Nabtesco’s Guidance Shows Sluggish Expectations, but not as Weak as We Assume
Nabtesco’s fourth-quarter performance was in line with expectations so the focus is likely to be on the company’s 2019 guidance that shows revenue growth staying sluggish at 6% and net profit at 9%. The company’s margin guidance is better than we assume and we’ll look to lift our JPY 3,350 fair value estimate slightly following details from the company’s analyst briefing. We’d be interested to hear management’s outlook for its precision components sales. This segment has been propped up by hydra...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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