Investors looking to get a clear sense of the near-term
direction of key automation segments like servomotors, drives, and
robotics will need to wait a little longer, as Yaskawa Electric’s (OTCPK:YASKY)
(6506.T) fiscal first quarter earnings report confirmed some worrying
trends but also showed some better than expected strength in other
areas.
Although Yaskawa shares are down another 10% from when I last wrote,
I’m still not completely sold on the valuation argument at today’s
price. This “lull” in smartphone-related capex could go on a little
longer than expected, and I’m likewise concerned about the potential for
weaker semiconductor, machine tool, and auto-related orders. Long term,
I like Yaskawa’s position in both motion control and robotics, and the
valuation is getting more interesting on an EV/EBITDA basis, but I’m
inclined to stay on the sidelines here for now.
Click here for more:
Yaskawa Electric's Earnings Report Underlines The Uncertainties In Automation
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