Yaskawa’s Stock Price Overvalued; Raising FVE to JPY 3,700 on Tax Rate Adjustments.
Although we are bullish on narrow-moat Yaskawa’s growth outlook, and the company’s second-quarter results (excluding the JPY 1 billion loss-making solar power conditioner business) were largely in line with our forecast, the market has been overly excited about this stock from a long-term investment perspective. Earnings will likely face some headwind in the short term, as we see a high possibility that the order growth from the motion control business will slow down in the next quarter due to s...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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