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Nidec Sankyo  (7757) ( english | Japanese version ) Sep 09, 2010
Lowering FY3/12 OP forecast on deterioration in LCD panel supply/demand
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 7
We are lowering our FY3/12 OP forecast for Nidec Sankyo. While we had previously expected YoY growth in sales and profit for LCD panel handling robots, we now believe declines are possible, considering the deterioration in supply/demand conditions for LCD panels. While we expect positive impacts from expansion in existing businesses and the startup of new businesses, we believe profit growth is likely to slow temporarily in FY3/12.
Daishinku (6962) ( english | Japanese version ) Sep 07, 2010
Company has an edge over rivals owing to growth in sales to smartphone makers
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 6
While Daishinku faces negative pressure from the strong yen and the growing possibility that orders in the crystal device business as a whole will remain listless for the time being, we believe that there is an increasing likelihood the company will see profit growth in FY3/12, owing to factors unique to the company, such as an expansion in shipments to smartphone makers (smartphone sales are increasing) and the attainment of profit at businesses that were previously posting losses.
Enplas  (6961) ( english | Japanese version ) Sep 07, 2010
LED-related business favorable; shares appear undervalued
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 6
We are lowering our earnings forecasts and price objective for Enplas. These downward revisions mainly reflect the slump in products for PC peripherals and the deterioration in profitability along with yen appreciation. As we had expected, both sales and customer numbers are expanding steadily for the company's LED caps (in the optical devices business), a product on which we are focusing. Although we are lowering our earnings forecasts, we believe the shares are undervalued at current prices considering the prospects for profit growth. Accordingly, we reiterate our Outperform rating.
Nihon Dempa Kogyo (6779) ( english | Japanese version ) Sep 07, 2010
Despite internal improvements, lowering forecasts on slowdown in final demand
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 6
We are lowering both our earnings forecasts and price objective for Nihon Dempa Kogyo. Whereas we had previously expected earnings growth on the back of stable prices for crystal devices thanks to a tight supply/demand balance, we estimate that both orders and production began to outstrip real demand in early spring, and we therefore now expect the company to suffer a backlash as a result. We reiterate our Outperform
Nippon Ceramic  (6929) ( english | Japanese version ) Sep 02, 2010
Expansion in sensor demand driven by call for better energy conservation, safety (Initiating Coverage)
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 28
We are initiating our coverage of Nippon Ceramic with an Outperform rating and a price objective of JPY1,900. We believe that the company is on the brink of a sales expansion, as stricter energy conservation and safety regulations for consumer products, and support from government policies, should bolster demand for infrared sensors used in consumer appliances, ultrasonic sensors for rear-parking systems in cars, and current (electrical charge) sensors for hybrid and electric automobiles.
Sector Outlook ( english | Japanese version ) Sep 02, 2010
August 2010 electronic component order trends
Sector Electronic Components Market Cap
Author Eisaku,Ohmori Pages 4
Power semiconductor orders down MoM on prod. adjustments for TVs, audio equip. Companies Mentioned in this Report: Nidec (6594), SANKEN ELECTRIC (6707), TDK (6762), Hirose Electric (6806)
Aoi Electronics (6832) ( english | Japanese version ) Sep 01, 2010
Lowering OP forecast on higher fixed costs; medium-term growth outlook unchanged
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 6
We are revising our earnings forecasts for Aoi Electronics. While there are concerns over possible inventory adjustments in LED-related products for TVs in 2H FY3/11, we believe the company will be able to compensate with sales in other businesses. We are lowering our OP forecast to reflect the possibility of higher pressure to reduce processing fees along with yen appreciation and increased fixed costs. Heading into FY3/12, we expect a continuation of the upward trend in profit on expansion in LED-related business and increased sales in other businesses.
Ibiden (4062) ( english | Japanese version ) Sep 01, 2010
Lowering earnings estimates on forex factors, revised PC market outlook
Sector Electronic Components Market Cap Mid Cap 200-400B
Author Eisaku,Ohmori Pages 5
We are lowering our earnings estimates for Ibiden in light of the negative impact from forex factors and a downward revision to our 2011 PC market forecast (see our 1 September Revisions to finished product shipment volume estimates report).
Murata Mfg (6981) ( english | Japanese version ) Sep 01, 2010
Increased uncertainty due mainly to yen appreciation, weak end product shipments
Sector Electronic Components Market Cap Large Cap > 400B
Author Eisaku,Ohmori Pages 6
We are revising our earnings forecasts for Murata Mfg. to reflect the changes to our forecast for the PC market (see our 1 September Revisions to finished product shipment volume estimates report) and our forex assumptions. As a result, while we reiterate our Neutral rating, we are lowering our fair-value estimate from JPY4,600 to JPY4,100.
NGK Spark Plug (5334) ( english | Japanese version ) Sep 01, 2010
Earnings outlook appears increasingly cloudy in 2H FY3/11 and beyond
Sector Electronic Components Market Cap Mid Cap 200-400B
Author Eisaku,Ohmori Pages 5
In FY3/11, NGK Spark Plug's auto components segment has been recovering sharply, leading to a rapid upturn in profits. We expect earnings growth to slow significantly in 2H and beyond, however, as programs providing subsidies for auto purchasing draw to a close in many countries and forex rates weigh on profits. We reiterate our Underperform rating.
Nidec (6594) ( english | Japanese version ) Sep 01, 2010
Adverse impact, including from forex factors, already factored into estimates
Sector Electronic Components Market Cap Large Cap > 400B
Author Eisaku,Ohmori Pages 5
We are revising our outlook for the PC market (see our 1 September Revisions to finished product shipment volume estimates report), but believe double-digit OP growth at Nidec in FY3/12 is possible as we expect the positive effects of the Emerson Electric acquisition to offset the negative impact from forex and other factors. We reiterate our Outperform rating.
Shinko Electric Industries (6967) ( english | Japanese version ) Sep 01, 2010
Share price declining below BPS forecast reflects excessive pessimism
Sector Electronic Components Market Cap Small Cap < 200B
Author Eisaku,Ohmori Pages 5
We are lowering our earnings estimates for Shinko Electric in light of revised forex assumptions and a revision to our PC market forecast (see our 1 September Revisions to finished product shipment volume estimates report). We nevertheless reiterate our Outperform rating, as we believe the share price is currently at an excessively low level.
SIIX (7613) ( english | Japanese version ) Sep 01, 2010
Performance currently healthy; steadily investing in future opportunities
Sector Electronic Components Market Cap Small Cap < 200B
Author Yoshinori,Igawa Pages 7
We are raising our estimates for SIIX in light of interviews with the company. Sales and OP trends appear largely unchanged at this time. The company is making progress toward its goals of achieving growth among existing key clients and developing new clients. We maintain our views regarding the company's significant growth potential, as there is a high likelihood that demand for subcontractors will increase as Japan's manufact
Taiyo Yuden (6976) ( english | Japanese version ) Sep 01, 2010
Share price appears attractive; reiterate Outperform rating
Sector Electronic Components Market Cap Small Cap < 200B
Author Eisaku,Ohmori Pages 5
We are revising our earnings estimates for Taiyo Yuden, factoring in our revised forex assumptions and our revised outlook on the PC market (see our Revisions to finished product shipment volume estimates report of 1 September). We reiterate our Outperform rating.
TDK (6762) ( english | Japanese version ) Sep 01, 2010
Company possesses strength to offset negative external factors in FY3/12
Sector Electronic Components Market Cap Large Cap > 400B
Author Eisaku,Ohmori Pages 6
We are revising our earnings estimates for TDK in light of revised forex assumptions and a revision to our PC market forecast (see our 1 September Revisions to finished product shipment volume estimates report). Although we are lowering our price objective to JPY5,400, we reiterate our Outperform rating on the company.
 
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