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. 

Thao Nguyen
  • Thao Nguyen

PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Mar...

BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently...

Julie Boote
  • Julie Boote

PSA Autos: Subaru (7270 JT) – Stabilisation on Chip Front to Propel Re...

Subaru has been hit harder by the semiconductor supply shortage than other automakers, requiring production cuts followed by earnings downgrades. A stabilization on the chip front could trigger a reassessment of the stock which underperformed the auto sector in 2020 and 2021.

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Thao Nguyen
  • Thao Nguyen

PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Mar...

BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently...

Julie Boote
  • Julie Boote

PSA Autos: Subaru (7270 JT) – Stabilisation on Chip Front to Propel Re...

Subaru has been hit harder by the semiconductor supply shortage than other automakers, requiring production cuts followed by earnings downgrades. A stabilization on the chip front could trigger a reassessment of the stock which underperformed the auto sector in 2020 and 2021.

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Thao Nguyen
  • Thao Nguyen

PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Mar...

BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently...

Julie Boote
  • Julie Boote

PSA Autos: Subaru (7270 JT) – Stabilisation on Chip Front to Propel Re...

Subaru has been hit harder by the semiconductor supply shortage than other automakers, requiring production cuts followed by earnings downgrades. A stabilization on the chip front could trigger a reassessment of the stock which underperformed the auto sector in 2020 and 2021.

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Thao Nguyen
  • Thao Nguyen

PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Mar...

BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently...

Julie Boote
  • Julie Boote

PSA Autos: Subaru (7270 JT) – Stabilisation on Chip Front to Propel Re...

Subaru has been hit harder by the semiconductor supply shortage than other automakers, requiring production cuts followed by earnings downgrades. A stabilization on the chip front could trigger a reassessment of the stock which underperformed the auto sector in 2020 and 2021.

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Thao Nguyen
  • Thao Nguyen

PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Mar...

BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently...

Julie Boote
  • Julie Boote

PSA Autos: Subaru (7270 JT) – Stabilisation on Chip Front to Propel Re...

Subaru has been hit harder by the semiconductor supply shortage than other automakers, requiring production cuts followed by earnings downgrades. A stabilization on the chip front could trigger a reassessment of the stock which underperformed the auto sector in 2020 and 2021.

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Thao Nguyen
  • Thao Nguyen

PSA eCommerce / Internet: BASE Inc (4477 JT) – Facing Intensifying Mar...

BASE Inc has moved from being a star market performer in 2020 as investors bought up Covid-19 lockdown winners to being one of the biggest losers this year. Its share price has lost 61% YTD, vs a 4% decline in the Mothers Index and a 4% gain in the Communication sector. Now that the impact of Covid-19 pandemic has abated, growth will likely normalise, but market competition is rising with new players backed by big internet companies. Despite the share price’s underperformance, we don’t currently...

Julie Boote
  • Julie Boote

PSA Autos: Subaru (7270 JT) – Stabilisation on Chip Front to Propel Re...

Subaru has been hit harder by the semiconductor supply shortage than other automakers, requiring production cuts followed by earnings downgrades. A stabilization on the chip front could trigger a reassessment of the stock which underperformed the auto sector in 2020 and 2021.

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

Pelham Smithers
  • Pelham Smithers

PSA Technology: The Semiconductor / SPE Super Cycle

Almost everything about the Nvidia (NVDA US) earnings, from the results to the forecasts to the longer-term blue-sky thinking, bears out the arguments in our 30 Aug report, The Global Semiconductor Industry: Overheating or Just Warming Up?

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