Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.</li>
<li>Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. </li>
<li>The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.</li>
</ul>


On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. 
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.


Robotis - Rights Offering of 100 Billion Won

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Equity Bottom-Up

Harmonic Drive Systems / Equity Bottom-Up

<ul><li>Consolidated sales for Q1 FY03/26 increased 3.8% YoY to JPY13.5bn, with operating profit of JPY123mn.</li><li>Q1 parent orders rose 9.7% YoY to JPY8.2bn, driven by industrial robots and semiconductor equipment demand.</li><li>HDSI forecasts FY03/26 sales of JPY57.0bn, operating profit of JPY1.5bn, and annual dividend of JPY20.0 per share.</li></ul>

Consolidated sales for Q1 FY03/26 increased 3.8% YoY to JPY13.5bn, with operating profit of JPY123mn.Q1 parent orders rose 9.7% YoY to JPY8.2bn, driven by industrial robots and semiconductor equipment demand.HDSI forecasts FY03/26 sales of JPY57.0bn, operating profit of JPY1.5bn, and annual dividend of JPY20.0 per share.

Harmonic Drive Systems (6324 JP): Q1 FY03/26 flash update

<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

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)

Robotis - Rights Offering of 100 Billion Won

Robotis announced a rights offering of 100 billion won. The expected rights offering price is 74,100 won per share (12.8% lower than current...

Douglas Kim