Nitto Denko (6988) Call Comments – Optronics and Tapes Advance, Life Sciences to Slow Briefly
Nitto Denko (ND) announced results on April 28th, after which the shares responded positively to its stronger than expected Q4. FY17 OP guidance was close to consensus estimates, but achievement appears more certain after the stronger Q4. The volatile Optronics segment, particularly, finished FY16 on a strong note. A moderately weaker yen helped, as did stronger than expected demand for LCD polarizers in high-end Chinese smartphones.
FY17 strategies are discussed and our revised estimates, plus a table showing the quarterly earnings trend with company guidance for FY17 are included in this note.
Nitto Denko and its subsidiaries are mainly engaged in the manufacture and sale of industrial materials, electronic materials and functional materials. Co.'s principal products include junction materials, surface protective materials, sealing materials, packing materials, and machinery; liquid crystal display ("LCD")-related materials, semiconductor-related materials, printed circuits materials and electronic processing materials; and medical-related materials, macro-molecular separation membranes used in seawater desalination and engineering plastic materials.
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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