In today’s briefing:
- Fanuc (6954) | Growth Flickers, Visibility Dims
- Timee: Recent Setback in Share Price Offers an Attractive Entry Point
- DN Solutions IPO – Tariffs, Peer Correction Don’t Help
- Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
Fanuc (6954) | Growth Flickers, Visibility Dims
- Fanuc returns to revenue growth, driven by robomachine demand in Asia, but core robot sales remain weak after last year’s EV-driven surge.
- Management offered no guidance for FY3/26, citing tariff and FX uncertainty; we cut forecasts, with downside risk still looming large.
- A ¥50bn buyback provides limited support, but shares may stay stuck until global capex trends and trade policy clarify.
Timee: Recent Setback in Share Price Offers an Attractive Entry Point
- Timee Inc (215A JP) ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025.
- Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand.
- Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.
DN Solutions IPO – Tariffs, Peer Correction Don’t Help
- DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
- DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
- In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.
Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
- Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
- DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
- In this note, we talk about the positive aspects of the deal.
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