Horiba Ltd

Horiba (6856 JP): New Growth Opportunity in Hydrogen Energy

Equity Bottom-Up
204 Views, 09 Jan 2022 20:45
EXECUTIVE SUMMARY
  • Measurement and analysis to qualify hydrogen fuel cells, vehicle engines and fueling stations, electrolysis and other hydrogen production processes should be a new growth driver for Horiba.
  • Semiconductor equipment demand losing momentum, but should hold up in 2022. Weak demand for auto emission measurement systems is a key risk.
  • Reasonably valued at 15x EPS guidance for FY Dec-21 and 1.45x book value, with a dividend yield of 2.0%.
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Scott Foster
Independent Insight Provider, Japanese equities
LightStream Research
JapanInformation TechnologyEquity Bottom-UpThematic (Sector/Industry)

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