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    Daiki Takayama

    Research Analyst at Goldman Sachs

    Daiki Takayama is a Research Analyst at Goldman Sachs Japan Co., Ltd., specializing in industrial goods and semiconductor sectors, with particular coverage of companies such as ROHM Co. Ltd. and Murata Manufacturing. Tracking coverage of 27 stocks, he has maintained a 39% success rate on rated recommendations over the past year, generating an average return of -1.4% per rating, and his most profitable call yielded a 60.1% annualized return. Takayama began his analyst career at Yamaichi Securities before joining Goldman Sachs in 1998, establishing a strong focus on the Japanese and German markets. He holds relevant securities credentials and is an analyst registered with FINRA.

    Daiki Takayama's questions to NIDEC (NJDCY) leadership

    Daiki Takayama's questions to NIDEC (NJDCY) leadership • Q4 2025

    Question

    Daiki Takayama inquired about the timing and balance of the 3-year plan to reduce JPY 100 billion in variable costs and JPY 50 billion in fixed costs, particularly asking which would be prioritized in the current year given the flat sales forecast.

    Answer

    An unnamed executive, likely President and CEO Mitsuya Kishida, stated that the company will prioritize fixed cost reductions in the initial phase of the plan to improve profitability even without sales growth. The executive clarified that the benefits from variable cost reductions, especially those involving the discontinuation of non-core businesses, are expected to materialize more significantly in the latter part of the plan, such as fiscal 2027.

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    Daiki Takayama's questions to NIDEC (NJDCY) leadership • Q1 2025

    Question

    Daiki Takayama of Goldman Sachs inquired about the water-cooling module business, seeking an updated sales and profit forecast, details on customer concentration with SUPER MICRO, and plans for in-house component production. He also asked for the rationale behind the confident profit outlook for the traction motor business in China and Europe, and questioned the visibility of the 2030 organic growth and M&A targets under the new long-term strategy.

    Answer

    Executive Shigenobu Nagamori and an executive explained that the water-cooling business is performing well ahead of plan, with Q1 sales around JPY 7 billion and the full-year forecast more than doubled. They emphasized a focus on their primary customer, SUPER MICRO, to ensure quality, stating that in-house production of critical components like quick couplings is ramping up. Regarding traction motors, an executive detailed that profitability in China is expected from the smooth launch of Gen 3 products and completed fixed cost handling, while in Europe, close JV partner collaboration is reducing costs toward Q3 profitability. The long-term JPY 7 trillion organic growth target is a bottom-up calculation from business units, with the JPY 3 trillion M&A plan designed to fill strategic gaps.

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    Daiki Takayama's questions to NIDEC (NJDCY) leadership • Q1 2025

    Question

    Daiki Takayama of Goldman Sachs inquired about the water-cooling module business, seeking an updated sales and profit forecast, details on customer concentration beyond SUPER MICRO, and progress on in-house component production. He also asked for the rationale behind the company's confidence in achieving profitability for its traction motor business in both China and Europe. Finally, he questioned the visibility of the plan to reach JPY 7 trillion in organic growth by 2030 and the strategy for the JPY 3 trillion in M&A.

    Answer

    Executive Shigenobu Nagamori provided sales figures for the water-cooling business, noting Q1 sales were around JPY 7 billion and the full-year forecast could more than double. An executive, likely CEO Mitsuya Kishida, added that the focus remains on the primary customer, SUPER MICRO, to ensure quality, while in-house production of components like quick couplings is ramping up. Regarding traction motors, the executive explained that profitability in China is expected from Gen 3 products and reduced fixed costs, while in Europe, close cooperation with the joint venture partner is reducing deficits, with profitability expected in Q3. For the long-term plan, he stated that there is a clear internal pathway and visibility for the growth targets, with M&A intended to fill strategic gaps.

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    Daiki Takayama's questions to NNDNF leadership

    Daiki Takayama's questions to NNDNF leadership • Q2 2025

    Question

    Asked about the impact of recent organizational changes on profitability, the company's midterm financial targets and growth drivers, and the revenue outlook for the water cooling system business.

    Answer

    The company is aiming for JPY 60 billion in sales but faces uncertainties. Profitability is currently driven by the SPMS and ASM businesses, while the automotive segment struggles. The long-term goal is to build a global organization capable of high growth and profitability, aiming for JPY 5 trillion in sales by 2030. The water cooling business growth is on track despite some delays in next-gen GPU launches, with a significant ramp-up expected from Q4.

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