Nabtesco's 1Q Not Great but We Are Already Cautious, FVE Unchanged at JPY 3,350
Nabtesco's first quarter sales slipped 2.3% year on year on weaker demand for precision reduction gears, which is disappointing albeit not entirely unexpected. The industrial robots space is still sluggish given cyclically weaker auto sector capital investment, which is within our assumptions. However, there are pockets of stability in its other activities and the absence of impairment charges will help make 2019 income look decent versus 2018. We also think that the 57% drop in first quarter ne...Nabtesco is engaged in the design, manufacture, sales, and repair of industrial machinery and components. Co. operates in three business segments: component solutions, transport solutions and accessibility solutions. Co.'s principal products are high precision reducers and actuators for industrial robots, construction machinery, solar tracking equipment, automatic door drive units, automobile air-break systems, automatic testing/training equipment, connecting device, various types of actuators, remote control systems for marine vessels, automatic door systems, smoke exhausting systems and platform safety system as well as nursing care equipment and industrial equipment.
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