PSA Machinery: Fanuc (6594 JT) – FY21 OP Can Beat Guidance But Costs Weigh on H1 FY22
Fanuc’s FY21 Q3 OP of ¥46.0bil (+40% YoY/ +10% QoQ) came in 7% above consensus and the firm has raised the full-year FY21 OP guidance by 5%. This should provide a floor for the share price. Q4 OP will likely beat guidance we think, and the ensuing quarters should improve successively. While Fanuc is outperforming in some areas, and we are very positive overall, not everything is falling into place at once.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).
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.
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