Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

Harmonic Drive Systems / Equity Bottom-Up

<ul><li>Consolidated sales for FY03/25 declined 0.3% YoY to JPY55.6bn, with operating profit down 94.4% YoY.</li><li>Q4 parent orders increased 22.9% YoY to JPY8.0bn, driven by industrial robots and semiconductor equipment orders.</li><li>HDSI forecasts 1H FY03/26 sales at JPY27.0bn, with operating profit of JPY300mn, recovering from previous losses.</li></ul>

Consolidated sales for FY03/25 declined 0.3% YoY to JPY55.6bn, with operating profit down 94.4% YoY.Q4 parent orders increased 22.9% YoY to JPY8.0bn, driven by industrial robots and semiconductor equipment orders.HDSI forecasts 1H FY03/26 sales at JPY27.0bn, with operating profit of JPY300mn, recovering from previous losses.

Harmonic Drive Systems (6324 JP): Full-year FY03/25 flash update

<ul><li>Cumulative Q3 sales declined 3.7% YoY to JPY40.4bn, with operating loss of JPY337mn and net loss of JPY354mn.</li><li>Q3 parent orders increased 40.1% YoY to JPY8.3bn, marking the fifth consecutive quarterly YoY increase.</li><li>Orders for industrial robots recovered to 74.1% YoY, reaching JPY3.5bn in Q3, showing improvement from previous quarters.</li></ul>

Cumulative Q3 sales declined 3.7% YoY to JPY40.4bn, with operating loss of JPY337mn and net loss of JPY354mn.Q3 parent orders increased 40.1% YoY to JPY8.3bn, marking the fifth consecutive quarterly YoY increase.Orders for industrial robots recovered to 74.1% YoY, reaching JPY3.5bn in Q3, showing improvement from previous quarters.

Harmonic Drive Systems (6324 JP): Q3 FY03/25 flash update

<ul><li>1H FY03/24 sales declined 7.7% YoY to JPY26.6bn, with operating, recurring, and net losses reported.</li><li>Q2 parent orders rose 34.4% YoY to JPY7.5bn, with industrial robot orders doubling to JPY3.1bn.</li><li>Revised FY03/25 forecasts project sales of JPY54.0bn, operating loss of JPY400mn, and net loss of JPY400mn.</li></ul>

1H FY03/24 sales declined 7.7% YoY to JPY26.6bn, with operating, recurring, and net losses reported.Q2 parent orders rose 34.4% YoY to JPY7.5bn, with industrial robot orders doubling to JPY3.1bn.Revised FY03/25 forecasts project sales of JPY54.0bn, operating loss of JPY400mn, and net loss of JPY400mn.

Harmonic Drive Systems (6324 JP): 1H FY03/25 flash update

<ul><li>Q1 FY03/24 sales declined 13.4% YoY to JPY13.0bn, with an operating loss of JPY238mn and net loss of JPY283mn.</li><li>Orders increased 38.6% YoY to JPY7.4bn, driven by industrial robots and semiconductor production equipment, particularly in the Chinese market.</li><li>The company targets FY03/27 sales of JPY90.0bn and operating profit of JPY15.0bn, with significant capital investment and R&D expenditure planned.</li></ul>

Q1 FY03/24 sales declined 13.4% YoY to JPY13.0bn, with an operating loss of JPY238mn and net loss of JPY283mn.Orders increased 38.6% YoY to JPY7.4bn, driven by industrial robots and semiconductor production equipment, particularly in the Chinese market.The company targets FY03/27 sales of JPY90.0bn and operating profit of JPY15.0bn, with significant capital investment and R&D expenditure planned.

Harmonic Drive Systems (6324 JP): Q1 FY03/25 flash update

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Japan

Harmonic Drive Systems Inc. manufactures speed reducers used in industrial robots, semiconductor manufacturing equipment, and other precision instruments. The Company offers cup type, hollow-shaft type, and rotary type speed reducers. Harmonic Drive Systems also produces gear heads and harmonic drive actuators.

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Harmonic Drive Systems (6324 JP)