In today’s briefing:
- Last Week in Event SPACE: Toshiba, Asian Defence Contractors, Arclands Corp/Services, Bank of Kyoto
- Estun Is on Track of Achieving Its Sales Target
Last Week in Event SPACE: Toshiba, Asian Defence Contractors, Arclands Corp/Services, Bank of Kyoto
- Toshiba Corp (6502 JP) is ultimately quite skippable. While ¥4,620 seems like “the wrong price” over a 5-year period, it is not clear that is the wrong price now.
- Global military touches a new high. South Korean defence contractors, such as Hyundai Rotem Company (064350 KS), are big beneficiaries.
- Historically, the “event” which helps Murakami-san get out – with respect to Arclands Corporation (9842 JP)/Arcland Service (3085 JP) – is not one which is suitable for “normal” investors.
Estun Is on Track of Achieving Its Sales Target
- MIR forecasts China’s industrial robot market growth to accelerate to ~12% y/y in 2023 and will sustain at double digit y/y for the next several years.
- Management sees order growth back to normal in Mar and Apr.
- Industrial robot sales volume is expected to increase to ~25K in 2023, growing by ~45% y/y.
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