OKUMA Corp (6103 JP) beats estimates

Company: OKUMA Corp (6103 JP)

QMG product view: JA29.4 – Producers of machine tools

Event: FY14 Results

Highlights:

o    Revenue: JPY166.23bn: +2% versus consensus estimates (Toyo Keizai) and +23.7% yoy

o    Operating profit: JPY14.53bn – in line with consensus estimates (Toyo Keizai) and +55.5% yoy

o    Operating margin: +175bps to 8.7% (in line with consensus/corporate guidance)

o    2015 guidance: Revenue +8.3% to JPY180bn and operating profit +31% to JPY19bn. Forecast operating margin therefore +52bps to 10.6%.

QMGI comment:
Okuma is a major Japanese machine tool maker, with the majority of its production based in Japan (85% of P,P&E) – making it a strong fit with our observations from product JA29.4. This is a very strong set of results in terms of FY revenue and operating profit performance and guidance for FY15 will see upgrades to consensus estimates.

 

QMG Sales for Product Group JA29.4 – Producers of machine tools

JA29.4 - SALES

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