PSA Energy: Modec (6269 JT) – Record Profits in FY23 Look Sustainable, not a One-Off
Modec saw a return to record profits in FY23 (Dec yr-end) and has started off FY24 with an excellent Q1 performance. However, this was somewhat overlooked due to the large share sale as former parent Mitsui Zosen (7003 JT) sold down most of its holding. With record order books, if FY24 Q2 results, due out on 8 Aug, are also strong, the stock may well be due for a re-rating.
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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