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Mitsubishi Materials (5711) ( english | Japanese version ) Sep 08, 2010
Raising our earnings forecasts for copper, processed materials businesses
Sector Metals Market Cap Mid Cap 200-400B
Author Hiroshi,Matsuda Pages 6
Since we now expect earnings in Mitsubishi Materials' copper and advanced materials businesses to exceed our previous forecasts, we are raising our FY3/11 RP forecast to JPY51.0b. We forecast FY3/12 RP of JPY65.0b. Although our fair-value estimate of JPY270 is above the current share price, we maintain our Underperform rating in line with our sector-relative allocation guidelines.
Mitsui Mining and Smelting (5706) ( english | Japanese version ) Sep 07, 2010
Lowering FY3/12 RP; co. unlikely to offset weakness in basic metals, env.
Sector Metals Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 7
We expect to see a steady improvement in earnings in the copper foil, engineered materials, and automotive parts & components businesses of Mitsui Mining and Smelting. However, we believe this will be insufficient to make up for the risk of a deterioration in earnings in the basic metals, environmental business segment as one-off factors fall out of results, and we now expect to see a reduction in RP in FY3/12. We reiterate our Underperform rating.
Fujikura (5803) ( english | Japanese version ) Sep 03, 2010
FPC shipments likely at normal levels from September, could outperform in 4Q
Sector Metals Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 7
We are downwardly revising our earnings forecasts for Fujikura, as we expect profit margins on electronic components other than FPCs to deteriorate and as we estimate that the company will post losses in the metal cables and system segment. However, we believe the FPC business, which got off to a weak start due to delays in the start of production at a customerdesignated component company, should return to previously forecast levels from September. Also, we believe the company could see stronger-thanexpected performance in 4Q (January-March), which is usually a period of low demand. At recent levels, the share is undervalued in our view.
Hitachi Cable (5812) ( english | Japanese version ) Sep 03, 2010
Earnings below target from 2Q; note slowdown, incl. LCD COF product adjustments
Sector Metals Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 7
We believe there is a strong likelihood of FY3/11 OP missing Hitachi Cable's target and the IFIS consensus estimate given the overall slowdown apparent since the beginning of 2Q. The principal causes behind earnings possibly missing the company's targets include adjustments in LCD COF products, weakness in industrial and electric power cables, and an appreciating yen. We reiterate our Underperform rating.
Furukawa Electric (5801) ( english | Japanese version ) Sep 01, 2010
Expecting improvement in FY3/12 despite risk of earnings decline in light metals
Sector Metals Market Cap Mid Cap 200-400B
Author Hiroshi,Matsuda Pages 7
Even after factoring in the risk of deterioration in earnings in Furukawa Electric's light metal segment as demand for thick sheet for LCD and semiconductor production equipment slows, we still expect overall FY3/12 OP to rise JPY2.0b YoY to JPY43.0b. We reiterate our Outperform rating.
Sumitomo Electric Industries (5802) ( english | Japanese version ) Sep 01, 2010
Better-than-expected equity-method profits should allow FY3/12 RP of JPY150.0b
Sector Metals Market Cap Large Cap > 400B
Author Hiroshi,Matsuda Pages 7
We are raising our FY3/11 RP forecast for Sumitomo Electric Industries to reflect better-than-expected equity-method profits, primarily in the autorelated segments. We are leaving our FY3/12 RP forecast unchanged at JPY150.0b. Although we reiterate our Outperform rating, we are lowering our price objective to JPY1,250. In our view, it is important to note the risk of a fine in connection with the wiring harness business.
Mitsubishi Materials (5711) ( english | Japanese version ) Aug 10, 2010
Metals, advanced materials and tools above our expectations, but problems remain
Sector Metals Market Cap Mid Cap 200-400B
Author Hiroshi,Matsuda Pages 4
Mitsubishi Materials announced 1Q FY3/11 earnings results on 9 August and held a telephone conference on the same day. In 1Q, RP was JPY11.1b, already above the company's initial 1H target of JPY8.0b, but in line with the figure of more than JPY10.0b carried in a Nihon Keizai Shimbun article on 5 August. The company raised its 1H FY3/11 targets sharply, increasing its RP target by JPY16.0b to JPY24.0b. However, it left its full-year FY3/11 targets unchanged, since it is uncertain what impact trends in metals prices and raw materials prices will have over the full year.
Furukawa Electric (5801) ( english | Japanese version ) Aug 06, 2010
Starting year in line with our 1H estimates
Sector Metals Market Cap Mid Cap 200-400B
Author Hiroshi,Matsuda Pages 3
Furukawa Electric announced 1Q FY3/11 results and held a telephone conference on 5 August. OP totaled JPY9.1b in 1Q. Although performance varied between business segments, overall we believe the company started the year in line with our 1H OP estimate of JPY18.5b. The company revised its 1H and full-year FY3/11 forecasts upward, raising 1H OP by JPY3.0b to JPY18.0b and FY3/11 OP by JPY4.0b to JPY36.0b.
Mitsui Mining and Smelting (5706) ( english | Japanese version ) Aug 05, 2010
Copper foil, engineering materials performance better than we had forecast
Sector Metals Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 4
Mitsui Mining and Smelting announced 1Q FY3/11 results on 4 August, holding a telephone conference the same day. RP in 1Q was JPY8.9b, and the company had a better start to the year than we expected, particularly in the copper foil and engineering materials businesses. The company has revised its 1H targets to reflect the performance in 1Q and the current level of the metal prices, raising its RP target by JPY1.0b to JPY13.0b, which is JPY2.5b above our forecast.
Fujikura (5803) ( english | Japanese version ) Aug 03, 2010
1H forecast of cable and system losses a miscalculation; FPC shipments uncertain
Sector Metals Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 4
Fujikura announced 1Q FY3/11 results on 2 August, holding a telephone conference the same day. 1Q OP reached JPY3.6b, making firm progress toward the 1H target of JPY8.0b. However, earnings from cables and equipment fell well below targets, and FPC shipments are expected to be sluggish on delays in the start of production at a customer-designated component company. We therefore believe the company is unlikely to achieve our 1H OP forecast of JPY10.0b. The outlook for the cables and system business and FPC for 2H FY3/11 is also uncertain.
Kobe Steel (5406) ( english | Japanese version ) Jul 30, 2010
FY3/11 targets unsurprising, but results show impact of compound management
Sector Metals Market Cap Large Cap > 400B
Author Norihide,Tsuji Pages 3
Kobe Steel announced 1Q FY3/11 results on 29 July. The company's new targets for FY3/11 are in line with our existing forecasts and are thus unsurprising. In addition to earnings deterioration in the machinery segment, it appears that recovery in the steel segment has slown down slightly. However, since the company was able to make up for this through improved performance in the aluminum and copper segment and a steady increase in income from wholesale supply of electric power, which contributed to the improvement in earnings, we believe the figures demonstrated the efficacy of the company's complex management style.
Sumitomo Electric Industries (5802) ( english | Japanese version ) Jul 30, 2010
Strong start in line with our forecasts, but 2H still looks uncertain
Sector Metals Market Cap Large Cap > 400B
Author Hiroshi,Matsuda Pages 3
Sumitomo Electric Industries announced 1Q FY3/11 results on 29 July, holding a telephone conference the same day. In 1Q, OP was JPY19.8b, or 49% of the 1H earnings target of JPY40.0b. In view of the seasonality of earnings, we get the impression this represents a fairly strong start to the year. This result is in line with our 1H OP forecast of JPY45.0b.
Sumitomo Metal Industries (5405) ( english | Japanese version ) Jul 30, 2010
Orders for seamless pipe recovering, but slow start for earnings
Sector Metals Market Cap Large Cap > 400B
Author Norihide,Tsuji Pages 3
Sumitomo Metal Industries announced 1Q FY3/11 results on 29 July. The company left its RP forecast unchanged for full-year FY3/11. There has been a long time lag in passing on higher prices for main raw materials to the company's main domestic users, and we get the impression that 1Q earnings represent a slower start to the year than we expected.
Hitachi Cable (5812) ( english | Japanese version ) Jul 29, 2010
1Q slightly better than expected but company likely to miss FY3/11 targets
Sector Metals Market Cap Small Cap < 200B
Author Hiroshi,Matsuda Pages 4
Hitachi Cable announced its 1Q FY3/11 earnings results on 28 July and held a telephone conference the same day. OP was JPY100m in 1Q, above the company target and just above our forecast for breakeven. Our impression now is that OP may surpass our forecast of JPY1.0b in 2Q on the back of an increase in overseas demand, an increase in information network sales, and the impact of additional restructuring measures. However, we believe it will be difficult for the company to achieve its profit targets in 2H FY3/11, and we still expect to see full-year FY3/11 figures below company targets.
Nippon Steel  (5401) ( english | Japanese version ) Jul 28, 2010
Groupwide strength apparent despite slowness in passing on higher costs
Sector Metals Market Cap Large Cap > 400B
Author Norihide,Tsuji Pages 3
Nippon Steel announced its 1Q FY3/11 earnings results on 28 July. For fullyear estimates, the company has disclosed only a provisional RP estimate that is a mere doubling of the 1H estimate. Although the parent steelmaking business is burdened with shrinking margins, group companies are making an important contribution to earnings, especially overseas.
 
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