Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

Harmonic Drive Systems / Equity Bottom-Up

<ul><li>1H FY03/24 sales declined 7.7% YoY to JPY26.6bn, with operating, recurring, and net losses reported.</li><li>Q2 parent orders rose 34.4% YoY to JPY7.5bn, with industrial robot orders doubling to JPY3.1bn.</li><li>Revised FY03/25 forecasts project sales of JPY54.0bn, operating loss of JPY400mn, and net loss of JPY400mn.</li></ul>

1H FY03/24 sales declined 7.7% YoY to JPY26.6bn, with operating, recurring, and net losses reported.Q2 parent orders rose 34.4% YoY to JPY7.5bn, with industrial robot orders doubling to JPY3.1bn.Revised FY03/25 forecasts project sales of JPY54.0bn, operating loss of JPY400mn, and net loss of JPY400mn.

Harmonic Drive Systems (6324 JP): 1H FY03/25 flash update

<ul><li>Q1 FY03/24 sales declined 13.4% YoY to JPY13.0bn, with an operating loss of JPY238mn and net loss of JPY283mn.</li><li>Orders increased 38.6% YoY to JPY7.4bn, driven by industrial robots and semiconductor production equipment, particularly in the Chinese market.</li><li>The company targets FY03/27 sales of JPY90.0bn and operating profit of JPY15.0bn, with significant capital investment and R&D expenditure planned.</li></ul>

Q1 FY03/24 sales declined 13.4% YoY to JPY13.0bn, with an operating loss of JPY238mn and net loss of JPY283mn.Orders increased 38.6% YoY to JPY7.4bn, driven by industrial robots and semiconductor production equipment, particularly in the Chinese market.The company targets FY03/27 sales of JPY90.0bn and operating profit of JPY15.0bn, with significant capital investment and R&D expenditure planned.

Harmonic Drive Systems (6324 JP): Q1 FY03/25 flash update

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Harmonic Drive Systems / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> is looking to raise US$116m from selling its entire stake in <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a>.</li>
<li>Toyota Motors has indicated over the past one-two weeks that it will be looking to sell/trim its stakes in various entities as part of its exit from its multiple cross-holdings.</li>
<li>While the deal would be a relatively large one to digest at 10 days of ADV, Toyota Motors will be selling its entire stake, clearing the overhang.</li>
</ul>



Toyota Motor (7203 JP) is looking to raise US$116m from selling its entire stake in Harmonic Drive Systems (6324 JP).
Toyota Motors has indicated over the past one-two weeks that it will be looking to sell/trim its stakes in various entities as part of its exit from its multiple cross-holdings.
While the deal would be a relatively large one to digest at 10 days of ADV, Toyota Motors will be selling its entire stake, clearing the overhang.


Harmonic Drive Placement - Cleanup Share Sale Will Remove the Overhang

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> announced it would sell 4.379mm shares (4.55%) of <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> in an overseas placement. </li>
<li>This is not so big as it is emblematic, adding to the recent news on Toyota unwinds.</li>
<li>Harmonic Drive is heavily held by foreign institutions. This is a foreigners-only deal. But it will need to be absorbed by that group too. </li>
</ul>


Today, Toyota Motor (7203 JP) announced it would sell 4.379mm shares (4.55%) of Harmonic Drive Systems (6324 JP) in an overseas placement. 
This is not so big as it is emblematic, adding to the recent news on Toyota unwinds.
Harmonic Drive is heavily held by foreign institutions. This is a foreigners-only deal. But it will need to be absorbed by that group too. 


Toyota To Sell Harmonic Drive (6324 JP) Shares in Overseas Offering

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Japan

Harmonic Drive Systems Inc. manufactures speed reducers used in industrial robots, semiconductor manufacturing equipment, and other precision instruments. The Company offers cup type, hollow-shaft type, and rotary type speed reducers. Harmonic Drive Systems also produces gear heads and harmonic drive actuators.

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Harmonic Drive Systems (6324 JP)