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.

Nidec (6594) | Liquid Cooling Overheats Stock

Equity Bottom-Up

<ul>
<li>Nidec reported Q1 OP of ¥60b, above the consensus of ¥53b. However this also included a gain from the consolidation of Nidec PSA</li>
<li>The key earnings driver was small precision motors, which are benefiting from recovery in HDD market and new earnings from cooling systems from AI Servers</li>
<li>We revise up our full year forecasts but do not believe the share price will react strongly to the "beat." Maintain bullish view on valuations</li>
</ul>


Nidec reported Q1 OP of ¥60b, above the consensus of ¥53b. However this also included a gain from the consolidation of Nidec PSA
The key earnings driver was small precision motors, which are benefiting from recovery in HDD market and new earnings from cooling systems from AI Servers
We revise up our full year forecasts but do not believe the share price will react strongly to the "beat." Maintain bullish view on valuations


Nidec Corp

Nidec (6594)| Q1 Beat, but Some One-Offs