Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

<ul>
<li>ROKAE Robotics is a Beijing-based supplier of next-generation flexible cobots and lightweight industrial robots backed by Chinese conglomerate New Hope Group and VC investors. </li>
<li>ROKAE Robotics has raised a total of ~CN¥900M in funding over 5 rounds. The last round was a CN¥400M private equity in May-21 that was led by New Hope Group. </li>
<li>The company operates a manufacturing industrial park in Shandong province with an annual output of 50,000+ robots. </li>
</ul>


ROKAE Robotics is a Beijing-based supplier of next-generation flexible cobots and lightweight industrial robots backed by Chinese conglomerate New Hope Group and VC investors. 
ROKAE Robotics has raised a total of ~CN¥900M in funding over 5 rounds. The last round was a CN¥400M private equity in May-21 that was led by New Hope Group. 
The company operates a manufacturing industrial park in Shandong province with an annual output of 50,000+ robots. 


ROKAE Robotics: Founder-Led Supplier of Flexible Cobots and Lightweight Industrial Robots

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Keyence reported record 2Q Sales and OP, thoroughly beating street expectations. The company recorded high double-digit growth in all regions - even in Europe.  </li>
<li>Pricing power is on display 10-35% price hikes to shore up the dip in GPM to 81.3%, depressed on higher raw material costs.  Sets up for future earnings growth. </li>
<li>The share price has underperformed the TOPIX -26%YTD. Valuations at the bottom of the recent range. We expect a share price recovery and are bullish. </li>
</ul>


Keyence reported record 2Q Sales and OP, thoroughly beating street expectations. The company recorded high double-digit growth in all regions - even in Europe.  
Pricing power is on display 10-35% price hikes to shore up the dip in GPM to 81.3%, depressed on higher raw material costs.  Sets up for future earnings growth. 
The share price has underperformed the TOPIX -26%YTD. Valuations at the bottom of the recent range. We expect a share price recovery and are bullish. 


Keyence(6861 JP) | The Rise of the Phoenix – A Company like No Other

<ul>
<li>NKY +0.80%WoW;  TOPIX +0.91%WoW;  TSE Mothers +3.0%WoW.  3 days up; 2 days down this week as small caps; high valuation and tech stocks rallied</li>
<li>PM Kishida orders additional fiscal stimulus of ¥29.1 trillion.  Including other private sector investment and funding, the total stimulus size to exceed ¥71 trillion.</li>
<li>Bank of Japan maintains their ultra looks monetary policy in place at the end of their 2-day policy meeting</li>
</ul>


NKY +0.80%WoW;  TOPIX +0.91%WoW;  TSE Mothers +3.0%WoW.  3 days up; 2 days down this week as small caps; high valuation and tech stocks rallied
PM Kishida orders additional fiscal stimulus of ¥29.1 trillion.  Including other private sector investment and funding, the total stimulus size to exceed ¥71 trillion.
Bank of Japan maintains their ultra looks monetary policy in place at the end of their 2-day policy meeting


<ul>
<li>2Q earnings miss and full year guidance cut - negative surprise to the market</li>
<li>Core FA orders down sequentially QoQ; Weak FA negative for overall OPM</li>
<li>Maintain bearish stance as negative YoY Machine Tool orders yet to come. </li>
</ul>


2Q earnings miss and full year guidance cut - negative surprise to the market
Core FA orders down sequentially QoQ; Weak FA negative for overall OPM
Maintain bearish stance as negative YoY Machine Tool orders yet to come. 


Fanuc (6954 JP) – Let the Derating Begin

<ul>
<li>Machine tool orders have recorded 20 consecutive months of growth – we expect a turn in cycle and remain bearish </li>
<li>Expectations for gradual recovery as China recovers from lockdowns, but power-saving measures are a new risk</li>
<li>Weak end demand for mobile, PC, and consumer electronics are likely to foreshadow capex cuts in 2023 </li>
</ul>


Machine tool orders have recorded 20 consecutive months of growth – we expect a turn in cycle and remain bearish 
Expectations for gradual recovery as China recovers from lockdowns, but power-saving measures are a new risk
Weak end demand for mobile, PC, and consumer electronics are likely to foreshadow capex cuts in 2023 


Japan

FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill.  Fanuc participates in a joint venture with General Electric in the FA field.

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Fanuc Corp Unsp Adr (FANUY US)

ROKAE Robotics: Founder-Led Supplier of Flexible Cobots and Lightweight Industrial Robots

ROKAE Robotics is one of our top picks in China's industrial robotics segment. Beijing-based robotics firm focuses on flexible cobots, lightweight...

Andrei Zakharov

Keyence(6861 JP) | The Rise of the Phoenix – A Company like No Other

2Q record earnings confirms why Keyence will continue to grow for years to come. The price hikes sets the company up for strong earnings growth. ...

Mark Chadwick

Japan Weekly | Ibiden, Fanuc, Canon

An overveiw of the week in Japan. In addtion to key stock movements, we highlight the key market/macro news in Japan this week. We also highlight...

Mark Chadwick

Fanuc (6954 JP) – Let the Derating Begin

FA weakness to weigh down on Fanuc's earnings and valuations in the coming quarters. The YoY turn in Machine Tool orders is yet to come, ...

Mark Chadwick

Fanuc (6954 JP) | Lights Out in China

Machine tool orders have recorded 20 consecutive months of growth – we expect a turn in cycle and remain bearish We see additional risks in China...

Mark Chadwick

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