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Anritsu (6754) ( english | Japanese version ) Sep 08, 2010
Issuing JPY10b in CBs on measuring equip. demand in growth markets, incl. LTE
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 4
On 7 September, Anritsu announced plans to issue JPY10b in euroyen denominated CBs, with attached warrants set to mature in 2015. The bonds have a conversion price of JPY629, and conversion of the entire amount would boost the number of shares outstanding by 12.5%, for an EPS dilution impact of 11.1%. The company plans to invest JPY4b of the funds raised into R&D in areas such as the long-term evolution (LTE) mobile phone market, spend JPY2b on boosting its IT business base, and use the remainder to pay down interest-bearing debt.
Toyo (8151) ( english | Japanese version ) Aug 25, 2010
Order environment improving, FY9/10 earnings likely to surpass target slightly
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Yoshihiro,Ujihara Pages 6
We believe orders have touched bottom and that momentum is now gradually improving at Toyo. In the information-communication segment, the company is seeing benefits from an increase in investments among clients to enhance the quality of telecommunication networks, overall network reliability, and network security. In the EMC and battery businesses, the company is reaping benefits from resumed investment in new R&D projects.
Horiba (6856) ( english | Japanese version ) Aug 04, 2010
2Q FY12/10 results: slump in automotive measuring systems continues
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Shuichi,Ide Pages 3
Horiba announced 2Q FY12/10 results on 4 August. Although the company revised up its full-year OP target, considering the extent of above-target performance in 1H, this amounts to a JPY600m downward revision to the 2H target in real terms. Orders for automotive measuring system equipment remained sluggish, declining QoQ, and it appears that a recovery may take some time.
Keyence (6861) ( english | Japanese version ) Jul 30, 2010
Earnings lower than our forecasts but should grow on increasing sensor demand
Sector Control/Measure Equip Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 3
On 30 July, Keyence announced its 1Q FY3/11 earnings results. The company secured a high OP margin of 44% in 1Q. Earnings are continuing to grow, trending above the company plan, thanks to a rapid recovery in investments for factory automation equipment.
Anritsu (6754) ( english | Japanese version ) Jul 28, 2010
1Q results: positive OP result; increased inquiries for LTE, China 3G products
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 7
On 28 July, Anritsu reported that it returned to operating profit in 1Q FY3/11. We find this result positive, as the company beat our forecast. In addition to a number of high-margin projects in the LTE business, we believe the company benefited from the revamping of its earnings structure, a task upon which management focused heavily. We think the company's revised 1H FY3/11 plan, which forecasts an operating loss in 2Q, is conservative, and we expect that the company will outperform its expectations.
Sector Outlook ( english | Japanese version ) Jul 26, 2010
Control and measuring equipment results preview
Sector Control/Measure Equip Market Cap
Author Shuichi,Ide Pages 4
Control equip. strong on growing demand in emerging countries, domestic recovery Companies Mentioned in this Report: Omron (6645), Yokogawa Electric (6841), Yamatake (6845), Horiba (6856), Keyence (6861), Shimadzu (7701)
Toyo (8151) ( english | Japanese version ) Jul 22, 2010
Order environment improving
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Yoshihiro,Ujihara Pages 3
Toyo announced 3Q FY9/10 earnings results on 22 July. Consolidated orders rose 14.9% YoY, showing that R&D investments by major corporations, who form the company's customer base, are recovering. For the company to achieve its full-year targets, it will need to achieve sales of JPY5.37b and OP of JPY410m in 4Q, but we believe it should get close to clearing these levels. We intend to provide a follow-up report after the company's 3Q results briefing and after we have conducted interviews with the company.
Keyence (6861) ( english | Japanese version ) Jul 13, 2010
Share price upside: defensive nature vs. forex, potential from FA capex recovery
Sector Control/Measure Equip Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 5
We are revising up our forecasts for Keyence to reflect a review of our shipment value assumptions for the electrical control equipment market. Share prices of electrical equipment makers have been undergoing an adjustment recently due to factors such as the risk of yen appreciation against the dollar and euro. However, we expect Keyence's share price to trend firm due to the company's solid earnings and its defensive nature against forex fluctuation.
Toyo (8151) ( english | Japanese version ) Jul 06, 2010
3Q FY9/10 earnings preview: gradual improvement in order environment
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Yoshihiro,Ujihara Pages 5
It appears that the order environment is gradually improving in Toyo's information-communication, automotive, and EMC businesses, but still remains weak in the noise/vibration measurement-related business. Projects are reported to be gradually emerging in the EMC business, an area which involves a high cost investment for customers. Based on interviews conducted for this earnings preview, we maintain our earnings forecasts for the company.
Sector Outlook ( english | Japanese version ) Jun 11, 2010
Control systems and measuring equipment sector
Sector Control/Measure Equip Market Cap
Author Shuichi,Ide Pages 40
Profitable growth with heavy machinery and FA
Horiba (6856) ( english | Japanese version ) May 10, 2010
Brisk earnings in semiconductors, cost cuts offset sluggish autos
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Shuichi,Ide Pages 3
In 1Q FY12/10, Horiba outperformed both its OP estimate of JPY900m and our OP forecast of JPY1.7b. Management unveiled an upward revision to its earnings outlook in conjunction with its results announcement, but this was in line with our expectations and therefore was of no particular surprise.
Keyence (6861) ( english | Japanese version ) May 07, 2010
Positive on FY3/11 guidance assuming earnings growth, control equipment recovery
Sector Control/Measure Equip Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 3
FY3/10 results at Keyence were broadly in line with our expectations, with earnings recovering steadily. FY3/11 guidance included no particular surprises, given the recent sense of rebound in control equipment demand. However, we look positively on Keyence's expectation of earnings growth in light of cautious earnings targets announced by sector peers. We make no change to our overall view on the company, and we plan to review our earnings estimates after a follow-up interview and consideration of other evidence.
Toyo (8151) ( english | Japanese version ) May 07, 2010
Bottoming out in all areas except EMC; anticipating gentle recovery
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Yoshihiro,Ujihara Pages 6
We are revising our earnings forecasts for Toyo in light of the briefing for 2Q FY9/10 earnings and our findings from a follow-up interview. We are increasing our forecasts slightly to reflect a gradual rebound in R&D activity at major corporations, Toyo's main customer base. We expect solid performance going forward in the information-communication, automotive, battery, imaging equipment, and others segments.
Anritsu (6754) ( english | Japanese version ) Apr 27, 2010
FY3/11 OP forecast cautious; FY3/13 sales of JPY90b, 10% OP margin achievable
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 6
On 27 April, Anritsu announced FY3/10 sales that topped our estimate. The company also achieved a large YoY increase in OP as higher marginal profits absorbed the greater-than-expected rise in SG&A expenses. Anritsu forecasts a YoY drop in OP for FY3/11, but we believe its sales target is too conservative in light of the current recovery trend. We expect OP to remain flat in FY3/11 as the company succeeds in offsetting a likely increase in costs, which it had restrained in FY3/10. In FY3/11, we believe that Anritsu will lay the groundwork for growth from FY3/12.
Anritsu (6754) ( english | Japanese version ) Apr 22, 2010
Raising fair-value estimate on outlook for earnings recovery in FY3/11, FY3/12
Sector Control/Measure Equip Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 6
We are raising our fair-value estimate for Anritsu from JPY324 to JPY430, which applies a PER of 20x to our FY3/12 EPS estimate, because we believe that earnings recovery at the company is likely to continue through FY3/12. We expect sustained sales growth from FY3/11 and beyond, on the back of increased Long Term Evolution (LTE) demand and a bottoming out of general-purpose measuring instruments.
 
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