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.

Yaskawa Electric (6506) | Don’t Be Fooled by the “strong” Q1 Print

Yaskawa (6506) | Further 20% Downside on Higher Rate Cycle

Equity Bottom-Up

<ul>
<li>Yaskawa's order momentum has peaked. On a constant currency basis, orders growth was -6% sequentially</li>
<li>Margins for the key Motion Control segment were 160bps lower in the quarter compared to a year ago</li>
<li>A minor revision down relies on aggressive FX assumptions for the 2H. We feel there is another downgrade to come. Stay Bearish</li>
</ul>


Yaskawa's order momentum has peaked. On a constant currency basis, orders growth was -6% sequentially
Margins for the key Motion Control segment were 160bps lower in the quarter compared to a year ago
A minor revision down relies on aggressive FX assumptions for the 2H. We feel there is another downgrade to come. Stay Bearish


Yaskawa (6506 JP) | Constant Currency Concerns