Pelham Smithers Associates Ltd

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries. 

The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012. 

Hiroyuki Terada ... (+5)
  • Hiroyuki Terada
  • Joel Scheiman
  • Julie Boote
  • Pelham Smithers
  • Thao Nguyen

PSA Today 12 Feb: Roadblock at 58k on N225 / Results for Kioxia, Kokus...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Thao Nguyen and Hiroyuki Terada Tags: . Asahi Diamond (6140 JT), SRE Holdings (2980 JT), Hibiya Engineering (1982 JT), Kioxia (285A JT), Mitsui Kinzoku (5706 JT), Nitto Boseki (3110 JT), Unitika (3101 JT), JX Advanced Materials (5016 JT), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Dowa Mining (5714 JT), Sumiseki Holdings (1514 JT), Nittetsu Mining (1515 JT), Pacific Metals (5541 JT), Osaka Titan...

Lindsay Whipp
  • Lindsay Whipp

SRE Holdings - Readthrough from Excellent FY25 Q3 Results

SRE Holdings (2980 JT) shares have been hammered by twin concerns that rising interest rates would harm their real estate business, while AI will whittle away at SRE Holdings’ AI solutions business. SRE has answered its critics with an exceptional FY25 Q3 performance, which not only has implications for the firm’s FY25 performance as a whole, but also has significant implications for FY26 and FY27. This report assesses the firm’s outlook in the wake of these results.

Julie Boote
  • Julie Boote

PSA Autos / New Mobility: Winds of Change at Toyota (7203 JT)?

Toyota's appointment of Kenta Kon as CEO came as a surprise, indicating a change in direction for the company. Analyst Julie Boote assesses the possible implications of the new leadership for Toyota's policies and earnings outlook.

Hiroyuki Terada ... (+7)
  • Hiroyuki Terada
  • Joel Scheiman
  • Julie Boote
  • Lindsay Whipp
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

PSA Today 10 Feb: Takaichi Euphoria / Shimano Q4 / Materials Round-up ...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Will Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Dexerials (4980 JT), Adeka (4401 JT), Kokusai Electric (6525 JT), Tokyo Ohka Kogyo (4186 JT), Kioxia (285A JT), Tokyo Seimitsu (7729 JT), Disco (6146 JT), Sumco (3436 JT), Shin-Etsu Chemical (4063 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), SWCC (5805 JT), Sumitomo Electric (5802 JT), Sumitomo Metal Minning (5713 JT) Toho Zinc (5707 JT), Dow...

Hiroyuki Terada ... (+6)
  • Hiroyuki Terada
  • Julie Boote
  • Lindsay Whipp
  • Nicky Karanasou-Demertzi
  • Pelham Smithers
  • William Nestuk

PSA Today 9 Feb: New highs / Takaichi's landslide win / Cash earning...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Nicky Karanasou-Demertzi, Lindsay Whipp and Hiroyuki Terada Tags: Advantest (6857 JT), Disco (6146 JT), Tokyo Seimitsu (7729 JT), Tokyo Electron (8035 JT), Sumitomo Electric (5802 JT), Ibiden 4062 JT), Mitsui Kinzoku (5706 JT), Kinden (1944 JT), Nitto Boseki (3110 JT), Sony (6758 JT), Nissan Motor (7201 JT), Mitsubishi UFJ Financial Group (8306 JT), SMFG (8316 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), K...

Julie Boote
  • Julie Boote

Trump Set to Pull out of Free Trade Agreement with Korea – Unfair fo...

President Trump threatens to raise pulling out of the Free Trade Agreement with Korea, KORUS, when he discusses the issue with his advisers next week. This follows complaints by Mr Trump earlier this year when he noted that American automakers struggle to sell cars in Korea, while Hyundai Motors and Kia Motors seem to be having an easy ride in the US.In our view, there is little to complain about, if you look at the trade data and sales developments in detail: Both countries now offer free entry...

Julie Boote
  • Julie Boote

PSA Autos: Time to Panic about China EV Sales Quota? – Automakers Ho...

The German newspaper the Frankfurter Allgemeine Zeitung (FAZ) reported on Tuesday August 29th that China’s regulators will soon release some final, softened rules regarding 2018 sales quotas for electric vehicles (EVs). The currently-known draft outlines that OEMs have to generate ‘green credits’ equivalent to 8% of their total auto sales in 2018 (10% in 2019, 12% in 2020). For instance, an automaker selling 1mil cars a year in China would need to generate 80,000 credits; credit points are highe...

Pelham Smithers
  • Pelham Smithers

PSA Global Strategy: Have We Passed Peak FANG?

The stock market loves a collective. Ever since the "Nifty 50" in the early '70s, groups of winners have been bandied together. In the 1990s, we had the "dot coms", stocks that were supposedly winners from Web 1.0. As that was going on, Japan had its own "Nifty 50" of blue chip export names. In the 2000s, we had the Four Horsemen, a group that has morphed, a decade later, into FANG. One of the first signs of difficulty with a collective is when the market can't decide on the components. With a l...

Joel Scheiman
  • Joel Scheiman

Fujifilm Holdings (4901) FY17 Q1 Results Meeting – Cameras Push Earn...

Key Points Fujifilm explained at its earnings meeting that the Imaging and Information Segments combined beat its guidance thanks to strong momentum for cameras but made no changes to its guidance. Documents (Fuji Xerox) again appeared to disappoint, although management noted that Q1 results were only slightly below internal targets. Management appears confident that conditions will improve by H2, boosted in part by its supply of more than ten new office product models this year to the newly...

Pelham Smithers
  • Pelham Smithers

PSA Today Aug 14th: Strong Yen/June GDP +1.0% QoQ, +4.0% Annualized/To...

Japan Market Comment by Pelham Smithers, William Nestuk and Thao Nguyen Nikkei ¥19,537.10 (-¥192.64 / -0.98%); Topix ¥1,599.06 (-¥18.19 / -1.12%); ¥/$109.56Tags: Daifuku (6383), Yaskawa (6506), Toshiba (6502), Western Digital (WDC US), SK Hynix (000660 KS), Hon Hai (2317 TT), Sony (6758), Recruit Holdings (6098), Trend Micro (4704), istyle (3660), Avex (7860), Ferrotec (6890)Strong yen sends market lower after holidayNew highs for Yaskawa and Daifuku – again June GDP up 1.0% QoQ, 4.0% annual...

Hiroyuki Terada ... (+5)
  • Hiroyuki Terada
  • Joel Scheiman
  • Julie Boote
  • Pelham Smithers
  • Thao Nguyen

PSA Today 12 Feb: Roadblock at 58k on N225 / Results for Kioxia, Kokus...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Thao Nguyen and Hiroyuki Terada Tags: . Asahi Diamond (6140 JT), SRE Holdings (2980 JT), Hibiya Engineering (1982 JT), Kioxia (285A JT), Mitsui Kinzoku (5706 JT), Nitto Boseki (3110 JT), Unitika (3101 JT), JX Advanced Materials (5016 JT), Sumitomo Metal Mining (5713 JT), Mitsubishi Materials (5711 JT), Dowa Mining (5714 JT), Sumiseki Holdings (1514 JT), Nittetsu Mining (1515 JT), Pacific Metals (5541 JT), Osaka Titan...

Hiroyuki Terada ... (+7)
  • Hiroyuki Terada
  • Joel Scheiman
  • Julie Boote
  • Lindsay Whipp
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

PSA Today 10 Feb: Takaichi Euphoria / Shimano Q4 / Materials Round-up ...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, Will Nestuk, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Dexerials (4980 JT), Adeka (4401 JT), Kokusai Electric (6525 JT), Tokyo Ohka Kogyo (4186 JT), Kioxia (285A JT), Tokyo Seimitsu (7729 JT), Disco (6146 JT), Sumco (3436 JT), Shin-Etsu Chemical (4063 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), SWCC (5805 JT), Sumitomo Electric (5802 JT), Sumitomo Metal Minning (5713 JT) Toho Zinc (5707 JT), Dow...

Hiroyuki Terada ... (+6)
  • Hiroyuki Terada
  • Julie Boote
  • Lindsay Whipp
  • Nicky Karanasou-Demertzi
  • Pelham Smithers
  • William Nestuk

PSA Today 9 Feb: New highs / Takaichi's landslide win / Cash earning...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Nicky Karanasou-Demertzi, Lindsay Whipp and Hiroyuki Terada Tags: Advantest (6857 JT), Disco (6146 JT), Tokyo Seimitsu (7729 JT), Tokyo Electron (8035 JT), Sumitomo Electric (5802 JT), Ibiden 4062 JT), Mitsui Kinzoku (5706 JT), Kinden (1944 JT), Nitto Boseki (3110 JT), Sony (6758 JT), Nissan Motor (7201 JT), Mitsubishi UFJ Financial Group (8306 JT), SMFG (8316 JT), Furukawa Electric (5801 JT), Fujikura (5803 JT), K...

Hiroyuki Terada ... (+8)
  • Hiroyuki Terada
  • Joel Scheiman
  • Julie Boote
  • Lindsay Whipp
  • Nicky Karanasou-Demertzi
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

The PSA Research Round-Up for Week to 6 Feb 2026

Weekly Comment Summary Whether companies are reporting full-year FY25 (Dec yr-end) results or guiding for the Mar yr-end FY25 full-year, there is an air of pointlessness in looking at results that may have little bearing on earnings performance to come. While 2026 and beyond may indeed be very different to 2025, that doesn’t mean that we should totally ignore 2025 results. Pelham Smithers explains. PSA Weekly Contents at a Glance Reports / Flash Notes Summaries 1. TKP (3479 JT) –...

Hiroyuki Terada ... (+7)
  • Hiroyuki Terada
  • Joel Scheiman
  • Julie Boote
  • Lindsay Whipp
  • Nicky Karanasou-Demertzi
  • Pelham Smithers
  • Thao Nguyen

PSA Today 6 Feb: Topix at new all-time high / Dec household spending w...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi, Julie Boote, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada Tags: Microsoft (MSFT US), Amazon (AMZN US), Sony (6758 JT), Bandai Namco (7832 JT), Square Enix (9684 JT), Nintendo (7974 JT), BayCurrent (6532 JT), Shift (3697 JT), Sansan (4443 JT), PKSHA (3993 JT), Money Forward (3994 JT), Appier (4180 JT), Internet Initiative Japan (3774 JT), Renesas (6723 JT), Tokyo Electron (8035 JT), Tokyo Seimitsu (772...

Pelham Smithers
  • Pelham Smithers

The PSA Must Read Weekly Research Round-Up (week to Aug 10)

Inside the PSA Japan Weekly Research Round-Up you have:The Weekly Comment by Pelham Smithers (available upon request):Ahead of August 14th’s expected GDP number, we discuss Japan’s inflation story. Reports / Flash Notes Published This Week: Headlines at a Glance (full reports available upon request):1. Japanese Politics – Abe’s Waning Popularity 2. Internet: Rakuten (4755) Q2 FY17 – A Decent Quarter but the Risk of Profit Volatility is High 3. Industrial Machinery: IHI (7013) – Still Engine-Driv...

Pelham Smithers
  • Pelham Smithers

PSA Today Aug 10th - Long week-end ahead/Toshiba files accounts/China'...

Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote, William Nestuk and Thao Nguyen Nikkei ¥19,729.74 (-¥8.97 / -0.05%); Topix ¥1,617.25 (-¥0.65 / -0.04%); ¥/$109.95Tags: Shiseido (4911), Mitsui Mining & Smelting (5706), Japan Display (6740), W-Scope (6619), Yaskawa (6506), Daifuku (6383), Toshiba (6502), Western Digital (WDC US), SK Hynix (000660 KS), Honda (7267), Toyota (7203), Nissan (7201), Mazda (7261), Aisin Seiki (7259), Denso (6902), Koito (7276), IHI (7013), DeNA (2432)...

Pelham Smithers
  • Pelham Smithers

PSA Today Aug 9: North Korea/Olympus disenchantment/SoftBank questions...

PSA Today Aug 9: Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk and Thao Nguyen  Nikkei ¥19,738.71 (-¥257.30 / -1.32%); Topix ¥1,617.90 (-¥17.42 / -1.07%); ¥/$109.98 Tags: Olympus (7733), SoftBank (9984), Sprint (S US), T-Mobile US (TMUS US), Charter Communications (CHTR US), Dish Network (DISH US), Gumi (3903), Square Enix (9684), Honda (7267), Suzuki (7269), Yamaha Motors (7272), Harley Davidson (HOG US), Daifuku (6383), Yaskawa (6506), Nabtesco (6268), SMC (6273), IHI (7...

Pelham Smithers
  • Pelham Smithers

Japanese Politics – Abe’s Waning Popularity

In October 2012, just as Shinzo Abe was stepping up to the plate as the new leader of the then opposition party, the LDP, a relatively unknown former cabinet minister, Fumio Kishida, took over as head of the Koga faction. While factions are a feature of any political party, they were hard-coded into the LDP by the multi-seat constituency system, whereby you could run up to five candidates per district, with a view to winning up to five seats. As a consequence, while seemingly aligned in the Diet...

Julie Boote
  • Julie Boote

US Auto Sales June – The Japanese Big 3 Outperform

Key Points   US auto sales fall 3% YoY in June, with light truck sales up 4.1% YoY and passenger car sales down 13.2% YoY SAAR 16.51 mil, lowest since Apr 2005 Lower replacement demand, lower fleet sales, higher interest rates and increasing competition from cheaper second-hand cars continued to weigh on the auto market Incentives by the Japanese are higher than the Detroit 3   Toyota (7201) sales +2.1%, Honda (7267) +0.8%, Nissan (7201) +2.0% vs the Detroit 3 (which are all down)   Sub...

Julie Boote
  • Julie Boote

Honda (7267) FY17 Outlook – Relative Position to Improve under Chall...

Key Points  Honda produced strong results in FY16; partly due to the reversal of Takata (7312)-related recall expenses, but also on high production cost savings and positive volume contributions.   Honda’s FY17 guidance was below market consensus, on the back of cautious currency assumptions, expectations for sharply rising raw material prices, and deteriorating sales conditions in the US.  Although we agree that the market environment is becoming more challenging for automakers in general,...

Pelham Smithers
  • Pelham Smithers

Strategy: As the Nikkei Threatens to Break Out – What Stocks to Focu...

So far in 2017, Japanese equities have been involved in something of a tug-of-war. The oscillation in the yen / dollar has impacted on market direction; yet with each oscillation, there has been a steady creep forward; Topix is currently up 3.5% year-to-date in yen terms, and 5.0% in dollar terms.   That the market is up despite: The dollar having started the year at 117.55 and is actually down slightly as of March 10th, to 115.39, and The fact that foreigners have sold US$5bil of Japanese...

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