Yaskawa Gets a Strong Jump in China Sales, Raise FVE to JPY 3,400
We are impressed by narrow-moat Yaskawa’s strong first quarter operating income that jumped 142% year over year, reflecting strength in China sales. Both the servo motor sales and higher robot segment operating margins surpassed our expectations. We think the market has underestimated the company’s growth potential in China (around 25% of the top line). We’ve raised our assumptions on our revised view and our new fair value estimate of JPY 3,400, implies a forward P/E of 24 times, an EV/EBITDA o...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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