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Oki Electric Industry / 6703 Oki Electric Industry / 6703 COVERAGE INITIATED ON: 2017.04.21 LAST UPDATE: 2021.02.04 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: 2020.09.07 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 forecast ----------------------------------------------------------------------------------------------------------------- 12 Medium-term strategy (as announced in May 2017) ----------------------------------------------------------------------------- 13 Business, market and value chain ----------------------------------------------------------------------------------------------- 15 Business overview ----------------------------------------------------------------------------------------------------------------------------- 15 Business segments (note: reporting segmentation scheme changed starting FY03/21) ------------------------------ 18 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------ 36 Historical results and financial statements ----------------------------------------------------------------------------------- 37 Income statement ----------------------------------------------------------------------------------------------------------------------------- 37 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------- 38 Cash flow statement -------------------------------------------------------------------------------------------------------------------------- 40 Historical results ------------------------------------------------------------------------------------------------------------------------------- 41 Other information -------------------------------------------------------------------------------------------------------------------- 49 News and topics ------------------------------------------------------------------------------------------------------------------------------- 49 Corporate governance, environmental, and CSR information (as of March 2018) -------------------------------------- 49 Top Management ----------------------------------------------------------------------------------------------------------------------------- 51 Dividend policy -------------------------------------------------------------------------------------------------------------------------------- 51 Major shareholders --------------------------------------------------------------------------------------------------------------------------- 52 Number of employees ----------------------------------------------------------------------------------------------------------------------- 52 Profile ---------------------------------------------------------------------------------------------------------------------------------------------- 53 02/58 Oki Electric Industry / 6703 RCoverage LAST UPDATE: 2020.09.07 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Executive Summary Core business ◤ 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). OKI’s sales within the NTT family have shrunk following the privatization of NTT, the opening of the domestic telecom market, and the shift of telecom networks to IP (internet protocol) technology, but the company has successfully built a customer base spanning national and local government bodies to general corporations by leveraging its audio technology in the telecom field. ◤ In the ICT segment, 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, key products are 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. While the ICT segment is the main earnings source, the company is stepping up efforts to expand the ATM business in emerging markets and pursue high-end domestic demand in the EMS segment. ◤ The company’s four segments are Information and Communication Technology (ICT), Mechatronics Systems, Printers, and Electronics Manufacturing Services (EMS). OKI works to further develop the ICT and EMS segments where the earnings base is stable, while simultaneously advancing structural reforms in the Mechatronics Systems and Printers segments. Earnings trends ◤ For FY03/20, OKI reported sales of JPY457.2bn (+3.6% YoY), operating profit of JPY16.8bn (-4.0% YoY), recurring profit of JPY13.8bn (-10.8% YoY), and net income of JPY14.1bn (+67.6%). Lower sales in the Mechatronics Systems, Printers, and EMS segments were offset by sales growth in the ICT segment, resulting in higher sales overall. ICT sales rose 24.3% YoY, helped by growth in social infrastructure and telecom network businesses, along with the benefit of increased adoption of the percentage of completion method especially in government agency projects. In terms of profits, although ICT was the driving force, overall operating profit declined, impacted by lower sales in the Printers segment, reduced profit in the EMS segment, and yen appreciation against the euro. Net income increased 67.6% YoY as the company recorded an extraordinary gain on sales of fixed assets and investment securities, and impairment losses under extraordinary losses narrowed. ◤ OKI announced its FY03/21 earnings forecast at the same time as its Q1 FY03/21 results. The company forecast sales of JPY405.0bn (-11.4% YoY) and operating profit of JPY8.5bn (-49.5% YoY), and had no forecast for recurring profit and net income. When it announced Q2 results, the company maintained its sales and operating profit estimates and newly announced the forecast for recurring profit and net income, factoring in the impact of structural reform. It expects recurring profit of JPY8.0bn (-42.0% YoY) and net income of JPY1.0bn (-92.9% YoY). The company changed its reporting segments effective Q1 FY03/21. Segment forecasts are as follows: Solution Systems JPY195.0bn (-14.9% YoY) in sales and JPY15.0bn (-28.0% YoY) in operating profit, Components & Platforms JPY205.0bn (-5.2% YoY) in sales and JPY1.0bn (-81.8% YoY) in operating profit, and Others JPY5.0bn (-57.9% YoY) in sales and JPY0mn in operating profit (JPY600mn operating loss in FY03/20). The company estimates the effects of the pandemic at around JPY20.0bn for sales and JPY6.0bn for operating profit, mostly affecting overseas markets. The company maintained its earnings forecast at the time of Q3 results announcement. 03/58 Oki Electric Industry / 6703 RCoverage LAST UPDATE: 2020.09.07 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Medium-term strategy ◤ On October 29, 2020, the company announced a three-year plan covering FY03/21–FY03/23, Medium-Term Business Plan 2022. OKI marks its 150th anniversary in 2031, and targets sustainable growth through solving social problems. It has positioned the current three years as a time to put in place the foundations for growth as the first installment of these ambitions, and announced plans to execute large-scale
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