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    Manabu Akizuki

    Senior Equity Research Analyst at Nomura Securities Co., Ltd.

    Manabu Akizuki is a Senior Equity Research Analyst at Nomura Securities Co., Ltd., specializing in the electronic parts sector with a key focus on IT hardware, mobile handsets, and cloud computing. He covers major Japanese companies such as Niterra Co. Ltd. and Mabuchi Motor Co., delivering an impressive performance with an 80% success rate on 13 stocks and earning a 3.92-star rating on TipRanks along with high average returns over the past year. Akizuki has covered the electronic parts industry since 2005 and has been recognized as the top-ranked analyst for electronics/components in the Institutional Investor rankings in 2020 and earned second place in Nikkei Veritas rankings for 2018 and 2019. He holds professional credentials as a fully registered equity analyst in Japan and has built his career exclusively at Nomura Securities.

    Manabu Akizuki's questions to NIDEC (NJDCY) leadership

    Manabu Akizuki's questions to NIDEC (NJDCY) leadership • Q4 2025

    Question

    Manabu Akizuki of Nomura Securities asked about the expected cash allocation for M&A in the mid-term plan, the link between acquisitions and production site consolidation, and the key assumptions for customer demand and inventory in the current fiscal year's forecast. He also questioned the outlook for the power generation and BESS business, including its pricing power.

    Answer

    An unnamed executive, likely President and CEO Mitsuya Kishida, detailed the cash flow allocation plan, which targets over JPY 500 billion in operating cash flow by the final year, with a portion designated for growth investments like M&A. He clarified that site consolidation primarily targets existing group companies. Regarding the outlook, the executive highlighted strong, certain demand for power generation and BESS, noting significant backlogs and an environment conducive to aggressive pricing and profitability improvements.

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    Manabu Akizuki's questions to NIDEC (NJDCY) leadership • Q1 2025

    Question

    Manabu Akizuki from Nomura Securities asked about the drivers of Q1 profitability upside, specifically if in-house component manufacturing for water-cooling systems was a key factor. He also requested an outlook for the ACIM and MOEN businesses, questioning the progress of restructuring and the reasons for a quarter-on-quarter profit decline. Lastly, he inquired about the new CEO's M&A strategy, particularly the potential size and focus area for future deals.

    Answer

    An executive clarified that while the water-cooling business exceeded profitability targets due to a rapid and efficient vertical startup, the contribution from in-house manufacturing was minimal in Q1 and is expected to increase in the second half. Executive Akinobu Samura addressed the ACIM and MOEN businesses, stating that the Q1 restructuring charge was about JPY 1 billion, with a focus on Europe. The slight QoQ profit decline was attributed to one-off factors, including increased loss estimates from a prior warehouse incident and pricing corrections. Regarding M&A, CEO Mitsuya Kishida noted a focus on industrial and mechanical targets and emphasized that building a strong M&A pipeline is a key priority for the new management team.

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    Manabu Akizuki's questions to NIDEC (NJDCY) leadership • Q1 2025

    Question

    Manabu Akizuki from Nomura Securities asked about the key drivers for the Q1 profitability upside, particularly the contribution from the water-cooling business and the potential margin improvement from in-house component manufacturing. He also requested a comprehensive outlook for the ACIM and MOEN businesses, the progress of their restructuring, and the reason for their Q-on-Q profit decline. Lastly, he inquired about the new CEO's M&A strategy and the potential size and focus of future acquisitions.

    Answer

    An executive, likely CEO Mitsuya Kishida, explained that the water-cooling business exceeded profitability targets due to a speedy vertical startup, though the margin contribution from in-house production will be more significant in the second half. He confirmed that quick coupling is a difficult but high-margin area with limited suppliers. Executive Akinobu Samura addressed the ACIM and MOEN businesses, stating that Q1 restructuring costs were about JPY 1 billion, mainly in Europe, and that the Q-on-Q profit decline was due to these costs and other one-off factors. Regarding M&A, CEO Mitsuya Kishida indicated a focus on industrial and mechanical areas and emphasized that the new management's role is to build a strong pipeline of candidates.

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    Manabu Akizuki's questions to NIDEC (NJDCY) leadership • Q4 2024

    Question

    Manabu Akizuki of Nomura Securities questioned the conservative nature of the fiscal 2024 sales forecast, inquired about long-term M&A strategy, and asked about pricing for the thermal module business.

    Answer

    Executive Mitsuya Kishida described the sales plan as a minimum commitment that incorporates known risks, stating confidence in exceeding it while focusing on profitability through efficiency and cost optimization. Executive Shigenobu Nagamori detailed the 10-year M&A strategy, which involves acquiring profitable companies in growing motor application areas to supplement organic growth, noting their expanded ability to execute large or even hostile takeovers. An executive also confirmed that for thermal modules, unit prices are expected to increase in line with higher kilowatt specifications due to the advanced, high-precision technology involved.

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    Manabu Akizuki's questions to NIDEC (NJDCY) leadership • Q4 2023

    Question

    Manabu Akizuki of Nomura Securities posed three questions regarding the fiscal 2024 plan: why the sales projection appears conservative, the strategy for company-wide cost optimization, and the pricing dynamics for thermal modules as their power capacity increases.

    Answer

    Executive Mitsuya Kishida responded that the sales plan is conservative because it fully incorporates current market risks to ensure commitment to the target, though he is confident of exceeding it. He detailed optimization plans focusing on manufacturing basics, global human resource coordination, and realizing synergies from recent acquisitions. An executive also confirmed that for thermal modules, the unit price is expected to increase with higher kilowatt capacity due to the high-precision components involved.

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    Manabu Akizuki's questions to NNDNF leadership

    Manabu Akizuki's questions to NNDNF leadership • Q2 2025

    Question

    Asked about the target operating profit margin for the Appliance, Commercial and Industrial (ACIM) business and its drivers, the growth strategy for the BESS (Battery Energy Storage System) business, and the company's future M&A strategy within its five business pillars.

    Answer

    For ACIM, the company aims for a 20% OPM, driven by restructuring in C&I and growth in highly profitable segments like U.S. Motors and products for data centers. The BESS business, already profitable in Europe, will be grown steadily and globalized. The M&A strategy will involve a mix of large-scale and smaller, targeted acquisitions to fill technological gaps and add new elements to the five business pillars.

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