PSA Industrials: MonotaRO (3064 JT) – Continuing Strong Growth
On July 10, MonotaRO (3064 JT) reported that its June (parent) revenues rose 14.4% YoY. At first glance this is quite a low growth figure (vs April +22.2% / May +22.6%) and the shares were sold down 8% on 11 July as a result. Pelham Smithers explains the reason for the fall, implications for future earnings and the potential value from the China option.MonotaRO is mainly engaged in the sale of factory materials to small and medium domestic manufacturing companies through the Internet. Co. offers factory supplies and factory replacement parts, which include solder-related products, electric powered and pneumatic pressure tools, spray oil grease, glasses, cutting tools, painting products, antistatic cleaning room products, adhesives and gloves, packing products, electrical materials, machinery parts, hydraulic pressure equipment, screws and bolts, compressors, casters, truck products, pumps and control equipment and others. Co. also provides batteries, lightings, toners, work suit, office and computer equipment, and laboratory instruments.
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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