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 (6506 JP) | Q2 Review: Orders Run Ahead

Equity Bottom-Up

<ul>
<li>Orders hold at record levels, c.¥168bn in 2Q (+25% YoY), on semiconductor and datacentre demand; no orders lost to ERP. </li>
<li>ERP drag peaks in 2Q; full servo output from November should convert the backlog into FY2/28 earnings. </li>
<li>Consensus estimates already cut; at 12x forward EV/EBITDA against 15x history, our DCF implies ¥5,774 (+17%).</li>
</ul>


Orders hold at record levels, c.¥168bn in 2Q (+25% YoY), on semiconductor and datacentre demand; no orders lost to ERP. 
ERP drag peaks in 2Q; full servo output from November should convert the backlog into FY2/28 earnings. 
Consensus estimates already cut; at 12x forward EV/EBITDA against 15x history, our DCF implies ¥5,774 (+17%).


Yaskawa Electric

Yaskawa (6506 JP): Looking Through to 2H