Report

PSA Electronic Equipment / Instruments: Keyence (6861 JT) – In-depth Appraisal

Tags: Nidec (6594 JT), Makino Milling (6135 JT), Fanuc (6954 JT), Harmonic Drive (6324 JT), Honeywell (HON US), Apple (AAPL US), Alphabet (GOOGL US), Microsoft (MSFT US), Omron (6645 JT), Azbil (6845 JT), Yokogawa Electric (6841 JT), Hioki EE (6866 JT), Sysmex (6869 JT), Accenture (ACN US), Sewtec Automation (pvt), Ebay (EBAY US), GTRIC (pvt), Murata (6981 JT), Internet Initiative Japan (3774 JT), Recruit (6098 JT), Monotaro (3064 JT)

Despite high valuations and a dull share price performance of late, there is almost uniformly positive ratings for Keyence's stock among sell side analysts. This in-depth report looks at (1) how best to view Keyence as a business, (2) what its potential is going forward, and (3) whether the positivity is merited or whether groupthink is at work.
Underlying
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.

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
Pelham Smithers

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