reports
HOSHIZAKI sees a downgrade to Slightly Negative on account of less fun...
The independent financial analyst theScreener just lowered the general evaluation of HOSHIZAKI (JP), active in the Durable Household Products industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date October 29, 2021, the closing price was JP...
- Valens Research
- Kazunori Ito
Morningstar | Revise Hoshizaki’s Stewardship Rating to Poor; It Need...
We revise Hoshizaki’s stewardship rating to Poor from Standard. We are concerned that the company lacks sufficient discipline and corporate governance, as Hoshizaki postponed its earnings report twice in fiscal 2018. However, we retain our wide moat and stable moat trend ratings, as we believe that Hoshizaki’s economic moat, which stems from the strong brand name and its nationwide distribution channels, is intact. As Hoshizaki forecasts that the investigation by the third-party committee wi...
- Kazunori Ito
Morningstar | Revise Hoshizaki’s Stewardship Rating to Poor; It Need...
We revise Hoshizaki’s stewardship rating to Poor from Standard. We are concerned that the company lacks sufficient discipline and corporate governance, as Hoshizaki postponed its earnings report twice in fiscal 2018. However, we retain our wide moat and stable moat trend ratings, as we believe that Hoshizaki’s economic moat, which stems from the strong brand name and its nationwide distribution channels, is intact. As Hoshizaki forecasts that the investigation by the third-party committee wi...
- Kazunori Ito
Revise Hoshizaki’s Stewardship Rating to Poor; It Needs to Establish...
We revise Hoshizaki’s stewardship rating to Poor from Standard. We are concerned that the company lacks sufficient discipline and corporate governance, as Hoshizaki postponed its earnings report twice in fiscal 2018. However, we retain our wide moat and stable moat trend ratings, as we believe that Hoshizaki’s economic moat, which stems from the strong brand name and its nationwide distribution channels, is intact. As Hoshizaki forecasts that the investigation by the third-party committee wi...
- Shanshan Wei
- CFA
Morningstar | Hoshizaki Postpones Its Earnings Report Again, Casting S...
On Feb. 13, Hoshizaki announced that it will postpone the announcement of December quarter results, which will be a delay of reporting for two consecutive quarters. One of its 15 distribution subsidiaries, Hoshizaki Tokai, had exaggerated its revenue to meet the challenging internal target, and as a result, it took almost two months for Hoshizaki to investigate the misconduct, which caused a delay on its September quarter results reporting. The company is now unable to report December quarter re...
- Shanshan Wei
- CFA
Hoshizaki Postpones Its Earnings Report Again, Casting Serious Doubt o...
On Feb. 13, Hoshizaki announced that it will postpone the announcement of December quarter results, which will be a delay of reporting for two consecutive quarters. One of its 15 distribution subsidiaries, Hoshizaki Tokai, had exaggerated its revenue to meet the challenging internal target, and as a result, it took almost two months for Hoshizaki to investigate the misconduct, which caused a delay on its September quarter results reporting. The company is now unable to report December quarter re...
- Shanshan Wei
- CFA
Morningstar | Hoshizaki Avoids Delisting From TSE by Submitting Earnin...
On Dec. 27, Hoshizaki released its September-quarter results after a two-month delay as well as the result of its internal inspection regarding the misconduct in one of its subsidiaries. Its shares dropped more than 30% after the company said it was investigating the fraud, but we think this announcement will relieve the market as Hoshizaki avoided delisting from the Tokyo Stock Exchange by submitting quarterly earnings results within the extended deadline, and the direct impact from the fraud i...
- Shanshan Wei
- CFA
Morningstar | Hoshizaki Needs More Time to Investigate Misconduct; Dea...
On Dec. 14, wide-moat Hoshizaki announced that the company is again unable to report its September quarterly results. As per our previous note, the company was investigating misconduct in one of its subsidiaries, based on information provided by a whistleblower, and it had planned to report details, along with the September quarter result numbers by Dec. 14. While the company mentioned on Dec. 6 that there is no substantial impact on reported numbers as a result of the investigation, additiona...
- Shanshan Wei
- CFA
Hoshizaki Needs More Time to Investigate Misconduct; Deadline to Avoid...
On Dec. 14, wide-moat Hoshizaki announced that the company is again unable to report its September quarterly results. As per our previous note, the company was investigating misconduct in one of its subsidiaries, based on information provided by a whistleblower, and it had planned to report details, along with the September quarter result numbers by Dec. 14. While the company mentioned on Dec. 6 that there is no substantial impact on reported numbers as a result of the investigation, additiona...
- Shanshan Wei
- CFA
Morningstar | Hoshizaki Postpones Its Earnings Announcement for One Mo...
On Nov. 13, wide-moat Hoshizaki announced that it will postpone the September earnings results announcement, as it is investigating the misconduct in one of its subsidiaries, which seems to have exaggerated the sales by paper order. The company estimates that the internal investigation will take about one month and expects to report the details and September quarter earnings results by mid-December. Hoshizaki’s share price has dropped approximately 17% after the company revealed the scandal, ...
- Shanshan Wei
- CFA
Morningstar | 6465 Updated Forecasts and Estimates from 21 Sep 2018
Wide-moat Hoshizaki’s June quarter operating income of JPY 10.6 billion was broadly in line with our forecast of JPY 10.9 billion. Domestic revenue grew 2.1% from the previous year, slowing down from the 7.3% growth in the March quarter. We are not concerned, however, as we assume that the slowdown is due to the completion of a large order of dish washers, and going forward, we expect that sales for ice makers will pick up in the September quarter because of the fierce heat in Japan. While inc...
- Shanshan Wei
- CFA
Morningstar | Hoshizaki Solid Revenue Growth and Cost Control Absorbs ...
Wide-moat Hoshizaki’s June quarter operating income of JPY 10.6 billion was broadly in line with our forecast of JPY 10.9 billion. Domestic revenue grew 2.1% from the previous year, slowing down from the 7.3% growth in the March quarter. We are not concerned, however, as we assume that the slowdown is due to the completion of a large order of dish washers, and going forward, we expect that sales for ice makers will pick up in the September quarter because of the fierce heat in Japan. While inc...
- Shanshan Wei
- CFA
Hoshizaki Solid Revenue Growth and Cost Control Absorbs Negative Impac...
Wide-moat Hoshizaki’s June quarter operating income of JPY 10.6 billion was broadly in line with our forecast of JPY 10.9 billion. Domestic revenue grew 2.1% from the previous year, slowing down from the 7.3% growth in the March quarter. We are not concerned, however, as we assume that the slowdown is due to the completion of a large order of dish washers, and going forward, we expect that sales for ice makers will pick up in the September quarter because of the fierce heat in Japan. While inc...
- Shanshan Wei
- CFA
Impressive Domestic Revenue Growth Supports the Strength of Hoshizakiâ...
Wide-moat Hoshizaki’s first-quarter results were fairly in line with our forecast, and the share price surged approximately 4% after the announcement, as the numbers delivered relief to the market. While the challenging business environment in the U.S. seems to continue, Hoshizaki controlled the cost properly to maintain the profitability, and revenue growth in other regions was impressive. Overall, we believe that the company made a solid start to meeting our operating income forecast of JPY ...
- Shanshan Wei
- CFA
A stable Japan business and integration of overseas subsidiaries will ...
As expected, wide-moat Hoshizaki’s 2017 sales and operating income slightly beat guidance, with sales and operating income expanding 6.3% and 4.3%, respectively. The fourth-quarter operating margin improved by 2.5 percentage points year over year, after the fade of one-off expenses overseas. Hoshizaki’s Japan sales accelerated to 5.9% in 2017, thanks to (1) the dishwasher order from Seven-Eleven; (2) positive investment sentiments for restaurants; (3) and demand from the central kitchens of ...
- Shanshan Wei
- CFA
Hoshizaki Will Largely Meet its Full-Year Guidance Even Under the Stru...
Wide-moat Hoshizaki’s third-quarter results were in line with our expectation and we expect the company will largely meet its full-year operating income guidance. Sales and operating income grew 8% and 4%, respectively, driven by a healthy Japan market and a rebound of Western Refrigeration’s sales. Stripping out the effect of a weaker Japanese yen, the growth overseas remained tepid at around 2% based on our estimate, on the back of soft restaurant demand in the U.S., consistent with commen...
- Shanshan Wei
- CFA
Aggressive Selling Expense Depressed Hoshizaki’s First-Half Operatin...
Wide-moat Hoshizaki’s first-half revenue and operating income missed our forecast by 2% and 5%, respectively, owing to a slower-than-expected ramp-up for European business and weak sentiment in India. We are lowering our fair value estimate to JPY 11,100 from 11,500 as we revise down our forecast for 2017 operating income by 3% to reflect higher expense for Hoshizaki to expand its overseas market share, but we still believe the company can achieve its guidance for the year. While short-term ea...
- Shanshan Wei
- CFA
Initiating Coverage of Hoshizaki With JPY 11,500 FVE and Wide Moat Rat...
We initiate coverage of Hoshizaki, the largest “cold†industrial kitchen equipment manufacturer in Japan, with a fair value estimate of JPY 11,500 per share, implying a forward P/E of 33 times, enterprise value/EBITDA of 15 times, and a free cash flow yield of 3% to estimated fiscal 2018 earnings and cash flow. Although the valuation exceeds its historical levels, we think this mainly reflects stronger revenue growth and margin expansions. The stock still looks attractive at the current pric...
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...
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