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Nichias (5393) ( english | Japanese version ) Aug 30, 2010
Profits likely up in FY3/12 despite risk of slowdown in semiconductor capex
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 7
While we expect to see a slowdown in semiconductor capex in FY3/12, we still expect Nichias to record its first increase in profits in the industrial thermal insulation work segment for four terms, and accordingly we expect the overall increase in profits to continue. Given Nichias' current dividend policy, we forecast a JPY1 YoY increase in the dividend to JPY7 in FY3/11 and an increase of JPY2 to JPY9 in FY3/12.
Nippon Sheet Glass (5202) ( english | Japanese version ) Aug 27, 2010
Still consider a PBR of around 1x to be a reasonable valuation
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 6
Following the strong start to FY3/11 that Nippon Sheet Glass posted in 1Q, we are raising our full-year FY3/11 RP forecast by JPY7.0b to JPY14.0b, and are forecasting a YoY increase in RP of JPY9.0b in FY3/12 to JPY23.0b. We still consider an appropriate PBR to be around 1x, and we reiterate our Neutral rating, but are lowering our fair-value estimate to JPY230.
Sumitomo Osaka Cement (5232) ( english | Japanese version ) Aug 26, 2010
Raising our FY3/11 OP forecast to JPY5.5b, assuming domestic demand of 40m MT
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 6
We are raising our forecasts for Sumitomo Osaka Cement to reflect a change in our forecast for domestic cement demand (from 39m MT to 40m MT) and non-cement business strength. We are raising our FY3/11 OP forecast by JPY1.8b to JPY5.5b, and raising our FY3/12 OP forecast to JPY9.0b, up JPY3.5b YoY, as we now expect a full-scale profit contribution from the creation of a new minimum-cost production system. As the shares currently seems undervalued, we reiterate our Outperform rating.
Taiheiyo Cement (5233) ( english | Japanese version ) Aug 26, 2010
Domestic fixed cost cuts likely to make up for disappointing results overseas
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 7
We expect further progress at Taiheiyo Cement with fixed cost reductions in the domestic cement business to make up for the disappointing performance in the overseas cement business, particularly in the US. As a result, we now expect OP in the cement business in FY3/11 to be around JPY1.5b higher than our previous forecast and in line with the increase in our domestic cement demand forecast (from 39m MT to 40m MT).
Central Glass (4044) ( english | Japanese version ) Aug 25, 2010
Anticipating lithography-related product demand to be above initial expectations
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 7
We are raising our earnings forecasts for Central Glass to take into account the recent unexpectedly strong demand for lithography-related products (topcoat polymers for LCD processing, etc.). We expect an improvement in margins in the glass segment to drive overall profit growth in FY3/12, with earnings growth in the chemicals segment taking over as the main driver for earnings from FY3/13 onwards.
NGK Insulators (5333) ( english | Japanese version ) Aug 25, 2010
Expect power seg. growth pause; honeycomb ceramics demand better than expected
Sector Ceramics/Glass Market Cap Large Cap > 400B
Author Hiroshi,Matsuda Pages 6
We are raising our FY3/11 OP forecast for NGK Insulators to JPY38.0b on the back of unexpectedly strong demand for catalytic carriers for automobile exhaust gas purification (honeycomb ceramics). While we are leaving our FY3/12 OP forecast unchanged on the back of delays with the initiation of power-related projects for China, we still expect a positive trend for earnings at NGK Insulators. We reiterate our Outperform rating.
Asahi Glass (5201) ( english | Japanese version ) Aug 24, 2010
Shares merit higher valuations despite LCD industry inventory adjustments
Sector Ceramics/Glass Market Cap Large Cap > 400B
Author Hiroshi,Matsuda Pages 7
Given the increasing inventory adjustments among LCD panel manufacturers, we are downwardly revising our earnings forecasts for Asahi Glass. We are also lowering our price objective to JPY1,250. While we expect the share price to closely track the crystal cycle over the short term, we reiterate our Outperform rating as we believe that the company merits higher valuations.
Nippon Electric Glass (5214) ( english | Japanese version ) Aug 24, 2010
Lowering our forecasts, but still believe shares undervalued at current level
Sector Ceramics/Glass Market Cap Large Cap > 400B
Author Hiroshi,Matsuda Pages 7
We are lowering our earnings forecasts for Nippon Electric Glass to reflect the increase in inventory adjustments at the LCD panel makers. We are also lowering our price objective to JPY1,550, but we still believe the shares look undervalued at their current level, and we reiterate our Outperform rating. In the short term, we expect the share price to remain dependent on the crystal cycle, but at the current PBR level of around 1x (based on our FY3/11 forecasts), we believe the share price already discounts the possibility of a temporary adjustment in LCD substrate glass shipments.
Sector Outlook ( english | Japanese version ) Aug 13, 2010
Glass and Ceramics Monthly (Aug 2010) - Full version of 8/11/10
Sector Ceramics/Glass Market Cap
Author Hiroshi,Matsuda Pages 76
New Nippon Sheet Glass, Nichias targets for FY3/11 above our previous forecasts Companies Mentioned in this Report: Central Glass (4044), Asahi Glass (5201), Nippon Sheet Glass (5202), Nippon Electric Glass (5214), Sumitomo Osaka Cement (5232), Taiheiyo Cement (5233), Toto (5332), NGK Insulators (5333), NGK Spark Plug (5334), Nichias (5393), Mitsui Mining and Smelting (5706), Mitsubishi Materials (5711), Furukawa Electric (5801), Sumitomo Electric Industries (5802), Fujikura (5803), Hitachi Cable (5812)
Taiheiyo Cement (5233) ( english | Japanese version ) Aug 11, 2010
Earnings improvement making progress at home, but disappointing results overseas
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 4
Taiheiyo Cement announced its 1Q FY3/11 earnings results on 10 August. Performance in 1Q was relatively strong, with operating losses flat YoY. While we were encouraged by the fact that there appears to be progress with earnings improvement in the domestic cement business, primarily on the back of expense reductions, we still get the impression that performance in the overseas cement business is disappointing, particularly in the US.
Sector Outlook ( english | Japanese version ) Aug 11, 2010
Glass and Ceramics Monthly (Aug 2010) (Summary)
Sector Ceramics/Glass Market Cap
Author Hiroshi,Matsuda Pages 3
New Nippon Sheet Glass, Nichias targets for FY3/11 above our previous forecasts Companies Mentioned in this Report: Central Glass (4044), Asahi Glass (5201), Nippon Electric Glass (5214), Sumitomo Osaka Cement (5232), NGK Insulators (5333), Nichias (5393), Furukawa Electric (5801), Sumitomo Electric Industries (5802), Fujikura (5803)
Central Glass (4044) ( english | Japanese version ) Aug 10, 2010
Revised 1H target exceeds our estimate; co. announces share buybacks
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 4
Central Glass announced 1Q FY3/11 results on 9 August. In 1Q, OP was flat YoY at JPY1.9b, marking a smooth start to the year. The company raised its 1H FY3/11 earnings targets in light of the strong trend in fine chemical and other shipments, increasing its OP target by JPY1.2b to JPY3.2b. At the same time as the earnings announcement, management also announced plans to repurchase up to 3m shares.
Asahi Glass (5201) ( english | Japanese version ) Aug 06, 2010
2Q results in line with our forecasts, but unexpected rise in dividends positive
Sector Ceramics/Glass Market Cap Large Cap > 400B
Author Hiroshi,Matsuda Pages 3
On 5 August, Asahi Glass announced 2Q FY12/10 earnings results and held a telephone conference call. OP was JPY61.0b in 2Q, in line with our JPY61.1b forecast. Since individual segment earnings were also more or less as expected, the figures themselves came as no particular surprise. The company raised its full-year FY12/10 OP target by JPY10.0b to JPY200.0b, but left its 2H target unchanged, and we believe there is still some further upside potential in 2H.
Nippon Sheet Glass (5202) ( english | Japanese version ) Aug 06, 2010
Automotive, specialty glass, and equity-method earnings above our forecasts
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 3
On 5 August, Nippon Sheet Glass announced 1Q FY3/11 earnings results and held a telephone conference. The company raised its full-year FY3/11 targets to take into account the unexpectedly strong performance in the automotive and specialty glass segments and an increase in equity-method profits, raising its RP target by JPY6.0b to JPY10.0b, JPY3.0b above our forecast.
Sumitomo Osaka Cement (5232) ( english | Japanese version ) Aug 05, 2010
Non-cement business strong, further restructuring starting to have an impact
Sector Ceramics/Glass Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 4
Sumitomo Osaka Cement announced 1Q FY3/11 earnings results on 4 August. OP was JPY600m in 1Q, already above the company target and our forecast of JPY300m for the entire 1H. Earnings in the non-cement business were stronger than expected, and additional restructuring measures in the cement segment also appear to have been successful. Since we expect developments from 2Q onwards to be similar, we get the impression that the company should easily achieve its full-year FY3/11 earnings targets.
 
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