6324

Harmonic Drive Systems (6324.TSE) is the global leader in harmonic reducers, or strain wave gearing, with roughly 58% global share by sales value and more than 70% share in the high-end market. Its products are de facto standard components for industrial robot wrist and forearm joints, semiconductor equipment, aerospace precision axes, and the purest picks-and-shovels exposure to humanoid robot rotary joints. Research rating Watch: a great company at an uninvestable price, with real but eroding moat quality and negative margin of safety.