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Toshiba (6502) ( english | Japanese version ) Sep 08, 2010
Tour of Yokkaichi plant: fifth production unit to be built in two stages
Sector Industrial Electronics Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 3
We toured Toshiba's Yokkaichi plant on 7 September. The tour included an overall explanation of the facility, a look around the site, and a briefing on the company's strategy in the memory business. Management forecasts annualized bit growth in the NAND market of 50%-60% between 2009 and 2015, and we sensed that the company was bullish on future supply/demand prospects. In contrast, we forecast bit supply growth of 78% YoY in 2011, and we believe that the sector is likely to encounter oversupply. Our visit with the company yielded no information that would cause us to change our outlook.
Star Micronics (7718) ( english | Japanese version ) Sep 03, 2010
Co. forecast revisions, share buybacks; European orders firm, but watching forex
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 4
Star Micronics revised its FY2/11 earnings forecasts on 2 September. Apart from the company expecting greater impact from yen appreciation than we forecast, we find its revised targets to be reasonable. We are also positive on the company's concurrent announcement of plans to repurchase up to 1m shares, representing 2.27% of shares outstanding.
Roland DG (6789) ( english | Japanese version ) Sep 02, 2010
"The World is Metallic" is the company slogan
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 5
On 1 September, Roland DG announced a lineup of new metallic ink printer products. In line with the company's "The World is Metallic" slogan, management continues to move forward with measures to expand the sign market through its metallic ink printers. With the newly unveiled products, the lineup of low-end metallic ink printers now includes models ranging between 30 and 64 inches wide. We estimate shipments are brisk for the existing 64- inch wide model, due to user investment sparked by favorable reviews for the product.
Toshiba (6502) ( english | Japanese version ) Aug 31, 2010
Share price likely to factor in easing in NAND supply/demand going into 2011
Sector Industrial Electronics Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 10
We previously issued an Outperform rating for Toshiba, to reflect a sharp positive turnaround in profit margins on electronic devices in FY3/11, owing to an expansion in earnings in the social infrastructure segment (particularly the nuclear power plant business) and an increase in demand for NAND flash memory. In 2011, we forecast another supply glut is coming with bit supply growth for NAND flash memory outpacing the growth in demand.
Hitachi (6501) ( english | Japanese version ) Aug 27, 2010
NP approaching past highs on faster-than-expected earnings recovery
Sector Industrial Electronics Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 6
We are revising our earnings estimates for Hitachi based on interviews with the company following the announcement of 1Q FY3/11 results. We now expect NP of JPY190.0b in FY3/11 and JPY220.0b in FY3/12, which is very close to the past high of JPY230.1b achieved in FY3/91. We are lowering our price objective to JPY420, factoring in consolidated subsidiary share price adjustments. However, we reiterate our Outperform rating.
Fujitsu (6702) ( english | Japanese version ) Aug 26, 2010
Raising our estimates to reflect revisions to estimates for non-core business
Sector Industrial Electronics Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 5
We are raising our earnings estimates for Fujitsu as a result of revising our estimates for its non-core businesses. We are focusing on whether July-September orders rise YoY as a potential share price catalyst, and we believe that an increased likelihood of earnings recovering in 2H FY3/11 would be viewed positively. We are changing our valuation method, but we reiterate our JPY750 price objective and Outperform rating.
Mitsubishi Electric (6503) ( english | Japanese version ) Aug 26, 2010
Strong performance of main businesses is largely reflected in share price
Sector Industrial Electronics Market Cap Large Cap > 400B
Author Shuichi,Ide Pages 5
We are raising our earnings estimates for Mitsubishi Electric to reflect growing capex demand, mainly in emerging countries, and higher air conditioner demand due to hot summer weather. However, we believe these factors are already reflected in the share price, based on earnings trends at peripheral companies. We are lowering our fair-value estimate to JPY780, as it is our belief that the company's share now has a smaller u
CKD (6407) ( english | Japanese version ) Aug 24, 2010
1H FY3/11 earnings likely to outpace company targets
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Yoshihiro,Ujihara Pages 6
CKD upwardly revised its earnings estimates when it announced its 1Q FY3/11 earnings results. However, management's earnings outlook seems conservative to us, as CKD has so far been posting results in 2Q above its earnings targets. We understand that the company is sustaining brisk sales momentum for pneumatic equipment and semiconductor manufacturing equipment liquid control systems in the machine components segment.
Origin Electric (6513) ( english | Japanese version ) Aug 12, 2010
Strong 1Q results; weakness at subsidiaries as expected; MDB healthy
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 7
Origin Electric announced 1Q FY3/11 results at 11am on 12 August. Although the company's chemitronics subsidiaries in Shanghai and Tianjin are seeing a weak recovery, results at its newly consolidated subsidiary in Dongguan were stronger than expected. The mechatronics segment is beginning to see a contribution from its mobile display bonder (MDB) products, which have been the subject of much attention. We see these results as strong overall, including in the electronics business.
Nippon Signal (6741) ( english | Japanese version ) Aug 06, 2010
1Q results merely a ref. point given earnings structure; railway signals strong
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 5
Nippon Signal announced 1Q FY3/11 results on 6 August. As earnings tend to concentrate toward the end of the fiscal year, we believe that 1Q results at Nippon Signal should be viewed merely as a reference point. However, 1Q results leave us with a positive impression, as order trends for mainstay railway signals appear to be favorable.
Rohm (6963) ( english | Japanese version ) Aug 06, 2010
1Q FY3/11 results generally in line with our forecasts
Sector Industrial Electronics Market Cap Large Cap > 400B
Author Eisaku,Ohmori Pages 5
At Rohm, 1Q FY3/11 results, announced on 6 August, showed OP of around JPY10.0b, in line with our forecast of JPY10.0b. We reiterate our Outperform rating. Investment rating and valuations: We previously derived our price objective by applying a PER of 24x, the average of the electronic component makers under our coverage, to our FY3/11 EPS forecast, yielding a price objective of Y7,300. We are now shifting the basis for our valuations to our FY3/12 forecast and the sector average PER based on FY3/12 estimates of 18x, yielding a new price objective of Y6,600.
Roland DG (6789) ( english | Japanese version ) Aug 05, 2010
Metallic ink printers released March selling well; Asia, Brazil drive earnings
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 7
Roland DG's 1Q FY3/11 results, announced on 5 August, were stronger than we had expected. The new products the company released in March have shown strong sales, and earnings were driven by strength in Asia and other regions. The new products are garnering praise in Europe and North America as well, and we expect a contribution to consolidated earnings from 2Q onward. Based on these conditions, the company raised its 1H FY3/11 targets.
Osaki Electric (6644) ( english | Japanese version ) Aug 04, 2010
1Q results: solid momentum in meas./control equip.; may see boost to 1H co. est.
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 6
On 4 August, Osaki Electric reported its earnings results for 1Q FY3/11. We believe that overall performance was in line with our forecasts. We see nothing out of the ordinary, with the exception of the expected postponement from 1H FY3/11 to 2H of sales on large projects at subsidiary Osaki Engineering. Management did not revise its 1H and full-year FY3/11 earnings estimates. In our view, however, there is a possibility that management will announce upward revisions to its 1H earnings estimates, which call for operating losses in 2Q.
Daihen  (6622) ( english | Japanese version ) Aug 03, 2010
Revised 1H targets still look cautious; earnings remain strong in all businesses
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Ken,Murakoshi Pages 6
As we had expected, Daihen announced favorable 1Q FY3/11 results on 3 August. We believe the company's upwardly revised 1H FY3/11 targets remain overly cautious in several areas, and we expect the favorable order environment to persist for all three of the company's businesses. We reiterate our Neutral rating in accordance with our sector rating distribution guidelines, and the assumptions behind our JPY440 fair-value estimate are unchanged.
Oki Electric Industry (6703) ( english | Japanese version ) Aug 02, 2010
1Q FY3/11: slower-than-expected start to the year, particularly for printers
Sector Industrial Electronics Market Cap Small Cap < 200B
Author Shuichi,Ide Pages 3
Oki Electric Industry announced 1Q FY3/11 earnings on 30 July. OP was well below our forecast, but this was primarily due to an increase in costs in the printer business. Our view of the company is unchanged. Investment rating and valuations: We reiterate our Underperform rating and our fair-value estimate of Y63. We continue to value the company using our end-FY3/11 BPS forecast, but we also take into account the impact of the changes to accounting standards for pension benefit obligations that will be adopted in FY3/12.
 
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