| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 4919.98 | -61 |
| Intrinsic value (DCF) | 8259.57 | -35 |
| Graham-Dodd Method | 5520.08 | -57 |
| Graham Formula | 13188.71 | 4 |
Meiko Electronics Co., Ltd. (6787.T) is a leading Japanese manufacturer of printed circuit boards (PCBs) and electronic components, serving global markets in automotive, telecommunications, industrial devices, and consumer electronics. Founded in 1975 and headquartered in Ayase, Japan, Meiko specializes in high-performance PCBs, including multi-layer, HDI, flexible, and heat dissipation variants, alongside circuit design and electronic manufacturing services. The company operates across Asia, North America, and Europe, catering to industries requiring advanced PCB solutions. With a strong focus on innovation, Meiko supports next-generation technologies such as embedded devices and high-current applications. Its diversified product portfolio and global footprint position it as a key player in the PCB industry, benefiting from growing demand in automotive electrification, 5G infrastructure, and industrial automation.
Meiko Electronics presents a mixed investment profile. Strengths include its diversified PCB product line, global customer base, and exposure to high-growth sectors like automotive and telecom. The company's revenue (¥179.5B) and net income (¥11.3B) reflect stable demand, while its beta (1.29) suggests moderate market sensitivity. However, high total debt (¥79.3B) and significant capital expenditures (¥21.4B) may pressure cash flow. The dividend yield (~1.7% based on ¥76/share) is modest. Investors should weigh Meiko's technological expertise against cyclical industry risks and competitive pressures in the PCB market.
Meiko Electronics competes in the fragmented global PCB market by emphasizing high-margin, technically complex products like HDI and flex-rigid PCBs. Its competitive advantage lies in specialized manufacturing capabilities (e.g., heat dissipation PCBs) and proximity to Asian electronics supply chains. However, it faces pricing pressure from larger Taiwanese and Chinese PCB manufacturers (e.g., Zhen Ding Tech, Unimicron) that benefit from economies of scale. Meiko's focus on automotive and industrial applications differentiates it from consumer-focused peers, but reliance on Japan (50% of revenue) limits diversification. The company's R&D investments in embedded devices and high-current PCBs align with industry trends, though slower adoption in legacy sectors could hinder growth. Its mid-tier market position requires balancing cost efficiency with technological differentiation to maintain margins amid rising material costs.