Yaskawa’s Full-Year Result Was in Line, the Growth Story Has Been Priced in.
Excluding the impact from a changed fiscal end to February from March, narrow-moat Yaskawa’s fourth-quarter result, with sales and operating income growing 13% quarter on quarter, was generally in line with our forecast. However, the sales and operating income missed aggressive consensus estimates by 4% and 9%, respectively, owing to the slowdown of the smartphone-related demand and swelled robot sales expenses. Though the stock price has fallen by more than 20% since January, trading at 22% hig...Yaskawa Electric and its affiliates are mainly engaged in the manufacture and sale of electric motors, industrial robots and industrial electrical control systems. Co.'s principal products include AC/DC servomotors, spindle motors for machine tools, programmable controllers, numerical controls, general-purpose/special-system inverters, industrial robots, clean robots, vacuum robots, transfer systems in clean/vacuum rooms, industrial electrical control systems for metal processing, cold rolling and paper making, water supply/sewage control systems, power receiving/distribution panels, circuit breakers, high-voltage switchgears, and energy-saving motor drivers.
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