Robust Revenue Growth and Margin Expansion Will Encourage Market; Raise Nidec FVE to JPY 20,000
While Nidec's June quarter operating income of JPY 46.6 billion is in line with our forecast of JPY 47 billion, we are impressed with: 1) the robust revenue growth of 11.9%; and 2) the margin expansion in the automotive products and appliance, commercial and industrial products, or ACI, segments, both of which contribute to us lifting our five-year earnings forecasts. Nidec explained its aggressive plan to increase production capacity to fulfill massive demand from autos, air conditioners, and r...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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