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6785 Suzuki Co., Ltd <Japanese Equity Research> IR Street REPORT （Growing Company Report） TSE 1st Section 6785 Suzuki Co., Ltd. Sector; Electrical equipment 30-Sep-14 Integrated production from design of fine die to finished products - Realize high quality, quick delivery and low cost to support manufacturing in Japan - Contact； IR STREET TEL；03-4500-6880 Corporate profile Represenrative Noriyoshi Suzuki URL: http://www.suzukinet.co.jp/ Established June 1933 Head office 2150-1 Oaza-ogawara, Suzaka-shi, Nagano Listed February 2001 Core business is press die manufacturing for precision components. Also expanded into car electric components, Business line electronic components and assembly of medical equipment. Shares issued 6195000 shares 29-Sep-14 Majore sharehodlersSuzuki Enterprise, Inc. 25.11% Noriyoshi Suzuki 10.89% Employees' stockholding 6.37% Stock price ￥913 Kazuhira Takeda 2.65% THE HACHIJUNI BANK 2.50% (end-June 2014) PER(est.) 15.59X Individual/other 59.94%, other corporations 30.84%, financial institutions 5.15%, financial instruments firms 2.28%, PBR foreign corporations, etc. 1.76% 0.49X Net sales Operating incomOe rdinary incom Dividend EPS EPS(est.) ￥58.57 （\ million） （\ million） （\ million） （\） （￥） BPS ￥1,859.69 June 2012 17,838 944 978 25 56.10 Dividend yield (est.) 2.41% June 2013 18,201 1,064 1,162 27 82.73 Market cap ￥5,656million June 2014 19,453 797 910 27 39.39 Volume (5-day avg.) 17,900shares June 2015 (est.) 21,000 925 954 22 58.57 Trading unit 100shares (¥ million) 22,000 1,500 1,500 100 21,000 80 20,000 1,000 1,000 60 19,000 40 18,000 500 500 17,000 20 16,000 0 0 0 June 2012 June 2013 June 2014 June 2015 June 2012 June 2013 June 2014 June 2015 (est.) (est.) Net sales （¥ million） Operating income （¥ million） Ordinary income （¥ million） EPS （￥） ＜Corporate profile and history＞ Suzuki, a fine die manufacturer was established in June 1933. The company was established in Kamata, Tokyo in June 1933 and was mainly engaged in manufacturing dies for crystal radio components. In April 1960, Suzuki established a main factory in Suzaka-shi, Nagano and moved there. Suzuki was recognized for the efforts toward high technological skills and further improvement, and expanded its business at a satisfactory pace. In 1970, Suzuki started manufacturing die punching dedicated grinding machine and various automatic continuous crimping machine. Suzuki widened its appeal extending from electronic component business to automated/laborsaving device business based on the development of high-precision fine die. Currently, Suzuki puts the focus on mass production and processing of electronic component connectors and car electric component connectors. Suzuki has business relationships with almost all connector manufacturers in Japan and the company plays an essential role in the electronic component production. Current President Noriyoshi Suzuki who assumed his post in 1991 drove the growth of the company. Trading of Suzuki shares started in February 2001 on the over-the-counter trading (now JASDAQ), and in 2006, Suzuki established S & S Components with Sumitomo Wiring Systems to expand its car electric component connector business. Suzuki listed its shared on the Tokyo Stock Exchange 2nd Section in May 2012, and then moved to the Tokyo Stock Exchange 1st Section in July 2014. In 2007, Suzuki established Suzuki Toshin in Guangdong, China and branched out into China in full-scale. In 2013, Suzuki established a local company in Indonesia, and has been expanding its activities in Asia (scheduled for operation in Indonesia in 2015). ＜Business strategy and financial outlook＞ Die, component, and machinery and appliances are Suzuki's three business segments. Mass production and processing of components department which accounts for about 80% of total sales is Suzuki's core business, and this business is supported by die department engaged in the development of fine die that meets the needs of customers. Machinery and appliances department includes assembly of automated/laborsaving devices, and machinery and appliances. In FY6/14, although sales increased for 5 consecutive years as a result of strong growth in car electronics-related and medical-related orders throughout the year, electronic components-related orders were sluggish due to the effect of a rapid production adjustment as a result of inventory adjustment and switching of models by major customers. Moreover, earnings decreased mainly because electronic components-related orders of Suzuki Toshin in China were sluggish, initial costs for establishing a new factory ended up costing more than assumed and posted and impairment loss on old factory buildings, etc. In FY6/15, Suzuki expects net sales of 21 billion yen (up 8% YoY) and operating income of 925 million yen (up 16.1% YoY). In the current fiscal year, Suzuki aims for the world's highest level of production efficiency by strengthening consistent production system, which is its strength in the core electronic component connector field. Suzuki will improve die and peripheral equipment to significantly increase monthly production per equipment and shorten the outage time of pressing to strengthen efforts toward small-lot products. Percentage of medical assembly, which is a relatively new field, to total sales for FY6/14 increased to about 8%. Suzuki's yield rate is above the customers' standards and the company gains deep trust from them thus further expansion is expected. Also in the die business, Suzuki is working on the development of next-generation die such as by jointly conducting the development of technology to create maintenance-free, long-life die with a university. Suzuki's financial outlook is very conservative with FY6/15 net sales of 21 billion yen (up 8% YoY), operating income of 925 million yen (up 15.9% YoY), ordinary income of 954 million yen (up 4.9% YoY) and net income of 362 million yen (up 48.7% YoY). PBR of 0.5x compared with the TSE 1st section average (1.35x based on the closing price on September 29, 2014) is clearly undervalued. Corporate analysis by IR STREET Strength Opportunity 1.Technical skills to realize ultrafine molding 1.Miniaturization in the electronic components and car components fields 2. Highly reputed careful work capability 2.Increase in demand for high quality, quick delivery and low cost 3. Integrated production system from die to inspection and packaging 3.Needs for assembly and processing technology in other fields Weakness Risk 1.Severe price competition of components for multifunctional terminal 1.Global recession 2.Trends in host countries 《Press processing》 Layout of general working process ■Net sales by segment (million yen) Jun 2014 Jun 2015 (est.) YoY Die 1,345 1,409 64 +4.8% Components 15,441 16,759 1,318 +8.5% Electronic component connectors 8,358 9,315 957 +11.5% Car electric component connectors 7,082 7,443 361 +5.1% IR Machinery & appliances 2,659 2,820 161 +6.1% Other 7 10 3 +42.9% Total 19,453 21,000 1,547 +8.0% CLICKCC HERE R TO OG GET MORE ORR IR INFORMATION ORAO OF O THE COMPANY COA Copyright©Copyright© 20132014 Finantec Co., Ltd. All Right Reserved. This report is provided for information purpose only, and consitutes neither investment advice nor the recommendation to purchase or sell securities..
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