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Nisshinbo Holdings / 3105 Nisshinbo Holdings / 3105 COVERAGE INITIATED ON: 2015.08.06 LAST UPDATE: 2021.05.13 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. Nisshinbo Holdings / 3105 RCoverage LAST UPDATE: 2021.05.13 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp 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 ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 6 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 9 Quarterly trends and results ----------------------------------------------------------------------------------------------------------------------------------- 9 Full-year company forecast ----------------------------------------------------------------------------------------------------------------------------------- 15 Long-term outlook ---------------------------------------------------------------------------------------------------------------------------------------------- 22 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 28 Segments ---------------------------------------------------------------------------------------------------------------------------------------------------------- 28 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 47 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 48 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 66 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 68 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 72 Other information ---------------------------------------------------------------------------------------------------------------------------------- 73 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 73 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 75 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 77 Shareholder returns--------------------------------------------------------------------------------------------------------------------------------------------- 77 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 77 Corporate philosophy ----------------------------------------------------------------------------------------------------------------------------------------- 78 Company name -------------------------------------------------------------------------------------------------------------------------------------------------- 78 Company profile ------------------------------------------------------------------------------------------------------------------------------------------------- 79 02/80 Nisshinbo Holdings / 3105 RCoverage LAST UPDATE: 2021.05.13 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Executive summary Main segments: Wireless and Communications, Micro Devices, and Automobile Brakes Nisshinbo has seven segments: Wireless and Communications, Micro Devices, Automobile Brakes, Precision Instruments, Chemicals, Textiles, and Real Estate. In the mainstay Wireless and Communications, Micro Devices, and Automobile Brakes segments, the company expects both sales and earnings to grow as markets expand. Roots in cotton, later diversified Nisshinbo was established in 1907 as a manufacturer of cotton thread, but is now a conglomerate with a diverse portfolio of businesses. Takeshi Sakurada, Nisshinbo’s fourth president, maintained that a company’s core was its people, not its businesses. Guided by this philosophy, Nisshinbo has been diversifying since the 1940s, when cotton spinning was still a growth industry. As a result, it has stayed in business for over 100 years—despite the decline of the cotton spinning industry in Japan. Plus, the company benefits from sound management, in line with the separation of ownership and management, and the distribution of profits. Nisshinbo has never reported a group operating loss, even in the 1990s after the Japanese economic bubble burst. Until FY03/10, the equity ratio was over 50%, and it has significant unrealized gains on real estate and investment securities. Pushing up margins; buying growth Until the 2000s, Nisshinbo’s strategy prioritized management security and equity ratio over asset turnover and ROIC. In the 2000s, however, President Yoshikazu Sashida began stressing asset turnover, shifting management’s focus from subscription-type streams of revenue to recurring sales of products and services. When earnings faltered in the Textiles segment, the company decided to use its real estate more efficiently, closing factories and offering employees early retirement. In addition, it followed a strategy of selection and concentration, for example by withdrawing from unprofitable business in its Chemicals segment. From the late 2000s, Nisshinbo began using acquisitions to build revenue. Some of the major acquisitions it has made as of FY12/20 are Japan Radio Company Co., Ltd. (JRC; TSE1: 6751) in 2010 and TMD Friction Group S.A. in 2011. In the 2010s, Nisshinbo pursued M&A aimed at complementing its businesses, such as the acquisition of Tokyo Shirts Group and Nanbu Plastics Co., Ltd. in 2015, and Ricoh Electronic Devices Co., Ltd. in 2018. Nisshinbo also tightened its grip on core subsidiaries, making JRC a wholly owned subsidiary in 2017 and making similar plans for New Japan Radio Co., Ltd. (New JRC) in 2018. At the same time, the company sold off non-core businesses, completing its exit from the papers business in 2017 and from the drum brake business in 2018. Earnings performance ◤ Nisshinbo Holdings revised its FY12/21 forecast in May 2021. The company now forecasts FY12/21 sales of JPY510.0bn (+11.6% YoY), operating profit of JPY10.0bn (+701.3% YoY), recurring profit of JPY13.5bn (+289.5% YoY), and net income attributable to owners of the parent of JPY7.0bn (-48.3% YoY). The company lifted its forecast for sales by JPY6.0bn, operating profit JPY3.2bn, recurring profit JPY3.5bn, and net income JPY3.0bn. The revised forecast reflects the company’s expectations for sales growth in the Automobile Brakes segment on a sharp recovery in global automobile sales and sales growth in the Real Estate segment on firm performance in the property sales business. ◤ Long-term, the company is aiming for an ROE of over 12% by FY12/25. After the conclusion of the NEXT2015 management plan in FY03/16, the company has not announced a new medium-term plan. However, Shared Research believes that the company will focus on revamping its mainstay Electronics segment (now split into Wireless and Communications and Micro Devices) and improving performance at TMD in the Automobile Brakes segment. ◤ The Nisshinbo group sees itself as an environment and energy group. It aims to provide products and services that contribute to solving environmental problems such as environmental degradation and global warming and make people’s 03/80 Nisshinbo Holdings / 3105 RCoverage LAST UPDATE: 2021.05.13 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp lives safer and more comfortable. Based on these policies, the company has set out strategic product categories in which it plans to grow earnings in the long term: mobility, infrastructure and safety, and life and healthcare.
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