Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

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<li>
<strong>Strong opening quarter</strong> – Q1 FY12/25 results were a positive surprise  in our view, with solid sales volume recovery YoY and OPM at 6.8%, marking an 11-quarter high.</li>
<li>Key drivers included continued demand recovery in the key Machine Tool business, driven by demand from China, as well as structural demand for MT connectors.</li>
<li>Additionally, there was significant growth in Food Machinery, stemming from both domestic and overseas demand. </li>
</ul>



Strong opening quarter – Q1 FY12/25 results were a positive surprise  in our view, with solid sales volume recovery YoY and OPM at 6.8%, marking an 11-quarter high.
Key drivers included continued demand recovery in the key Machine Tool business, driven by demand from China, as well as structural demand for MT connectors.
Additionally, there was significant growth in Food Machinery, stemming from both domestic and overseas demand. 


Sodick (6143 JP) - Building Recovery Momentum

<ul><li>It has been an active 12 months for Sodick as it delivered a strong turnaround in FY12/24 driven by structural reform, appointed new President and CEO Yuji Akutsu, and affirmed growth prospects on both the Food Machinery segment and new products such as laser processing machines, metal 3D printers, and ultra-high-precision machining centers.</li><li>Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market dynamics, and rebuilding global production and sales systems to adapt to yen depreciation and evolving customer demand.</li><li>Overseas expansion and providing “turnkey” solutions remain high priorities to build sustainable growth.</li></ul>

It has been an active 12 months for Sodick as it delivered a strong turnaround in FY12/24 driven by structural reform, appointed new President and CEO Yuji Akutsu, and affirmed growth prospects on both the Food Machinery segment and new products such as laser processing machines, metal 3D printers, and ultra-high-precision machining centers.Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market dynamics, and rebuilding global production and sales systems to adapt to yen depreciation and evolving customer demand.Overseas expansion and providing “turnkey” solutions remain high priorities to build sustainable growth.

Sodick (6143) - From Turnaround to Transformation Towards Growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> has launched its offer for <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> at an unchanged JPY11,000. The offer is open from 4 April to 21 May.</li>
<li>The offer was launched despite securing all regulatory approvals and the Board's postponement request. The launch could also be an attempt to thwart a competing proposal.</li>
<li>Despite the launch, Nidec’s offer at current terms has a low chance of success, necessitating revised terms. There remains a medium-to-high probability of a competing proposal.</li>
</ul>



Nidec Corp (6594 JP) has launched its offer for Makino Milling Machine Co (6135 JP) at an unchanged JPY11,000. The offer is open from 4 April to 21 May.
The offer was launched despite securing all regulatory approvals and the Board's postponement request. The launch could also be an attempt to thwart a competing proposal.
Despite the launch, Nidec’s offer at current terms has a low chance of success, necessitating revised terms. There remains a medium-to-high probability of a competing proposal.


Makino Milling Machine (6135 JP): Nidec Launches Its Offer

<ul>
<li>The <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> Board has proposed introducing countermeasures to nudge <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> to delay the start of the tender to 9 May. </li>
<li>The countermeasure was likely needed to facilitate a competing offer rather than force Nidec to provide the required information and delay the start (Nidec is still evaluating the request).</li>
<li>Nidec’s offer at current terms has a low chance of success, necessitating revised terms. The Board claims that there is a sufficient probability of a competing proposal.</li>
</ul>


The Makino Milling Machine Co (6135 JP) Board has proposed introducing countermeasures to nudge Nidec Corp (6594 JP) to delay the start of the tender to 9 May. 
The countermeasure was likely needed to facilitate a competing offer rather than force Nidec to provide the required information and delay the start (Nidec is still evaluating the request).
Nidec’s offer at current terms has a low chance of success, necessitating revised terms. The Board claims that there is a sufficient probability of a competing proposal.


Makino Milling Machine (6135 JP): Proposes Countermeasures

<ul><li>A turnaround in progress – Q1-4 FY12/24 results were significantly ahead of guidance and a positive surprise, showing a solid recovery YoY with 9.7% sales growth YoY and a return to positive earnings territory.</li><li>This indicates solid execution of structural reforms, with fixed costs being reduced by streamlining overseas staff and internalizing parts production that were previously outsourced.</li><li>An uptick in demand in Q4 FY12/24 for both Machine Tools and Industrial Machinery was driven by connectors used in high-density fiber optic connections in the data center and telecommunications sectors. </li></ul>

A turnaround in progress – Q1-4 FY12/24 results were significantly ahead of guidance and a positive surprise, showing a solid recovery YoY with 9.7% sales growth YoY and a return to positive earnings territory.This indicates solid execution of structural reforms, with fixed costs being reduced by streamlining overseas staff and internalizing parts production that were previously outsourced.An uptick in demand in Q4 FY12/24 for both Machine Tools and Industrial Machinery was driven by connectors used in high-density fiber optic connections in the data center and telecommunications sectors. 

Sodick (6143 JP) - Signalling a Positive Shift

Japan

Sodick Co., Ltd. develops, manufactures, and sells electric machines and equipment.  The Company's product line includes computerized numerical control electrical discharge machine (EDM), super high precision wire cut EDM, CAD/CAM system for mold design and production, injection molding machine, and high speed manual drilling machine.

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Sodick Co Ltd (6143 JP)

Sodick (6143 JP) - Building Recovery Momentum

Q1 FY12/25 results were a positive surprise in our view, with solid sales volume recovery YoY and OPM at 6.8%, marking an 11-quarter high.

Astris Advisory Japan

Sodick (6143) - From Turnaround to Transformation Towards Growth

Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market...

Astris Advisory Japan

Makino Milling Machine (6135 JP): Nidec Launches Its Offer

Despite the launch, Nidec’s offer at current terms has a low chance of success, necessitating revised terms. There remains a medium-to-high...

Arun George

Makino Milling Machine (6135 JP): Proposes Countermeasures

The Board proposes countermeasures to get Nidec to delay the start but is more likely to facilitate a competing offer. The probability of a bidding...

Arun George

Sodick (6143 JP) - Signalling a Positive Shift

Q1-4 FY12/24 results were significantly ahead of guidance and a positive surprise, showing a solid recovery YoY with 9.7% sales growth YoY and a...

Astris Advisory Japan

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