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Sanyo Trading / 3176 R Sanyo Trading / 3176 COVERAGE INITIATED ON: 2021.07.27 LAST UPDATE: 2021.08.06 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Sanyo Trading / 3176 R LAST UPDATE: 2021.08.06 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp Coverage INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 6 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 7 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------7 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 8 Quarterly trends and results -----------------------------------------------------------------------------------------------------------------------------------8 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 17 Business model --------------------------------------------------------------------------------------------------------------------------------------------------- 17 Segment overview ---------------------------------------------------------------------------------------------------------------------------------------------- 19 Profitability analysis --------------------------------------------------------------------------------------------------------------------------------------------- 34 Market and value chain---------------------------------------------------------------------------------------------------------------------------- 35 Trends in related industries ---------------------------------------------------------------------------------------------------------------------------------- 35 Competitors ------------------------------------------------------------------------------------------------------------------------------------------------------- 37 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 39 Historical performance and financial statements ------------------------------------------------------------------------------------------ 41 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 41 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 43 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 45 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 46 Other information ---------------------------------------------------------------------------------------------------------------------------------- 51 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 51 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 52 Corporate governance and top management --------------------------------------------------------------------------------------------------------- 52 Dividend policy -------------------------------------------------------------------------------------------------------------------------------------------------- 53 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 54 Number of employees and consolidated to parent ratio ------------------------------------------------------------------------------------------- 54 Profile ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 55 02/56 Sanyo Trading / 3176 R LAST UPDATE: 2021.08.06 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp Coverage Executive summary Business overview Sanyo Trading Co., Ltd. (TSE 1: 3176) is a trading company with combined specialization in chemicals and machinery. It ◤ exports, imports, and sells rubber, chemicals, machinery and equipment, auto parts, scientific instruments, and various other products. It does more importing than exporting, and its customers are mainly Japanese companies. The majority of its employees come from technological backgrounds, which enables the company to customize imported goods to Japanese specifications as well as troubleshoot technical issues on its own. Four of the company’s subsidiaries have the expertise to manufacture products (assembly, production, repair, and maintenance) and conduct R&D in the field of medical equipment. The breakup of the former Mitsui zaibatsu (predecessor of present-day Mitsui & Co., Ltd. [TSE1: 8031]) led to the ◤ establishment of Sanyo Trading in May 1947. In 1952, the company became Japan’s first importer of synthetic rubber as the sole distributor for Canada’s Polysar Limited. Sanyo Trading has expanded its product offerings from automobile tires and rubber hoses, belts, and antivibration rubber for internal combustion engines to genuine-leather seats, seat heaters, and other car seat and interior upholstery and trimmings. Leveraging its status as a non-keiretsu company, it has amassed an auto- industry customer base covering essentially all of the major Japanese automakers. As Japan’s automotive industry began gaining more international market penetration, the company responded by expanding its own global presence. The company supplies customers in industries including automotive (roughly 40% of sales, with the Toyota [TSE1: 7203] and Mazda [TSE1: 7261] groups being the largest customers), non-automotive chemicals, office automation and home electronics, paint and ink, livestock feed, biomass, plastics, and others. The company has been implementing sustainable ESG management by focusing on renewable energy (wood biomass and geothermal) and life sciences (medical equipment, pharmaceuticals) and handling merchandise with a low environmental footprint. The company’s business portfolio consists of four segments: Chemicals, Machinery & Industrial Products, Overseas ◤ Subsidiaries, and Other. The Machinery & Industrial Products segment accounts for around 60% of operating profit. In FY09/20, the Chemicals segment had sales of JPY30.5bn (40.1% of total sales) and an OPM of 4.1% (segment sales were split evenly between the Rubber Business Unit and the Chemical Business Unit). The Machinery & Industrial Products segment generated sales of JPY27.2bn (35.8%) and an OPM of 12.1% (segment sales come from three business units: 70% Industrial Products, 20% Machinery & Environmental, and 10% Scientific Instruments). The Overseas Subsidiaries segment had sales of JPY18.2bn (24.0%) and an OPM of 4.2%. The company handles rubber, chemicals, and industrial products. In FY09/20, companywide sales of products and services broke down to rubber products 21.3%, chemical products 32.9%, machinery and environment-related products 8.0%, industrial products 34.7%, and others (scientific instruments and other products and services) 3.2%. The company’s FY09/20 OPM of 6.3% was substantially higher than the most recent fiscal year figures of 1–3.5% for the nine ◤ major chemicals trading companies and 2–4% for the five major machinery trading companies. The company’s FY09/20 segment profit margins were 4.1% in Chemicals, 12.1% in Machinery & Industrial Products, and 4.2% in Overseas Subsidiaries. Business unit profit margins were the highest in Scientific Instruments, followed in descending order by Machinery & Environmental, Industrial Products, Rubber, and Chemical. Because the Scientific Instruments Business Unit entails repair and maintenance services and the Machinery & Environmental Business Unit deals in consumables, these two business units have higher profit margins than other business units that depend on merchandise sales. In the Industrial
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