Nidec’s September Quarter Results Show Its Resilience in Economic Slowdown; Shares Undervalued
Nidec’s September quarter operating income of JPY 51.6 billion is in line with our forecast of JPY 50.7 billion. While revenue growth did not reach our expectations, which we believe is due to the slowdown in the Chinese market, Nidec's operating margin was better than our numbers, compensating for the revenue shortfall. Its operating margin improved to 13.1% from 10.9% in the previous year, driven by the margin expansion for the automotive and appliance, commercial, and industrial, or ACI, segm...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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