Aoi Electronics, an electronic components manufacturer, strong in M&A, experiences long-term decline.
2024/02/18
クリスのレポート
アオイ電子は半導体/電子部品の会社。2017年が最大の売上幅で緩やかに減少している。直近の減少理由は中国向けの携帯電話需要の低迷による。2023年3月期の決算では、自己資本率88.1％、流動比率は6,04、キャッシュフローは全体でマイナスだがFCFマージンが68.7%と現金をたくさん持っている。株価は2018/1を最高に低迷している。
Chris's report
Aoi Electronics is a semiconductor/electronic components company. Its sales have been gradually decreasing since 2017, which marked the peak in revenue. The recent decline is attributed to the sluggish demand for mobile phones in China. In the financial statements for the fiscal year ending March 2023, the equity ratio is 88.1%, the current ratio is 6.04, and while the overall cash flow is negative, the Free Cash Flow (FCF) margin stands at 68.7%, indicating a significant cash reserve. The stock price has been struggling since its peak in January 2018.
日経新聞によるとアオイ電子はM＆Aに強く、今後4年で350億円の投資をするらしい。
Insight
According to the Nikkei newspaper, Aoi Electronics is strong in M&A and is reportedly planning to invest 35 billion yen over the next four years.
ミナの判断
村田製作所と同様に中国の携帯電話需要の煽りを受けている半導体/電子部品メーカー。村田製作所によるとV字回復のような事態は起こらないとのことなので状態が継続的。投資するタイミングではない。
Mina's judgment
Similar to Murata Manufacturing, this semiconductor/electronic components manufacturer is affected by the downturn in demand for mobile phones in China. According to Murata Manufacturing, there won't be a rapid V-shaped recovery, so the situation is expected to persist. It's not the right timing for investment.
