses on emerging themes relevant to the auto industry, such as connectivity, mobility and autonomous drive.

Stocks Julie focuses on include: Nissan Motor (7201 JP), Toyota Motor (7203 JP), Mitsubishi Motor (7211 JP), Mazda Motor (7261 JP), Daihatsu Motor (7262 JP), Honda Motor (7267 JP), Suzuki Motor (7269 JP), Fuji Heavy Industries (7270 JP), Isuzu (7202 JP) and Hyundai Motor Co (005380:Korea SE).

Auto Parts

William Nestuk looks at auto component makers in a separate context from their respective parent company, to identify emerging trends in earnings and the most likely medium-term scenario for them.

Some of the stocks Will focuses on are Denso (6902 JP), Aisin Seiki (7259 JP), NOK (7240 JP), NGK Spark Plug (5334 JP), Koito Mfg. (7276 JP), Toyoda Gosei (7282 JP), Clarion (6796 JP) and Alpine (6816 JP).


Thao Nguyen’s main focus is on internet companies in the Far East. She covers companies involved in the web portal, e-commerce and SNS markets. Thao also follows other parts of the Asian media market, including advertising.

Thao’s coverage includes Rakuten Inc (4755 JP), Yahoo Japan Corp (4689 JP), Start Today (3092 JP), (2371 JP), CyberAgent (4751 JP), iStyle (3660 JP), LINE (3938 JP), Recruit Holdings (6098 JP) and Trend Micro (4704 JP).


Pelham Smithers analyses the Japanese telecoms sector, highlighting differences in business strategy and with a mind to international comparisons.

Stocks are KDDi (9433 JP), NTT (9432 JP), NTT DoCoMo (9437 JP), and SoftBank (9984 JP) on the service side, Anritsu (6754), NEC (6701 JP), Fujitsu (6702 JP) on the equipment side.

Electronic Parts & Materials

Joel Scheiman’s main focus is on Japan’s electronics industry supply chain firms. He also covers bulk and specialty chemicals and other basic materials and writes on specialist technology areas such as the LiB global market.

Stocks in Joel’s focus are: Teijin (3401 JP), Toray (3402 JP), Kuraray (3405 JP), Asahi Kasei (3407 JP SUMCO (3436 JP Showa Denko (4004 JP), Sumitomo Chemical (4005 JP Nissan Chemical (4021 JP), Kureha (4023 JP), Shin-Etsu Chemical (4063 JP), Taiyo Nippon Sanso (4091 JP), Nippon Shokubai (4114 JP), Kaneka (4118 JP), Mitsui Chemicals (4183 JP), JSR (4185 JP), Tokyo Ohka Kogyo (4186 JP), Mitsubishi Chemical (4188 JP), Sumitomo Bakelite (4023 JP), Sekisui Chemical (4204 JP), Zeon (4205 JP), Ube Industries (4208 JP), Hitachi Chemical (4217 JP), Fujifilm Holdings (4901 JP), Konica Minolta (4902 JP), Dexerials (4980 JP), Fujimi (5834 JP), W-Scope (6619 JP), Japan Display (6740 JP), TDK (6762 JP), Nitto Denko (6988 JP), Hoya (7741 JP), Nissha Printing (7915 JP). Mobile phone supply chain names such as Murata (6981 JP), Taiyo Yuden (6976 JP), Nidec (6594 JP) and Alps (6770 JP) are covered by Pelham Smithers.

Consumer Electronics

Pelham Smithers analyses the global electronics market with a focus on the role Japanese companies play in the TV and handset manufacturing industries, as well as covering more specialised AV products such as cameras, camcorders, in-dash infotainment systems and headsets. He is well known for his evaluation of new handset models and appears regularly on TV to discuss such launches.

Stocks covered are: Sony (6758 JP), Sharp Corp (6753 JP), Panasonic Corp (6752 JP), Canon (7751 JP), Kyocera Corp (6971 JP), Hitachi (6501 JP).


In the first week of every calendar year Pelham Smithers writes the substantive PSA Japan Perspective, which is intended to serve as reference material throughout the year ahead. It is PSA’s flagship strategy and ideas report and discusses key issues, trends and companies in Japan, often from a global perspective. Pelham publishes further occasional strategy pieces during the course of the year.

Capital Goods

William’s analysis focuses primarily on automation and robotics.

Popular stocks are: Yaskawa Electric (6506 JP), Fanuc (6954 JP), Nabtesco (6268 JP), SMC (6273 JP), Fujikura (5803 JP), and Mitsubishi Electric (6503 JP).


Pelham Smithers analyses the Japanese pharmaceuticals sector with particular focus on (1) licensing deals with global pharmaceutical majors and (2) pipeline potential / clinical trial evaluation of key Japanese pharma assets. In one example, PSA ended up writing a positive report on Korean biotech start-up Viromed (084990 KS), whose shares have risen from KRW750 to KRW250,000 since the report came out in 2011, as a result of our research into competition for a drug then being developed by a Japanese firm.

Popular stocks are: Takeda (4502 JP), Astellas (4503 JP), Shionogi (4507 JP), Mitsubishi Tanabe (4508 JP), Chugai Pharma (4519 JP), Eisai (4523 JP), Daiichi Sankyo (4568 JP), Santen Pharmaceutical (4536 JP), Terumo (4543 JP).

Video Games

Pelham Smithers along with Thao Nguyen analyses the Japanese video sector including the nascent eSports market along with pioneering technologies such as Virtual Reality.

Stocks covered include Nintendo (7974 JP), Square Enix (9684 JP), Capcom (9697 JP), Colopl (3668 JP), Nexon (3659 JP), DeNA (2432 JP), Gree (3632 JP), GungHo Entertainment (3765 JP), Konami (9766 JP), Bandai Namco (7832 JP), Koei Tecmo (3635 JP), Sega Sammy (6460).