Raising Fanuc’s FVE to JPY 24,000 on the Back of Strong Asia Growth; Stock Fairly Valued
Wide-moat Fanuc’s first-quarter operating income grew 21% year over year, which was largely in line with our forecast. However, judging from the highest book/bill ratio (1.18 times) over the past five years and from cross-checking with its peers, the capacity constraints seem to have limited sales growth, and actual demand, particularly in China, has been stronger than we expected. Fanuc’s FA segment, which sells computer numerical control, or CNC, systems, saw 16% quarterly order growth, but sa...Fanuc is engaged in the development, manufacture and sale of CNC systems as well as application products based on its engineering. Co.'s principal products include Factory Automation (FA) products such as computer numeric control (CNC) systems and laser products; The Robot including collaborative robot, arc welding robot, palletizing robot, mini/small/medium/large size robot and paint robot; and the he Robo-machine such as robodrill(compact machining center), roboshot (electric injection molding machine), robocut (wire-cut electric discharge machine) and robonano (ultra precision machine).
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