Jinpan (NASDAQ-JST) Q3-2012 Update

Mon, 2012-11-19

application/pdf iconjst-q3-2012-update-report-2012-11-19-blackore.pdf

Title: Jinpan (NASDAQ-JST) Q3-2012 Update Report - OVERWEIGHT - Solid performance; potential share buyback; new facility on track for phase 1 completion by end of 2012; maintain Overweight, target price US$9.31

Synopsis: As we expected in our initiating report, Jinpan experienced a decrease in revenues primarily because of the slowdown in infrastructure investments in China. However, Jinpan’s result was higher than we expected at US$58.8 million and a 3% increase in sales volume of its cast resin transformer products for the first 9 months of 2012 compared to last year. We believe that the surprise in top-line performance demonstrates Jinpan’s brand recognition in the market.

Report length: 7 pages (excluding legal disclaimer)

Miller Chu
Peter Fang, CFA