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 ... (+3)
  • Hiroyuki Terada
  • Julie Boote
  • Pelham Smithers

PSA Today 9 Mar: Down again as oil rises / Jan wages, Feb bank lending...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Hiroyuki Terada Tags: Nitto Boseki (3110 JT), Resonac (4004 JT), Tokyo Ohka Kogyo (4186 JT), Union Tool (6278 JT), NTT (9432 JT), SoftBank Corp (9434 JT), TIS (3626 JT), Appier (4180 JT), Internet Initiative Japan (3774 JT), Anycolor (5032 JT), Toho (9602 JT), Toei (9605 JT), Rohm (6963 JT), Japan Display (6740 JT), Denso (6902 JT), Capcom (9697 JT), Square Enix (9684 JT), Bandai Namco (7832 JT), Nintendo (7974 JT), Sony (6758 J...

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 March 2026

Weekly Comment Summary One of the features of recent weak inflation numbers in Japan has been lower utility rates. The spike in oil prices brought about by the attack on Iran poses a double problem for monetary policy. Pelham Smithers discusses. Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Japanese Video Games Industry Outlook – Picking Winners as Memory Chips and AI Threaten the Status Quo 2. Nidec (6594 JT) Releases Results of Third-Party Accounting In...

Hiroyuki Terada ... (+6)
  • Hiroyuki Terada
  • Julie Boote
  • Lindsay Whipp
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

PSA Today 6 Mar: End of a tough week / Considering wages in Japan / De...

PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen, William Nestuk, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: Denso (6902 JT), Rohm (6963 JT), Nomura Research Institute (4307 JT), LY Corp (4689 JT), Mercari (4385 JT), NEC Corp (6701 JT), Fujitsu (6702 JT), Rakuten Group (4755 JT), Kokusai Electric (6525 JT), Capcom (9697 JT), Koei Tecmo (3635 JT), Nexon (3659 JT), Sony (6758 JT), Kioxia (285A JT), Pan Pacific International (7532 JT), Casio Computer (6952 JT), Nidec (6594 ...

Lindsay Whipp
  • Lindsay Whipp

PSA Professional Services: Visional (4194 JT) FY26 Q2 Preview – Anothe...

Analyst Lindsay Whipp thinks Visional has the potential to beat its FY26 Q2 forecast. With a strong track record of meeting and/or beating guidance, along with contributions from recent acquisiton, Thinkings, the firm is confident about the job market outlook and how it is positioned. With the recent selloff in SaaS stocks, Visional’s valuations are now very attractive.

Joel Scheiman ... (+4)
  • Joel Scheiman
  • Julie Boote
  • Nicky Karanasou-Demertzi
  • Pelham Smithers

PSA Today 5 Mar: Rise in oil takes shine off rebound / Opportunities f...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi and Julie Boote Tags: Inpex (1605 JT), ENEOS (5020 JT), Capcom (9697 JT), Koei Tecmo (3635 JT), Nexon (3659 JT), Anritsu (6754 JT), Viavi Solutions (VIAV US), Exponent (EXPO US), Shin-Etsu Chemical (4063 JT), Westlake Corp (WLK US), JX Advanced Metals (5016 JT), Suzuki Motor (7269 JT), Maruti Suzuki (MSIL IN) Main Points  Continued rise in oil prices takes shine off market rebound  Anritsu bucking ma...

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 ... (+3)
  • Hiroyuki Terada
  • Julie Boote
  • Pelham Smithers

PSA Today 9 Mar: Down again as oil rises / Jan wages, Feb bank lending...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Hiroyuki Terada Tags: Nitto Boseki (3110 JT), Resonac (4004 JT), Tokyo Ohka Kogyo (4186 JT), Union Tool (6278 JT), NTT (9432 JT), SoftBank Corp (9434 JT), TIS (3626 JT), Appier (4180 JT), Internet Initiative Japan (3774 JT), Anycolor (5032 JT), Toho (9602 JT), Toei (9605 JT), Rohm (6963 JT), Japan Display (6740 JT), Denso (6902 JT), Capcom (9697 JT), Square Enix (9684 JT), Bandai Namco (7832 JT), Nintendo (7974 JT), Sony (6758 J...

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 March 2026

Weekly Comment Summary One of the features of recent weak inflation numbers in Japan has been lower utility rates. The spike in oil prices brought about by the attack on Iran poses a double problem for monetary policy. Pelham Smithers discusses. Weekly Contents at a Glance Reports / Flash Notes Summaries 1. Japanese Video Games Industry Outlook – Picking Winners as Memory Chips and AI Threaten the Status Quo 2. Nidec (6594 JT) Releases Results of Third-Party Accounting In...

Hiroyuki Terada ... (+6)
  • Hiroyuki Terada
  • Julie Boote
  • Lindsay Whipp
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

PSA Today 6 Mar: End of a tough week / Considering wages in Japan / De...

PSA Today Japan Market Comment by Pelham Smithers, Thao Nguyen, William Nestuk, Julie Boote, Lindsay Whipp and Hiroyuki Terada Tags: Denso (6902 JT), Rohm (6963 JT), Nomura Research Institute (4307 JT), LY Corp (4689 JT), Mercari (4385 JT), NEC Corp (6701 JT), Fujitsu (6702 JT), Rakuten Group (4755 JT), Kokusai Electric (6525 JT), Capcom (9697 JT), Koei Tecmo (3635 JT), Nexon (3659 JT), Sony (6758 JT), Kioxia (285A JT), Pan Pacific International (7532 JT), Casio Computer (6952 JT), Nidec (6594 ...

Joel Scheiman ... (+4)
  • Joel Scheiman
  • Julie Boote
  • Nicky Karanasou-Demertzi
  • Pelham Smithers

PSA Today 5 Mar: Rise in oil takes shine off rebound / Opportunities f...

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi and Julie Boote Tags: Inpex (1605 JT), ENEOS (5020 JT), Capcom (9697 JT), Koei Tecmo (3635 JT), Nexon (3659 JT), Anritsu (6754 JT), Viavi Solutions (VIAV US), Exponent (EXPO US), Shin-Etsu Chemical (4063 JT), Westlake Corp (WLK US), JX Advanced Metals (5016 JT), Suzuki Motor (7269 JT), Maruti Suzuki (MSIL IN) Main Points  Continued rise in oil prices takes shine off market rebound  Anritsu bucking ma...

Julie Boote ... (+3)
  • Julie Boote
  • Pelham Smithers
  • Thao Nguyen

PSA Today 4 Mar: Another slump lower / Impressive launch sales for Res...

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Tags: Renesas (6723 JT), Torex Semiconductor (6616 JT), Kyowa Kirin (4151 JT), Amgen (AMGN US), Sony (6758 JT), Nintendo (7974 JT), Bandai Namco (7832 JT), Square Enix (9684 JT), Capcom (9697 JT), Nidec (6594 JT), Netflix (NFLX US), Take Two Interactive (TTWO US), Timee (215A JT) Main Points  Shares continue to slump as Iran quagmire feared, oil surges  Resident Evil Requiem launch sales hit 5mil, +60% on previou...

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch