{ "docId": "019dd923-622c-750b-8b98-ad29603ddb10", "docSlug": "954987ce0454", "documentTitle": "Mettler-Toledo International, Inc. (MTD)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-07-24 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 96, "pageCount": 136, "prevPage": 95, "nextPage": 97, "slideType": "competitive_analysis", "function": "compare_peers", "density": "overcrowded", "nDataPoints": 12, "notes": "Includes a highlighted excerpt from a Chinese IPO prospectus regarding market competition risks.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/96", "deckHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10#slide-96", "components": [ { "bbox": { "h": 0.15, "w": 0.4, "x": 0.55, "y": 0.52 }, "kind": "callout", "text": "[U.S.] Vishay, [German] HBM, and Mettler-Toledo are examples of internationally dominant players. International competitors are increasing the movement of manufacturing to China, and this is adding market competition risk.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ee0fe55d-d6d6-4186-bdaf-32c2e4f86af1", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "[U.S.] Vishay, [German] HBM, and Mettler-Toledo are examples of internationally dominant players International competitors are increasing the movement of manufacturing to China, and this is adding market competition risk.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64d3-706e-a465-464d5bf9e09b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.26 }, "kind": "list", "text": "Keli Sensing, a domestic competitor of Mettler, is in the final stags of listing on the Shenzhen stock exchange. Keli estimated in June that sales in 2Q 19 may fall 6% after growing by 20% in 1Q. A sales person from the other key domestic rival Jinzhong (private), told us that sales have been poor in the industry for the last few years. The key reason is sales to steel and mining sector are falling. The replacement cycle was 3-5 years, but now with those sectors facing difficulty they are replacing at a much slower rate.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "495a35bd-25fe-4328-9036-9e245d2430cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Revenue Growth: -6% - 12%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-64d3-706e-a465-4f765e7dc694", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "paragraph", "text": "Market insights from China domestic competitor Keli Sensing Technology, set to IPO in Shanghai.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a8a6453f-9b12-4f99-bab1-c49abc263b2e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "衡器行业和工业控制领域是公司所处行业的主要下游行业，其市场较为分散，市场竞争较为激烈。激烈的市场竞争对公司的产品质量、服务、价格、研发能力和市场开拓能力等提出了更高的要求。公司与威世(Vishay)测量集团、HBM公司、梅特勒-托利多(Mettler Toledo)集团为代表的国际龙头企业相比，在研发能力、高端产品、资本实力等方面仍有一定差距。虽然公司通过加强研发投入、加强自主品牌建设、开拓下游应用领域等措施强化核心竞争力，但国际竞争对手也加快了制造重心向我国的转移，从而加大了市场竞争风险。若公司未来不能继续加强自己的竞争优势，可能在日趋激烈的市场竞争中处于不利地位，公司将面临市场竞争导致的销量下滑风险。", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64d3-706e-a465-4ab079ef6f27", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: IPO prospectus, P. 21 (news) Company website", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "af71824b-4bf5-4dce-abbd-7d9008dbde4d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "table", "text": "Keli Sensing (Shenzhen 603662) Revenue Summary", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b3fc815e-8482-4a5f-8d76-aff7f5615c6b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Sales Falling For Local China Competitor", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "22ba90c5-cc86-4238-8b93-4edb59a381a8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }