【出版时间及名称】：2010年1月日本精密电子行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：44
        【目录或简介】：
Growing importance of BPO: key to precision
sector investment decisions
■ Summary: We believe the importance of business process outsourcing
(BPO) within the office equipment business has been growing since Xerox
(XRX) announced its acquisition of BPO heavyweight Affiliated Computer
Services (ACS). In his 14 January report BPO on the Rise in 2010, our US
analyst Bryan Keane explains in detail where the BPO business is headed.
We summarize the main parts of this report and discuss the implications for
Japanese office equipment manufacturers. We also include the full report for
your reference.
■ Differentiation: Changes in economic conditions have provided a tailwind
for BPO and EquaTerra found that 75% of companies expected to use BPO
more in 2010, a sharp increase from 2009’s 25%. It forecasts a 9% CAGR
over the next five years in the BPO market, which was worth $119bn in 2008.
Hitherto the primary motivation for outsourcing was simply to cut labor costs,
but a recent important change is the growth in outsourcing targeted at
strategically reforming business processes. The issue is whether BPO
vendors can improve their profitability by offering standardized BPO knowhow.
XRX is looking for know-how synergies via its office equipment and has
the potential to achieve significant success by leveraging both its BPO and
office equipment offerings.
■ Stock calls: The Japanese company that stands to benefit most amidst the
rise of BPO is Fuji Xerox, a consolidated subsidiary of Fujifilm Holdings
(4901, OUTPERFORM, TP ¥3,500). In the medium to long term, there could
conceivably be collaboration with XRX/ACS. Ricoh (7752, OUTPERFORM,
TP ¥1,400), Canon (7751, NEUTRAL, TP ¥3,900) and Konica Minolta
Holdings (KMH) (4902, OUTPERFORM, TP ¥1,150) are also exploring ways
to address this business, but as of now, none have come up with a clear
strategy. Thus, in the medium to long term they are likely to lag the XRX
group. Given long-term prospects of a shrinking market for office equipment,
we believe efforts to address BPO are a key issue affecting long-term
investment decisions in view of BPO’s potential impact on growth in demand
for office equipment.