Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

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. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

Valuing Sony is always something of a subjective exercise. Our preferred way is to strip out financial services  and the pictures division and look at the stock on an EV/OP basis after that. This is because financial services accounting messes up enterprise value due to the awkward treatment of cash deposited at the financial services treatment (which becomes an asset in consolidated accounting, but is in reality a liability). Whilst, the pictures business is an asset management business not a…

Valuing Sony is always something of a subjective exercise. Our preferred way is to strip out financial services  and the pictures division and look at the stock on an EV/OP basis after that. This is because financial services accounting messes up enterprise value due to the awkward treatment of cash deposited at the financial services treatment (which becomes an asset in consolidated accounting, but is in reality a liability). Whilst, the pictures business is an asset management business not a…

Sony (6758) Investor Day: Management, It's Time to Start Shedding Light on Potential Growth Drivers

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the central government and the economic downturn as well as China’s latest effort to curb wrongdoing in luxury consumption in a crackdown on the grey market.

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the central government and the economic downturn as well as China’s latest effort to curb wrongdoing in luxury consumption in a crackdown on the grey market.

China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has outperformed wider tech indices.</li>
<li>The explosion in video steaming, cloud computing and the shift toward semi-autonomous vehicles as well as the huge computational intensity of AI software are all key drivers through end decade.</li>
<li>Global semiconductor industry sales saw accelerating growth from mid-2016, with Q4 sales of $93bn 12.3% higher y/y - semiconductors are…</li>
</ul>


The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has outperformed wider tech indices.
The explosion in video steaming, cloud computing and the shift toward semi-autonomous vehicles as well as the huge computational intensity of AI software are all key drivers through end decade.
Global semiconductor industry sales saw accelerating growth from mid-2016, with Q4 sales of $93bn 12.3% higher y/y - semiconductors are…


Structural and Cyclical Drivers Underpin Semiconductor Outperformance

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased friction over US-China trade issues; b) more intemperate words or actions from the new US administration regarding Taiwan's political status; c) China more aggressively pursuing various territorial claims in the region (South China Sea, Senkaku Islands). One likely victim of rising tensions between the US and China is tourism between the two countries…

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased friction over US-China trade issues; b) more intemperate words or actions from the new US administration regarding Taiwan's political status; c) China more aggressively pursuing various territorial claims in the region (South China Sea, Senkaku Islands). One likely victim of rising tensions between the US and China is tourism between the two countries…

Rising US-China Tensions Will Hurt Tourism; Who Stands to Lose (And to Gain) The Most?

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Opening the Issues. Unlike the Obama days, it’s virtually impossible for investors in Thailand to ignore Donald Trump. Despite talks about Brexit, the Eurozone breakdown, Thai and American corporate earnings, it seems Trump’s policies and capital inflows or outflows (depending on the day) continues to dominate market sentiments. Lately, MCorp Review received numerous questions from friends who invest in the Thai market on two topics: impacts on the key auto sector from fluctuations in exchange…

Opening the Issues. Unlike the Obama days, it’s virtually impossible for investors in Thailand to ignore Donald Trump. Despite talks about Brexit, the Eurozone breakdown, Thai and American corporate earnings, it seems Trump’s policies and capital inflows or outflows (depending on the day) continues to dominate market sentiments. Lately, MCorp Review received numerous questions from friends who invest in the Thai market on two topics: impacts on the key auto sector from fluctuations in exchange…

United States

DISH Network Corp. provides a direct broadcast satellite subscription television, audio programming and interactive television services to commercial and residential subscribers in the United States.

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Dish Network Corp A (DISH US)

Sony (6758) Investor Day: Management, It's Time to Start Shedding Light on Potential Growth Drivers

Valuing Sony is always something of a subjective exercise. Our preferred way is to strip out financial services and the pictures division and look...

Pelham Smithers Associates

China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the...

Euromonitor International Ltd.

Structural and Cyclical Drivers Underpin Semiconductor Outperformance

The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has...

Sean Maher

Rising US-China Tensions Will Hurt Tourism; Who Stands to Lose (And to Gain) The Most?

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased...

Daniel Hellberg

The American Factor: Cars & Repatriation

Opening the Issues. Unlike the Obama days, it’s virtually impossible for investors in Thailand to ignore Donald Trump. Despite talks about Brexit,...

Athaporn Arayasantiparb, CFA

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