Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

Equity Bottom-Up

HIRANO TECSEED Co (Kinzoku) / Equity Bottom-Up

<ul><li>HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY).</li><li>Management commits to pay out the higher of a DOE of 3.5% or a dividend pay-out ratio of 60% during the current medium-term plan (FY24~FY27).</li><li>HT has not changed the view on the medium to long-term growth potential in the EV market, however, for the time being, it remains cautious.</li></ul>

HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY).Management commits to pay out the higher of a DOE of 3.5% or a dividend pay-out ratio of 60% during the current medium-term plan (FY24~FY27).HT has not changed the view on the medium to long-term growth potential in the EV market, however, for the time being, it remains cautious.

Hirano Tecseed Co., Ltd. (6245 JP): Research Update

<ul><li>CAUTIOUS VIEW ON THE EV MARKET CONTINUES BUT THE FIRM COMMITS TO MID-TERM SHAREHOLDERS RETURN POLICY.</li><li>Hirano Tecseed maintained FY24 full-year guidance despite shortfall in FY24 1H operating profit vs the firm's forecast.</li></ul>

CAUTIOUS VIEW ON THE EV MARKET CONTINUES BUT THE FIRM COMMITS TO MID-TERM SHAREHOLDERS RETURN POLICY.Hirano Tecseed maintained FY24 full-year guidance despite shortfall in FY24 1H operating profit vs the firm's forecast.

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/848/original/2020-04-21_07-03-22.png?1587420235" class="editor-image img-responsive" data-smartkarma-image-id="128848"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/851/original/2020-04-21_07-07-10.png?1587420481" class="editor-image img-responsive" data-smartkarma-image-id="128851"></figure><div class="content-caption">Source • Japan Analytics</div>
</div><p><strong>LATE ORDERS</strong> - All three of yesterday's results announcements were from <strong>Restaurants</strong> with February year-ends. These 'tail-enders' all swung into losses for the fourth quarter and did not make forecasts for the current year, which is becoming more the norm. The Sector as a whole still has a positive Results &amp; Revision Score supported by the <strong>Chinese</strong> and<strong> Take Out &amp; Delivery</strong> Peer Groups.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/853/original/2020-04-21_07-18-49.png?1587421152" class="editor-image img-responsive" data-smartkarma-image-id="128853"></figure><div class="content-caption">Source • Japan Analytics</div><p>In the <strong>DETAIL </strong>below, we shall briefly review Monday's ten revisions announcements.  The positive/neutral/negative balance was 3:1:6. Coating Machinery specialist <a href="https://www.smartkarma.com/entities/hirano-tecseed-co-kinzoku" target="_blank" data-smartkarma-citation="entities:11356:1" rel="noopener">Hirano Tecseed (6245 JP)</a> raised its dividend and now yields 4.2% while sporting a negative Enterprise Value (EV) of ¥-2.2b. </p>


Source • Japan Analytics
LATE ORDERS - All three of yesterday's results announcements were from Restaurants with February year-ends. These 'tail-enders' all swung into losses for the fourth quarter and did not make forecasts for the current year, which is becoming more the norm. The Sector as a whole still has a positive Results &amp; Revision Score supported by the Chinese and Take Out &amp; Delivery Peer Groups.Source • Japan AnalyticsIn the DETAIL below, we shall briefly review Monday's ten revisions announcements.  The positive/neutral/negative balance was 3:1:6. Coating Machinery specialist Hirano Tecseed (6245 JP) raised its dividend and now yields 4.2% while sporting a negative Enterprise Value (EV) of ¥-2.2b. 

🇯🇵 JAPAN • Revisions & Results 20th April - Take Aways and LI(Not)FULL

Japan

HIRANO TECSEED Co., Ltd. manufactures chemical engineering and textile machinery.  The Company's products include adhesive tape-making machines, magnetic tape laminators, floating dryers, carbon fiber manufacturing machines, and coating machines for textile, paper, and film manufacturers.

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HIRANO TECSEED Co (Kinzoku) (6245 JP)

Hirano Tecseed Co., Ltd. (6245 JP): Research Update

HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY). Management commits to pay out the higher...

Nippon Investment Bespoke Research UK

Hirano Tecseed Co., Ltd. (6245 JP): Research Update

CAUTIOUS VIEW ON THE EV MARKET CONTINUES BUT THE FIRM COMMITS TO MID-TERM SHAREHOLDERS RETURN POLICY. Hirano Tecseed maintained FY24 full-year...

Nippon Investment Bespoke Research UK

🇯🇵 JAPAN • Revisions & Results 20th April - Take Aways and LI(Not)FULL

LATE ORDERS - All three of yesterday's results announcements were from Restaurants with February year-ends. These 'tail-enders' all swung into...

Campbell Gunn

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