Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>22.5x PE may not seem terribly cheap, but with 6% of its market cap in net cash and as the proud owner of almost 20% of <a href="https://www.smartkarma.com/entities/10238" target="_blank" data-smartkarma-citation="entities:10238:1">Harmonic Drive Systems Inc (6324 JP)</a>, <a href="https://www.smartkarma.com/entities/13176" target="_blank" data-smartkarma-citation="entities:13176:1">Nabtesco Corp (6268 JP)</a> is a reasonably priced play on robotics and factory automation. Not to mention, the company is well managed in its own right with strong market shares in niche, growth areas and has become increasingly investor friendly over the years. Net of cash and the Harmonic Drive Systems stake, Nabtesco trades at just over 15x…</p>

22.5x PE may not seem terribly cheap, but with 6% of its market cap in net cash and as the proud owner of almost 20% of Harmonic Drive Systems Inc (6324 JP), Nabtesco Corp (6268 JP) is a reasonably priced play on robotics and factory automation. Not to mention, the company is well managed in its own right with strong market shares in niche, growth areas and has become increasingly investor friendly over the years. Net of cash and the Harmonic Drive Systems stake, Nabtesco trades at just over 15x…

Harmonic Drive Systems / Equity Bottom-Up

<p class="ember-tether-target ember-tether-element-attached-top ember-tether-element-attached-left ember-tether-target-attached-top ember-tether-target-attached-right ember-tether-enabled">Harmonic Drive Systems (HDSI) is uniquely positioned to leverage  potential rapid diffusion in cobots thanks to its light-weight and compact speed reduction gears, which could see very high adoption rates in the segment. Due to the highly complementary characteristics of its products in relation to cobots, the company may be one of the best or THE best play on the theme. As a result valuations are demanding with trailing PE above 60x. We examine the potential development of the robot and cobot markets to assess how reasonable such a multiple is given the highly attractive positioning of the company's products and the cobot market in general.</p>

Harmonic Drive Systems (HDSI) is uniquely positioned to leverage  potential rapid diffusion in cobots thanks to its light-weight and compact speed reduction gears, which could see very high adoption rates in the segment. Due to the highly complementary characteristics of its products in relation to cobots, the company may be one of the best or THE best play on the theme. As a result valuations are demanding with trailing PE above 60x. We examine the potential development of the robot and cobot markets to assess how reasonable such a multiple is given the highly attractive positioning of the company's products and the cobot market in general.

Japan Small Cap Tour: Harmonic Drive Systems THE Purest Cobot Play?

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)

Nabtesco: The Cheaper Play on Robotics

22.5x PE may not seem terribly cheap, but with 6% of its market cap in net cash and as the proud owner of almost 20% of Harmonic Drive Systems Inc...

Mio Kato

Japan Small Cap Tour: Harmonic Drive Systems THE Purest Cobot Play?

Harmonic Drive Systems (HDSI) is uniquely positioned to leverage potential rapid diffusion in cobots thanks to its light-weight and compact speed...

Mio Kato

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