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>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

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

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Lam Research beat, but with 43% of revs still coming from China the market reaction is muted.</li>
<li>Japan's newly minted PM calls for defence spending 2-years ahead of schedule.</li>
<li>Samsung and S&amp;S Tech filing patents for EUV mask blanks the end for Hoya?</li>
</ul>


Lam Research beat, but with 43% of revs still coming from China the market reaction is muted.
Japan's newly minted PM calls for defence spending 2-years ahead of schedule.
Samsung and S&amp;S Tech filing patents for EUV mask blanks the end for Hoya?


Japan Morning Connection: Tesla Front Loading and IBM's Red Hat Failing to Impress Markets

<ul>
<li>Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.</li>
<li>Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.</li>
<li>Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?</li>
</ul>


Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.
Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.
Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?


Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

<ul>
<li>Opposition coalition forming against Takaichi, but unlikely to succeed given vast policy differences</li>
<li>Samsung big beat this morning shows the memory super cycle may be a real thing</li>
<li>Softbank to surge with ARM architecture used in latest Broadcom/NVDA multi-year deal for ASIC</li>
</ul>


Opposition coalition forming against Takaichi, but unlikely to succeed given vast policy differences
Samsung big beat this morning shows the memory super cycle may be a real thing
Softbank to surge with ARM architecture used in latest Broadcom/NVDA multi-year deal for ASIC


Japan Morning Connection: Tech Dip Buying Likely After Wobble from Takaichi Political Challenge

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)