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  "docId": "019dd923-622c-750b-8b96-7f2e60571091",
  "docSlug": "9e3d3c9dc613",
  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "pageNumber": 19,
  "pageCount": 54,
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  "notes": "Includes detailed footnotes referencing SEC filings (20-F) and corporate website.",
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      "kind": "callout",
      "text": "We see evidence that Nidec is manipulating its reported Automotive OP margin in order to try to show an upward trend.",
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      "text": "EBIT Margin: 10.6%",
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      "kind": "paragraph",
      "text": "It is curious that it took so long to group this subsidiary into Automotive... Another, unfortunately dodgy possibility is that Nidec saved the regrouping for a time when it really wanted to show growth.",
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      "kind": "paragraph",
      "text": "Nidec entered the Automotive business in 2006... We see evidence that Nidec is manipulating its reported Automotive OP margin in order to try to show an upward trend.",
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      "kind": "paragraph",
      "text": "In FY 2014, Nidec transferred an apparently highly profitable subsidiary of the Appliance, Commercial, and Industrial product group to the Automotive product group.",
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      "kind": "source-note",
      "text": "Source: S&P CapitalIQ",
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      "kind": "source-note",
      "text": "Footnotes 43-47",
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      "kind": "table",
      "text": "EBIT Margin table for FY2010-FY2015",
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