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Harmonic Drive Systems Inc 6324

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Stock XTKS Rating as of
JPY 4,020.00 +30.00 (0.75%)
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Company Report

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We Project Harmonic Drive's Sales to Recover in Fiscal 2024 After Macro Headwinds

Jason Kondo

Harmonic Drive Systems has been able to capitalize on demand growth with industrial robots and semiconductor production equipment, by having its compact strain wave reduction gears (also known as speed reducers) serve as core components of both. The company seeks to continue improving its product quality toward existing applications as well as to find new applications that can serve as new long-term growth drivers. We think small industrial robots and semiconductor equipment will continue to serve as key target markets, as miniaturization of equipment will require small gears with high precision and durability.

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Price vs Fair Value

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6324 is trading at a 30% discount.
Price
JPY 3,990.00
Fair Value
JPY 8,888.00
Uncertainty
High
1-Star Price
JPY 7,193.00
5-Star Price
JPY 8,155.00
Economic Moat
Gdqwc
Capital Allocation
Psccftymf

Bulls Say, Bears Say

Bulls

Dominant market share and high barriers to entry in the high-end strain wave reduction gear market puts HDS in a strong position to grow along with the overall small-size industrial robot market.

Bears

Exposure to cyclical industries makes the company’s revenue and profits particularly sensitive to macroeconomic conditions during downcycles.

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Trading Information

Previous Close Price
JPY 3,990.00
Day Range
JPY 4,010.00–4,095.00
52-Week Range
JPY 3,115.00–5,160.00
Bid/Ask
JPY 4,015.00 / JPY 4,020.00
Market Cap
JPY 381.80 Bil
Volume/Avg
127,500 / 401,695

Key Statistics

Price/Earnings (Normalized)
193.77
Price/Sales
6.19
Dividend Yield (Trailing)
0.52%
Dividend Yield (Forward)
0.52%
Total Yield
0.50%

Company Profile

Harmonic Drive Systems manufactures and sells high-precision reduction gears (speed reducers) under the Harmonic Drive brand as well as other mechatronics products such as rotary actuators, linear actuators, and AC servo motors. The company also provides planetary-gear speed reducers under the AccuDrive and Harmonic Planetary brands. Its products are used in industrial robots, semiconductor production equipment, and other high-precision equipment. HDS was founded in 1970 and is headquartered in Tokyo.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Mid Growth
Total Number of Employees
1,745
Website
http://www.hds.co.jp

Competitors

Valuation

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Metric
6324
6861
6954
Price/Earnings (Normalized)
 193.7746.7430.43
Price/Book Value
 3.506.022.51
Price/Sales
 6.1917.455.41
Price/Cash Flow
 26.5844.8926.39
Price/Earnings
6324
6861
6954

Financial Strength

Metric
6324
6861
6954
Quick Ratio
 2.7111.714.27
Current Ratio
 4.2312.647.00
Interest Coverage
 18.46——
Quick Ratio
6324
6861
6954

Profitability

Metric
6324
6861
6954
Return on Assets (Normalized)
 2.05%18.97%10.07%
Return on Equity (Normalized)
 3.01%19.95%11.58%
Return on Invested Capital (Normalized)
 2.33%19.83%11.20%
Return on Assets
6324
6861
6954
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