Ferrotec Holdings Corp (6890) – One of the Cheapest SPE-Related Plays in the Market
One of the punchier forecasts to have appeared in the Japanese earnings season are those for Applied Materials Inc (AMAT US) supply chain name Ferrotec Holdings Corp. Following a 41% YoY gain in OP to ¥5.7bil in FY16, management is now forecasting another 27% gain, this year, to ¥7.2bil. We suspect that this figure is going to end up being conservative, but even if it isn't, with enterprise value at just ¥58bil, it is trading on less than 8x EV/OP, making it one of the cheapest SPE-related plays in the market.
Ferrotec Holdings is a holding company. Co., through its affiliates, is mainly engaged in the development, manufacture and sale of vacuum seals, ceramics, silicon carbide products and others. Co. operates in three principal business segments: semiconductor and other equipment-related, photovoltaic-related, and electronic device. Co.'s principal products are vacuum feedthrough, quarts products, ceramic products for manufacturing devices, photovoltaic cell silicon crystal production equipment, quartz crucibles, silicon products geared for solar cell applications, crucibles, thermo-electric modules used for thermostats, and Ferrofluid-applied products (Ferrofluid seals).
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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