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

The Nikkei published a preview of <a href="https://www.smartkarma.com/entities/20528" target="_blank" data-smartkarma-citation="entities:20528:1">Mazda's</a> FY17 earnings forecast, which calls for OP of ¥150bil, +15% YoY. OP would be lowered by higher raw material costs (-¥15bil) and by currency losses (-¥15bil): Although Mazda's FY17 forex assumption of ¥108/USD suggests hardly any losses (FY16 average rate was ¥108.3/USD), other forex rates (e.g. GBP) and cross rates would add up as negatives.  On the positive side, FY17 group unit sales are forecast to rise 3% YoY (versus FY16CE growth of +1% YoY), on the…

The Nikkei published a preview of Mazda's FY17 earnings forecast, which calls for OP of ¥150bil, +15% YoY. OP would be lowered by higher raw material costs (-¥15bil) and by currency losses (-¥15bil): Although Mazda's FY17 forex assumption of ¥108/USD suggests hardly any losses (FY16 average rate was ¥108.3/USD), other forex rates (e.g. GBP) and cross rates would add up as negatives.  On the positive side, FY17 group unit sales are forecast to rise 3% YoY (versus FY16CE growth of +1% YoY), on the…

Mazda Motor: Muted Recovery in FY17 But... Get Prepared for FY18 And SkyActiv 2