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    Takayuki Naitou

    Managing Director and Senior Analyst at Citigroup Inc.

    Takayuki Naitou is a Managing Director and Senior Analyst at Citigroup Inc., specializing in Japanese financial institutions and the banking sector. He covers leading companies such as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, with a consistently strong track record recognized by institutional investor rankings and industry surveys. Naitou began his career at Daiwa Securities before moving to Citigroup, where he has established himself as one of Japan's top bank analysts with high success rates and positive returns on his recommendations, as reported by market platforms. He holds relevant securities licenses through Japan's Financial Services Agency and is known for his in-depth industry research and thorough financial analysis.

    Takayuki Naitou's questions to NIDEC (NJDCY) leadership

    Takayuki Naitou's questions to NIDEC (NJDCY) leadership • Q4 2025

    Question

    Takayuki Naitou from Citigroup Securities sought more detail on the growth drivers within the five new business pillars expected to generate a JPY 300 billion sales increase. He also asked about the competitive landscape for AI-related water cooling solutions, particularly against Chinese manufacturers, and the growth strategy for the mobility business.

    Answer

    An unnamed executive, likely President and CEO Mitsuya Kishida, identified "Sustainable Infrastructure & Energy" and "Base of AI Society" as the pillars with the highest growth potential. For mobility, he emphasized component businesses like ECUs and expansion in India. Regarding competition, the executive acknowledged rivalry with Chinese suppliers but expressed confidence in Nidec's established supplier network, design capabilities, and ability to compete effectively in traction motor and AI cooling components.

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    Takayuki Naitou's questions to NIDEC (NJDCY) leadership • Q4 2024

    Question

    Takayuki Naitou of Citigroup Inc. asked for clarification on the forecasted slowdown in sales growth, particularly the expected decline in organic growth for the automotive segment.

    Answer

    An executive explained that the near-term forecast reflects business consolidations in the first half of the year, with growth expected to resume thereafter. He highlighted the increasing contribution from stable, high-margin, long-term service contracts for large infrastructure, which provides a strong profit base. Another executive reiterated that the overall forecast is a conservative, minimum target designed to ensure achievement. The automotive number reflects this cautious stance and a strategic shift away from unprofitable projects.

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    Takayuki Naitou's questions to NIDEC (NJDCY) leadership • Q4 2023

    Question

    Takayuki Naitou of Citigroup questioned the forecasted slowdown in sales growth, particularly the expected organic decline in the Automotive segment. He also asked for elaboration on the growth drivers for the MOEN and ACIM businesses.

    Answer

    An executive explained that the conservative automotive forecast represents a minimum, confidently achievable target to avoid underachievement. For other segments, growth is expected to accelerate after business consolidations are completed in the first half. A key driver mentioned was the expansion of long-term, high-margin maintenance and service contracts for large infrastructure equipment, which provides a stable profit base. The MOEN business is expected to reach a 15% operating profit ratio within the fiscal year.

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