FANUY - Fanuc Still Under Pressure From The Automation Slowdown

Since my last update on Japanese factory automation specialist Fanuc (FANUY) (6954), the shares have declined about 6% - broadly in line with other Japanese automation plays like Yaskawa (YASKY) and THK (THKLY), but lagging Western players like Rockwell (ROK) and ABB (ABB). Fanuc has also been one of the weaker stocks in the group over the past year, an issue that I believe ties back just as much to the overheated valuation as fundamental deterioration in the business.

I still see a lot of

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