Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

SC Capital has over 20 years' experience covering the global automotive industry both on the Sell Side (UBS & Morgan Stanley) and Buy Side (Och-Ziff), along with a wealth of industry contacts. 

Current focus is on electric vehicle stocks & their supply chains. Aim is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well.  

From time to time. we cover opportunistic events with stocks in the manufacturing sector, food & beverage, healthcare and tech, where we also have coverage experience.

Global Automotive Stocks/EV Focus/Event Driven

Mabuchi Motors—1Q Earnings Preview and FY17 Outlook

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<p>Mabuchi Motor's 1Q operating profit (OP) of Y6.95bn (+18% YoY) was 8% above consensus and amounts to 65% of the company's 1H OP target of Y10.7bn. Last year, Mabuchi's 1Q OP only came to 53% of its 1H target, so this year the 1Q achievement rate is very strong. Looking at the quality of 1Q results, the company is clearly being conservative by not raising (at least) its 1H OP target, if not the full year. Keep in mind that both 1H &amp; FY targets call for OP to decline by -10% YoY, whereas 1Q OP…</p>

Mabuchi Motor's 1Q operating profit (OP) of Y6.95bn (+18% YoY) was 8% above consensus and amounts to 65% of the company's 1H OP target of Y10.7bn. Last year, Mabuchi's 1Q OP only came to 53% of its 1H target, so this year the 1Q achievement rate is very strong. Looking at the quality of 1Q results, the company is clearly being conservative by not raising (at least) its 1H OP target, if not the full year. Keep in mind that both 1H &amp; FY targets call for OP to decline by -10% YoY, whereas 1Q OP…

Mabuchi Motors--Strong 1Q but No Guidance Change Yet