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

<a href="https://www.smartkarma.com/entities/15359" target="_blank" data-smartkarma-citation="entities:15359:1">Ricoh Co Ltd (7752 JP)</a> announced that it was taking impairment charges of ¥140bil on Ikon and a ¥40bil charge on its purchase of Mindshift, with the result that it is forecasting an overall net loss of ¥170bil (implying that otherwise it would have made a profit of ¥10bil).At PSA, we value companies on an EV/OP basis, and the move doesn’t change anything on that front, while it only impacts total shareholder equity to the tune of 16%. The shares trade on a (Price to Book) PBR of 0.75x prior to…

Ricoh Co Ltd (7752 JP) announced that it was taking impairment charges of ¥140bil on Ikon and a ¥40bil charge on its purchase of Mindshift, with the result that it is forecasting an overall net loss of ¥170bil (implying that otherwise it would have made a profit of ¥10bil).At PSA, we value companies on an EV/OP basis, and the move doesn’t change anything on that front, while it only impacts total shareholder equity to the tune of 16%. The shares trade on a (Price to Book) PBR of 0.75x prior to…

Ricoh Company Ltd

Ricoh (7752 JP) Forecasts US$1.6bil Loss