Morningstar

Morningstar, Inc.

Equity Bottom-Up

Narrow-moat Yaskawa’s first-quarter results showed continued slowdown with revenue down 16%, operating income down 58%, and net profit down 70%. Part of the decline was due to the much stronger conditions still prevailing in the first half of last year, with comparable quarters to get much easier in the second half but clearly a slower smartphone market and weakened confidence due to the U.S.-China trade conflict are impacting on demand. We retain our positive long-term view on the outlook for…

Narrow-moat Yaskawa’s third-quarter results showed continued slowdown from the strong first-quarter growth. Revenue grew 19% in the first quarter, declined by 1% in the second and then grew by 2% in the third. Operating income grew by 30% in the first quarter, declined by 9% in the second and declined by 11% in the third. Smartphone demand from China slowed down and semiconductor capital expenditures were weak. The Chinese manufacturing sector also saw some impact from the U.S./China trade…

Narrow-moat Yaskawa’s second-quarter results showed a drastic slowdown from the strong first-quarter growth. Revenue grew 19% in the first quarter but declined by 1% in the second. Operating income grew by 30% in the first quarter but declined by 9% in the second. Smartphone demand from China slowed down and semiconductor capital expenditures were weak. The Chinese manufacturing sector also saw some impact from the U.S.-China trade conflict. The company lowered its full-year forecasts by 2% at…

We are impressed by narrow-moat Yaskawa’s strong first quarter, with operating income jumping 33% year over year, well ahead of full-year guidance of 15%. The key servo motor and robot segments both surpassed management guidance, with sales up 10% and 23%, respectively. Despite the stronger-than-expected first quarter, we’ve retained our existing assumptions and our fair value estimate of JPY 3,900, which implies a forward P/E of 22 times and enterprise value/EBITDA of 13 times. The industry can…

Excluding the impact from a changed fiscal end to February from March, narrow-moat Yaskawa’s fourth-quarter result, with sales and operating income growing 13% quarter on quarter, was generally in line with our forecast. However, the sales and operating income missed aggressive consensus estimates by 4% and 9%, respectively, owing to the slowdown of the smartphone-related demand and swelled robot sales expenses. Though the stock price has fallen by more than 20% since January, trading at 22%…

Japan

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00