Nidec’s Margins to Recover on Restructure and Auto Related Motor Demand, FVE Unchanged
After reviewing our forecasts, we retain our fair value estimate on Nidec at JPY 18,000. Nidec undervalued presently and we think that this presents an opportunity to buy its shares. We view the ongoing inventory adjustment, owing to the weaker demand in China, will last at least through September, but expect that demand will recover thereafter on expected replenishment while sales of new products is likely to remain firm. In particular we are impressed with Nidec’s stronger outlook on orders fr...NIDEC and its subsidiaries are primarily engaged in the design, development, manufacture and marketing of small precision motors, mid-size motors, machinery, electronic and optical components, and other products. Co.'s principal products are spindle motors for hard disk drives, motors for optical disk drives, small precision fans and other small motors; mid-size motors; test systems, measuring equipment, power transmission equipment, factory automation systems, card readers and industrial robots; camera shutters, camera lens units, switches, trimmer potentiometers, motor driven actuator units, processing and precision plastic mold products; and auto parts and pivot assemblies.
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