Yaskawa Electric (6506.T): ERP-related GSe/TP cuts, but order environment remains favorable; Buy maintained in anticipation of recovery from 2H onward

研报英文原文证据摘录

Yaskawa Electric (6506.T): ERP-related GSe/TP cuts, but order environment remains favorable; Buy maintained in anticipation of recovery from 2H onward

Goldman Sachs Yaskawa Electric (6506.T)

was the post-implementation execution that proved problematic and led to the

below-expectations earnings performance. The core of the issue is that certain detailed

execution processes following implementation — such as inventory management and

disbursement — required more human resources than before. Although order booking

and the production lines themselves were unaffected, this created knock-on effects on

revenue recognition and production trends. The company noted that the issues are

primarily in back-office functions related to the production line, and that a path to

resolution is emerging through the deployment of additional human resources.

No opportunity losses have occurred; full efforts to prevent them going forward

As the company noted at the briefing, some delays in product shipments and lead time

extensions to certain customers did occur. To prevent further delays, the company said it

wants to assign additional personnel — particularly to the MC businesses overall and to

semiconductor robots, where demand is robust — and normalize operations as quickly

as possible. The company stated definitively that the risk of customers switching

suppliers due to extended lead times is being contained at present. However, it

acknowledged that a prolonged situation could erode customer trust, and it is therefore

aiming for an early recovery. While monitoring of future developments will be necessary,

at least for both MC businesses, an early recovery appears achievable.

Our view: Communication frequency from management likely to increase; maintaining

Buy