Japan PMI worse, machine tool order backlog better

December 3, 2012

An intriguing contrast Friday 30 November saw the release of the very timely Markit/JMMA Japan Manufacturing PMI™ for November 2012. The PMI fell from 46.9 in October to 46.5 in November. In its commentary, Markit noted that new orders fell to the greatest degree for 19 months. Presumably that is domestic orders as Markit commented […]

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Toyota global production: Holding up well in October

November 30, 2012

Production in October Toyota’s global auto production in October 2012 came to 695.1 thousand units, which was down 0.3% compared to October 2011 and rose 1.3% compared to September 2012. Global production from January to October 2012 has now reached 7.465 million units, which is 32.5% higher than the same period in 2011. That’s not […]

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Japan forklift sales: further signs of export stabilisation

November 26, 2012

China PMI, Japan forklifts looking better The Japan Industrial Vehicles Association (JIVA) reported forklift sales and exports for October 2012 earlier today. Domestic sales rose 5.1% year-on-year and fell 9.1% month-on-month to 5,860 units, while exports came in at 4,066 units, down 7.7% YoY but falling only 4.8% month-on-month – the fourth-strongest performance for October […]

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Volvo truck deliveries: October better, but orders don’t lie

November 17, 2012

Sales in this market are a backward looking indicator Volvo’s truck deliveries (sales) were announced on 16 November 2012. Total deliveries fell by 8.1% year-on-year and rose by 13.5% month-on-month. For the period January to October 2012, total deliveries have now reached 185,645 units, which is down 3.2% over the same period in 2011. That […]

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Japan machine tool orders: Bottoming out?

November 14, 2012

We might be close to the bottom Last month when we looked at the Japan Machine Tool Builders Association order figures, I concluded “Not getting any worse”. Having inspected the October 2012 figures (announced on 12 November 2012) I’ve arrived at the same view: the situation seems to be stabilising. That may not sound exciting, […]

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Japan bearing sales: Predictably poor in September 2012

November 12, 2012

Awful bearing orders, but already in price The September 2012 orders for bearings were released last week. I’m not going to spend too much time on this because we have just had the results for the July-September quarter for the three major bearing companies, namely JTEKT, NSK and NTN. While there will be a time […]

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Japan tire sales: September 2012 highest since 2007 for replacement tyres

November 9, 2012

Steady progress Conclusion: October tyre sales indicate an excellent start to the winter (snow) tyre season in Japan, which is positive news for local tyre suppliers such as Bridgestone and Sumitomo Rubber. In this post on Bridgestone’s recent Q3 results I sounded a cautious note on the outlook for tyres as it seems to me […]

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Bridgestone: Q3 margin highest since start of quarterly reporting

November 7, 2012

Profitability still improving Conclusion: Q3 excellent, Q4 should be even better, but share price may be running out of steam. As the chart above shows, Bridgestone’s operating profit margin in the July – September 2012 quarter was the highest since the company began to release quarterly results in 2004. The October – December quarter is […]

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Japan auto parts: Autos still looking better than industrials

October 31, 2012

Second half unlikely to be as bad as guidance suggests Conclusion: As we have been predicting for some time, the “machinery-related” auto parts companies (Toyota Industries, JTEKT, NSK) fared badly in the first half while “pure” auto parts suppliers (Denso, Aisin, Boshoku) performed well. First-half results for the pure auto parts suppliers were good, but […]

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Volvo truck deliveries: Here comes the hangover

October 25, 2012

Not looking good for trucks Conclusion: Volvo’s truck deliveries in September 2012 held only one mildly interesting point, which was the continued strength in Eastern Europe. Western Europe, North America and Asia were all worse than normal for the month of September. Moreover, a quick look at the supplementary information for Volvo’s just-released September quarter […]

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