![](https://wp-static.smartkarma.com/../assets/uploaded/2023/04/DailyBriefIndustrialsToshibaCorpRecruitHoldingsandmore-1.jpg)
In today’s briefing:
- Toshiba – HDD Business Risk
- Recruit: Further Drop in US Job Openings Adds Strain on HRTech Earnings
Toshiba – HDD Business Risk
- We have been tracking Toshiba’s rapidly deteriorating HDD business over the last few quarters.
- Recent trends raise further concerns about the long-term viability of the business.
- In particular, visibility remains low on a strong recovery in demand and until that occurs the possibility of a YoY deterioration remains high.
Recruit: Further Drop in US Job Openings Adds Strain on HRTech Earnings
- US job openings in February fell to 9.9m, lowest since May 2021 and 0.5m below market expectations. The job openings are forecast to drop further in March 2023.
- Recruit Holdings (6098 JP) ‘s 3QFY03/2023 profits declined significantly with labour markets returning to normalcy and we expect further drop in margins going forward.
- HR Tech drives most of Recruit’s profits and we expect the company’s earnings to decline going forward with weakening of labour markets globally.
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