Report

PSA Strategy: Japan Stock Market Quarterly for 2025 Q2

In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
Underlyings
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.

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.

BayCurrent Consulting (6532 JT)

Bridgestone Corporation

Bridgestone and its affiliates are mainly engaged in the manufacture and sale of tires in the Americas, Europe, Asia and Japan. Co.'s principal business segments are tires and diversified products. Co. is engaged in the manufacture and sale of tires for passenger cars, trucks, buses, construction vehicles, industrial vehicles, agricultural machinery, aircraft, motorcycles, as well as tire-related products; and automotive components, industrial products, polyurethane foam products, construction materials, parts and materials for electronic equipment, bicycles and sporting goods. In addition, Co., through its subsidiaries, is engaged in the provision of financing services.

Canon Inc.

Canon and its subsidiaries are engaged in the manufacture and sale of office multifunction devices, plain paper copying machines, laser printers, inkjet printers, cameras and lithography equipment. Co. sells its products principally under the Canon brand name and through sales subsidiaries. Each of these subsidiaries is responsible for marketing and distribution to retail dealers in an assigned territory. As of Dec. 31, 2017, Co.'s manufacturing is conducted primarily at 30 plants in Japan and 18 plants overseas. Co. operates its business in four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.

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.

Cover Corporation (5253 JT)

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.

Disco Corporation

DISCO and its affiliates are mainly engaged in the manufacture, sale and maintenance of precision cutting, grinding and polishing machines. Co. is also engaged in the manufacture and sale of precision diamond abrasive tools, and disassembly and recycling of precision cutting, grinding and polishing machines. Co.'s principal precision machines are dicing and cutting saws, laser saws, grinders, polishers, wafer mounters, die separators, surface planers, water jet saws, and products for new processes. Co.'s principal precision processing tools are dicing blades, grinding wheels, and dry polishing wheels.

Fanuc Corporation

Fanuc is engaged in the development, manufacture and sale of CNC systems as well as application products based on its engineering. Co.'s principal products include Factory Automation (FA) products such as computer numeric control (CNC) systems and laser products; The Robot including collaborative robot, arc welding robot, palletizing robot, mini/small/medium/large size robot and paint robot; and the he Robo-machine such as robodrill(compact machining center), roboshot (electric injection molding machine), robocut (wire-cut electric discharge machine) and robonano (ultra precision machine).

GNI Group Ltd.

GNI Group is a vertically integrated multinational bio-pharma company, comprised of drug research, clinical development, manufacturing, sales and marketing. Co.'s group base of operations is in China, enabling it to leverage that country's comparative cost advantage in clinical trials to develop Class 1 "First to Market" drug products for the Chinese domestic market. Co. researches and develops therapeutic agents, including Etuary® for radiation pneumonia (RP) and idiopathic pulmonary fibrosis (IPF), F351 for liver fibrosis (cirrhosis), Tamibarotene for acute promyelocytic leukemia (APL), and F573 for acute hepatic insufficiency and acute chronic liver failure (ACLF).

Hitachi Construction Machinery Co. Ltd.

Hitachi Construction Machinery is a manufacture of construction machinery. Co.'s principal business segments are construction machinery and solution. Along with its subsidiaries and associated companies, Co. is engaged in the manufacture, sale, after-sale services and rental of construction machinery, such as mini excavators, medium excavators, large excavators, loading shovels, wheel loaders, demolition equipment, metal recycling equipment, forest machines, rigid dump trucks, compaction equipment, cranes, foundation machines, double-front work machine and mine management systems.

Hitachi Ltd.

Hitachi and its subsidiaries are engaged in the development, manufacture and sale of diversified product mix ranging from electricity generation systems to consumer products and electronic devices. Co.'s businesses are diverse, and include information and telecommunication systems, social infrastructure and industrial systems, electronic systems and equipment, construction machinery, high functional materials and components, automotive systems, life & eco systems, financial services, and others including logistics services, optical disk drive, as well as real estate business.

Honda Motor Co. Ltd.

Honda Motor is the parent company of a group mainly develop, manufacture and distribute motorcycles, automobiles, power products, and also provide financing for the sale of those products. Principal manufacturing facilities are located in Japan, the United States of America, Canada, Mexico, the United Kingdom, Turkey, China, India, Indonesia, Malaysia, Thailand, Vietnam, Argentina, and Brazil. Co.'s principal business segments are motorcycles, automobiles, financial services, and power products & other business. Co.'s principal automobile products include passenger cars such as "Legend," "Accord," "Inspire," "Civic," "Insight," "City," "Acura RL," "Acura TL," "Acura TSX," and "Acura CSX".

JMDC

JMDC Inc. is a Japan-based company mainly engaged in the health big data business, telemedicine business and dispensing pharmacy support business. The Company operates in three business segments. The Health Big Data segment is engaged in the provision of receipt data analysis and health promotion solutions, and personal health information platforms, the build, management and analysis of medical databases such as receipt data and medical examination data, the build and sale of drug databases, and the development and provision of systems using drug databases for medical institutions. The Telemedicine segment is engaged in the provision of remote image diagnosis matching services, and infrastructure systems for remote image diagnosis. The Dispensing Pharmacy Support segment is engaged in the development and provision of business systems and electronic medication record for dispensing pharmacies, as well as the operation of dispensing pharmacies.

Kakaku.com Inc.

Kakaku.com is engaged in the operation of price comparison and other portal websites. Internet Media segment operates a price comparison site "Kakaku.com"comparing various products including computers, home appliances, internet service providers, insurance, food/beverages and cosmetics, restaurant review site "tabelog.com" and other portal sites including a hotel deals and last minute deals site "yoyaq.com," travel-related review and comparison site "4travel.jp," residential real estate portal site "sumaity.com," lifestyle portal site "kinarino.jp," movie information site "eiga.com"and auto enthusiast site "webCG." Finance segment is engaged in the provision of insurance agency services.

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.

Komatsu Ltd.

Komatsu is engaged in the manufacture and sale of construction and mining equipment, utility equipment and industrial machinery. Co. operates in three business segments. Construction Machinery and Vehicles segment provides wheel loaders, hydraulic excavators, mini excavators, bulldozers, dump trucks, forklift trucks, forwarders, feller bunchers, harvesters, among others. Retail Finance segment is engaged in the provision of financing services for construction and mining equipment. Industrial Machinery and Other segment offers laser cutting machines, plasma cutting machines, press brakes, shears, transfer machines, machining centers, crankshaft millers, among others. .

Kyoritsu Maintenance (9616 JT)

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.

Mercari Inc.

Mitsubishi Electric Corp.

Mitsubishi Electric is engaged in the manufacture and sale of electrical and electronic equipment. Energy and Electronic Systems segment offers turbine generators, nuclear power plant equipment, transformers and motors. Industrial Automation Systems segment offers programmable logic controllers, inverters, human-machine interfaces and magnetic switches. Information and Communication Systems segment offers wireless and wired communications systems, surveillance cameras and satellite communications equipment. Electronic Devices segment offers power modules, high-frequency devices and optical devices. Home Appliances segment offers LCD televisions, room air conditioners and refrigerators.

Mitsubishi UFJ Financial Group Inc.

Mitsubishi UFJ Financial Group is financial groups with total assets of Y297,185,019 million as of Mar. 31, 2017. Co. is the holding company for The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Trust and Banking Corporation, Mitsubishi UFJ Securities Holdings Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mitsubishi UFJ NICOS Co., Ltd., and other companies. As a bank holding company, Co. is regulated under the Banking Law of Japan. Its services include commercial banking, trust banking, securities, credit cards, consumer finance, asset management, leasing and many more fields of financial services.

NEXON Co. Ltd.

Nexon is engaged in the production, development and delivering on-line games. Along with its subsidiaries and affiliates, Co. provides PC online-games and mobile games in Japan, Korea, China, North America and Europe as well as Asian countries. Co.'s principal existing game titles include "MapleStory," "Sudden Attack," "Dungeon & Fighter," "Counter-Strike Online," and "EA SPORTS™ FIFA Online 3." Co. also offers services such as consulting related to PC online-game distribution, in-game advertising, and merchandising incidental to PC online business. As of Dec 31 2017, Co. has 26 consolidated subsidiaries and 14 affiliates.

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.

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.

Olympus Corp.

Olympus is a manufacturing company. Co. operates in four business segments. The Medical segment is engaged in the manufacture and sale of gastrointestinal endoscopes, surgical devices and peripheral devices for endoscopic surgery, endoscopic devices, and ultrasonic endoscopes. The Scientific Solutions segment is engaged in the manufacture and sale of biological microscopes, industrial microscopes and endoscopes, and non-destructive testing equipment. The Imaging segment is engaged in the manufacture and sale of digital cameras, IC recorders, and binoculars. The Others segment is engaged in the provision of bio-materials, system development and others.

Park24 Co. Ltd.

Park 24 is mainly engaged in the parking lot operation and management. As of Oct 31 2017, Co. operates 20,461 parking lots. Co. operates in three business segments. Parking Lot - Domestic and Parking Lot - Foreign segments are engaged in the subleasing of land from landowners, the management and operation of 24-hour and unmanned hourly and monthly parking facilities throughout in Japan as well as in Taiwan, South Korea, Australia, New Zealand, the United Kingdom, Singapore and Malaysia. Mobility segment is engaged in the provision of car rental services under the name of "Times Car Rental" and car sharing services under the name of "Time Car Plus."

PKSHA Technology Inc.

PKSHA Technology Inc is a Japan-based company mainly engaged in algorithmic license business. The Company operates through two business segments. The Cloud Intelligence segment is engaged in the sale of algorithm modules, and algorithm software BEDORE and CELLOR in the area of intelligent processing in the digital space. The Mobility & MaaS segment is engaged in the sale of algorithm modules related to image/video analysis and sales of algorithm software Hrus in the area of intelligent operation of real space for smart city. The algorithm modules include text understanding modules, dialogue modules, image/video analysis modules, recommendation modules, prediction modules, anomaly detection modules, and reinforcement learning modules.

Rakuten Inc.

Rakuten is mainly engaged in the Internet-related business. Along with its affiliates, Co. operates in two business segments. The Internet Services segment is engaged in the operation of electronic commerce sites, including an Internet shopping mall "Rakuten Ichiba," an online cash back site, a travel booking site, portal sites and digital contents sites; the sale of advertising on Co.'s sites; the provision of messaging and communication services; and the management of a professional baseball team "Tohoku Rakuten Golden Eagles." FinTech segment is engaged in the provision of Internet banking services and online securities trading services, and the credit card and life insurance businesses.

RAKUTEN BANK LTD.

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.

SBI Holdings Inc.

SBI Holdings is a holding company engaged in the control and management of its group through share ownership. Through its subsidiaries, Co. is engaged in the provision of securities, banking, insurance, housing loan, financial media, real estate financial, forex margin trading businesses, and overseas financial services; the operation and management of investment partnership, the investment in domestic and international venture companies, and the provision of investment advisory services. Co. is also engaged in the 5-aminolaevulinic acid-related business, as well as the research, development, and sale of drugs, cosmetics and health foods.

Shimizu Corporation

Shimizu is a general contractor engaged in the provision of construction and engineering works at domestic and overseas. Construction segment is engaged in the construction and civil engineering works of office buildings, educational facilities, medical and welfare facilities, production and logistics facilities, residential buildings, commercial facilities, recreational facilities, as well as roads, tunnels and other transportation facilities, energy-related facilities, waste disposal sites, urban development projects, and disaster-prevention and conservation projects. Real Estate segment is engaged in the real estate development, leasing and sales.

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.

SOCIONEXT INC

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.

Square Enix Holdings Co. Ltd.

Square Enix Holdings is a holding company that is mainly engaged in the entertainment industry. Co., through its subsidiaries, operates in four business segments. The Digital Entertainment business is engaged in the design, development, sale, licensed sale and operation of digital entertainment contents focusing on computer games. The Amusement segment is engaged in the operation of amusement facilities, the design, development, manufacture, sale and rental of amusement equipment. The Publishing segment is involved in the publication of comic magazines, books and game related books. The Rights Property segment is involved design, production, sale and grant of secondary works.

Suzuki Motor Corp.

Suzuki Motor is engaged in the manufacture and sale of automobiles and motorcycles in Japan and overseas. Co.'s business segments are automobiles, motorcycles, and marine. Automobiles segment manufactures and sells light automobiles, compact automobiles and general automobiles including "Swift," "Solio," "Jimny," "Spacia," and "Hustler." Motorcycles segment manufactures and sells compact two-wheel vehicles, light two-wheel vehicles, motorized bicycles and buggies such as "Hayabusa," "GSX-R1000R ABS," and "Skywave." Specialized Machinery segment manufactures and sells outboard motors, engines for snow vehicles, motorized wheelchairs, among others.

Sysmex Corporation

Sysmex and its affiliates are mainly engaged in the healthcare business. Co. is involved in the development, manufacture, and sale of clinical laboratory testing equipment and reagents. Co. provides instruments, in vitro diagnostic reagents, and software for testing of blood and urine samples in the field of hematology, urinalysis, immuno-chemistry, clinical chemistry, and hemostasis. Co.'s principal products include hematology (XN-L and XN series, pocH™-80i, XP-300™), hemostasis (CS-5100™), immunochemistry (HISCL™-5000), and urinalysis (UD-10™, UF-5000™, UC-3500™). Co. operates its operations in Japan, the Americas, EMEA (Europe, the Middle East and Africa), China and Asia Pacific regions.

TAISEI CORP

Taisei is mainly engaged in the civil engineering and construction businesses in Japan and overseas. Along with its subsidiaries and associated companies, Co. operates in four business segments; civil engineering, building construction, and real estate development. Co. is engaged in the civil engineering business; the general construction business; the purchase, sale and brokerage of real estate; the development of residential land; the leasing of owned real estate; the contract research business; the provision of technology services; the environment analysis business; the operation of golf courses; and others.

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.

Tokyo Ohka Kogyo Co. Ltd.

Tokyo Ohka Kogyo is mainly engaged in the manufacture and sale of materials for electronics. Along with its subsidiaries and associated companies, Co. operates in two business segments: material and equipment. Material segment is engaged in the manufacture and sale of electronics functional materials and high purity chemicals. Equipment segment is engaged in the manufacture, sale and maintenance of process equipment for liquid crystal display ("LCD") panels and semiconductor manufacturing equipment. As of Dec 31 2017, Co. maintains five plants in Fukushima, Shizuoka, Kumamoto, Tochigi and Saitama, Japan, as well as its logistics center in Kanagawa, Japan.

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.

VISIONAL INC

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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. 

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Pelham Smithers

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