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1、ElectronicpartsNomuraSecuritiesCoLtd,TokyoManabuAkizuki+81-3-6703-1185manabu.akizuki@nomura.comJapaneseEquityResearch–FlashReportYujiroNishibori+81-3-6703-1189yujiro.nishibori@nomura.comImpactofTohokuPacificEarthquake15March2011Reportno.11-0751Althoughsomemanufacturingbasesh
2、avebeendamaged,therehavebeennoreportsofhumantragediesatelectronicpartsplants,andonlyafewcompaniessufferedextensivedamagefromflooding.WethinkmanufacturingwillresumequicklywhenunderlyingPleasereadtheimportantinfrastructure(electricity,water,gasandcommunications)isrepaired.Them
3、aindisclosuresandanalystcustomersofJapaneseelectronicpartscompaniesareglobalmakersoffinalproducts,certificationsonpp.4–9.glandwedonotexpectthedemandstructuretobealteredsignificantlybytheearthquake.SincemanufacturingbasesarewidelydispersedthroughoutJapanandaroundtheworld,weex
4、pectcorporatevaluetostarttorecoverastheimpactoftheearthquakebecomesclearer.Theexhibitbelowshowsasummaryofcorporatepressreleasesasof14March.Asinformationflowabouttheearthquake’simpactgrows,wethinkattentionwillfocusoninfrastructureissues,especiallythesupplyofelectricity.•Three
5、kindsofimpactfromtheearthquake:Theearthquake’simpactcanbeclassifiedintothreecategories:(1)directdamagetobuildingsandfacilitiesfromtheearthquake,(2)damagecausedbythetsunamiinthecoastalareasofMiyagi,FukushimaandIwateprefectures,and(3)aftereffectsoftheearthquake,mainlydisruptio
6、ntoelectricity,communications,gasandwaterservices.Floodinghasthegreatestpotentialfordamage,butonlyafewelectronicpartsplantsweredamagedbywater,andnoneweremajorplants.Sectorcompaniesarecurrentlyassessingdamagetotheirstructuresandfacilities,andasofthiswriting,therehavebeennorep
7、ortsofsubstantialdamage.•Widespreaddamagecausedbytheearthquake:Theearthquakecausedwidespreaddamagetosomecompanies’plantbuildingsandproductionequipment.Sectorcompanieshavenotreportedanytragiclossofemployees,andaimtostartrepairworkassoonaselectricityandotherservicesareturnedba
8、ckon.Inthethreeprefecturesaffectedthemostbytheearthquake,AlpsElectric[6770]
