Nachi Fujikoshi (6474) – 29th January 2016(1,795Words)

$400.00 $100.00

SKU: 6474-07 Category: Tag:

Pressure: Downgrade Positive to Mixed

Summary: We have reduced our 11/16 OP estimate from Y22.7bn to Y20bn +6%YoY, & 11/17 OP from Y25bn to Y22bn +10%YoY. On 8x 11/17 earnings the stock’s multiple is inexpensive, but we are mindful that despite structural robotics growth Nachi Fujikoshi remains a cyclical business. We downgrade from Positive to Mixed.