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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

<p>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…</p>

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

Sony Corp

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