Strong global competitiveness in mainstay energy and electric systems and industrial automation systems units, coupled with solidified market position in air conditioning equipment Extensive product lineups and a global research and development (R&D) system, which underpin its competitive position in its mainstay businesses Susceptibility of profitability and purchase orders to changes in capital investment in end markets because the company generates about half of its profits from factory automation systems and automotive electric and electronic products Still slightly lower profitability than major overseas competitors in the capital goods industry Increasingly stable cash flow indicators that remain commensurate with the rating Continued financial discipline and a sound financial base free of net debt Expected continuing heavy investment burden, owing to business
