reports
NOK sees an upgrade to Slightly Positive due to a better fundamental s...
The general evaluation of NOK (JP), a company active in the Auto Parts industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 18, 2022, the closing price was JPY 1,296.00 an...
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Nokia Opportunity
Nokia Corporation is a Finnish multinational telecommunications, information technology, and consumer electronics company, founded in 1865. Nokia's headquarters are in Espoo, in the greater Helsinki metropolitan area. In 2018, Nokia employed approximately 103,000 people across over 100 countries, did business in more than 130 countries, and reported annual revenues of around €23 billion. Nokia is a public limited company listed on the Helsinki Stock Exchange and New York Stock Exchange. It is th...
- William Nestuk
PSA Auto Parts: NOK (7240 JP) – More Seals for the Auto Industry
Structural growth in NOK’s mainstay Seals business is the major trend underlying our projected 10-year 5% CAGR growth for the Seals Division OP. Hybrids, mild hybrids and plug-in hybrids use 20~30% more seals than the average ICE (internal combustion engine) vehicle whether diesel- or gasoline-based. This is because, as well as the seal-consuming engine, there is the alternative battery-based drivetrain. By contrast, electric vehicles (EVs) tend to use 25~30% fewer seals; there is no engine, w...
- Joel Scheiman
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today Jan 30: Weak Market / Apple Suppliers Sold Off / HCM Surges ...
PSA Today Jan 30: Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen and William Nestuk Nikkei ¥23,291.97 (-¥337.37 / -1.43%); Topix ¥1,858.13 (-¥22.32/ -1.19%); ¥/$108.61Tags: Apple (AAPL US), Nissha (7915 JP), TDK (6762 JP), Nitto Denko (6998 JP), Shin-Etsu Chemical (4063 JP), Sumitomo Chemical (4005 JP), Sumitomo Chemical (4005 JP), Murata (6981 JP), NOK (7240 JP), Dexerials (4980 JP), Hitachi Construction Machinery (6305 JP), Canon (7751 JP), Capcom (9697 JP), SBI Holdings (...
9697 CAPCOM CO. LTD.
4755 RAKUTEN INC.
8473 SBI HOLDINGS INC.
4185 JSR CORP.
6988 NITTO DENKO CORP.
7240 NOK CORPORATION
4980 DEXERIALS CORP.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
6981 MURATA MANUFACTURING CO. LTD.
7915 NISSHA CO.LTD.
8604 NOMURA HOLDINGS INC.
4063 SHIN-ETSU CHEMICAL CO LTD
4005 SUMITOMO CHEMICAL CO. LTD.
6762 TDK CORPORATION
AAPL APPLE INC
- William Nestuk
NOK (7240): Q3 – Apple Cometh
Key Points July guidance upgrade for FY17 H1 and the full year only considers the strength of the Seals division in H1. Further upside in H2 for Seals looks inevitable. Seals demand strong from the mainstay domestic and China auto industries as well as the high margin excavator industry. FPC earnings, however, are where we see the greatest upside for FY17: We expect very strong Q3 OP for FPCs, nearly double company guidance, thanks to a full-contribution from Apple (AAPL US), with Q4 – ...
- William Nestuk
NOK (7240): FY16 Guidance Revised Up – Stronger Apple-Related Sales ...
Key Points: FY16 OP and RP guidance was raised by 31% and 42% respectively on April 19th, on the back of strong iPhone sales for NOK’s FPC division for Q4, and the weak yen. Full year results will be released on May 5th. Management had anticipated Apple-related (AAPL US) FY16 Q4 sales would fall 50% QoQ, to make up less than 50% of total smartphone-bound FPC sales (comprising 73% of the total). However, it appears that Q4 Apple-related sales only fell ~10-15% QoQ, and so they generated more...
- William Nestuk
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.
- William Nestuk
NOK (7240): At a discount to its sector; poised to recover
NOK is set to disappoint in its smartphone-related FPC division for a second straight year following record FY14 earnings. We argue in this report that even a slight recovery in FY17 volumes of iPhone sales could produce a major rebound in OP. Restoring smartphone-related volumes on a consistent basis is the longer-term issue, but at least for FY17 we see potential upside. From Q4 FY15, the FPC division fell into the red on soft iPhone 6s sales, while FY16 has seen the additional issues of last...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- William Nestuk
NOK (7240): Seals Business Stable; Apple Business – Anchor or Angel?
Cash flow is trending near historically high levels for NOK as depreciation is up 50% over the past 4 years to actually exceed OP; FY16 company- guided depreciation of ¥44bn is 27% higher than guided FY16 OP of ¥35bn (PSA projects ¥37.4bn, on good Seals Division profitability). The Ebitda peak of ¥100bn in FY14, and the current ¥80bn-plus level, compare well to the prior ¥71bn peak of FY04 and the ¥64.6bn average between FY10-FY13. Some 60% of Ebitda comes from the Seals division, which looks ve...
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