NOK (7240): Visit Feedback – Two Negative Surprises
Main Points:
- Strong iPhone sales a plus, but NOK caught unprepared
- Expecting much better FPC earnings for FY17, but product mix is deteriorating
- High-end OLED iPhone model will offer less upside than we thought
- Seals to keep improving
- FY16 OP at most 10% above plan;
- FY17 OP guidance reined back to an increase of 20% YoY.
NOK is engaged in the manufacture and sale of seal products, industrial mechanical parts, rubber products, and others. Along with its subsidiaries and associated companies, Co. operates in four business segments: seal, electronic device product, roll, and others. Co.'s principal products include oil seals, O-rings, vibration controls, resin products, gaskets, chemical products, mechanical seals, flexible printed circuits, flexboards for digital cameras and cellular phones, flexible printed circuit-based panel keyboards, optoelectronics products, rubber rolls for office machines and equipment, special lubricants, and others.
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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