DOCSLIB.ORG

Igarashi Motors India Ltd CMP Target Rating Rs

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Igarashi Motors India Ltd CMP Target Rating Rs Igarashi Motors India Ltd CMP Target Rating Rs. 647 Rs. 745 BUY Believe The Hype! Igarashi Motors India Ltd (IMIL) manufactures DC motors deployed in niche applications for reducing emissions and improving fuel efficiencies in passenger cars. IMIL’s product portfolio includes Electronic Throttle Controls (ETC), Exhaust Initiating Coverage Gas Recirculation (EGR) and Turbochargers, together referred to as Torque Actuator Motors (TAM), hereinafter. IMIL is the market leader, globally, in ETCs with ~40% market share (>80% of revenue) Date June 21, 2016 The automotive industry is inexorably turning to power electronics as a panacea to achieve adherence to strict CO2 and fuel Market Data economy regulations coming into force, which further accentuates the criticality of IMIL’s offerings. The consequent improvement in penetration of these applications going forward, juxtaposed with IMIL’s leadership and close technical SENSEX 26867 collaborations with its customers provides strong revenue visibility. IMIL maintains its leadership (in ETCs) in a market Nifty 8239 dominated by Japanese and Chinese motor manufacturers, by virtue of being intensely backward integrated with possession of IPs and technical knowhow. Also, IMIL counts the largest Tier 1 auto comp companies amongst its clientele. Bloomberg IGM IN Power electronics in automobiles – a panacea for the mandated emissions/fuel economy norms; would also lead to improved penetration levels of TAM : Major auto markets have enacted exacting emission regulation targets to be progressively achieved over Shares o/s 31mn the medium term, requiring significant improvement in fuel efficiencies. Usage of automotive electronics including the TAM, enable Market Cap Rs. 20bn optimization of fuel consumption, critical in reducing CO2 emissions. The TAM market which stood at ~90mn motors in FY16 is expected to increase to ~200mn motors led by increasing penetration of the technology. IMIL is expected to significantly benefit 52-wk High-Low Rs. 774-372 from this on the back of its improving market share in the EGR and turbocharger applications, enabled by possession of critical IPs in key stages of the manufacturing process and its low cost, backward integrated operations. 3m Avg. Daily Vol Rs. 40mn IMIL is amongst the lowest cost manufacturers of DC motors world over; possession of IPs and backward integrated Index member BSESMALLCAP operations give it an invaluable edge: Even in the face of intense competition from large Japanese and Chinese manufacturers, coupled with intense cost cutting pressures flowing down from the Tier 1 suppliers/ OEMs, IMIL has exhibited non-liner growth in its Latest shareholding (%) margin (improving from 13.8% in FY11 to 24.1% in FY16). This is aided by lower value addition costs enabled by lower labour costs, supplemented by backward integration of operations, whereby the company has in-housed a significant portion of the production Promoters 85.9 process. IMIL thus boasts of significantly higher operating margins that its’ global peers. IMIL is also in possession of critical IPs concerning key stages of the manufacturing process, which gives it a significant edge over competition. Institutions 3.0 Standardization of motors- an important driver of profitability going forward: IMIL is intently focused on manufacture of Public 11.1 standardized motors, which could then be modified according to the end use application (ETC/EGR/Turbocharger). With single motors going into >100 car platforms across OEMs, standardization will further accentuate profitability and cost savings Stock Performance (%) Unswerving focus on staying up the curve on technological changes impacting the industry: Brushless DC motors are expected 1m 3m 12m dominate the DC motors industry over the medium term, consequent to significant operational and efficiency advantages over brushed DC motors, with the only inhibition being the cost itself. IMIL is investing meaningful resources on R&D for offering brushless DC motors IGM 3% 30% 34% at a cost comparable to brushed DC motors, which we believe would be a significant game changer. Also, the company plans to Sensex 6% 8% -2% expand its product portfolio into applications like electronic water/oil/vacuum pumps, which would improve the quality of growth. BSE Auto 8% 13% 5% Initiate coverage with TP of Rs. 745, basis 25x FY18 EPS of Rs.29 Financial Summary Year Revenues (Rs. mn) EBITDA (Rs. mn) EBITDA Margin Adj. PAT (Rs. mn) Adj. EPS (Rs.) P/E(x) EV/EBITDA(x) FY16 4,450 1,070 24.1% 636 20.8 31.1 17.6 FY17E 5,423 1,288 23.8% 797 26.0 24.9 14.4 FY18E 6,432 1,431 22.3% 894 29.2 22.2 13.8 MUKESH SARAF [email protected] +91 44 4344 0041 Find Spark Research on Bloomberg (SPAK <go>), Page 1 RAMAKRISHNAN SESHAN [email protected] +91 44 4344 0020 Thomson First Call, Reuters Knowledge and Factset CMP Target Rating Igarashi Motors India Ltd Rs. 647 Rs. 745 BUY Compliance with regulatory emission norms to give a significant boost to the TAM market and hence, IMIL’s revenue TAM Market size estimates and expected volumes and revenue of IMIL FY16 FY18E FY21E Comments Global car production volumes (Mn 70 77 89 We have assumed the global passenger car production to grow at a ~5% p.a. through FY21 Units) Amongst the TAM applications, ETC is currently the highest penetrated, at ~67%. This is expected to increase to ~73% by FY18 and further to 80% by FY21. TAM Penetration (Number of 1.2 1.6 2.2 motors per car) Our interactions with industry experts suggest that the penetration of EGR and Turbochargers currently stands at 30% and 33% respectively, and that the penetration for both the technologies would increase to 45% in FY18 and 70% in FY21 TAM Market size (Mn motors) 91 126 197 Derived using the TAM penetration and the global production volumes above Expect IMIL's market share in the ETC segment (~80% of revenue currently) to increase IMIL Volumes (mn motors) 20 32 54 marginally from the current 38% to 40% by FY21. Expect the market share in the EGR and Turbocharger segments to progressively increase IMIL Market share 21.5% 25.5% 27.3% to 20% each by FY21 Expect the realizations to remain flattish, with improving product mix (increasing mix of EGR and Turbochargers), platform standardization and value engineering expected to aid Average realization (Rs/motor) 200 200 200 realizations which would be tempered by the cost reduction pressures exerted by Tier 1 suppliers and OEMs We have not factored in revenue from IMIL’s new product offerings including electric water, IMIL Revenue (Rs. Mn) 4,450 6,422 10,721 oil and vacuum pumps. Per Nidec’s corporate presentations, the overall market size for electric water and oil pumps alone could be 55 mn in FY20 from 31mn in FY16 . Our estimates of the TAM market size is basis our discussions with the management of IMIL, discussions with one of the largest manufacturers of motors based out of China and also on a perusal of presentations and earnings call transcripts including that of Mabuchi Motors, Nidec, Mitsuba and Johnson Electric. Page 2 CMP Target Rating Igarashi Motors India Ltd Rs. 647 Rs. 745 BUY Company Factsheet Corporate Factsheet . Igarashi Motors India Ltd (IMIL) was established in 1993 as CG Igarashi Motors Ltd, a joint venture between Crompton Greaves Ltd (CGL), Igarashi Electric Works (IEW), Japan and Igarashi Electric Works (H.K) Ltd. Company . The company, since rechristened Igarashi Motors India Ltd , is currently a subsidiary of Agile Electric Sub-Assembly Private Limited (Agile), which Background holds a 41.92% stake. (For complete details of the current, and historical changes in the ownership structure, please refer the next slide) . The company is engaged in the manufacture and export of permanent DC magnet motors for passenger cars . Companies forming part of the Igarashi Group include Agile, Igarashi Electric Works (IEW), Japan, Igarashi Electric Works (H.K) Limited, Igarashi Motor Sales USA LLC, Igarashi Motoren GMBH, Germany, Igarashi Electric Works – China, Baesung Igarashi Co. Ltd, Korea. The group manufactures DC motors finding application in the automobile, office equipment, home appliances, electric tools, and industrial equipment Group industries. For more details on the group companies, please refer slide 5. companies . IMIL holds 10.8% stake in Joint Venture Company viz., Bosch Electrical Drives. The JV is engaged in the sale, manufacturing, development, and application of wiper systems including wiper motors, engine cooling systems including fan motors, HVAC blower motors, window lift motors and other system components Board of Directors: Management . Mr. K. K. Nohria - Chairman and Independent Director, Mr. Hemant M Nerurkar - Independent Director, Mr. Keiichi Igarashi - Director, Mr. P. depth Mukund - MD, Mr. S. Radhakrishnan - Independent Director, Mr. Akhil Awasthi - Additional Director, Ms. Eva Maria Rosa Schork - Additional Director . The company manufactures DC motors primarily for powertrain applications, majorly electronic throttle control, exhaust gas recirculation systems and Products turbochargers. The company derives ~80% of its revenue from electronic throttle controls segment. The company sells its products primarily through its group companies - Igarashi Motor Sales LLC USA, Igarashi Moteren GMBH, IEW Japan and Customers and IEW Hong Kong. geographical . The company derives its revenue primarily from the export markets. In FY15, the company derived 44% of its revenue from Europe, 28% each, from mix of revenue Asia and USA . Major customers include Bosch, Continental, Bosch, Continental, Denso, Delphi, Keihin, Magneti Marelli, Visteon, Pierburg, Valeo and others Manufacturing . IMIL has two manufacturing facilities situated in MEPZ-SEZ Chennai, Facilities Corporate . Axis Bank, State Bank of India Banking Auditors . Sharp & Tannan Page 3 CMP Target Rating Igarashi Motors India Ltd Rs. 647 Rs. 745 BUY Corporate timeline – Snapshot of ownership changes 1993 2013-14 . Igarashi Motors India Ltd (IMIL) was . In July 2013, HBL’s 97.9% stake in Agile (which held 62.8% stake in IMIL) was sold to Blackstone for Rs3.3bn established in 1993 as CG Igarashi .
Load more

Recommended publications
  • 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]
  • U.S. Adoption of High-Efficiency Motors and Drives: Lessons Learned
    U.S. Adoption of High-Efficiency Motors and Drives: Lessons Learned A Historical and Value Chain Perspective February 25, 2010 Marcy Lowe, Ruggero Golini,1 and Gary Gereffi Contributing CGGC researchers: Ghada Ahmed and Saori Tokuoka This research was sponsored by the Corporate Partnerships Program of the Environmental Defense Fund and prepared by CGGC. We would like to thank Andrew Hutson and Terry Foecke for their comments on previous drafts of this report. Many thanks also to Kitt Butler, Gene Eckhart and Robert Boteler for providing expert review of early drafts. Errors of fact or interpretation remain exclusively with the authors. We welcome comments and suggestions. The lead author can be contacted at [email protected]. © February 2010. Center on Globalization, Governance & Competitiveness, Duke University Photo Permission: Cover photo from Toshiba, January 25, 2010. 1. Università degli Studi di Bergamo Department of Economics and Technology Management Viale Marconi 5 24044 Dalmine (BG), Italy List of Abbreviations AAEMM American Association of Electric Motor Manufacturers AC Alternating current ACEEE American Council for an Energy-Efficient Economy AMES Associated Manufacturers of Electrical Supplies ASD Adjustable Speed Drive CEE Consortium for Energy Efficiency CO2 Carbon Dioxide DC Direct current DOE U.S. Department of Energy DSM Demand Side Management EISA Energy Independence and Security Act EPCA or EPAct Energy Policy and Conservation Act of 1992 HP Horsepower HVAC Heating, ventilation and air conditioning HZ Hertz IEC International Electrotechnical Commission IEEE Institute of Electrical and Electronic Engineers ITP Industrial Technologies Program kWh Kilowatt hour NEMA National Electrical Manufacturers Association NIST U.S. National Institute of Standards and Technology U.S.
    [Show full text]
  • Electronics System Coordinator
    Electronics System Coordinator RYOSAN CO., LTD. CORPORATE PROFILE 2020 Since its founding, Ryosan has conducted corporate activities based on the strong conviction that “a corporation is a public institution.” This phrase means that corporations are founded in order to benefit society in both the present and the future. Corporations are allowed to exist only if they are needed by society. In other words, corporations lose their meaning when they are no longer needed by society. Ryosan will continue its corporate activities with this strong conviction and firm resolution. “A corporation is a public institution.” Ryosan keeps this phrase firmly in its heart as the Company moves forward into the future. Ryosan History ~1960 1970 1980 1990 2000 2010~ 1953 1974 1981 1996 2000 2012 Ryosan Denki Co., Ltd. is established Hong Kong Ryosan Limited is The company name is changed to Ryosan Technologies USA Inc. The head office is moved to the current Ryosan Europe GmbH is established. in Kanda-Suehirocho, Chiyoda-ku, established. Ryosan Co., Ltd. is established. Head Office Building. Tokyo. Consolidated net sales exceed 300 2014 1976 1982 1997 billion yen. Ryosan India Pvt. Ltd. is established. 1957 Singapore Ryosan Private Limited Consolidated net sales exceed Zhong Ling International Trading The Company is reorganized as is established. 100 billion yen. (Shanghai) Co.,Ltd. is established. 2001 2016 a stock company as Korea Ryosan Corporation and Ryosan Engineering Headquarters obtain Ryosan Denki Co., Ltd. 1979 1983 1999 (Thailand) Co.,Ltd. are established. ISO9001 certification. Ryotai Corporation is established. Stock is listed on the Second Section Kawasaki Comprehensive Business 1963 of the Tokyo Stock Exchange.
    [Show full text]
  • FTSE Japan ESG Low Carbon Select
    2 FTSE Russell Publications 19 August 2021 FTSE Japan ESG Low Carbon Select Indicative Index Weight Data as at Closing on 30 June 2021 Constituent Index weight (%) Country Constituent Index weight (%) Country Constituent Index weight (%) Country ABC-Mart 0.01 JAPAN Ebara 0.17 JAPAN JFE Holdings 0.04 JAPAN Acom 0.02 JAPAN Eisai 1.03 JAPAN JGC Corp 0.02 JAPAN Activia Properties 0.01 JAPAN Eneos Holdings 0.05 JAPAN JSR Corp 0.11 JAPAN Advance Residence Investment 0.01 JAPAN Ezaki Glico 0.01 JAPAN JTEKT 0.07 JAPAN Advantest Corp 0.53 JAPAN Fancl Corp 0.03 JAPAN Justsystems 0.01 JAPAN Aeon 0.61 JAPAN Fanuc 0.87 JAPAN Kagome 0.02 JAPAN AEON Financial Service 0.01 JAPAN Fast Retailing 3.13 JAPAN Kajima Corp 0.1 JAPAN Aeon Mall 0.01 JAPAN FP Corporation 0.04 JAPAN Kakaku.com Inc. 0.05 JAPAN AGC 0.06 JAPAN Fuji Electric 0.18 JAPAN Kaken Pharmaceutical 0.01 JAPAN Aica Kogyo 0.07 JAPAN Fuji Oil Holdings 0.01 JAPAN Kamigumi 0.01 JAPAN Ain Pharmaciez <0.005 JAPAN FUJIFILM Holdings 1.05 JAPAN Kaneka Corp 0.01 JAPAN Air Water 0.01 JAPAN Fujitsu 2.04 JAPAN Kansai Paint 0.05 JAPAN Aisin Seiki Co 0.31 JAPAN Fujitsu General 0.01 JAPAN Kao 1.38 JAPAN Ajinomoto Co 0.27 JAPAN Fukuoka Financial Group 0.01 JAPAN KDDI Corp 2.22 JAPAN Alfresa Holdings 0.01 JAPAN Fukuyama Transporting 0.01 JAPAN Keihan Holdings 0.02 JAPAN Alps Alpine 0.04 JAPAN Furukawa Electric 0.03 JAPAN Keikyu Corporation 0.02 JAPAN Amada 0.01 JAPAN Fuyo General Lease 0.08 JAPAN Keio Corp 0.04 JAPAN Amano Corp 0.01 JAPAN GLP J-REIT 0.02 JAPAN Keisei Electric Railway 0.03 JAPAN ANA Holdings 0.02 JAPAN GMO Internet 0.01 JAPAN Kenedix Office Investment Corporation 0.01 JAPAN Anritsu 0.15 JAPAN GMO Payment Gateway 0.01 JAPAN KEWPIE Corporation 0.03 JAPAN Aozora Bank 0.02 JAPAN Goldwin 0.01 JAPAN Keyence Corp 0.42 JAPAN As One 0.01 JAPAN GS Yuasa Corp 0.03 JAPAN Kikkoman 0.25 JAPAN Asahi Group Holdings 0.5 JAPAN GungHo Online Entertainment 0.01 JAPAN Kinden <0.005 JAPAN Asahi Intecc 0.01 JAPAN Gunma Bank 0.01 JAPAN Kintetsu 0.03 JAPAN Asahi Kasei Corporation 0.26 JAPAN H.U.
    [Show full text]
  • Missouri Connections: Japan
    Missouri Connections: Japan Exports & Imports Total exports to Japan in 2015 $507,647,035 Top export commodities Food manufactures Chemicals Transportation equipment Fabricated metal products Computer and electronic products Total imports from Japan in 2015 $287,187,957 Education Top import commodities Missouri State University (Springfield) Chemicals Offers an Asian Studies minor Fabricated metal products Machinery, except electrical Truman University (Kirksville) Transportation equipment Asian Studies minor Electrical equipment, appliances & components University of Missouri (Columbia) Source: International Trade Administration East Asian Studies minor, BA in International Studies with East Asian Emphasis, and BA in Population International Business with East Asian area emphasis Missourians born in Japan 2,124 Washington University in St. Louis BA, MA, PhD in Japanese Missourians who speak Japanese 2,797 University of Missouri Asian Affairs Center Source: U.S. Census Bureau, 2014 American Community The AAC builds upon MU’s substantial Asian Survey 1-Year Estimates programs and connections through the univer- sity and alumni to benefit citizens, government entities, and businesses in Missouri and in the region: asia.missouri.edu St. Louis Language Immersion Schools sllis.org Culture Kitz Corporation: Kitz Corporation Of America (St. Louis) Japanese societies in Missouri Kyowa Hakko Kirin: Biokyowa Inc. (Cape Japanese Council of Greater Kansas City: Girardeau) japancouncil.org Marubeni Corporation: Gavilon (Alexandria, Japan America Society of St. Louis: Cape Girardeau, Scott City, New Franklin, St. jasstl.wordpress.com Joseph, Rock Port, Kansas City); Helena Chemical Heart of America Japan-America Society: Company (Wyaconda, Clarkton, Hayti, Dudley, kcjas.org Matthews, New Madrid, Canton, Chillicothe, Edina); Mac Trailer Leasing L.L.C.
    [Show full text]
  • Co., Ltd. 9 Vn01 Australian General Engineering Vietnam J.S.C 19 Jp07 Bando Manufacturing (Vietnam) Co., Ltd
    SUPPORTING JAPAN EXTERNAL TRADE ORGANIZATION HO CHI MINH OFFICE INDUSTRY 14th Floor, Sun Wah Tower, SHOW 2020 115 Nguyen Hue Street, District 1, Meet Your Next Partners Ho Chi Minh City, Vietnam Tel: +84-28-3821-9363 PEOPLE'S COMMITTEE OF HO CHI MINH CITY INVESTMENT & TRADE PROMOTION CENTRE (ITPC) 51 Dinh Tien Hoang Street, District 1, Ho Chi Minh City, Vietnam JAPAN - VIETNAM Tel: +84-28-3911-1314 SUPPORTING INDUSTRY SHOW 2020 HO CHI MINH CITY CENTER OF SUPPORTING INDUSTRIES DEVELOPMENT (CSID) 10th Floor, 163 Hai Ba Trung street, Ward 6, District 3, Ho Chi Minh City, Vietnam Tel: +84-28-7305-0008 SUPPORTING INDUSTRY SHOW 2020 Meet Your Next Partners Exhibitiors List (Buyer) 04 INDEX Exhibitiors List (Seller) 05 Category For Purchasing Items 06 Category For Selling Items 07 Japanese Companies (Buyer) 09 Vietnamese Companies (Seller) 19 Organizer 34 3 EXHIBITORS LIST EXHIBITORS LIST JAPANESE COMPANIES (BUYER) VIETNAMESE COMPANIES (SELLER) No. COMPANY NAME PAGE No. COMPANY NAME PAGE JP09 AMON VIETNAM CO., LTD. 9 VN01 AUSTRALIAN GENERAL ENGINEERING VIETNAM J.S.C 19 JP07 BANDO MANUFACTURING (VIETNAM) CO., LTD. 9 VN02 BACH TUNG TRAVEL CONSTRUCTION MECHANICAL CO., LTD. 19 VN03 DONG TAM INDUSTRIAL ENGINEERING CO., LTD. 20 JP15 CHUUBU KOUGYOU VIETNAM CO., LTD. 10 VN04 ECOM ENGINEERING CO., LTD. 20 JP03 DAISHIN GLOBAL ASIA CO., LTD. 10 VN05 HUNG THINH PHU SAI GON PRODUCTION TRADE AND SERVICES CO., LTD. 21 JP19 EQUAL VIETNAM CO., LTD. 11 VN06 KATO PRECISION VIETNAM CO., LTD. 21 JP16 HOGETSU VIETNAM CO., LTD. 11 VN07 MINH MAN MANUFACTURING & PRINTING LABELS CO., LTD. 22 JP17 JUKI VIETNAM CO., LTD.
    [Show full text]
  • Published on 7 October 2016 1. Constituents Change the Result Of
    The result of periodic review and component stocks of TOPIX Composite 1500(effective 31 October 2016) Published on 7 October 2016 1. Constituents Change Addition( 70 ) Deletion( 60 ) Code Issue Code Issue 1810 MATSUI CONSTRUCTION CO.,LTD. 1868 Mitsui Home Co.,Ltd. 1972 SANKO METAL INDUSTRIAL CO.,LTD. 2196 ESCRIT INC. 2117 Nissin Sugar Co.,Ltd. 2198 IKK Inc. 2124 JAC Recruitment Co.,Ltd. 2418 TSUKADA GLOBAL HOLDINGS Inc. 2170 Link and Motivation Inc. 3079 DVx Inc. 2337 Ichigo Inc. 3093 Treasure Factory Co.,LTD. 2359 CORE CORPORATION 3194 KIRINDO HOLDINGS CO.,LTD. 2429 WORLD HOLDINGS CO.,LTD. 3205 DAIDOH LIMITED 2462 J-COM Holdings Co.,Ltd. 3667 enish,inc. 2485 TEAR Corporation 3834 ASAHI Net,Inc. 2492 Infomart Corporation 3946 TOMOKU CO.,LTD. 2915 KENKO Mayonnaise Co.,Ltd. 4221 Okura Industrial Co.,Ltd. 3179 Syuppin Co.,Ltd. 4238 Miraial Co.,Ltd. 3193 Torikizoku co.,ltd. 4331 TAKE AND GIVE. NEEDS Co.,Ltd. 3196 HOTLAND Co.,Ltd. 4406 New Japan Chemical Co.,Ltd. 3199 Watahan & Co.,Ltd. 4538 Fuso Pharmaceutical Industries,Ltd. 3244 Samty Co.,Ltd. 4550 Nissui Pharmaceutical Co.,Ltd. 3250 A.D.Works Co.,Ltd. 4636 T&K TOKA CO.,LTD. 3543 KOMEDA Holdings Co.,Ltd. 4651 SANIX INCORPORATED 3636 Mitsubishi Research Institute,Inc. 4809 Paraca Inc. 3654 HITO-Communications,Inc. 5204 ISHIZUKA GLASS CO.,LTD. 3666 TECNOS JAPAN INCORPORATED 5998 Advanex Inc. 3678 MEDIA DO Co.,Ltd. 6203 Howa Machinery,Ltd. 3688 VOYAGE GROUP,INC. 6319 SNT CORPORATION 3694 OPTiM CORPORATION 6362 Ishii Iron Works Co.,Ltd. 3724 VeriServe Corporation 6373 DAIDO KOGYO CO.,LTD. 3765 GungHo Online Entertainment,Inc.
    [Show full text]
  • Environmental Report 2007 Contents
    Environmental Report 2007 Contents Contents .................................................................................. 1 Editorial Policy for Environmental Report Corporate Outline.................................................................... 2 2007 • This Report has been produced for Message from the President ................................................... 3 the purpose of introducing the envi- ronmental conservation activities of Management Philosophy—Consideration for the Environment ....... 4 MABUCHI MOTOR CO., LTD. and its overseas related companies Environmental Management System ...................................... 5 (hereinafter, collectively “the Mabuchi Group”) to as many people Environmental Accounting Report .......................................... 7 as possible and obtaining their understanding. • Promotion of Green Procurement ........................................... 9 This Report uses the “Environmen- tal Reporting Guidelines (2007 ver- Manufacture of Environmentally Conscious Products ............11 sion)” of the Ministry of the Environ- ment as a reference. • Explanations of technical and other Reducing CO2 Emissions and Saving Energy ....................... 13 terms have been included, as nec- Measures to Combat Pollution and Contribute to its Prevention ..... 14 essary, at the bottom of the respec- tive pages. • Reducing and Recycling Waste ............................................. 15 Danang Mabuchi, which started op- erations in August 2006, is not in- Communication/Contributions to Society
    [Show full text]
  • Portfolio of Investments
    PORTFOLIO OF INVESTMENTS Variable Portfolio – Partners International Value Fund, September 30, 2020 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 97.9% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Australia 4.2% UCB SA 3,232 367,070 AMP Ltd. 247,119 232,705 Total 13,350,657 Aurizon Holdings Ltd. 64,744 199,177 China 0.6% Australia & New Zealand Banking Group Ltd. 340,950 4,253,691 Baidu, Inc., ADR(a) 15,000 1,898,850 Bendigo & Adelaide Bank Ltd. 30,812 134,198 China Mobile Ltd. 658,000 4,223,890 BlueScope Steel Ltd. 132,090 1,217,053 Total 6,122,740 Boral Ltd. 177,752 587,387 Denmark 1.9% Challenger Ltd. 802,400 2,232,907 AP Moller - Maersk A/S, Class A 160 234,206 Cleanaway Waste Management Ltd. 273,032 412,273 AP Moller - Maersk A/S, Class B 3,945 6,236,577 Crown Resorts Ltd. 31,489 200,032 Carlsberg A/S, Class B 12,199 1,643,476 Fortescue Metals Group Ltd. 194,057 2,279,787 Danske Bank A/S(a) 35,892 485,479 Harvey Norman Holdings Ltd. 144,797 471,278 Demant A/S(a) 8,210 257,475 Incitec Pivot Ltd. 377,247 552,746 Drilling Co. of 1972 A/S (The)(a) 40,700 879,052 LendLease Group 485,961 3,882,083 DSV PANALPINA A/S 15,851 2,571,083 Macquarie Group Ltd. 65,800 5,703,825 Genmab A/S(a) 1,071 388,672 National Australia Bank Ltd.
    [Show full text]
  • Corporate Governance
    Corporate Governance Corporate Governance at the Mabuchi Group The management principle of the Mabuchi Group — ● To clearly separate management decision-making and efficient business "Contributing to international society and continuously execution, and to clarify the scope of accountability increasing our contribution" — sets out the reason for ● To build and operate a sound internal control system our existence in the small DC motor business. Corporate ● To appoint a suitable number of independent corporate officers whose governance at the Mabuchi Group operates through an interests do not conflict with those of general shareholders, to ensure the organizational design, a system of Management Markers, objectivity and neutrality of management supervision functions and business policies that help us practice the Management ● To foster a corporate culture in which all Group employees recognize Principle each and every day. The essential purpose of and share the understanding that the practices of corporate ethics corporate governance is to increase benefits sustainably to all and compliance support the organization’s social impartiality and are stakeholders, including shareholders, through achieving profits fundamental to living up to the trust and expectations of all stakeholders and improving corporate value. As a listed company, Mabuchi ● To disclose corporate information to stakeholders such as all shareholders in an appropriate, fair, timely and clear manner and to ensure accountability Motor believes fully and strongly in the mission-critical mandate through the Board of Directors, the Audit & Supervisory Committee and of sound corporate governance. other bodies Corporate Governance Structure As an organizational design under the Companies Act, Mabuchi Motor has adopted the system of a company with an Audit & Supervisory Committee.
    [Show full text]
  • Wilmington Funds Holdings Template DRAFT
    Wilmington International Fund as of 5/31/2021 (Portfolio composition is subject to change) ISSUER NAME % OF ASSETS TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.82% ISHARES MSCI CANADA ETF 2.43% SAMSUNG ELECTRONICS CO LTD 1.97% TENCENT HOLDINGS LTD 1.82% DREYFUS GOVT CASH MGMT-I 1.76% MSCI INDIA FUTURE JUN21 1.68% AIA GROUP LTD 1.05% HDFC BANK LTD 1.05% ASML HOLDING NV 1.03% ISHARES MSCI EUROPE FINANCIALS ETF 1.02% USD/EUR SPOT 20210601 BNYM 1.00% ALIBABA GROUP HOLDING LTD 0.95% DSV PANALPINA A/S 0.90% TECHTRONIC INDUSTRIES CO LTD 0.88% JAMES HARDIE INDUSTRIES PLC 0.83% INFINEON TECHNOLOGIES AG 0.73% BHP GROUP LTD 0.67% SIKA AG 0.64% MEDIATEK INC 0.60% NOVO NORDISK A/S 0.56% OVERSEA-CHINESE BANKING CORP LTD 0.55% CSL LTD 0.55% LVMH MOET HENNESSY LOUIS VUITTON SE 0.54% RIO TINTO LTD 0.53% DREYFUS GOVT CASH MGMT-I 0.53% MIDEA GROUP CO LTD 0.53% TOYOTA MOTOR CORP 0.52% PARTNERS GROUP HOLDING AG 0.52% SAP SE 0.51% ADIDAS AG 0.49% NAVER CORP 0.49% HITACHI LTD 0.49% MERIDA INDUSTRY CO LTD 0.47% ZALANDO SE 0.47% SK MATERIALS CO LTD 0.47% CHINA PACIFIC INSURANCE GROUP CO LTD 0.45% HEXAGON AB 0.45% LVMH MOET HENNESSY LOUIS VUITTON SE 0.44% JD.COM INC 0.44% TOMRA SYSTEMS ASA 0.44% DREYFUS GOVT CASH MGMT-I 0.44% SONY GROUP CORP 0.43% L'OREAL SA 0.43% EDENRED 0.43% AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 0.43% NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 0.42% HUAZHU GROUP LTD 0.41% CRODA INTERNATIONAL PLC 0.40% ATLAS COPCO AB 0.40% ASSA ABLOY AB 0.40% IMCD NV 0.40% HUTCHMED CHINA LTD 0.40% JARDINE MATHESON HOLDINGS LTD 0.40% HONG KONG EXCHANGES
    [Show full text]
  • International Corporate Investment in Ohio Operations June 2020
    Research Office A State Affiliate of the U.S. Census Bureau International Corporate Investment in Ohio Operations 20 September 2007 June 20 June 2020 Table of Contents Introduction and Explanations Section 1: Maps Section 2: Alphabetical Listing by Company Name Section 3: Companies Listed by Country of Ultimate Parent Section 4: Companies Listed by County Location International Corporate Investment in Ohio Operations June 2020 THE DIRECTORY OF INTERNATIONAL CORPORATE INVESTMENT IN OHIO OPERATIONS is a listing of international enterprises that have an investment or managerial interest within the State of Ohio. The report contains graphical summaries of international firms in Ohio and alphabetical company listings sorted into three categories: company name, country of ultimate parent, and county location. The enterprises listed in this directory have 5 or more employees at individual locations. This directory was created based on information obtained from Dun & Bradstreet. This information was crosschecked against company Websites and online corporate directories such as ReferenceUSA®. There is no mandatory state filing of international status. When using this directory, it is important to recognize that global trade and commerce are dynamic and in constant flux. The ownership and location of the companies listed is subject to change. Employment counts may differ from totals published by other sources due to aggregation, definition, and time periods. Research Office Ohio Development Services Agency P.O. Box 1001, Columbus, Ohio 43266-1001 Telephone: (614) 466-2116 http://development.ohio.gov/reports/reports_research.htm International Investment in Ohio - This survey identifies 4,303 international establishments employing 269,488 people. - Companies from 50 countries were identified as having investments in Ohio.
    [Show full text]