PSA Machinery: Yaskawa (6506) FY17 H1 Results Comment
Yaskawa (6506) FY17 H1 Results Comment
Key Points
- Delayed profit recognition (¥1.5bn) and weak Systems Engineering (¥1.0bn) more than explain the ¥0.4bn shortfall in Q2 OP vs guidance.
- Main profit drivers, servomotors and robotics, were actually above plan, so the underlying business is sound.
- Upgrade to FY17 full-year (20 days shorter as year-end changes from March 20 to end-Feb) looks conservative, judging from order backlog.
- More details will be available tomorrow at the analyst meeting to be held after market with respected President Ogasawara. While today’s conference call allayed surprise at the guidance H1 OP shortfall, FY17 upside looks somewhat limited at this point.
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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