EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Nabtesco (6268)

Industrials

Asymmetric Advisors

Now is a good time re-enter the name if you believe in the global automation story - trades at 15x PER & PBR, back near long term lows. More industrial robots = more Nabtesco gears. Dominant position (60% global share) which it has successfully maintained for the last decade+. Sales and operating profit can advance further this year driven by the all-important speed reduction gears (25% of sales but c.50% of profits) and a recovery from 5-year lows in its Transport business.

Edition: 126

- 07 January, 2022