Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Fanuc (6954) | Profitability Problems Persist

Fanuc (6954) | Improved Orders and Margins Amid Long-Term Challenges

Fanuc (6954) | Q2 Profit Boost Masked by One-Time Gains

Fanuc (6954) | Earnings Miss; Guidance Slashed

Fanuc (6954) | Forget FA, Robots Are the Future

Equity Bottom-Up

<ul>
<li>Q3 net sales: ¥197.8 billion, down 10.1% YoY; operating income: ¥40.9 billion, down 22.1%; operating margin: 20.7% (-320bps YoY)</li>
<li>Full-Year guidance revised: Net sales up 1.8% to ¥771.5 billion; operating profit up 8.4% to ¥132.2 billion.</li>
<li>Positive stock reaction post-Q2 report; FY3/25 outlook cautious, especially for the Robot Division given a -30.2% YoY decline in Q4 orders.</li>
</ul>


Q3 net sales: ¥197.8 billion, down 10.1% YoY; operating income: ¥40.9 billion, down 22.1%; operating margin: 20.7% (-320bps YoY)
Full-Year guidance revised: Net sales up 1.8% to ¥771.5 billion; operating profit up 8.4% to ¥132.2 billion.
Positive stock reaction post-Q2 report; FY3/25 outlook cautious, especially for the Robot Division given a -30.2% YoY decline in Q4 orders.


Fanuc Corp

Fanuc (6954) | Robot Orders Remain Weak