Daifuku Co., Ltd. (6383.T) : juste valeur

Thèse ACCE

Daifuku makes the material handling systems that move parts and goods inside factories, warehouses and airports, including automated storage and retrieval systems, conveyors and cleanroom transport for semiconductor and display fabs. Its moat is installed base and engineering depth: once a plant is built around its conveyors and stockers, the customer tends to buy follow-on capacity and service from the same vendor, and the company holds a leading share in semiconductor cleanroom automation. The current driver is the reshoring and capacity build-out in chips and electronics, and the company's 10.0% revenue growth shows that demand is converting to sales. At 25.1x trailing earnings the stock looks ordinary, but the 36.2x forward multiple implies the market expects earnings to dip before they recover, which makes the gap between those two numbers the first thing to test. A 16.6% operating margin on a 25.3% gross margin is solid for hardware-heavy automation, though the business is cyclical with fab spending. Worth a deeper look to see whether the forward earnings assumptions hold up against order backlog.