In today’s briefing:
- Who Owns Nidec (6594 JP) And How Much Could Be For Sale?
- Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck
Who Owns Nidec (6594 JP) And How Much Could Be For Sale?
- Nidec Corp (6594 JP) announced in June they were extending the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).
- Yesterday, the company announced it would establish a Third-Party Investigative Committee based on suspected improper accounting at the sub of a Chinese sub 1yr ago and parent management knowledge.
- There’s been a lot of work done. Now the committee digs in. The announcement smacks of IMS issues. Today the marketcap fell 22% or nearly ¥800bn on ¥200mm of accounting.
Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck
- Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.
- The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.
- At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.
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