HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 1

HIRANO TECSEED CO., LTD. (6245 JP)
FURTHER DELAY IN SHIPMENT TOGETHER W ITH S URGING C OS TS CA USES SLOW CASH INFLOW

FY24 Q1 RESULTS
Hirano Tecseed (hereinafter HT) reported FY24 Q1 OP of ¥292mil (-53.5%
YoY) on sales of ¥12,099mil (-3.9% YoY), which resulted in the OPM
deteriorating -2.6ppt YoY to 2.4%.
Although FY24 Q1 sales achieved 53.5% of 1H sales forecast, Q1 OP only
achieved 24.4% of 1H OP guidance. However, HT maintained both 1H andFY24 guidance as the weak OP was primarily due to (1) a contraction in the
Coating & Laminating Machinery [C&LM] segment OPM, and (2) an operating
loss in the Industrial Machinery segment due to low production levels.
Hirano Tecseed (6245 JP): Earnings Summary(¥mil)

FY23

FY24
Q1

Q1

1H

FY

Sales

12,584

22,346

46,946

12,099YoY (%)
-3.9

GP

1,815

3,030

7,511

1,476

-18.7

GPM (%)

14.4

13.6

16.0

12.2

-2.2ppt

SG&A

1,186

2,260

4,275

1,184

-0.2

SG&A/Sales
(%)

9.4

10.1

9.1

9.8

+0.4ppt

OP

629

769

3,236

292

-53.5

OPM (%)

5.0

3.4

6.9

2.4

-2.6ppt

RP

675

814

3,394

427

-36.7

RPM (%)

5.4

3.6

7.2

3.5

-1.8ppt

NP*

467

564

2,438

328

-29.8

EPS (¥)

31.05

37.42

161.70

21.75

-30.0

 Hirano Tecseed’s (hereinafter HT)
FY24 1H OP fell -53.5% YoY to ¥292mil
on sales of ¥12,099mil (-3.9% YoY).
Although FY24 Q1 sales achieved
53.5% of 1H sales forecast, Q1 OP only
achieved 24.4% of 1H OP guidance.
 The decline in Q1 OP was mainly due
to a -¥10mil operating loss in the
Industrial Machinery segment (vs OPof ¥287mil in FY23 Q1). The CL&M
segment OP also fell -10.2% YoY to¥584mil.
 Despite weaker-than-expected Q1
results, HT has not changed its 1H andfull-year guidance. The firm is guidingfor FY24 1H OP of ¥1,200mil (+55.9%
YoY) on sales of ¥22,600mil (+1.1%
YoY), and full-year FY24 OP of¥2,900mil (-10.4% YoY) on sales of¥44,000mil (-6.3% YoY).
 Although the FY24 guidance wasconservative, delays in sales andhigher costs are now beyond whatmanagement anticipated.

Source: Nippon-IBR based on Hirano Tecseed's results presentation material (FY24 Q1)* NP attributed to the parent's shareholders

The Coating and Laminating Machinery [C&LM] segment reported Q1 salesof ¥10,332mil (-1.0% YoY / +10.2% QoQ), in line with expectations as orderbacklogs were converted to sales. However, while sales slightly dipped froma year ago (-1.0% YoY), the segment’s absolute quarterly sales still remain atrecord levels.
Similarly, while the order backlog contracted -14.1% YoY / -8.6% QoQ to¥50,983mil, the absolute level remains approx. 1.2x that of the firm’s FY24
sales guidance due to long lead times on the back of change in specifications
by HT’s LiB electrode coating machine customers to meet the requirementsin the US. However, Q1 OP fell -10.2% to ¥584mil as the surge in raw material
and labour costs was higher than the firm anticipated.

HIRANO TECSEED CO., LTD (6245 JP)

EXECUTIVE SUMMARY

 While HT aims to become a global
leader in C&L machinery and istargeting FY27 sales of ¥51,000mil
and ROE of 7.5%, the medium-termplan (FY24~27) is regarded a period
during which the firm will focus onestablishing foundations for growth
so as to improve corporate value.
 HT maintains its capital allocation
policy under the new medium-term
plan. The estimated total capital of¥8,000mil, comprised of operating
cash flow, debt and cash surplus, willbe allocated to the following areas:
1)
2)
3)
4)
5)

Growth investment ¥3,000mil+,Strategic alliance, or shareholder
return ¥3,000mil+,Higher of either DOE of 3.5% ordividend pay-out ratio of 60%
Maintenance CAPEX ¥2,000mil
Working capital.

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 2

C&LM FY24 Q1 orders surged +554.2% YoY to ¥5,555mil thanks to strong demand for installation work. However,orders for LiB electrode coating machines remained low, as customers had:
1. Front-loaded orders since FY21, on expectations of high growth in the EV market.
2. They have since, pended orders due to changes in their production locations and updates in machine specifications.
3. Consequently, deliveries have been delayed as HT’s customers are now more cautious on the outlook for the EV
market.
On the other hand, Q1 Industrial Machinery segment sales declined -26.8% YoY / -45.7% QoQ to ¥1,260mil. Here, inrecent years, HT had prioritised orders for secondary LiB electrode coating equipment for energy-related equipment.
As a result, the order backlog is relatively lower, hence the decline in sales.
PERFORMANCE BY SEGMENT
Hirano Tecseed (6245): Segment Performance
FY23(¥mil)

Coating and Laminating
Machinery

Industrial Machinery

Others

Total

FY24

Q1

Q2

Q3

Q4

Q1

QoQ (%)YoY (%)

Sales

10,441

7,786

9,771

9,376

10,332

10.2

-1.0

OP

650

268

1,675

575

584

1.6

-10.2

OPM (%)

6.2

3.4

17.1

6.1

5.7

-0.5ppt-0.6ppt

Sales

1,720

1,540

2,269

2,320

1,260

-45.7

-26.8

OP

287

217

347

406

-10

N/A

N/A

OPM (%)

16.7

14.1

15.3

17.5

-0.8

-18.3ppt-17.6ppt

Sales

422

435

325

538

506

-5.9

19.9

OP

20

27

231

-9

67

N/A

235.2

OPM (%)

4.7

6.2

71.1

-1.7

13.3

+15.0ppt+8.5ppt

Sales

12,584

9,762

12,363

12,237

12,099

-1.1

-3.9

OP*

629

140

1,869

598

292

-51.2

-53.5

OPM (%)

5.0

1.4

15.1

4.9

2.4

-2.5ppt-2.6ppt

Source: Nippon-IBR based on Hirano Tecseed’s FY23 & FY24 Q1 Tanshin*1: Total OP = Total segment OP deducted by HQ costs.

HT has three business segments, of which two – the C&LM segment and the Industrial Machinery segment – combined
generate 95.8% of total consolidated sales and almost all consolidated OP. Consolidated sales can also be divided into
the following applications.

C&LM Segment:
The largest component of this segment is electrode coating equipment for secondary LiBs. FY24 Q1 segment OP
declined -10.2% YoY to ¥584mil on sales of ¥10,332mil (-1.0% YoY). Here, HT has expanded its services from justshipping the machines to now include installation work for the entire coating line.
C&LM sales are recognised based on the percentage of completion method. Delays in revenue recognition due toalterations in specifications as customers changed the location to receive their coating machines continued in Q1,
which led to higher costs for HT. While roughly 25% of segment sales (+70% QoQ) came from installation work in theUS, the contribution to OP was therefore negligible.
The firm admits that its view on the recovery in the EV market was optimistic while in reality, its customers’ CAPEX
was further delayed, thus, any delays to the production process will be reflected in the order backlog and contract
assets on the BS.
HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 3

Despite a record level quarterly revenue, C&LM segment OPM deteriorated -0.6ppt YoY / -0.5ppt QoQ to 5.7% due to:

The rapid surge in material and energy costs over the past year had not been reflected in the order backlogs,



Production delays caused by customers changing machine specifications to ensure they are fit for purpose at new
shipment locations increased HT’s production costs.

Although the firm has not changed its view on the medium- to long-term growth of the EV market, a few risks toearnings have become apparent:
1. There are some orders for which the firm’s budgeted costs are now outdated given the increase in raw materialand subcontractor costs. Although the firm does not have any unprofitable orders on a gross profit [GP] basis, thegross profit margin [GPM] of those orders has been squeezed – unless HT could get customers to compensate forthe extra costs when the project is completed.
2. Further delays in projects might eventually lead to cancellations before completion. HT will still be paid on thepercentage of completion basis even if there is a cancellation, although not fully, in addition to 30% advanced
payments paid upfront.
Management acknowledges the earnings risk associated with the existing order contracts, therefore they have started
negotiating a payment cycle as well as implementing price hikes. Sales are currently recognised when the machinery
is loaded on a container ship. HT is willing to modify the payment method to include upfront advanced payments andthereafter royalty-based payments. However, it is still premature to fully reflect such changes on the existing orderbacklog.
HT has not yet revised its FY24 C&LM forecast. HT aims to:
1. Promote sales of extended installation works such as turnkey contracts (e.g. not just the sale of coating andlaminating equipment, the firm installs the equipment and ensures the whole laminating line is ready to operate)and service and maintenance in the US through its US branch,
2. Shorten the time to design the equipment by standardising parts and components, and
3. Enhance production capacity by finding a business partner.

Industrial Machinery Segment:
The segment reported an operating loss of -¥10mil in FY24 Q1, vs FY23 Q1 OP of ¥287mil, on a -26.8% YoY decline insales to ¥1,260mil. Although deposition equipment mainly used in electronic materials applications, such as MLCCs
and forming polyimide films, saw increased interest from customers both in Japan and in South-East Asia, ordervolumes trended down.
Deposition equipment for electronics materials is still one of HT’s core products, however, sales declined on a YoY
basis. Because the order backlog was relatively low given HT had prioritised orders for coating equipment for energyrelated equipment including LiB electrode coating equipment.
As with the C&LM segment, HT pays its suppliers and subcontractors earlier in the production cycle than it receives
revenue, which led to an operating loss when production level is low. The firm has not yet revised segment forecasts.
Here, the firm views MLCCs as its target market for its deposition equipment and is looking to further expand its market
share.

HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024
Hirano Tecseed (6245): Sales, Production, Order and Order Backlog Breakdown
FY22(¥mil)
Q1
Q2
Q3
Q4
Q1
CoatingandLaminating
Machinery

Industrial
Machinery

Others

Total

Page | 4
FY23

FY24

Q2

Q3

Q4

Q1

QoQ

YoY
(%)

Sales

6,657

6,163

8,495

9,863

10,441

7,785

9,771

9,376

10,33210.2-1.0

Production

5,784

5,493

7,672

8,401

9,050

6,939

7,667

8,257

9,049

9.6

0.0

Order Received

24,44915,258

1,270

5,475

849

2,731

9,070

11,572

5,555

-52.0

554.2

Order Backlog

71,43180,52573,30068,91259,31954,26553,56455,76050,983

-8.6

-14.1

Sales

2,262

2,533

3,035

1,942

1,720

1,540

2,268

2,321

1,260

-45.7

-26.8

Production

1,729

1,751

2,105

1,612

1,364

1,248

1,814

1,805

1,182

-34.5

-13.3

Order Received

715

1,462

909

1,668

626

1,620

1,127

773

1,299

68.1

107.3

Order Backlog

13,221

12,15010,024

9,750

8,657

8,737

7,597

6,049

6,088

0.6

-29.7

Sales

306

347

427

389

422

435

324

538

506

-5.9

19.9

Production

235

264

342

352

354

360

67

505

391

-22.6

10.4

Order Received

623

357

925

327

337

531

342

265

355

34.1

5.5

Order Backlog

796

807

1,304

1,242

1,157

1,253

1,272

998

847

-15.1

-26.8

Sales

9,226

9,044

11,95812,194

12,584

9,762

12,363

12,236

12,099-1.1-3.9

Production

7,748

7,509

10,12010,366

10,769

8,547

9,549

10,568

10,6220.5-1.4

Order Received

25,83917,079

3,105

7,471

1,812

4,883

10,54012,611

7,210

-42.8

297.7

Order Backlog

85,44893,48384,62979,906

69,13464,25662,43362,80857,919

-7.8

-16.2

Source: Nippon-IBR based on Hirano Tecseed's FY22, FY23 & FY24 Q1 Tanshin

FY24 OUTLOOK
Despite weaker-than-expected Q1 results, HT has not changed its 1H and full-year FY24 guidance for FY24 1H OP of¥1,200mil (+55.9% YoY) on sales of ¥22,600mil (+1.1% YoY), and full year FY24 OP of ¥2,900mil (-10.4% YoY) on salesof ¥44,000mil (-6.3% YoY).
Management expects the C&LM segment will see declines in both sales and OP due to customers’ sentiments on
CAPEX waning given the uncertainty surrounding the global EV markets, which might last longer than management
initially anticipated. Moreover, although production levels have recovered, shipment delays due to changes in machine
specifications will likely continue. HT took a conservative view with its FY24 forecasts; however, management
recognises that the sentiment surrounding the EV market is now even more cautious than its own assumption.
Hirano Tecseed (6245 JP): Earnings Summary and Guidance
FY23(¥mil)
1H
FY

1H CE

YoY (%)FYCE

YoY (%)

Sales

22,346

46,946

22,6001.1

44,000

-6.3

GP

3,030

7,511

N/A

N/A

N/A

N/A

GPM (%)

13.6

16.0

N/A

N/A

N/A

N/A

SG&A

2,260

4,275

N/A

N/A

N/A

N/A

SG&A/Sales (%)

10.1

9.1

N/A

N/A

N/A

N/A

OP

769

3,236

1,200

55.9

2,900

-10.4

FY24

OPM (%)

3.4

6.9

5.3

+1.9ppt

6.6-0.3ppt

RP

814

3,394

1,300

59.7

3,000

-11.6

RPM (%)

3.6

7.2

5.8

+2.2ppt

6.8-0.4ppt

NP*

564

2,438

910

61.3

2,100

-13.9

EPS (¥)

37.42

161.69

60.34

61.3

139.25-13.9

Source: Nippon-IBR based on Hirano Tecseed's results presentation material* NP attributed to the parent's shareholders

HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 5

While the firm assumes that earnings will recovery once customers resume CAPEX on LiB secondary battery productionlines, the pressing issue is declining cash inflow. While the firm receives 30% of advanced payments upfront, with theremainder only paid at the time of shipment, HT pays its suppliers and subcontractors within 30 days of placing orders.
LONG-TERM VISION 2030 AND NEW MEDIUM-TERM PLAN

Vision and Target – Recap
Hirano Tecseed announced its Long-Term Vision 2030 plan in May 2023, during which the firm’s aim is to become a
global leader in coating machines. HT is looking to enhance corporate value by establishing a stable revenue basesupported by the following three goals:
1. Capturing the top market share in coating equipment for energy-related and electronic materials.
2. Expanding its coverage globally from manufacturing to maintenance through enhancing its overseas network.
3. Contributing to industrial development and the global environment through its coating technology.
HT will continue to focus on expanding growth in:Energy-related applications, including LiB electrode coating equipment and also extending to next generation
batteries, such as solid-state batteries and fuel cells, and

Electronic materials applications, including coating equipment for capacitors loaded in EVs, and for electronicmaterials used in 5G high-frequency wave.

By expanding its existing business, as well as developing cutting-edge technologies, HT is targeting an OPM of 12.0%
in FY30 vs 7.3% in FY22, on sales of ¥60,000mil (8-yr CAGR +4.4%), and ROE of more than 10.0% (vs 6.4% in FY22).

Capital Allocation Policy to optimise shareholder equity.
Although uncertainty surrounding the EV market continues, which led to delay in its customers’ CAPEX and subsequentslower cash inflow to the firm, HT maintains its capital allocation policy. Capital will be allocated to capture growth aswell as directed to improve shareholder equity so as to improve ROE and PBR.
HT plans to allocate capital into the following five areas:
1. Growth investment ¥3,000mil+
Approx. ¥2,000mil will be dedicated to global production capacity expansion, and the remaining ¥1,000mil will beon digital twin / smart factory technology to improve production efficiency. The firm may invest additional capital
to expand its service and maintenance business in the US and other investment to enhance enterprise value.
2. Strategic Alliance ¥3,000mil+ or allocated to shareholders return if not spent.
HT plans to allocate funds to build strategic alliances to solidify its procurement capability of core components. If
strategic alliances are not realised during the medium-term plan, the excess funds will be allocated to either
growth investments, or to shareholder return including share buybacks.
3. Dividend Payments
As for shareholder returns, management commits to paying the higher of either a dividend on equity [DOE] of
3.5% or a dividend yield of 60%. Dividends will be regularly reviewed to optimise shareholder equity which willsubsequently improve PBR and ROE.
4. Maintenance CAPEX ¥2,000mil
HT plans to allocate ¥2,000mil on updating existing factories.
5. Working CapitalThis will be equivalent to three-month sales.

HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 6

Medium-term Plan FY24~FY27
During the previous medium-term plan, HT achieved constant sales growth in the C&LM segment although rising orderbacklogs remained as an issue. Still, overall earnings heavily rely on the segment as the size of the LiB secondary battery
market is far bigger than that for MLCCs and electronics components. Although the segment achieved +34.1% sales
CAGR over the past three years, the OPM deteriorated because shipments were delayed by customers changing
specifications, combined with the fact that HT pays its subcontractors within 30 days of an order being placed.
In addition to achieving record sales in C&LM, HT has also drastically altered its shareholder return policy after
reviewing the strength of its balance sheet and will either pay out 3.5% DOE from retained earnings or 60% of theyear’s NP, whichever higher.
Hirano Tecseed (6245 JP): Previous Medium-term Plans (FY21~23)
Base Year
FY20

FY21

FY22

MT FY21~FY23
FY233-yr CAGR (%)

Total Sales (¥mil)

25,80037,86642,423

46,946

22.1

Coating and Laminating Equipment (¥mil)

15,48526,53331,17937,37434.1

OPM (%)

9.9

10.5

7.3

6.9

N/A

ROE (%)

5.9

9.5

6.4

6.5

N/A

Source: Hirano Tecseed Medium-term Management Plan Presentation FY24-FY27

While HT aims to become a global leading company in coating and laminating equipment and to realise sales of¥51,000mil and a ROE of 7.5% by the end of its medium-term plan (FY24~27), management sees this period as a timeto establish a foundation for future growth in order to further enhance corporate value.
Given one of the key issues for investors has been how HT can shorten the lead time and solve the order backlog
issues, HT will focus on the following three main issues:
1. Diversify revenue streams.
2. Expand supply capabilities.
3. Improve organisational capabilities.
Details of the plan can be found on HT’s website below:(https://www.hirano-tec.co.jp/en/mt_asset/Medium-Term%20Management%20Plan%20FY2024-FY2027.pdf).
Medium-term Target and Revenue Breakdown by Customers’ Industries(¥mil)

FY23

FY27

4-year CAGR

Energy-related (incl. secondary LiB electrode coating equipment)

35,10027,500-5.9

Electronic materials

6,600

9,000

8.1

Optical Film etc.

3,600

9,000

25.7

After Service & Maintenance

1,600

3,500

21.6

0

2,000

N/A

Total Sales

46,94651,000

2.1

OP

3,236

4,100

6.1

OPM (%)

6.9

8.0

N/A

ROE (%)

6.5

7.5

N/A

Others

Source: Hirano Tecseed Medium-term FY24-27 presentation material

HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 7

Medium-term Outlook by Segment
Energy-related: HT expects FY27 energy-related contributions (including secondary LiB electrode coating equipment)
sales of ¥27,500mil (4-yr CAGR -5.9%) based on 1) shipment delays over FY24~FY25 as the outlook for the global EV
market and the corresponding unwillingness of its customers to further spend on CAPEX, and 2) the lack of profit
growth in FY24 given FY24 sales do not include final shipments of LiB electrode coating machines.
Although the firm is expecting the current weak outlook for the EV market to be a short-term factor, it is still seeing
solid demand in LiB. To capture the medium- to long-term demand, HT plans to undertake orders on a turnkey contract
basis and also aims to establish a business for next generation batteries.
Electronics components and optical film sector: FY27 revenue, which includes (1) sales from equipment for MLCC andelectronics components, is guided to reach ¥9,000mil (4-yr CAGR +8.1%), and (2) optical film coating equipment
revenues expected to enjoy 4-yr CAGR of +25.7% to ¥9,000mil. HT aims to realise growth by diversifying the segment’s
revenue stream by capturing both domestic and overseas demand.
Service and Maintenance: HT is keen to establish a service and maintenance business as it leads to capturing
replacement demand. The firm is guiding for FY27 segment sales of ¥3,500mil (4-yr +21.6%). Moreover, given thissegment is expected to enjoy higher margins, it will help stabilise segment earnings.
Others (incl. new businesses): HT plans to make some seed investments on newly developed high value-added
businesses and M&A with offers long-term growth opportunities. HT guides for FY27 segment sales of ¥2,000mil fromno sales in FY23.

HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

HIRANO TECSEED (6245 JP) RESEARCH UPDATE – 12 SEPTEMBER 2024

Page | 8

GENERAL DISCLAIMER AND COPYRIGHTThis report has been commissioned by Hirano Tecseed Co., Ltd. (the Sponsor) and prepared and issued by Nippon
Investment Bespoke Research UK Ltd (Nippon-IBR), in consideration of a fee payable by the Sponsor. Fees are paid ondelivery of the report in cash without recourse. Nippon-IBR may seek additional fees for the provision of follow-up
research reports and associated IR services for the client but does not get remunerated for any investment banking
services. We never take payment in stock, options, or warrants for any of our services.
Accuracy of content: All information used in the publication of this report has been compiled from publicly available
sources that are believed to be reliable, however Nippon-IBR does not guarantee the accuracy or completeness of thisreport and has not sought for this information to be independently verified. Opinions contained in this report
represent those of the Nippon-IBR analyst at the time of publication. Forward-looking information or statements inthis report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet
determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause theactual results, performance, or achievements of their subject matter to be materially different from current
expectations.
Exclusion of Liability: To the fullest extent allowed by law, Nippon-IBR shall not be liable for any direct, indirect, orconsequential losses, loss of profits, damages, costs, or expenses incurred or suffered by you arising out or inconnection with the access to, use of or reliance on any information contained on this note.
No personalised advice: The information that we provide should not be construed in any manner whatsoever as,
personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective
subscriber as Nippon-IBR’s solicitation to effect, or attempt to effect, any transaction in a security. The securities
described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.
Investment in securities mentioned: Nippon-IBR has a restrictive policy relating to personal dealing and conflicts ofinterest. It does not conduct any investment business and, accordingly, does not itself hold any positions in the
securities mentioned in this report. However, the respective directors, officers, employees, and contractors of NipponIBR may have a position in any or related securities mentioned in this report, subject to its policies on personal dealing
and conflicts of interest.
Copyright: Copyright 2024 Nippon Investment Bespoke Research UK Ltd.
For further enquiry, please contact:
Yumi Yamamoto-Tyrrell
Nippon Investment Bespoke Research UK Ltd
118 Pall Mall
London SW1Y 5EA
TEL: +44 (0)20 7993 2583
Email : enquiries@nippon-ibr.com

Nippon Investment Bespoke Research UK Ltd (formerly known as NIB Research UK Ltd.) is registered in England and Wales (9100028) and isauthorised and regulated by the Financial Conduct Authority <FRN: 928332>.

HIRANO TECSEED CO., LTD (6245 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD