Report

PSA Machinery: Yaskawa Electric (6506 JT): Sudden Cost & Pricing Improvement – at Long Last

Good pricing, high order backlogs and rising US shale oil / gas demand to support FY23 earnings. Our estimates are above consensus.
Underlyings
Chevron Corporation

Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.

Fanuc Corporation

Fanuc is engaged in the development, manufacture and sale of CNC systems as well as application products based on its engineering. Co.'s principal products include Factory Automation (FA) products such as computer numeric control (CNC) systems and laser products; The Robot including collaborative robot, arc welding robot, palletizing robot, mini/small/medium/large size robot and paint robot; and the he Robo-machine such as robodrill(compact machining center), roboshot (electric injection molding machine), robocut (wire-cut electric discharge machine) and robonano (ultra precision machine).

Keyence Corporation

KEYENCE and its affiliates are mainly engaged in the design, development, manufacture and sale of factory automation ("FA") sensors, opto-electronic equipment and related systems, and high technology hobby products. Co.'s principal products are fiber optic sensor, laser sensor, contact sensor, ultrasonic sensor, pressure sensor, photoelectric sensor, laser sensor (compact), RGB color sensor, proximity sensor and temperature sensor; machine vision, inductive displacement sensor, image measurement system, laser displacement sensor, optical micrometer and digital microscope; bar-code reader, laser marker, programmable logic controller; and safety light curtain.

Nabtesco Corporation

Nabtesco is engaged in the design, manufacture, sales, and repair of industrial machinery and components. Co. operates in three business segments: component solutions, transport solutions and accessibility solutions. Co.'s principal products are high precision reducers and actuators for industrial robots, construction machinery, solar tracking equipment, automatic door drive units, automobile air-break systems, automatic testing/training equipment, connecting device, various types of actuators, remote control systems for marine vessels, automatic door systems, smoke exhausting systems and platform safety system as well as nursing care equipment and industrial equipment.

SMC Corporation

SMC and its subsidiaries are engaged in the manufacture and sale of pneumatic control equipment and other automatic control equipment. Co.'s principal products are directional control valves, such as air-operated valves, hand valves, power valves and solenoid valves; actuators, such as air cylinders, guided actuators and air grippers; air preparation equipment, such as air dryers, air mist separators, aftercoolers and air tanks; and air line equipment, such as air filters, air filter regulators, lubricators, modular filter regulator lubricator units, electro-pneumatic regulators, sensors and switches. In addition, Co., through its subsidiaries, is engaged in the warehousing business.

Yaskawa Electric Corporation

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.

Provider
Pelham Smithers Associates Ltd
Pelham Smithers Associates Ltd

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries. 

The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012. 

Analysts
William Nestuk

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