Table of contents
Investment stance 3
Machinery sector stance 5
Subsector investment stance 7
Infrastructural issues 10
FA issues 13
Machine-tool companies 16
Auto-related consumables 19
Valuation 20
Individual companies
Komatsu (6301 / 6301 JP) 27
Hitachi Construction Machinery (6305 / 6305 JP) 30
Fanuc (6954 / 6954 JP) 33
Yaskawa Electric Corporation (6506 / 6506 JP) 36
Keyence (6861 / 6861 JP) 39
Makita (6586 / 6586 JP) 42
Kubota (6326 / 6326 JP) 45
Daikin Industries (6367 / 6367 JP) 48
Ebara (6361 / 6361 JP) 51
Nabtesco Corp (6268 / 6268 JP) 54
SMC (6273 / 6273 JP) 57
THK (6481 / 6481 JP) 60
NSK (6471 / 6471 JP) 63
NTN (6472 / 6472 JP) 66
JTEKT (6473 / 6473 JP) 69
Tsubakimoto Chain (6371 / 6371 JP) 72
Okuma Corp (6103 / 6103 JP) 75
Mori Seiki (6141 / 6141 JP) 78
Amada (6113 / 6113 JP) 81