DOCSLIB.ORG

Chinese Automobile Market to Mature; Considerable, Albeit Silent, Shift Confirmed

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Chinese Automobile Market to Mature; Considerable, Albeit Silent, Shift Confirmed Transportation equipment / Japan 4 April 2014 Japanese report: 31 Mar 14 Chinese automobile market to China Research Trip mature; considerable, albeit (automobiles/auto parts) silent, shift confirmed Chinese automobile sector in transition from growth to maturity; direction of sector to be decided over next five years Demand to keep growing at annual 10% clip, buzz phrases are “regional small cities” and “automation”; future focus on possible changes in foreign investment rules amid export growth Automation to progress sharply amid major impact on production costs from rising wages How do we justify our view? Eiji Hakomori Meanwhile, in inland China, sales While the sales battleground moves to (81) 3 5555-7072 continue to grow due to so-called smaller cities in regional areas, a future [email protected] motorization. That said, Dah Chong slowdown in market growth is also Shiro Sakamaki Hong Holdings (1828.HK; DCH), which worth watching. As companies continue (81) 3 5555-7067 operates car dealerships, including for to add capacity, efforts to fill the [email protected] Japanese brands, seems to be stuck supply/demand gap by ramping up with a gross margin on new car sales of exports will likely gain momentum, just 2-3%. Both Dongfeng Nissan and especially among local automakers. What’s new DCH plan to focus on after-sales service Automobile exports from China We visited China on a research trip and other peripheral businesses. currently total around 1 million 10-14 March. Our trip included Dongfeng Nissan also intends to units/year. However, as domestic factory tours and visits to auto parts accelerate development of dealerships demand already exceeds 20 million makers/local dealers. in fourth- to fifth-tier regional cities. In units, once automakers change to our view, the front in the battle for lifting exports, China could become What’s the impact higher sales will shift to smaller cities. a major auto exporter. The Chinese automobile market is in transition from being based on While price competition is cut-throat In that event, debate could progress assumptions of continuous growth of and cost-cutting involving auto parts about changing (1) restrictions on production/sales to a market preparing makers is urgent, labor costs are rising foreign investment (Chinese for maturity. We feel that the long-term by around 10% annually. In addition, government states that foreign direction of the Chinese automobile the government could rule that automakers’ equity interest in local sector will be determined during this temporary employees comprise less production is 50% max; generally quiet yet considerable shift. than 10% of a firm’s workforce speaking, joint ventures) and (2) the (increasing proportion of permanent 25% tariff on automobile imports. This We were struck that sector buzz phrases employees and making labor costs more development would stem from have changed to “regional small cities” fixed). In addition, some firms considerations recognized by the WTO for sales and “automation” for commented that securing workers in as posing damage to the domestic production. Given this, China’s unique Guangzhou when ramping up automobile industry, conflicting with foreign investment regulations (joint production is becoming harder China becoming a major automobile ventures have to be formed with local following increased employment exporter. The 50-50 joint venture firms for automobile assembly) opportunities in inland China. restriction will probably be reviewed. could be reviewed in the future. The companies we visited are What we recommend Despite the issue of shadow banking pushing ahead with assembly line This report does not present any and other factors behind volatility, automation. To maintain lean cost revisions to our earnings forecasts many believe the Chinese automobile structures, it seems increasingly or investment ratings for individual market will grow by around 10% a year important that firms adopt firms. Of the Japanese companies for the time being. Although demand is initiatives and intensify their own whose Chinese subsidiaries we currently brisk in coastal regions efforts (not relying on cheap labor). visited, we have a 2 (Outperform) (maturing market), Dongfeng Nissan For auto parts makers, expanding rating on NHK Spring (5991) and a 3 Passenger Vehicle (subsidiary of Nissan sales beyond the group and (Neutral) rating on Nissan Motor Motor [7201]) thinks some customers increasing transactions with local and Keihin (7251). We have no are bringing purchases forward due automakers, amid some local rivals ratings on Unipres (5949), Akebono to fears of restrictions on the gaining momentum, will likely be Brake Industry (7238), or Toyoda number of new vehicle registration necessary for growth. Gosei (7282). plates authorized. Important disclosures, including any required research certifications, are provided on the last two pages of this report. China Research Trip (automobiles/auto parts) 4 April 2014 NHK-Uni Spring (Guangzhou) (NHK Spring [5991]) ···························P10 Table of contents, overview Has transactions with wide range of customers, centering on major Japanese automakers. We expect We visited the following Japanese-affiliated firms on further sales growth in the future and think significant our automobile sector research trip to China. (Listed in capacity additions will be necessary at some point. order of visit starting with automakers then auto parts makers.) Akebono Corporation (Guangzhou) Dongfeng Nissan Passenger Vehicle (Akebono Brake Industry [7238]) ········ P12 (Nissan Motor [7201]) ·························· P3 Company eyes increasing disc brake shipments from 2.9 million units in 2013 to 6.3 million in 2016. In Firm is targeting y/y sales growth of 20% in 2014. addition to current mainstay customer Nissan Motor, Targeting small and mid-sized cities in its regional firm aims to diversity customers. strategy and increasing focus on the Venucia brand and SUVs in its product strategy. Unipres Guangzhou /Unipres Precision Toyoda Gosei (Shanghai) Guangzhou (Unipres [5949])···············P14 (Toyoda Gosei [7282]) ··························P6 Auto body parts business at Unipres Guangzhou to continue expanding with a new base established in Competition is cut-throat, partly due to emergence of Zhengzhou. Unipres Precision Guangzhou’s local auto parts supplier Minth Group (425.HK), but transmission parts operations likely to see sales to non- the company has been restructuring since 2011. Jatco customers increase through FY16. Pursuing increased sales beyond Toyota Motor group. Jatco (Guangzhou) Automatic Transmission Dongguan Keihin Engine Management (Jatco [unlisted]) ································ P17 System (Keihin [7251]) ·························P8 Makes continuously variable transmissions, mostly for Local procurement rates up compared with our prior Dongfeng Nissan. By improving costs, the company visit in 2011. Coming up with initiatives aimed at aims for a leaner cost structure than at other bases, further localization, including construction of a including those in Japan and Mexico. technical center and increase in staff from Japan. Chart 1: Chinese Passenger Car Sales Volume (market has expanded 6-fold over past 10 years on volume basis) (mil units) 20 50% 18 45% 16 40% 14 35% 12 30% 10 25% 8 20% 6 15% 4 10% 2 5% 0 0% CY04 05 06 07 08 09 10 11 12 13 Sales volume (left; shipment basis) Y/y (right) Source: Marklines; compiled by Daiwa. - 2 - China Research Trip (automobiles/auto parts) 4 April 2014 Motor joined hands with only DFM. The partnership stands out in that it offers a wide range of line-ups Dongfeng Nissan Passenger through a single channel. Vehicle We recently participated in a plant tour hosted by the company. The visit offered us an opportunity to deepen Nissan Motor (7201) our understanding of the firm—it included a tour of the Huadu No.2 plant in Guangzhou (which came online in 1. Company overview, our visit 2012), updates on recent production/sales and Dongfeng Nissan Passenger Vehicle is the passenger strategies for 2014, and a Q&A session with the vehicle arm of Dongfeng Motor Co., Ltd. (DFL), which company president. was jointly established by Nissan Motor and Dongfeng Motor Corporation (DFM) in June 2003—DFM spun 2. Production off and contributed the commercial vehicle and other Dongfeng Nissan Passenger Vehicle’s annual output core businesses, while Nissan Motor invested the capacity for passenger vehicles as of 2013 was 1.07 equivalent value in cash (DFL is a consolidated million units. That year, the firm manufactured 1.24 subsidiary of Nissan Motor, which has a 50% stake in million units overall (up 7% y/y; including light it). commercial vehicles) including 947,000 passenger vehicles (up 25%). The Huadu plant has an output Japanese automakers that form joint ventures in China capacity of 670,000 units (small/mid-sized vehicles), generally do not take over existing businesses of local the Xiangyang plant 220,000 units (luxury cars), and makers. DFL stands out in that it was established the Zhengzhou plant 180,000 units (SUVs, local brand based on DFM core businesses. Furthermore, while Venucia). A new plant with an annual output capacity major foreign makers tend to form joint ventures with of 150,000 units is set to be launched by end-2014 in more than one local firm (Shanghai Volkswagen/FAW- Dalian. Volkswagen Automobile; Tianjin FAW Toyota Motor/GAC Toyota Motor; Guangqi Honda Automobile/Dongfeng Honda Automobile), Nissan Chart 2: Dongfeng Nissan Passenger Vehicle Established Jun 2003 Company overview Manufactures/sells Nissan Motor’s passenger vehicles; no. 5 market Business outline share among Chinese manufacturers for 2013, but jumped to no.4 from Ownership Nissan Motor: 50% Sep; top sales among joint ventures with Japanese automakers; actively markets local–brand vehicles Dongfeng Motor Corporation: 50% Position within group Equity-method affiliate of Nissan Motor (50% stake); equity-method Models Teana, Sylphy, Qashqai, others gains from Chinese bases estimated to make up 15-20% of Nissan assembled/marketed Motor’s total FY13 recurring profit Production capacity 1.07 mil vehicles/year (as of 2013) 400,000 at Huadu No.
Load more

Recommended publications
  • Japanese Manufacturing Affiliates in Europe and Turkey
    06-ORD 70H-002AA 7 Japanese Manufacturing Affiliates in Europe and Turkey - 2005 Survey - September 2006 Japan External Trade Organization (JETRO) Preface The survey on “Japanese manufacturing affiliates in Europe and Turkey” has been conducted 22 times since the first survey in 1983*. The latest survey, carried out from January 2006 to February 2006 targeting 16 countries in Western Europe, 8 countries in Central and Eastern Europe, and Turkey, focused on business trends and future prospects in each country, procurement of materials, production, sales, and management problems, effects of EU environmental regulations, etc. The survey revealed that as of the end of 2005 there were a total of 1,008 Japanese manufacturing affiliates operating in the surveyed region --- 818 in Western Europe, 174 in Central and Eastern Europe, and 16 in Turkey. Of this total, 291 affiliates --- 284 in Western Europe, 6 in Central and Eastern Europe, and 1 in Turkey --- also operate R & D or design centers. Also, the number of Japanese affiliates who operate only R & D or design centers in the surveyed region (no manufacturing operations) totaled 129 affiliates --- 125 in Western Europe and 4 in Central and Eastern Europe. In this survey we put emphasis on the effects of EU environmental regulations on Japanese manufacturing affiliates. We would like to express our great appreciation to the affiliates concerned for their kind cooperation, which have enabled us over the years to constantly improve the survey and report on the results. We hope that the affiliates and those who are interested in business development in Europe and/or Turkey will find this report useful.
    [Show full text]
  • Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved
    19-D-1254 March 27, 2020 Green Loan Evaluation by Japan Credit Rating Agency, Ltd. Japan Credit Rating Agency, Ltd. (JCR) announces the following Green Loan Evaluation Results. JCR Assigned Green 1 to Daiwa Green Finance Program Trust ABL for Iwamizawa and Kushiro Solar Power Generation Facilities Daiwa Green Finance Program Trust ABL Subject : (Iwamizawa and Kushiro Solar Power Generation Facilities) Type : ABL Amount : JPY 2.2 billion Date of Loan Execution : March 27, 2020 Final Repayment Date : June 30, 2036 Redemption Method : Schedule repayment Use of Proceeds : Funds for the acquisition of solar power generation facilities <Green Loan Evaluation Results> Overall evaluation Green 1 Greenness Evaluation g1 (use of proceeds) Management, Operation and m1 Transparency Evaluation Chapter 1: Evaluation Overview Daiwa Energy & Infrastructure Co. Ltd. (the “Company”), a wholly owned subsidiary of Daiwa Securities Group Inc., was established to support the creation of future societies by promoting energy investments and loans based on SDGs and technology. The Company started operations in 2018 with the Energy Investment Division of Daiwa PI Partners Co. Ltd. as its predecessor. The Company aims to provide "new value" and contribute to SDGs by investing in renewable energy, infrastructure, and resources. As of September 2019, about 50% of the Company’s investments are renewable energy, including domestic and overseas solar power generation facilities. The Company intends to continue to actively invest in this field. To date, it has developed approximately 103MW of solar power generation facilities and 13MW of biomass power plants and all completed renewable energy projects have been operating stably. The environmental initiatives through renewable energy have been steadily implemented.
    [Show full text]
  • Japanese Capital in Central Europe
    Hitotsubashi Journal of Economics 33 (1992) 149-168. C The Hitotsubashi Academy JAPANESE CAPITAL IN CENTRAL EUROPE GABOR BAKOS* Abstract From the 1 960's onward Japan's presence in Central Europe gradually increased. First foreign trade developed, then Japanese sogo shosha (general trading companies) established themselves, Japanese banks extended credits and, after the systemic changes in Central European countries of 1989, direct investments into the region showed a dra- matic increase. The real importance of Japanese investments is far greater than their statistical share owing to their modernizing effect. For Japanese business, Central Eu- rope is a strategic door to the huge markets of both the former Soviet Union and Western Europe. After recent privatization Central European countries have been seriously hoping for active Japanese participation but, due to their long decision-making processes, Japanese firms are being squeezed out by German and U.S, frms. I. The Process In this study, we will regard capital as it appears in three forms : commodities, finances and direct investments. In the literature generally only direct investments and partly finances are regarded. Nevertheless, the inclusion of commodities should not be neglected for two reasons. First, because trade flows also involve capital goods and secondly, developments in trading patterns allow for qualification of the cooperation between the partner countries. Japan's presence in Central Europe was rather insignificant before the 1970's and con- fined solely to foreign
    [Show full text]
  • Global Expert Mission Japan Transforming Construction 2019
    Connecting for Positive Change _ ktn-uk.org/Global Global Expert Mission Japan Transforming Construction 2019 Contact Dr Nee-Joo Teh Head of International and Development [email protected] JAPAN TRANSFORMING CONSTRUCTION 2019 Contents Welcome 4 1 Introduction 5 1.1 Transforming Construction Programme 5 1.2 Scope of Enquiry 5 1.3 Disclaimer 5 2 Overview of Japan and its Business Environment 6 2.1 Understanding the Underlying Market Context 6 2.2 General Business Environment 6 2.3 Trading History 7 2.4 Doing Business in Japan 7 2.5 Attitude to Innovation 7 2.6 How Japanese Companies Innovate 8 2.7 Funding and Investment Agencies 9 3 Overview of Japan’s Construction Sector 13 3.1 Labour Shortages 13 3.2 Productivity Strategy 13 3.3 Industry Priorities: I-Construction 13 3.4 The Japanese Housing Market 15 3.5 Procurement 15 3.6 Players 16 3.7 Disruption 16 4 Evidence of Innovation 17 4.1 Obayashi Corporation 17 4.2 Komatsu 18 4.3 Sekisui House 20 4.4 Daiwa House Industries 21 4.5 Other visits 21 5 Market Synergies 23 5.1 National Priorities are Aligned 23 5.2 Critical Contextual Factors 23 Appendix 1 – List of UK Participants 24 Appendix 2 – List of Abbreviations 25 Japan Transforming Construction 2019 | 3 INNOVATE UK GLOBAL EXPERT MISSION Welcome Innovate UK1 global missions programme is one of its most important tools to support the UK’s Industrial Strategy’s ambition for the UK to be the international partner of choice for science and innovation.
    [Show full text]
  • Business Strategy
    Corporate Summary Executive Messages Business Strategy Summary of the Daiwa Securities Group’s Medium-Term Management Plan Business “Passion for the Best” 2014 14 Strategy Interview with the CEO 16 Message from the COO 20 Management Systems At a Glance 22 Retail Division 24 Wholesale Division 26 Asset Management Division 28 Investment Division 30 IT/Think Tank Division 31 Financial Section Other Information Daiwa Securities Group Annual Report 2013 13 Summary of the Daiwa Securities Group’s Medium-Term Management Plan “Passion for the Best” 2014 Daiwa Securities Group Management Vision • To become Asia’s leading financial services firm possessing and leveraging a solid business platform in Japan • Establish a robust business structure capable of securing profit even under stressful economic conditions Daiwa Securities Group Basic Management Policy • Achieve sustainable growth by linking Japan and the growth of Asia Outline of Medium-Term Management Plan • Establish a robust business structure immune to the external environment and aspire to achieve sound growth based on a new growth strategy “Passion for the Best” 2014 Milestones FY2012 Turnaround FY2013 Growth Management Targets Consolidated Ordinary Income [Initial FY] Return to Profitability Basic Policy I: Return to profitability by pursuing management efficiencies (Focus of execution in the first fiscal year) R Steadily implement the plan to reduce SG&A R Realize greater organizational efficiencies by shifting personnel from the middle and back offices to the front divisions Basic
    [Show full text]
  • Published on July 21, 2021 1. Changes in Constituents 2
    Results of the Periodic Review and Component Stocks of Tokyo Stock Exchange Dividend Focus 100 Index (Effective July 30, 2021） Published on July 21, 2021 1. Changes in Constituents Addition（18） Deletion（18） CodeName Code Name 1414SHO-BOND Holdings Co.,Ltd. 1801 TAISEI CORPORATION 2154BeNext-Yumeshin Group Co. 1802 OBAYASHI CORPORATION 3191JOYFUL HONDA CO.,LTD. 1812 KAJIMA CORPORATION 4452Kao Corporation 2502 Asahi Group Holdings,Ltd. 5401NIPPON STEEL CORPORATION 4004 Showa Denko K.K. 5713Sumitomo Metal Mining Co.,Ltd. 4183 Mitsui Chemicals,Inc. 5802Sumitomo Electric Industries,Ltd. 4204 Sekisui Chemical Co.,Ltd. 5851RYOBI LIMITED 4324 DENTSU GROUP INC. 6028TechnoPro Holdings,Inc. 4768 OTSUKA CORPORATION 6502TOSHIBA CORPORATION 4927 POLA ORBIS HOLDINGS INC. 6503Mitsubishi Electric Corporation 5105 Toyo Tire Corporation 6988NITTO DENKO CORPORATION 5301 TOKAI CARBON CO.,LTD. 7011Mitsubishi Heavy Industries,Ltd. 6269 MODEC,INC. 7202ISUZU MOTORS LIMITED 6448 BROTHER INDUSTRIES,LTD. 7267HONDA MOTOR CO.,LTD. 6501 Hitachi,Ltd. 7956PIGEON CORPORATION 7270 SUBARU CORPORATION 9062NIPPON EXPRESS CO.,LTD. 8015 TOYOTA TSUSHO CORPORATION 9101Nippon Yusen Kabushiki Kaisha 8473 SBI Holdings,Inc. 2.Dividend yield (estimated) 3.50% 3. Constituent Issues (sort by local code) No. local code name 1 1414 SHO-BOND Holdings Co.,Ltd. 2 1605 INPEX CORPORATION 3 1878 DAITO TRUST CONSTRUCTION CO.,LTD. 4 1911 Sumitomo Forestry Co.,Ltd. 5 1925 DAIWA HOUSE INDUSTRY CO.,LTD. 6 1954 Nippon Koei Co.,Ltd. 7 2154 BeNext-Yumeshin Group Co. 8 2503 Kirin Holdings Company,Limited 9 2579 Coca-Cola Bottlers Japan Holdings Inc. 10 2914 JAPAN TOBACCO INC. 11 3003 Hulic Co.,Ltd. 12 3105 Nisshinbo Holdings Inc. 13 3191 JOYFUL HONDA CO.,LTD.
    [Show full text]
  • Asset Management ････ 29
    Spring 2008 Daiwa Securities Group Business Strategy This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that they do not relate strictly to historic or current facts. These statements discuss future expectations, identify strategies, contain projections of results of operations or of financial condition or state other “forward-looking”information. These statements are based on currently available information and represent the beliefs of the management of the Daiwa Securities Group. These statements are subject to numerous risks and uncertainties that could cause the Daiwa Securities Group’s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements. The Daiwa Securities Group undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, foreign exchange and global economic situations affecting the Daiwa Securities Group. Contents FY07 Financial Summary ････ 3 FY08 Business Strategies Retail ････ 8 Wholesale / Investment ････ 20 Asset Management ････ 29 Topics ････ 32 Dividend Policy ････ 35 2 FY07 Financial
    [Show full text]
  • 11 an Top 100 FINAL Pages.Qxp
    Global Cover-060712.qxp 6/7/2012 4:14 PM Page 1 Top 100 global OEM parts suppliers – Ranked on 2011 global OEM automotive parts sales Total global Total global OEM automotive OEM automotive Percent Percent parts sales parts sales North Percent Percent rest of 2011 (dollars in (dollars in America Europe Asia world 2010 rank Company Address Executive millions) 2011 millions) 2010 2011 2011 2011 2011 Products rank 1 Robert Bosch GmbH Postfach 106050 Franz Fehrenbach $39,753 e $34,565 e 14 54 26 6 Gasoline, diesel & steering systems, chassis system controls, electrical 1 (49) 711-811-0; bosch.com Stuttgart D-70049, Germany chairman drives, starter motors & generators, car multimedia & electronics, battery technology, exhaust gas turbochargers & treatment systems 2 Denso Corp. 1-1 Showo-cho Nobuaki Katoh 34,153 fe 32,850 fe 16 12 70 2 Thermal, powertrain control, electronic & electric systems; small 2 (81) 566-25-5511; globaldenso.com Kariya-Aichi 00448, Japan president & CEO motors, telecommunications 3 Continental AG Vahrenwalder Strasse 9 Elmar Degenhart 30,521 fe 24,819 fe 19 52 25 4 Electronic & foundation brakes, stability management systems, tires, 3 (49) 511-938-01; conti-online.com Hanover 30165, Germany CEO chassis systems, safety system electronics, telematics, powertrain electronics, interior modules, instrumentation, technical elastomers 4 Magna International Inc.† 337 Magna Drive Donald Walker 28,300 23,600 52 43 5 Complete vehicle engineering & assembly; body & chassis, 5 (905) 726-2462; magna.com Aurora, Ontario L4G7K1, Canada CEO closures, electronic, interior/exterior, powertrain, roof, seating, & vision systems; hybrid & electric vehicle systems 5 Aisin Seiki Co.
    [Show full text]
  • Sustainability Report 2016 Nissan Motor Corporation Sustainability Report 2016 01
    SUSTAINABILITY REPORT 2016 NISSAN MOTOR CORPORATION SUSTAINABILITY REPORT 2016 01 CONTENTS VIEWING THIS REPORT 2 1 3 This Sustainability Report is an interactive PDF. You can easily access the information 5 7 you need by clicking on the navigation tabs and buttons. 4 6 8 ● Section Tabs BUILDING TOMORROW’S SUSTAINABLE CONTENTS INTRODUCTION CEO MESSAGE MOBILITY SOCIETY Sustainability Strategies Click the tabs to jump to the top page of each section. ● Navigation Buttons ● Link Buttons 02 16 Go back one page Jump to linked page Return to previously viewed page Jump to information on the web 03 43 Go forward one page Jump to information in CSR Data 04 53 ● Our Related Websites 07 62 14 70 ■ Editorial Policy ■ Third-Party Assurance Nissan publishes an annual Sustainability Report as a way of sharing Click the link at right to view the third-party assurance. information on its sustainability-related activities with stakeholders. 108 77 This year’s report reviews the progress and results achieved in fiscal page_136 2015, focusing on the concept of Building Tomorrow’s Sustainable Mobility Society and the eight sustainability strategies. ■ Forward-Looking Statements ■ Scope of the Report This Sustainability Report contains forward-looking statements 136 95 Period Covered: The report covers fiscal 2015 (April 2015 to March on Nissan’s future plans and targets and related operating 2016); content that describes efforts outside this period is indicated investment, product planning and production targets. There can in the respective sections. Organization: Nissan Motor Co., Ltd., be no assurance that these targets and plans will be achieved. foreign subsidiaries and affiliated companies in the Nissan Group.
    [Show full text]
  • Ffiiinnnaaalll Rreeepppooorrrtt
    JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) MINISTRY OF ECONOMIC AFFAIRS THE REPUBLIC OF HUNGARY The Development Study on the Promotion of Small and Medium-sized Enterprises in the Republic of Hungary - Manufacturing Sector - FFFIIINNNAAALLL RRREEEPPPOOORRRTTT (SUMMARY) DECEMBER, 2000 UNICO International Corporation SRIC Corporation MPI CR (1) OO-196 ABBREVIATION AFEOSZ National Federation of Consumer Cooperative Societies APEH Bureau of Tax and Financial Control CGC Credit Guarantee Corporation EBRD European Bank for Reconstruction and Dev elopment EDB Enterprise Dev elopment Board EDI Electronic Data Interchange EIC Euro Info Center EIF European Investment Fund ERDF European Regional Development Fund EU European U nion HPC Hungarian Productivity Center HSBA Hungarian Small Business Association IFC International Finance Corporation IMD Institute for M anagement Dev elopment INNOSTART Hungary National Business & Innovation Center IPE Industrial Park Association IPOSZ Hungarian Association of Craftmen's Corporation ISDN Integrated Service & Digital Network ISP Internet Service Provider ITD-H Hungarian Investment and Trade Development Agency KISOSZ National Federation of Traders and Caterers LEA (or HVK) Local Enterprise Agency MEA M inistry of Economic Affairs MFB Hungary Development Bank MGYOSZ Confederation of Hungarian Employers and Industrialists MISZ Hungarian Innovation Association MKIK (or HCCI) Hungarian Chamber of Commerce and Industry MKVT Hungarian Small Business Association MTV MAGYAR TÁVKgZLÉSI RT. MVA Hungarian Foundation
    [Show full text]
  • Akebono Report 2017
    AKEBONO REPORT 2017 AKEBONO REPORT AKEBONO REPORT 2017 AKEBONO REPORT 2017 Issued August 2017 Corporate Communications Office 19-5 Nihonbashi Koami-cho, Chuo-ku, Tokyo 103-8534, Japan TEL +81 (0) 3-3668-5183 FAX +81 (0) 3-5695-7391 Akebono Brake Industry Co., Ltd. URL http://www.akebono-brake.com/english/ E-mail [email protected] Please send your opinions and impressions to the above office. This report was printed on Forest Stewardship Council-certified paper, sourced from well-managed forests and other controlled sources. In addition, the printing involved no volatile organic compounds (VOCs). akebono’s Through “Friction and Vibration, their Control and Analysis,” Corporate Mission we are determined to protect, grow and support every individual life We will continue to create value long into the 21st century as we pursue our Corporate Mission. We declare that we will: akebono’s Declaration for the 1. Recognize the real value of what we create and provide. 21st Century 2. Assure our own indispensability by continuously creating new value. 3. Accomplish our tasks with speed and the courage of our convictions without fear of failure. 4. Achieve our aspirations through the pride of each and every individual. 1. Customer needs first Corporate Goals 2. Technology realignment 3. Establishing a global network Brand Slogan Brand Statement Since 1929, akebono has brought assurance and peace of mind to our customers and end-users everywhere as a global industry leader in brake design and production. We take pride in our history of achieving safety without compromise, and continue to pursue new standards of perfection with Absolute safety; Unparalleled control innovation.
    [Show full text]
  • Dongfeng Motor (489.HK) – Initiation of Coverage 10 January 2013
    Dongfeng Motor (489.HK) – Initiation of Coverage 10 January 2013 Dongfeng Motor (489.HK) Automobile Sector 10 January 2013 Research Idea: Moving Up the Gears Target Price HK$15.00 We rate Dongfeng Motor (DFG) a Buy with 12-month target price of 12m Rating Buy HK$15.00. Its sales have dropped since Q3 2012 amid Sino-Japan tensions, 16% upside but we expect a recovery to pre-protest levels in Q1 2013 and growth to DFG – Price Chart (HK$) persist backed by a strong brand lineup. As one of the nation’s leading 22 Bull, HK$20.90 20 automakers, DFG is a good proxy for a secular sector growth story. 18 16 Base, HK$15.00 Three reasons to Buy: 14 12 10 . Sino-Japanese tensions have eased. DF Honda’s sales rebounded to 8 pre-protest levels while DF Nissan’s rebounded to 80% of pre-protest 6 Bear, HK$6.40 Jan12 May12 Sep12 Jan13 May13 Sep13 Jan14 levels in December, well above expectations. Consumer concerns about damage to vehicles should be offset by Sino-Japan auto JVs Price (HK$) 12.96 guaranteeing to repair damage caused during the recent unrest. We Mkt cap – HK$m (US$m) 112,354 (14,494) expect DFG’s sales volume growth to rebound from down 0.8% to +11% in FY13. Free float – % (H-share) 100.00 3M avg. t/o– HK$m (US$m) 299.5 (38.6) . Strong brand lineup can facilitate market-share gains. DFG has Major shareholder (%) three JVs and a comprehensive range of well-received models, which should help minimize sales fluctuations.
    [Show full text]