Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

We provide sponsored research reports on up to 15 Japanese listed companies that have no coverage by sell side analysts or are very thinly covered.

Equity Bottom-Up

HIRANO TECSEED Co (Kinzoku) / Equity Bottom-Up

<ul><li>HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY).</li><li>Management commits to pay out the higher of a DOE of 3.5% or a dividend pay-out ratio of 60% during the current medium-term plan (FY24~FY27).</li><li>HT has not changed the view on the medium to long-term growth potential in the EV market, however, for the time being, it remains cautious.</li></ul>

HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY).Management commits to pay out the higher of a DOE of 3.5% or a dividend pay-out ratio of 60% during the current medium-term plan (FY24~FY27).HT has not changed the view on the medium to long-term growth potential in the EV market, however, for the time being, it remains cautious.

Hirano Tecseed Co., Ltd. (6245 JP): Research Update