PSA Machinery: Yaskawa Electric (6506 JT) - FY22 Outlook, FX, Cost Control, i-Cube
PSA Machinery: Yaskawa Electric (6606 JT) - FY22 Outlook, FX, Cost Control, i-CubeOur base case FY22-23 is for continued yen weakness and an OP of Y77.0bil for FY22, well ahead of cons at Y69.2bil. The company is expecting an improvement in component shortages from Q2 and we see extremely strong demand for their most profitable customers in N. American shale and oil for Yaskawa’s inverters. We also like their shift in emphasis to Robotic systems as opposed to standalone, the value-add yielding higher margins. We particularly like their ‘i-Cube’ concept combining Robots and A/C servo motors, and the overall order book of course remains high. EV/OP comes down from 15x in FY22 to 12x in FY23 on our numbers implying potential 30-40% valuation upside. Please see attached report for reference.
Yaskawa Electric and its affiliates are mainly engaged in the manufacture and sale of electric motors, industrial robots and industrial electrical control systems. Co.'s principal products include AC/DC servomotors, spindle motors for machine tools, programmable controllers, numerical controls, general-purpose/special-system inverters, industrial robots, clean robots, vacuum robots, transfer systems in clean/vacuum rooms, industrial electrical control systems for metal processing, cold rolling and paper making, water supply/sewage control systems, power receiving/distribution panels, circuit breakers, high-voltage switchgears, and energy-saving motor drivers.
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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