Report
Joel Scheiman ...
  • Julie Boote
  • Lindsay Whipp
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

PSA Market Strategy: The Japan Perspective 2022

Although the Japanese economy, politics and stock market seem to be where they were this time last year, there is a seismic shift going on in the way the Japanese stock market behaves that could make investing in Japan in 2022 quite different to previous years. We look at how and why this shift has taken place and what it means for investing in Japan in the coming year.
Underlyings
Adobe Inc.

Adobe is a software company. The company provides a line of products and services used for creating, managing, delivering, measuring, optimizing, engaging and transacting with content across personal computers, devices and media. The company's segments are: Digital Media, which provides products, services and solutions that enable individuals, teams and enterprises to create, publish and promote their content; Digital Experience, which provides a platform and set of applications and services through Adobe Experience Cloud; and Publishing, which contains products and services that address market opportunities including eLearning solutions, web conferencing, web application development and printing.

Advantest Corp.

Advantest and its consolidated subsidiaries manufacture and sell semiconductor and component test system products and mechatronics-related products such as test handlers and device interfaces. Co. also engages in research and development activities and provides maintenance and support services associated with these products. Co.'s principal business segments are semiconductor and component test system; mechatronics system; and services, support and others. Product lines include test systems for memory semiconductors and non-memory semiconductors; test handlers, mechatronic-applied products, and for handling semiconductor devices.

ALPHABET HOLDING CO INC

Alps Alpine Co. Ltd.

Alps Electric is engaged in the manufacture and sale of electronic components and automotive audio equipment. Electronic Components segment offers detector switches, slide switches, power switches, tactile switches, magnetic sensors, humidity sensors, pressure sensors, connectors, encoders, potentiometers, multi control devices, communication modules, actuators and other electronic components for automobiles, smartphones, home appliances and other consumer electronics. Automotive Infotainment segment offers head units, navigation systems and rear view cameras. Logistics segment provides transportation, warehousing and forwarding services specializing in electronic components.

Amazon.com Inc.

Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.

Apple Inc.

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The company's products include: iPhone; Mac; iPad; and wearables, home and accessories, which includes AirPods?, Apple TV?, Apple Watch?, Beats? products, HomePod?, iPod touch? and other Apple-branded and third-party accessories. The company's services include: digital content stores and streaming services; AppleCare, which includes AppleCare + (AC+) and the AppleCare Protection Plan; iCloud, which is the company's cloud service; licensing; and other services, which include Apple Arcade?, Apple Card?, Apple News+, and Apple Pay, a cashless payment service.

Applied Materials Inc.

Applied Materials provides manufacturing equipment, services and software to the semiconductor, display and related industries. The company's segments are: Semiconductor Systems, which develops, manufactures and sells a range of manufacturing equipment used to fabricate semiconductor chips; Applied Global Services, which provides integrated solutions to support equipment and fab performance and productivity; and Display and Adjacent Markets, which is comprised of products for manufacturing liquid crystal displays, organic light-emitting diodes and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices.

Capcom Co. Ltd.

Capcom is engaged in the development, manufacture and sales of video games, online games, mobile games and arcade games, as well as the operation of amusement arcades. Co.'s business segments are digital contents, amusement facility and amusement equipment. Co. is engaged in the planning, development, manufacture and sales of home video games, online games and mobile games including "Rockman," "Monster Hunter World" and "Dragons Dogma"; the operation of "Plaza Capcom" amusement facilities in Japan; and the development, production and distribution of arcade games for amusement facilities. Co. is also engaged in the licensing business of game characters and the real estate leasing business.

Chugai Pharmaceutical Co. Ltd.

Chugai Pharmaceutical is a pharmaceutical company. Along with its subsidiaries, Co. is engaged in the research and development of new prescription medicines and the subsequent manufacturing, marketing and distribution activities. Co. sells its pharmaceutical products to the nationwide appointed stores in Japan, as well as in overseas, such as Germany, the U.K., France, Taiwan, China, South Korea and the U.S. Co., through its subsidiaries, is also involved in the management of research facilities, and the research on drug discovery, as well as the provision of literature research services for pharmaceutical information, and pharmaceutical academic information.

DAIKIN INDUSTRIES LTD.

Daikin Industries is engaged in the manufacture and sale of air conditioning and refrigerating equipment. The Air Conditioning and Refrigeration Equipment segment offers housing equipment including split type air conditioners, air purifiers and air to water heat pump systems; commercial equipment including packaged air conditioners, multi-split type air conditioners, water cooled chillers, medium/low temperature refrigeration equipment, air handling units, rooftop systems and air filters; and marine air conditioning equipment. The Chemicals segment offers fluorocarbon gases, fluoroplastics, fluoroelastomers, fluoro coating agents, semiconductor-etching products and fluorinated oils.

Daimler AG

Daimler provides a range of transportation products, including passenger cars and commercial vehicles, and also financial services. Co. operates in five segments. Mercedes-Benz Cars sells passenger cars and off-road vehicles under the Mercedes-Benz brand and small cars under the smart brand. The Daimler Trucks distributes its trucks (Mercedes-Benz, Freightliner, FUSO, Western Star, Thomas Built Buses and BharatBenz). The vans of the Mercedes-Benz Vans segment are sold under the brand name Mercedes-Benz and Freightliner. Daimler Buses sells completely built-up buses (Mercedes-Benz and Setra). The Daimler Financial Services division supports sales of Co.'s automotive brands.

DENSO CORPORATION

Denso and its affiliates are mainly engaged in the manufacture and sale of automobile electronic, electrical parts, and other components. Co.'s principal business segments are powertrain control systems, electronic systems, thermal systems, information and safety systems, small motors, industrial systems and consumer products. Co.'s principal products include starters, alternators, engine management systems, components for gasoline, diesel and electric hybrid vehicles, engine ECUs, hybrid ICs, air conditioners, radiators, remote keyless entry controllers, car navigation systems, car-mounted ETC devices, motors, bar code handy scanners and industrial robots.

Dentsu Group Inc.

Dentsu is an advertising company. Co. provides a diverse range of services befitting a solution-building partner with the ability to address various client issues, including management, business activities and marketing plans, at both the corporate and organizational levels. Co. operates in two business segments. Domestic segment is engaged in the provision of domestic advertising, marketing and contents business services, as well as the information system development and consulting, and the provision of real estate and casualty insurance agency services. Overseas segment is engaged in the advertising and marketing services outside of Japan.

East Japan Railway Company

East Japan Railway is mainly engaged in the transportation business. Co. operates railway routes covering mainly in the Kanto area and the Tohoku area totaling of 7,457.3 km of railway with 1,665 stations, 11,506 standard rolling stocks and 1,370 bullet Train rolling stocks as of Mar 31 2017. Co. establishes commercial space in the railway stations and operates restaurants, retail stores, cafes, convenience stores and shopping centers; and leases office buildings located in the railway stations and surrounding areas. Co. is also engaged in hotel business, advertising agency, travel operations, wholesale, truck delivery, information processing, cleaning, as well as credit card business.

Facebook Inc. Class A

Facebook is building and engaging products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices. The company's products include: Facebook, which enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, which is a place where people can express themselves through photos, videos, and private messaging, and explore their interests in businesses, creators and communities; Messenger and WhatsApp, which are messaging applications; and Oculus, which connects people through its Oculus virtual reality products.

General Motors Company

General Motors designs, builds and sells trucks, crossovers, cars and automobile parts. The company also provides automotive financing services through its subsidiary, General Motors Financial Company, Inc. (GM Financial). GM Financial provides retail loan and lease lending across the credit spectrum. GM Financial provides commercial lending products to dealers including new and used vehicle inventory floorplan financing and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, and to purchase and/or finance dealership real estate. Other commercial lending products include financing for parts and accessories, dealer fleets and storage centers.

Giftee

Giftee Inc. giftee Inc. is a Japan-based company principally engaged in the planning, development and operation of e-gift services for individuals, corporations and local governments. The main services include giftee service, giftee for Business service, eGift System service, and local currency service Welcome! STAMP. The giftee service allows an individual user to select an e-gift on the giftee application or a Website browser, purchase it by credit card or carrier payment and send it to those who receive it via social networking service (SNS). The giftee for Business can be used when a corporation gives a gift to its users through a campaign. The eGift System service allows corporations such as restaurants and retail stores to generate, distribute, sell, settle, and manage results for e-gifts. The Company also receives system usage fees from local currency issuers who have introduced the Welcome! STAMP local currency service.

HOYA CORPORATION

HOYA and its affiliates are mainly engaged in the manufacture and sale of electronics-related products, imaging products, health care products and medical products. Co.'s principal products are photomasks/maskblanks for semiconductors, photomasks/maskblanks and devices for liquid crystal displays ("LCDs"), glass disks for hard disk drives ("HDDs"), optical lenses/glasses, and electro optical glasses; eyeglass lenses, eyeglass frames, contact lenses and accessories, intraocular lenses, endoscopes, bone prosthesis, and medical accessories; cameras, interchangeable lenses, digital camera modules, micro lenses, and CCTV lenses; and crystal glass products.

HUAWEI TECHNOLOGIES CO

JAPAN POST HOLDINGS Co. Ltd.

Japan Post Holdings is engaged in the provision of a variety of products and services, mainly its postal, banking and insurance products and services, which represent Co.'s three core businesses (Japan Post Co., Japan Post Bank Co. and Japan Post Insurance Co.) that operate through its nationwide post office network. Co.'s principal business segments are Postal & domestic logistics, Financial Window, International Logistics, Banking, Life Insurance, and others. Co. maintains a network of 20,158 post office locations, covering all of Japan's cities, towns, and villages. These post offices serve as bases for various postal, banking, and insurance services that are offered by the group.

Johnson & Johnson

Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a range of products in the health care field. The company has three business segments: Consumer, which includes a range of products focused on personal healthcare used in the beauty, over-the-counter pharmaceutical, baby care, oral care, women's health and wound care markets; Pharmaceutical, which is focused on six therapeutic areas: immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism and pulmonary hypertension; and Medical Devices, which includes products used in the orthopaedic, surgery, interventional solutions, and eye health fields.

Keyence Corporation

KEYENCE and its affiliates are mainly engaged in the design, development, manufacture and sale of factory automation ("FA") sensors, opto-electronic equipment and related systems, and high technology hobby products. Co.'s principal products are fiber optic sensor, laser sensor, contact sensor, ultrasonic sensor, pressure sensor, photoelectric sensor, laser sensor (compact), RGB color sensor, proximity sensor and temperature sensor; machine vision, inductive displacement sensor, image measurement system, laser displacement sensor, optical micrometer and digital microscope; bar-code reader, laser marker, programmable logic controller; and safety light curtain.

Kose Corporation

Kose is a parent company of a group engaged in the manufacture and sale of cosmetics both in domestic and overseas markets. Co.'s principal products include skin care products, base make-up products, hair care products, nail polish, among others. Co. operates in two business segments. The Cosmetic segment offers high-prestige brands such as "INFINITY Kose" and "DECORTE" sold mainly at specialty cosmetics stores and department stores, as well as prestige brands such as "SEKKISI" sold at specialty cosmetics stores, drugstores and e-commerce. The Cosmetaries segment offers self-selection brands such as "Visee" sold at mass retailers, drugstores, convenience stores and other retail outlets.

Lam Research Corporation

Lam Research is a supplier of wafer fabrication equipment and services to the semiconductor industry. The company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company's customer base includes semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. The company's services include customer service, spares, improvement, and refurbishment of its deposition, etch, and clean products. The company sells its products and services to companies in the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan.

M3 Inc.

M3 is mainly engaged in the operation of medical-related Internet websites "MR-kun" and "m3.com" for health-care professional. Along with its affiliates, Co. operates in five business segments. Co. is engaged in the development and provision of marketing support services to medical professional, pharmaceutical companies, medical equipment companies and consumers; the provision of support services utilizing Co.'s support management system called "CapTool" for clinical researches; the provision of sales, marketing and support services as well as research services in overseas; and the development, sale and support of electronic health record system; and the consignment of sales and marketing.

Makita Corporation

Makita is mainly engaged in the manufacture and sale of power tools for professional users worldwide. Co.'s principal products include cordress tools, drills, screw drivers, shear wrench, electric breakers, combination hammers, rotary hammers, demolition hammers, cutters, wall chasers, angle grinders, die grinders, circular saws, plater joiners, trimmers, power planers, routers, narrow crown staplers, pneumatic pin nailers, petrol blowers, petrol string trimmers, vacuum cleaners, robotic cleaners, cordless vacuum pumps, MAKPA cool boxes, cordless job site speakes, as well as a variety of parts and accessories for its products and to perform repair work.

Marubeni Corporation

Marubeni, through its subsidiaries, is engaged in the import and export trades of domestic and overseas products, the provision of various services, the exploration of natural resources, as well as the provision of investment business in Japan and overseas. Co. operates in five operating segments: food & consumer products, chemicals & forest products, energy & metals, power projects & plant, and transportation & industrial machinery.

Mitsubishi Chemical Holdings Corporation

Mitsubishi Chemical Holdings is a holding company. Co., through its subsidiaries and associated companies are engaged in the manufacture and sale of chemical products, plastic products, and pharmaceuticals. Performance Products segment provides optical films, acetyl, high performance films, aqua solutions, high performance engineering plastics, fibers & textile, advanced polymers, high performance chemicals, and lithium-ion battery materials. Chemicals segment offers methyl methacrylate (MMA), petrochemicals, and carbon products. Industrial Gases segment supplies industrial gasses to a wide range of industries. Health Care segment manufactures and sells ethical pharmaceuticals.

Mitsubishi Corporation

Mitsubishi is a trading company. Co. is engaged in the manufacture and market a wide range of products, including energy, metals, machinery, chemicals and living essentials through Co.'s domestic and overseas network. Co. is involved in diverse businesses by actively investing in areas, such as natural resources development and infrastructure; and the finance businesses. Co. is engaged in diversified businesses, such as creating new business models in the fields of new energy and the environment. Co.'s principal business segments are global environmental & infrastructure, industrial finance logistics & development, energy, metals, machinery, chemicals, living essentials, and others.

Nidec Corporation

NIDEC and its subsidiaries are primarily engaged in the design, development, manufacture and marketing of small precision motors, mid-size motors, machinery, electronic and optical components, and other products. Co.'s principal products are spindle motors for hard disk drives, motors for optical disk drives, small precision fans and other small motors; mid-size motors; test systems, measuring equipment, power transmission equipment, factory automation systems, card readers and industrial robots; camera shutters, camera lens units, switches, trimmer potentiometers, motor driven actuator units, processing and precision plastic mold products; and auto parts and pivot assemblies.

Nikon Corp.

Nikon and its affiliates are mainly engaged in the manufacture and sale of precision and imaging products. Co.'s principal products include IC steppers, LCD steppers, digital SLR cameras, compact digital cameras, interchangeable camera lenses, microscopes, measuring instruments and inspection equipment, as well as retinal imaging products. Co. is also engaged in development of observation devices, including an IR1 infrared camera and an ultraviolet imager; the manufacture of solid-state lasers that emit a deep ultraviolet laser light with a 193-nanometer wavelength; the development and production of optical glass materials and ophthalmic lenses.

Nintendo Co. Ltd.

Nintendo is mainly engaged in the development, manufacture, and sale of home-use game hardware/software and peripheral equipment as well as software under the name of "Nintendo DS," "Nintendo 3DS," "Game Boy," "Nintendo 64,"" Game Boy Advance," "Wii," "Nintendo GameCube," "Game Boy Color" and "e-Reader (trading card games)." Co.'s principal software trademarks include "Pokemon," "Super Mario Bros.," "The Legend of Zelda," "STARFOX64" and others. Co. also provides online games and repair services. In addition, Co. is involved in the manufacture and sale of Japanese playing cards called "Karuta," playing cards and board games, as well as the management of intellectual property rights.

Nissan Motor Co. Ltd.

Nissan Motor, along with its subsidiaries and associated companies, is engaged in the manufacture and sale of vehicles, marine products and related parts; and the provision of finance services throughout world. Co.'s principal businesses are automobile and sales financing. Automobile segment manufactures electric vehicles, sedans, sport coupes, compact cars, mini vans, SUVs, pick-up trucks, and station wagons. Co.'s principal brand names include "Leaf," "Infiniti," "Murano," "Altima," "Maxima," "Sentra," "Quest," "Cedric," "Days Roox," "e-NV200," "Note e-Power," "Caravan," "Wingroad," "GT-R," "Farilady Z, among others. Sales Financing segment provides sales financing services..

Nissha Co.Ltd.

Nissha is engaged in the production of general printed matter in the fields of art and commercial printing as well as surface decoration of products technology. Co. manufactures IMD and IML, metallized paper, and heat transfer foils used for simultaneous molding and printing of plastic products and decorations for mobile phones, notebook PCs, automotive interiors and home appliances; and manufactures functional devices such as film based Touch Sensors "Fine Touch" used in tablet devices, smartphones, game consoles, industrial equipment and automotive. Co. also manufactures and sells its own brand products to medical institutions and provides marketing and sales promotion materials.

Nomura Holdings Inc.

Nomura Holdings is a holding company and financial services groups in Japan and have worldwide operations. Co., through its subsidiaries, is engaged in the provision of a range of financial services including brokerage, trading, underwriting, M&A financial advisory services, merchant banking, and development and management of investment trusts and investment advisory services to clients such as individuals, corporations, financial institutions, governments and governmental agencies. Co. operates offices in countries and regions worldwide including Japan, the U.S., the U.K., Singapore and Hong Kong Special Administrative Region ("Hong Kong") through Co.'s subsidiaries.

Nomura Research Institute Ltd.

Nomura Research Institute is mainly engaged in the provision of consulting, financial and industrial IT services, and IT platform services. Consulting Services segment offers management consulting and system consulting services. Financial IT Solutions segment provides IT services including system development, operation outsourcing, and shared-online services for securities, insurance, banking, and other financial industries. Industrial IT Solutions segment provides IT services for distribution, manufacturing, service, and healthcare industries. IT Platform Services segment offers IT infrastructure services, managed services, and advanced information technology services.

NTT DoCoMo Inc.

NTT DOCOMO is a mobile telecommunications carrier. Co. has three operating segments. The telecommunications segment includes mobile phone services (LTE(Xi) services and FOMA services), optical-fiber broadband service, satellite mobile communications services, international services and the equipment sales related to these services. The smart life segment includes video and music distribution, electronic books and other services offered through DOCOMO's "dmarket" portal, as well as finance/payment services, shopping services and various other services. The others segment primarily includes "Mobile Device Protection Service," as well as development, sales and maintenance of IT systems.

NVIDIA Corporation

NVIDIA engages in graphics processing unit (GPU)-based visual computing and accelerated computing platforms. The company has two segments, GPU and Tegra Processor, which are based on a single underlying architecture. The company's GPU product brands are aimed at markets including GeForce for gamers; Quadro for designers; Tesla and DGX for artificial intelligence data scientists and big data researchers; and GRID for cloud-based visual computing users. The company's Tegra brand integrates an entire computer onto a single chip, and incorporates GPUs and multi-core CPUs to drive supercomputing for autonomous robots, drones, and cars, as well as for game consoles and mobile gaming and entertainment devices.

Prudential Financial Inc.

Prudential Financial is a holding company. Through its subsidiaries and affiliates, the company provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. The company provides these products and services to individual and institutional customers. The company's principal operations are comprised of PGIM (its global investment management business), its United States Businesses (consisting of its United States Workplace Solutions, United States Individual Solutions, and Assurance IQ divisions), its International Businesses, the Closed Block division and its Corporate and Other operations.

Randstad NV

Randstad is a global staffing and recruitment company, providing various solutions in the human resources (HR) services space. Co.'s services include regular temporary staffing and permanent placement of candidates. In addition, Co. provides several other HR solutions, such as Recruitment Process Outsourcing (RPO), Managed Services Programs (MSP), payroll services, and outplacement. Co. provides four distinct service concepts: Staffing, Inhouse Services, Professionals and HR Solutions.

Recruit Holdings Co. Ltd.

Recruit Holdings is a holding company. Through its affiliates, Co. operates in four business segments: marketing media, HR media, staffing, and other. Marketing Media segment is engaged in the provision of information on housing, bridal, post-secondary education for high school students, automobiles, lodging accommodation, restaurants, and beauty salons. HR Media segment is engaged in the provision of services that offer employment information to job seekers both in Japan and overseas. Staffing segment is engaged in the provision of staffing services in Japan and overseas. Other segment is engaged in the planning, operation, outsourcing, and other of digital content services.

Renesas Electronics Corporation

Renesas Electronics is a semiconductor solution provider. Co.'s solutions include electronic products and systems for communications, computing and peripherals, consumer electronics, as well as automotive and industrial sectors. Along with its subsidiaries and associated company, Co. operates in four business segments: automotive, industrial, broad-based and other semiconductors. Co.'s principal products are microcontrollers, microprocessors, smart analogs, secure MCUs (Microcontroller Units), embedded systems platform, software, tools, IPDs (Intelligent Power Devices), power MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistors), analog and mixed-signal ICs, and transistors.

SCREEN Holdings Co. Ltd

Screen Holdings is a holding company. Co., through its subsidiaries and associated companies, is engaged in the manufacture and sale of semiconductor manufacturing equipment, printing-related equipment, printed-circuit board-related equipment and flat panel displays ("FPDs") manufacturing equipment. Co.'s principal products include single wafer cleaner, wet station, scrubber and laser annealer, full-color variable printing system, thermal plate recorder, direct imaging system, automatic optical inspection system, automatic final visual inspection system, coater/developer, LIA plasma CVD/sputter equipment, coater/dryer, coater/developer for LTPS and others.

Shin-Etsu Chemical Co Ltd

Shin-Etsu Chemical is mainly engaged in the manufacturing and sales of polyvinyl chloride and organic chemicals, silicon, functional chemicals, semiconductor silicon, electronic and functional materials, and others. Co.'s principal products include polyvinyl chloride, caustic soda products, methanol, chloromethane, silicon products, cellulose derivatives, silicon metal, poval (polyvinyl alcohol), synthetic pheromones, semiconductor silicon products, rare earth magnets, encapsulation materials, photoresists, photomask blanks, synthetic quartz products, epoxy molding compounds, pellicles, and resin processed products. Co. is also engaged in the export of plant equipment and others.

Shinko Electric (6967 JT)

Shiseido Company Limited

Shiseido is mainly engaged in the manufacture and sale of cosmetics, toiletries, beauty products, health foods, beauty foods and pharmaceuticals. Along with its affiliates, Co. operates in seven business segments: Japan, China, Asia Pacific, Americas, EMEA, travel retail, and professional. Co. markets a wide range of skin care products, hair care products, body care products, perfumes, toiletries, health foods, pharmaceuticals, medical cosmetics, analyzers and other products through cosmetics specialty stores, drugstores, department stores, airport duty free stores and online. Co.'s principal brand names include "SHISEIDO," "cle de peau BEAUTE," "ELIXIR," "MAQuillAGE," "NARS" and "IPSA."

SoftBank Corp.

SoftBank Group Corp.

SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.

Sony Corporation

Sony is engaged in the development, design, production, manufacture, offer and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets such as network services, game hardware and software, televisions, audio and video recorders and players, still and video cameras, mobile phones, and semiconductors. Co. is engaged in the development, production, manufacture, and distribution of recorded music and the management and licensing of the words and music of songs as well as the production and distribution of animation titles. Co. is also engaged in the production, acquisition and distribution of motion pictures and television.

SUBARU CORP

SUBARU and its affiliates are mainly engaged in the manufacture and sale of automobiles and aerospace-related equipment. The Automobiles segment is engaged in the manufacture, sale and repair of passenger cars and their components under the name of "SUBARU." The Aerospace segment is engaged in the manufacture, sale and repair of commercial and defense aircrafts, helicopters, unmanned aerial vehicles and their components. In addition, Co. is engaged in the manufacture, sale and repair of generators, engine-equipped machinery, agricultural machinery, construction machinery and their components; the leasing of real estate; and the manufacture and sale of temporary houses.

Take-Two Interactive Software Inc.

Take-Two Interactive Software is a developer, publisher and marketer of interactive entertainment for consumers. The company develops and publishes products principally through its two wholly-owned labels Rockstar Games and 2K, as well as its Private Division label and Social Point, a developer of mobile games. The company's products are designed for console gaming systems such as the Sony Computer Entertainment, Inc. PlayStation?4, Microsoft Corporation Xbox One?, and Xbox 360?, the Nintendo Switch, and personal computers, including smartphones and tablets. The company delivers its products through physical retail, digital download, online platforms and cloud streaming services.

Takeda Pharmaceutical Co. Ltd.

Takeda Pharmaceutical is a public company incorporated in Japan. Co. and its subsidiaries is a global pharmaceutical group and is engaged in the research, development, manufacturing and marketing of pharmaceutical products, over-the-counter (“OTC”) medicines and quasi-drug consumer products, and other healthcare products. Co.'s principal pharmaceutical products include medicines in the following therapeutic areas: gastroenterology, oncology and neuroscience.

Tesla Inc

Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.

Tokyo Electron Ltd.

Tokyo Electron is a supplier of semiconductor production equipment ("SPE") and flat panel display ("FPD") selling through global network that spans Japan, the U.S., Europe and Asia. Co.'s principal products are coater/developers, plasma etch systems, thermal processing systems, single wafer deposition systems, cleaning systems (auto wet station, single wafer cleaning system, pre-clean system and scrubber system), wafer prober, FPD coater/developers and FPD plasma etch/ash systems. In addition, Co., through its subsidiaries, is engaged in the provision of transportation services, insurance services, as well as the support services for Co.'s photovoltaic cell ("PV") production equipment.

Toyota Industries Corp.

Toyota Industries is mainly engaged in the manufacture and sale of automobiles, industrial vehicles and textile machinery, as well as logistics business. Co. operates in three business segments: automobile, industrial vehicle and textile machinery. The Automobile segment manufactures and sells automobiles, engines and compressors for automotive air-conditioners, foundry pieces and electronic equipment. The Industrial Vehicle segment provides forklift trucks, warehouse equipment, automatic warehouse, vehicles for high-place work. The Textile Machinery segment offers weaving machines and spinning machines, as well as yarn quality measurement equipment and cotton grading equipment.

Toyota Motor Corp.

Toyota Motor is an automobile manufacturer. Co. is primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. Co. provides financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Co. Co.'s principal business segments are automotive operations, financial services operations and other operations. Co. sells its vehicles in approximately 190 countries and regions, and markets for its automobiles in Japan, North America, Europe and Asia.

Trade Desk Inc. Class A

The Trade Desk is a technology company for buyers of advertising. Through the company's self-service, cloud-based platform, ad buyers can create, manage, and optimize data-driven digital advertising campaigns across ad formats, including display, video, audio, native and social, on a multitude of devices, such as computers, mobile devices, and connected TV. The company's platform's integrations with data, inventory, and publisher partners provides ad buyers reach and decisioning capabilities, and its enterprise application programming interfaces enable its customers to develop on top of the platform.

ULVAC Inc.

ULVAC is engaged in the manufacture and sale of vacuum systems and equipment. The Vacuum Machinery segment provides sputtering systems, CVD systems, vacuum evaporation systems, etching systems, annealing systems, ion implantation systems, vacuum furnaces and vapor deposition polymerization systems for semiconductor processing, LED devices, photovoltaics, optic films, LCD displays, magnetic sensors, and electronic materials; and vacuum components including vacuum pumps, gauges, leak detectors, vacuum valves, and vacuum parts. The Vacuum Application segment provides sputtering target materials, evaporation deposition materials, and titanium and tantalum processing products.

V-Technology Co. Ltd.

V Technology is a manufacturing company. Along with its subsidiaries, Co. is mainly engaged in the development, manufacture and sale of inspection system, manufacturing system, macro inspection system, measurement system, repair system and measuring system used to manufacture of flat panel display ("FPD") such as liquid crystal display ("LCD") and plasma display panel ("PDP"). Co. is also engaged in the development, design, manufacture and sale of liquid crystal substrate manufacturing devices. In addition, through its associated company, Co. is engaged in the manufacture and sale of manufacturing equipment for semiconductor and solar panel.

West Japan Railway Company

West Japan Railway is one of the companies that was formed upon the privatization and separation of Japanese National Railways ("JNR") in 1987. Co. operates a railway network covering 18 prefectures in western Honshu and the northern tip of Kyushu, with a total of 5,036.7 km of railway with 1,186 stations and 6,562 rolling stocks as of Mar 31 2017. Co. is engaged in the provision of "Sanyo Shinkansen" and urban network passenger transport service; the operation of convenience stores, department stores and hotels; the operation and management of shopping centers; and the provision of travel agency, advertising agency, as well as maintenance and engineering services.

Yaskawa Electric Corporation

Yaskawa Electric and its affiliates are mainly engaged in the manufacture and sale of electric motors, industrial robots and industrial electrical control systems. Co.'s principal products include AC/DC servomotors, spindle motors for machine tools, programmable controllers, numerical controls, general-purpose/special-system inverters, industrial robots, clean robots, vacuum robots, transfer systems in clean/vacuum rooms, industrial electrical control systems for metal processing, cold rolling and paper making, water supply/sewage control systems, power receiving/distribution panels, circuit breakers, high-voltage switchgears, and energy-saving motor drivers.

Provider
Pelham Smithers Associates Ltd
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. 

Analysts
Joel Scheiman

Julie Boote

Lindsay Whipp

Pelham Smithers

Thao Nguyen

William Nestuk

Other Reports on these Companies
Other Reports from Pelham Smithers Associates Ltd

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