Fiscal Year. Sales. Operating Income. Ordinary Income. Net Income. EPS. DPS ...
installation of wiring connections was highly regarded by customers and allowed
it to acquire high market share. ... 1999. October. Established IRISO
ELECTRONICS SINGAPORE PTE., LTD. in Tuas, Singapore ..... Honda Tsushin
Kogyo Co.
Bridge Report (6908) May 30, 2013
Bridge Report
Sadao Sato Chairman
http://www.bridge-salon.jp/company_e/
IRISO ELECTRONICS CO., LTD. (6908)
Toshiyuki Imazu President
Company
IRISO ELECTRONICS CO., LTD.
Code No.
6908
Exchange
JASDAQ
Chairman
Sadao Sato
President
Toshiyuki Imazu
Headquarters
2-13-8, Shinyokohama, Kohoku-ku, Yokohama, Kanagawa
Business Description
Mid tier manufacturer of connectors, with main product applications in automobile, industrial equipment, digital consumer electronics realms. The bulk of products are custom manufactured.
Year End
March
URL
http://www.iriso.co.jp/en/index.php
- Stock Information - Share Price
Shares Outstanding
¥2,865 DPS(Est.)
Market Cap
11,445,726 shares Dividend Yield (Est.)
¥20.00
EPS(Est.)
0.7%
¥206.19
¥32.792 billion PER(Est.) 13.9x
ROE(actual) 8.0% BPS(actual)
Trading Unit 100 shares PBR(actual)
¥2,143.97
1.3x
* Share price as of close on May 30, 2013. Number of shares outstanding at end of the most recent quarter excluding treasury shares. ROE, BPS based upon actual results of the previous term. - Earnings Trend - Fiscal Year
(Units: Million Yen) Sales
Operating Income
Ordinary Income
Net Income
EPS
DPS
March 2010
21,138
2,008
1,767
1,052
90.41
10.00
March 2011
23,566
2,891
2,768
2,110
183.20
15.00
March 2012
23,722
2,760
2,660
1,821
159.18
15.00
March 2013
24,788
2,562
3,061
1,840
160.83
20.00
March 2014 Est.
28,000
4,010
3,800
2,360
206.19
20.00
* Estimates are those of the Company
This Bridge Report discusses the fiscal year March 2013 earnings results and fiscal year March 2014 earnings estimates for IRISO ELECTRONICS CO., LTD.
1. Company Overview 2. Characteristics and Strengths 3. Fiscal Year March 2013 Earnings Overview 4. Fiscal Year March 2014 Earnings Estimates 5. Conclusions
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Key Points ・ IRISO ELECTRONICS CO., LTD. develops, manufactures, and sells connectors used to connect circuit boards. Including the main product of “Floating B to B®” (Board-to-Board) connectors, all of IRISO’s products boast of high value addition. 80% of the Company’s sales are for interior vehicle device applications. IRISO took aggressive steps to enter overseas markets at an early stage, and now the bulk of both sales and production are derived from overseas markets. ・ During fiscal year March 2013, sales rose by 4.5% year-over-year. The main interior vehicle device applications were trending favorably along with car audio, visual and navigation, (ANV) and car electronics. In addition, the United States, Chinese and Korean markets were the drivers of growth. With regards to profits, adjustments of inventories to improve the balance sheet and declines in product pricing contributed to a decline in operating income. However ordinary income rose by 15.1% year-over-year to ¥3.0 billion on the back of internalization, rationalization, reductions in sales, general and administrative expenses, and the weaker yen. ・ During fiscal year March 2014, the interior vehicle device and industrial applications realms are expected to continue to trend favorably. Consequently IRISO calls for sales and profits at all levels to grow by double digits to new record highs. The same level of dividend of ¥20 per share as seen in the previous term is anticipated to be paid. ・ A characteristic of IRISO is its high level of profitability relative to the overall connector industry. A challenge for IRISO over the near term will be its ability to implement a strategy that can ensure the achievement of its earnings estimates and possibly even higher earnings. In the medium- and long-term, the attention is focused on how oversea sales penetrate the local market.
1. Company Overview IRISO ELECTRONICS CO., LTD. is a company that develops, manufactures, and sells connectors used to connect circuit boards. Including the main product of “Floating B to B®” connectors, all of IRISO’s products boast of high value addition. 80% of the Company’s sales are connectors used in interior vehicle device applications and are provided to major Japanese and overseas automobile manufacturers. The growing diffusion of electric and hybrid vehicles and the subsequent increase in demand for connectors presents an opportunity for IRISO to expand its sales. IRISO took aggressive steps to enter overseas markets at an early stage, and now the bulk of both its sales and production are derived from overseas markets.
IRISO was established in 1966 by Sadao Sato, the current Chairman. Along with the diffusion of televisions and audio equipments, demand for connectors as a replacement for traditional soldering techniques grew rapidly because of their ability to make connection of wiring easier. In response to this increase in demand, IRISO developed and began manufacturing high value added pin products with its entry to the connector market. In the 1980s, IRISO also entered the market for interior vehicle devices, currently its main product area, with high value added products including the “B to B®.” The unique ability of its products to prevent off-center installation of wiring connections was highly regarded by customers and allowed it to acquire high market share. IRISO took aggressive steps to enter overseas markets at an early stage in response to the requests of its clients. The company name “IRISO” was derived from “IRISO Village, Iruma-gun, Saitama Prefecture (Currently called Sayama City, Saitama Prefecture) where its first customer was headquartered, so that the Company would always remember that very first customer.” 1966
December
Established IRISO ELECTRONICS CO., LTD. in Shimonumabe, Kawasaki-shi, Kanagawa
1977
September
Developed pins with tapered leading edges for use as connectors and began production and sales
1978
December
Established IRS (S) PTE. LTD. in Singapore for production and sales of pins and multiple pin connectors
1982
July
Began production and sales of jumper connectors with switching function, and launched a full scale entry into the connector
1985
February
field Began production and sales of board-to-board connectors to connect printed circuit boards
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1993
June
http://www.bridge-salon.jp/company_e/
Established Shanghai IRISO ELECTRONICS CO., LTD. in Shanghai, China for the production and sales of pins and multiple pin connectors
1994
April
Established IRISO U.S.A., INC. in Chicago, Illinois for the sale of pins and multiple pin connectors
1994
September
Listed its shares on the Over-The -Counter Market with the Securities Dealers Association of Japan (Currently the Osaka Securities Exchange JASDAQ Market)
1996
January
Established IRISO ELECTRONICS PHILIPPINES INC. in Cavite Economic Zone, Philippines
1996
January
Acquired ISO9001 certification
1999
October
Established IRISO ELECTRONICS SINGAPORE PTE., LTD. in Tuas, Singapore
1999
November
Established IRISO ELECTRONICS (HONG KONG) LIMITED (Operation of Hong Kong Sales Office transferred to new company)
2000
April
Established IRISO ELECTRONICS EUROPE GMBH in Germany (Operation of Europe Sales Office and German Liaison Office transferred to new company)
2000
October
Opened IRISO (Shanghai) Trading Co., Ltd. in Shanghai, China
2003
March
Opened IRISO ELECTRONICS (THAILAND) LTD. in Bangkok, Thailand (Operation of Bangkok Representative Office transferred to new company)
2006
August
Opened IRISO ELECTRONICS (HK) LTD. Taiwan Branch Office in Taiwan
2006
November
Established IRISO ELECTRONICS VIETNAM CO., LTD. in Hanoi, Vietnam
2008
August
Established IRISO Shanghai R&D Center Co., Ltd. in Shanghai, China
2010
December
Established IRISO Electronics Co., Ltd. India Liaison Office in Bangalore, India
“As a Bridge to the Future” Respecting individual values, creating abundant value, and contributing to society A connector refers to a part or an instrument that is used to connect circuit boards used in electronic circuit and optical communications applications. In circuit boards connected by soldering or pressed bonding, connections need to be cut at the time of decoupling and reattachment is very difficult. However when connectors are used, the connections can be easily decoupled and reattached repeatedly using simple tools. Consequently, connectors are now used in almost all electronic devices.
(Source: IRISO Website)
The most representative connector manufactured by IRISO is the “B to B® Connector”, which is a registered trademark (Board to board connector). B to B connector is a connector used to directly connect circuit boards that allows them to be connected in vertical, 3
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parallel, and horizontal connections. Some B to B connector products include products called “Floating B to B®” with the unique capability developed by IRISO which enables the connecting portion to move several millimeters so that it can withstand strong impacts. Because normal fixed connectors do not allow for any movement, workers must take special care at the time of assembling connectors to sockets to ensure a proper fit is achieved, which leads to lower productivity. However, floating connectors allow for some movement in the assembly of connectors to sockets and enables smoother and easier assembly, thereby raising productivity. Furthermore in response to requests from customers to make both connectors and sockets movable to increase assembly productivity, IRISO has developed products where both the sockets and connector plugs are movable (Double floating). This also makes the connectors resistant to strong impacts, and raises the productivity of the assembly process by the clients. In addition, the ability for the connectors and sockets to move makes them extremely attractive in automobile applications where they can absorb shock and vibrations during driving. In addition to those mentioned above, some of the other product lineup applications are described below. ○ FPC/ FFC Connectors Connectors developed for FPC (Flexible Printed Circuits) boards and FFC (Flexible Flat Cable) cable applications are connectors that can be locked into position with FPCs/FFCs using only slight pressure. ○ I/F Connectors I/F is an acronym for interface, and I/F connectors is a term that describes connectors used to transmit signals between various equipment and are also called I/O (Input, output) connectors. They are used in car navigation, personal computers, and various other equipments to provide electricity, and audio and visual output signals. ○ P/H P/H is a term used to describe the basic form of plug connectors housing pins formed by cutting and processing wire material (Electrical conductor) used in a wide variety of applications to connect internal parts of equipment (Circuit board connections). A side view of the P/H looks like the wire base (Called “kenzan” in Japanese) used in Japanese flower arrangements to hold flowers in place. The female half of the connector is called the socket, and male half called plug. ○ Compression Connectors Compression connectors use a spring to aid in the insertion and removal process, and they contribute to reduce space required by the connectors. They are used for connector used within cellular telephone applications, and cradles.
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(Source: IRISO website, FY3/13 results)
Sales (¥mn) Automobile Audio, Visual, Navigation Electronics
Share
Main Usages ―
¥19,654
79.3%
¥12,343
49.8%
Car audio, visual, navigation systems
¥7,311
29.5%
Car air conditioning, power windows, seat heaters, other electric components
Consumer
¥4,508
18.2%
Digital cameras, cellular telephones, game equipment, LCD televisions
Industrial
¥626
2.5%
¥24,788
100.0%
Total
Factory automation, medical equipment ―
In the main automobile applications realm, IRISO’s direct customers include all of the major automobile parts manufacturers that deliver products to automobile manufacturers. Through these parts makers, IRISO’s products are supplied to all Japanese and most major overseas automobile manufacturers. In the automobile applications realm, a large amount of the products are high value added products that are customized according to the specifications of customers. Furthermore, the automobile manufacturers require parts manufacturers to produce parts that live up to the highest quality and safety standards. The long track record of IRISO’s products used in automobile applications with their early entry to the market is an evidence of the superiority of their products. In the future, the importance of electrical systems will increase along with the diffusion of electric vehicles (EV), hybrid vehicles (HV) and plug-in hybrid vehicles (PHV). Furthermore, in response to the need for even higher levels of product safety, the increase in the number of vehicles equipped with vehicle distance measuring millimeter wave radars and onboard cameras will contribute to dramatic growth in demand for electronics parts and connectors. And while numerous connectors in electronic parts are found in audio and visual, and navigation equipment used in automobiles, demand from new automobile applications including connectors for high voltage and output electronic parts for drive-train motors of hybrid and electric cars is expected to grow strongly and lead to expanded opportunities for IRISO. In the realm of consumer applications, general purpose products are common and their simplicity tends to increase pricing competition. While the industrial applications realm is still small relative to overall sales, the knowhow and technology accumulated in the highly demanding automobile applications can be used to grow this business in the future.
As described in the corporate history section, a subsidiary was established in Singapore 12 years after IRISO was founded in 1978, marking the start of overseas production and sales. And while their track record was still not that strong at the time, IRISO was able to strengthen its relationships with its customers by making investments to expand its business in overseas markets along with them. As a result of these efforts, its overseas business steadily grew and also led to an expansion in its business with these customers within Japan. Based on the management knowhow and track record established over the course of the Company’s operation, a decision has been made to further fortify its overseas business in order to expand its overall business. Currently approximately 70% of sales and 80% of production derive from overseas. Furthermore the strategy for future sales and production is outlined below. ◎ Sales Strategy IRISO will further fortify the four pillars of its sales structure in Japan, Europe and North America, China, and ASEAN. IRISO currently stations engineers in both Germany and America, but will also station engineers in Korea and Singapore. Furthermore, facilities will eventually be established in South America, which is currently covered by the United States operations, India and other parts of the ASEAN region to capture growing demand from emerging countries. The Company will establish a sales structure that combines technology with its sales function. Another important issue is the need to hire and cultivate highly skilled local staff, and to exchange and train human resources on a global basis in order to expand transactions with local companies in overseas markets. 5
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◎ Production Strategy Currently, the following four projects are being implemented. ① Cost of Sales Reduction Project Fortify cost competitiveness ② Business Continuity Plan Creation Project The Business Continuity Plan (BCP) is an action plan that is designed to limit the impact of various crises upon important business tasks and enables quick recovery and restart from interruptions due to unforeseen conditions to ensure the continuation of business operations, and will be created as a response to natural disasters and accidents. The BCP will be implemented at IRISO’s four manufacturing plants in Ibaraki Prefecture, Shanghai, Vietnam, and the Philippines. ③ Vietnam Business Expansion Project The share of the Production of the Vietnam Plant to be raised Relative to Other Four Plants Maximize marginal profitability ④ Production Rationalization Project Review material costs and fixed expenses, in order to reduce cost structure Through these projects, IRISO seeks to “secure competitiveness in craftsmanship through the realization of cost reductions,” “maintain mass production structure by standardizing production quality levels,” and “improve credibility of craftsmanship by eradicating customer complaints.”
2. Fiscal Year March 2013 Earnings Overview (1) Consolidated Earnings
(Units: Million Yen)
FY3/12 Sales
Share
FY3/13
Share
YY Change
23,722
100.0%
24,788
100.0%
+4.5%
Gross Income
7,778
32.8%
7,627
30.8%
-1.9%
SG&A
5,018
21.2%
5,064
20.4%
+0.9%
Operating Income
2,760
11.6%
2,562
10.3%
-7.1%
Ordinary Income
2,660
11.2%
3,061
12.4%
+15.1%
Net Income
1,821
7.7%
1,840
7.4%
+1.0%
Foreign Exchange Rates, Average
$= ¥79.30
$ = 83.23
€ = ¥110.17
€ = ¥107.57
Automobile Market Trends Favorable, Sales Rise to Record High, Inventory Adjustments Cause Operating Income to Fall, Double Digit Growth in Ordinary Income on Weaker Yen Sales rose by 4.5% year-over-year to ¥24.7 billion. Consumer related applications continued to trend weakly, but automobile related applications for car audio, visual, and navigation products trended favorably. In addition, demand within the United States, China and Korea trended strongly. With regards to profits, declines in unit price and inventory adjustments to improve the balance sheet contributed to a decline in operating income. However, internalization, rationalization, and sales, general and administrative cost reductions combined with weakening in the yen (Foreign exchange translation gain rose by ¥522 million from the previous term to ¥618 million) to allow ordinary income to rise by 15.1% year-over-year to ¥3.0 billion. On a flow basis, foreign exchange sensitivity during the full year shows that every ¥1 change per US$ yields ¥117 and ¥53 million changes in sales and operating income, and every ¥1 change per Euro yields ¥35 and ¥2 million differences in sales and operating 6
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income.
◎ Sales Trend by Market FY3/13 Automobile Applications Audio, Visual, Navigation Electronics Consumer Industrial Total
YY Change
Share
19,654
+12.1%
79.3%
12,343
+9.8%
49.8%
7,311
+16.2%
29.5%
4,508
-19.0%
18.2%
626
+1.5%
2.5%
24,788
+4.5%
100.0%
With regards to automobile applications, 25.8% of sales were derived from Japan and 74.2% from overseas markets. Sales within Japan fell by 8.9% year-over-year, while overseas sales rose by 22.8% year-over-year. Favorable trends were observed in the United States, China, Korea and Thailand, while demand in Europe declined. Consumer applications saw declines in demand from game equipment and televisions. In industrial applications, a recovery was seen in demand from some sections of industrial equipment and LED applications trended favorably. During the fourth quarter (January to March 2013), automobile (Electronics) and industrial applications rose by double digits. By region, sales in Japan fell by 26.1% year-over-year, while sales in overseas markets trended favorably with sales in the United States and Thailand rising by 86.1% and 31.7% year-over-year respectively, boosting the share of overseas sales to 77%, higher than that of the full year. By product, the main B to B connectors and automobile application IFs trended favorably.
◎ Regarding Inventory Adjustments The weakening of the yen during the second half of the fiscal year allowed both ordinary and net incomes to rise despite the decline in operating income caused by accelerated adjustments in obsolete inventories to fortify the balance sheet. With regards to the balance sheet, the decline in inventories from the end of fiscal year March 2012 to the end of fiscal year March 2013 was ¥271 million, and from the end of September 2012 to the end of fiscal year March 2013 was ¥394 million. However after considering the weaker yen, the actual margin of declines are ¥799 and ¥1,204 million respectively over the same periods. Consequently, these inventory adjustments contributed to aggressive improvements in health of the overall balance sheet. Without additional inventory adjustments, operating income of ¥3.0 billion would have been recorded for an operating margin of about 12%. (2) Financial Conditions and Cash Flow ◎ Financial Conditions FY3/12 Current Assets
(Units: Million Yen)
FY3/13
17,036
18,119
Cash, Equivalents
4,179
5,773
Receivables
7,223
6,973
Inventories
4,876
4,605
Fixed Assets
13,454
14,690
Tangible Fixed Assets
FY3/12 Current Liabilities
7,187
Payables
3,567
2,560
ST Interest Bearing Liabilities
2,345
2,273
1,042
1,074
463
407
Fixed Liabilities LT Interest Bearing Liabilities
11,810
13,355
Intangible Fixed Assets
824
601
Total Liabilities
Investments, Other Assets
818
733
30,490
32,810
Total Assets
FY3/13
8,216
Retirement Reserves
572
659
9,258
8,261
Capital
22,739
24,398
Net Assets
21,231
24,548
Total Liabilities, Net Assets
30,490
32,810
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Declines in accounts receivables and inventories were offset by increases in cash and equivalents and tangible fixed assets, allowing total assets to rise by ¥2.3 billion. Declines in accounts payable and interest bearing liabilities contributed to a ¥1.0 billion drop in total liabilities. Net assets rose by ¥3.3 billion on the back of increases in retained earnings and others. As a result of these developments, capital adequacy ratio rose by over 5% points from 69.6% at the end of the previous term to 74.8% at the end of the current term. ◎ Cash Flow FY3/12
FY3/13
YY Change
Operating CF
2,526
3,887
+1.361
Investing CF
-2,730
-2,091
+638
-204
1,795
+2,000
Free CF Financing CF Cash, Equivalents
49
-580
-629
4,179
5,773
+1,594
Along with the decline in accounts receivables, the net inflow to operating cash flow increased, and allowed free cash flow to see a net inflow compared with the net outflow of cash in the previous fiscal year. Repayment of short term debt caused a net outflow of cash to be realized in financing activities compared with the net inflow seen during the previous term. (3) Capital Investment, Depreciation, Research and Development (Units: Million Yen) FY3/11
FY3/12
FY3/13
FY3/14 Est.
Capital Investments
2,304
2,728
2,331
1,789
Depreciation
1,894
2,012
2,317
2,543
885
788
797
900
Research and Development
IRISO expects to spend ¥1.789 billion on capital investments during fiscal year March 2014. While this reflects a decline from the previous term, this is a reflection of internalization of facilities rather than a specific policy of curtailing capital investments. Deprecation is expected to rise to ¥2.543 billion. Research and development expense is anticipated to rise by 12.9% to ¥900 million.
3. Fiscal Year March 2014 Earnings Estimate (1) Consolidated Earnings
(Units: Million Yen)
FY3/13 Sales
Share
FY3/14 Est.
Share
YY Change
24,788
100.0%
28,000
100.0%
+13.0%
Operating Income
2,562
10.3%
4,010
14.3%
+56.5%
Ordinary Income
3,061
12.3%
3,800
13.6%
+24.1%
1,840
7.4%
2,360
8.4%
+28.2%
Net Income Foreign Exchange Rates, Average
$ = ¥83.23
$ = ¥90.00
€ = ¥107.57
€ = ¥115.00
Double Digit Growth in Sales, Profits to Renew Record High in All Levels Automobile and industrial applications are expected to continue to trend favorably. IRISO seeks to expand sales in the automobile market and its launch of new products has led to favorable near term trends in the current term. Sales and all levels of profits are expected to reach new record high. While the decline in consumer applications continues, in absolute terms the amount is not so bad compared with past levels. The ratio of overseas sales is expected to rise to 75.9% and domestic sales to decline to 24.1%, allowing the share of overseas to expand larger than the previous term. 8
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Profitability is also expected to improve by a large margin.
(2) Trend by Market and Region Fiscal Year March 2014 Sales 1H FY3/14 Est. Automobile
(Units: Million Yen) YY Change
2H FY3/14 Est.
YY Change
FY3/14 Est.
YY Change
10,526
+11.7%
11,428
+11.7%
21,954
+11.7%
2,601
+4.3%
2,609
+29.6%
5,210
+15.6%
Consumer Industrial
373
+30.8%
463
+35.8%
836
+33.5%
Total
13,500
+10.7%
14,500
+15.2%
28,000
+13.0%
Japan
3,245
-8.2%
3,495
+11.4%
6,740
+1.0%
10,255
+18.4%
11,005
+16.4%
21,260
+17.4%
Overseas
Automobile and industrial applications are expected to steadily expand throughout the full year. New products are expected to contribute to consumer applications. Sales in the United States, China and Korea are expected to boost overall overseas sales.
4. Conclusions We provide a comparison of earnings and share valuations for connector related companies in the table below. Code
Company Name
Number
6640 6785 6798 6800 6804 6806 6807 6826 6908 6928 6941 7609 7769
Sales
Operating
YY Change
Operating
Market
Estimated
Income
in Est.
Margin
Capitalization
PER
PBR
Dai-ichi Seiko Co., Ltd.
45,000
3,000
471.4
6.7
25,017
13.9
0.6
Suzuki Co., Ltd.
20,001
1,131
19.8
5.7
5,668
11.3
0.5
SMK Corporation
62,600
1,200
Turn to profit
1.9
23,700
16.9
0.8
Yokowo Co. Ltd.
31,000
1,200
126.8
3.9
10,633
17.2
0.7
Hosiden Corporaiton
255,000
3,000
Turn to profit
1.2
41,008
25.6
0.4
Hirose Electric Co., Ltd.
108,000
25,000
19.1
23.2
539,879
31.8
2.2
150,000
11,000
27.9
7.3
98,671
15.2
1.5
14,500
650
1.3
4.5
4,701
8.6
0.9
28,000
4,010
56.5
14.3
36,236
15.4
1.5
17,150
350
Turn to profit
2.0
2,916
14.6
0.3
21,380
540
Turn to profit
2.5
4,634
18.5
0.4
Japan Aviation Electronics Industry, Ltd. Honda Tsushin Kogyo Co. Ltd. IRISO ELECTRONICS CO., LTD.
Enomoto Co., Ltd. Yamaichi Electronics Co. Ltd. Daito Electron Co. Ltd.
37,000
520
50.7
1.4
4,730
17.5
0.4
Rhythm Watch Co., Ltd.
32,600
1,300
-27.3
4.0
20,619
21.5
0.7
* Units: Million Yen, %, Market capitalization based upon May 29, 2013 closing share price
Hirose Electric Co., Ltd. has a strong presence within the connector industry, while IRISO remains at the low end of the group in terms of sales. However, in terms of operating margins, IRISO ranks second only to Hirose Electric and they are the only companies within the industry that have double digit profit margins. And while many of the companies in this list trade at price to book valuations of less than one, only IRISO, Hirose Electric, and Japan Aviation Electronics Industry, Ltd. trade at price to book valuations of over one. The fact that IRISO is one of the few companies trading at a price to book valuation of over one despite the fact that all companies are expected to see strong recoveries in earnings during the coming fiscal year appears to be a reflection of the high regard 9
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held by investors for IRISO boasting high profitability through its unique products including its “Floating B to B®” connectors. Over the short term, earnings are expected to undergo a strong recovery during the coming fiscal year. Over the medium term, investors should pay close attention to IRISO’s ability to cultivate new customers in its overseas operations.
This report is intended solely for information purposes, and is not intended as a solicitation to invest in the shares of this company. The information and opinions contained within this report are based on data made publicly available by the Company, and comes from sources that we judge to be reliable. However we cannot guarantee the accuracy or completeness of the data. This report is not a guarantee of the accuracy, completeness or validity of said information and or opinions, nor do we bear any responsibility for the same. All rights pertaining to this report belong to Investment Bridge Co., Ltd., which may change the contents thereof at any time without prior notice. All investment decisions are the responsibility of the individual and should be made only after proper consideration. Copyright(C) 2013 Investment Bridge Co., Ltd. All Rights Reserved.
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