Initiating Coverage of Yaskawa With JPY 2,300 FVE and Narrow Moat Rating

Yaskawa Electric Visit: Steady Performance but Time to Tilt Long Yaskawa/Short Fanuc Pair Shorter

Yaskawa Gets a Strong Jump in China Sales, Raise FVE to JPY 3,400

Yaskawa - Potential Winner from Midea / Kuka Move, but Only Very Long Term

Japan Earnings - Thumbnail Preview of Those Reporting Early

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/2458" target="_blank" data-smartkarma-citation="entities:2458:1">Yaskawa Electric Corp (6506 JP)</a> kicked off earnings season reporting FY16 OP of ¥30.4bil on revenues of ¥394.9bi. For FY17, the company is forecasting ¥40bil in OP on ¥430bil in revenues. The FY16 figure is a slight miss – possibly reflecting the yen’s stronger than hoped-for performance in the 4Q – but the forecast is ahead of consensus (¥37.2bil) and bang on the level at which we think buying in other machine tool firms will take place (¥40bil). In fact, the forecast is even better than that…</p>

Yaskawa Electric Corp (6506 JP) kicked off earnings season reporting FY16 OP of ¥30.4bil on revenues of ¥394.9bi. For FY17, the company is forecasting ¥40bil in OP on ¥430bil in revenues. The FY16 figure is a slight miss – possibly reflecting the yen’s stronger than hoped-for performance in the 4Q – but the forecast is ahead of consensus (¥37.2bil) and bang on the level at which we think buying in other machine tool firms will take place (¥40bil). In fact, the forecast is even better than that…

Yaskawa Kicks Off Japan Earnings Season With "Away Win"