PSA Precision: Hoya (7741 JP) – Improved Investment Opportunities in IT
Hoya is a first-class company which has many admirers. Joel Scheiman explains in this long shelf-life, detailed report how business is revving up for the company as it plans to invest ¥50bil~¥60bil in two projects in Hoya’s highest margin businesses of HDD glass substrates and complex IC photomask blanks. At the same time, the Health Care business, representing two-thirds of sales, continues to provide a good balance of stability and growth. Here, Hoya can grow through acquisitions and still raise margins. Endoscopes and intraocular lenses for cataracts add further growth potential. Strong financials are the icing on the cake, as well as the basis for high returns to shareholders. Valuations, which do not appear cheap, need to be considered in the context of a highly profitable company with improving prospects.HOYA and its affiliates are mainly engaged in the manufacture and sale of electronics-related products, imaging products, health care products and medical products. Co.'s principal products are photomasks/maskblanks for semiconductors, photomasks/maskblanks and devices for liquid crystal displays ("LCDs"), glass disks for hard disk drives ("HDDs"), optical lenses/glasses, and electro optical glasses; eyeglass lenses, eyeglass frames, contact lenses and accessories, intraocular lenses, endoscopes, bone prosthesis, and medical accessories; cameras, interchangeable lenses, digital camera modules, micro lenses, and CCTV lenses; and crystal glass products.
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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