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Oki Electric Industry / 6703 R Oki Electric Industry / 6703 COVERAGE INITIATED ON: 2017.04.21 LAST UPDATE: 2018.07.27 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 Report by Shared Research Inc. Oki Electric Industry / 6703 RCoverage LAST UPDATE: 2018.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp INDEX Executive Summary ------------------------------------------------------------------------------------------------------------------ 3 Key financial data -------------------------------------------------------------------------------------------------------------------- 5 Recent updates------------------------------------------------------------------------------------------------------------------------ 6 Highlights --------------------------------------------------------------------------------------------------------------------------------------- 6 Trends and outlook ------------------------------------------------------------------------------------------------------------------ 7 Quarterly trends and results --------------------------------------------------------------------------------------------------------------- 7 Full-year company forecasts ------------------------------------------------------------------------------------------------------------- 13 Initial company forecast for FY03/19 (out May 8, 2018) ----------------------------------------------------------------------- 13 Medium-term strategy (as announced in May 2018) --------------------------------------------------------------------------- 23 Business, market and value chain --------------------------------------------------------------------------------------------- 47 Business overview -------------------------------------------------------------------------------------------------------------------------- 47 Strengths and weaknesses --------------------------------------------------------------------------------------------------------------- 66 Historical results -------------------------------------------------------------------------------------------------------------------- 67 Financial statements --------------------------------------------------------------------------------------------------------------- 75 Income statement -------------------------------------------------------------------------------------------------------------------------- 75 Balance sheet -------------------------------------------------------------------------------------------------------------------------------- 79 Cash flow statement ----------------------------------------------------------------------------------------------------------------------- 83 Other information ----------------------------------------------------------------------------------------------------------------- 84 Corporate governance, environmental, and CSR information (as of March 2018)------------------------------------- 84 Top Management -------------------------------------------------------------------------------------------------------------------------- 85 Dividend policy ----------------------------------------------------------------------------------------------------------------------------- 85 Major shareholders ------------------------------------------------------------------------------------------------------------------------- 86 Employees ------------------------------------------------------------------------------------------------------------------------------------ 86 News and topics ---------------------------------------------------------------------------------------------------------------------------- 86 Profile ------------------------------------------------------------------------------------------------------------------------------------------ 88 02/89 Oki Electric Industry / 6703 RCoverage LAST UPDATE: 2018.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Executive Summary Core business Involved in telecommunications for over 130 years, but changing direction to target new growth Since manufacturing the first domestic telephone in 1881, when it was founded, Oki Electric Industry Co., Ltd. (OKI) has focused on developing domestic telecommunication technology instead of relying on foreign products. OKI was one of four members of the Nippon Telegraph and Telephone (NTT) family (formerly a Japanese government-owned telecommunications monopoly, privatized in 1952). Yet OKI’s sales to telecom companies have shrunk to around 15% of total sales following the privatization of NTT, the opening of the domestic telecom market, and the shift of telecom networks to IP (internet protocol) technology. In light of such developments, OKI restructured its operations in April 2016, and eliminated the former Info-Telecom Systems segment to focus on new growth areas. ICT segment is main earnings source: developing ATMs in emerging markets; targeting high-end domestic demand in EMS segment The company’s four segments are Information and Communication Technology (ICT), Mechatronics Systems, Printers, and Electronics Manufacturing Services (EMS). Shared Research understands that ICT and EMS generate stable earnings while Mechatronics Systems and Printers are struggling. In the ICT segment––the main source of earnings–– the company provides telecom systems and solutions to a range of industries and government agencies. The ICT segment is fueled by replacement demand from major companies. In the Mechatronics Systems segment, the company has a high domestic market share of cash-recycling ATMs (machines that use deposited cash for future withdrawals) for financial institutions and retailers. It is focusing on cash-handling machines and tapping into emerging markets overseas. In the Printers segment, around 80% of segment sales are from single and multifunction printers for the office printer market, but given the company’s low market share and high fixed costs, OKI is shifting its earnings structure to focus on specialty and professional printing markets. In the EMS segment, the company offers reliable, high-end electronics manufacturing services (EMS), while maintaining segment OPM of 5%. It expects continued EMS growth on expanded production bases and sales channels via acquisitions. Segment composition Source: Shared Research based on company data Earnings trends The ICT and EMS segments generate stable earnings, while Mechatronics Systems and Printers tend to be more volatile. The ICT segment is driven by replacement demand, primarily from large clients in a range of industries, and the segment’s earnings structure is mostly stable, excluding occasional extraordinary demand. In FY03/17, segment profitability improved partly due to organizational reform. In the Mechatronics Systems segment, profits fell significantly in FY03/17 as OKI suspended sales to a partner in China and cut back production. Sales in China are expected to bottom out in FY03/18 and the main focus going forward will be sales in emerging markets. Helped by acquisitions, the EMS segment is steadily growing in terms of scale, production capacity, and customer base, and is maintaining relatively high profit margins for an EMS business. In the Printers segment, the medium-term plan calls for major reforms, and the accompanying expenses are expected to temporarily pull down segment profits, but Shared Research anticipates positive results from this approach. Medium-term strategy The company is looking to sustain growth over the medium to long term by channeling more management resources into growth areas. Under its new medium-term business plan (released in May 2017), the company is looking to increase its earning 03/89 Oki Electric Industry / 6703 RCoverage LAST UPDATE: 2018.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp capacity and, as key performance indicators, is targeting an operating profit margin of 6% and equity ratio of at least 30%. In terms of sales and earnings, the plan calls for sales of JPY500bn and operating profit of JPY30bn; the company is also looking to get the shareholders equity on its balance sheet up to JPY120bn and pay a stable dividend. Although the ICT segment is stable primarily due to replacement demand, the market is mature, so OKI aims to use IoT to develop social infrastructure-related areas into a growth market. In Mechatronics Systems, the company expects growth through overseas expansion, particularly in emerging markets. In EMS, OKI plans to grow by increasing the number of client companies and sectors, and improving value-added (such as adding more functions to its ATMs). In Printers, as demand in the office printer market is shrinking, OKI is reviewing its product strategy and distribution (including sales locations) to reduce fixed costs and secure earnings. The company is looking to become a unique printer company and, towards this end, plans to leverage its advanced LED head technology and shift to a niche market strategy. 04/89 Oki Electric Industry
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