Nomura maintains ‘Buy' on Uno Minda, sees 26.7% upside; Q4 beats estimates, strong growth outlook in EV, sensors
By News Desk Published on May 22, 2025, 08:27 IST
Nomura has reiterated a 'Buy' rating on Uno Minda Ltd, with a target price of ₹1,242, implying a 26.7% upside from the current market price of ₹980.00 (as of latest close).
The brokerage noted that Q4 FY25 results were ahead of consensus estimates, supported by strong execution across segments. It highlighted that the company's ongoing investments are well-aligned to tap the high-growth potential in emerging areas such as EVs, premiumisation, ADAS sensors, controllers, and CNG kits.
Nomura believes growth visibility remains robust, positioning Uno Minda as a key beneficiary of automotive industry tailwinds, including rising demand for smarter, safer, and cleaner vehicles. It added that the stock, currently trading at 37.1x FY27F EPS, remains attractively valued considering the long-term opportunity.
The brokerage expects Uno Minda to sustain its growth momentum, led by a diversified portfolio and deep OEM relationships.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decisions.
News desk at BusinessUpturn.com
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High-resolution, high-speed distance measuring performance contributes to safer, more reliable future mobility ATSUGI, Japan, June 9, 2025 /PRNewswire/ -- Sony Semiconductor Solutions Corporation (SSS) today announced the upcoming release of the IMX479 stacked, direct Time of Flight (dToF) SPAD depth sensor for automotive LiDAR systems, delivering both high-resolution and high-speed performance. The new sensor product employs a dToF pixel unit composed of 3×3 (horizontal × vertical) SPAD pixels as a minimum element to enhance measurement accuracy using a line scan methodology. In addition, SSSs proprietary device structure enables a frame rate of up to 20 fps*1, which is the fastest for such a high-resolution SPAD depth sensor having 520 dToF pixels.*2 The new product enables the high-resolution and high-speed distance measuring performance demanded for an automotive LiDAR required in advanced driver assistance systems (ADAS) and automated driving (AD), contributing to safer and more reliable future mobility. Model name Sample shipment date (planned) Sample price (including tax)*3 IMX479 1-type (15.8 mm diagonal) 520-dToF-pixel SPAD depth sensor Autumn 2025 ¥35,000 LiDAR technology is crucial for the high-precision detection and recognition of road conditions and the position and shape of the objects, such as vehicles, pedestrians. There is a growing demand for further technical advancements and developments progress in LiDAR toward Level 3 automated driving, which allows for autonomous control. SPAD depth sensors use the dToF measurement method, one of the LiDAR ranging methods, that measures the distance to an object by detecting the time of flight (time difference) of light emitted from a source until it returns to the sensor after being reflected by the object. The new sensor harnesses SSS's proprietary technologies acquired in the development of CMOS image sensors, including the back-side illuminated, stacked structure and Cu-Cu (copper-copper) connections.*4 By integrating the newly developed distance measurement circuits and dToF pixels on a single chip, the new product has achieved a high-speed frame rate of up to 20 fps while delivering a high resolution of 520 dToF pixels with a small pixel size of 10 μm square. Main Features Up to 20 fps frame rate, the fastest for a 520 dToF pixel SPAD depth sensor*2This product consists of a pixel chip (top) with back-illuminated dToF pixels and a logic chip equipped with newly developed distance measurement circuits (bottom) using a Cu-Cu connection on a single chip. This design enables a small pixel size of 10 μm square, achieving high resolution of 520 dToF pixels. The new distance measurement circuits handle multiple processes in parallel for even better high-speed technologies achieve a frame rate of up to 20 fps, the fastest for a 520 dToF pixel SPAD depth sensor.*1 They also deliver capabilities equivalent to 0.05 degrees vertical angular resolution, improving the vertical detection accuracy by 2.7 times that of conventional products.*5 These elements allow detection of three-dimensional objects that are vital to automotive LiDAR, including objects as high as 25 cm(such as a tire or other objects in the road) at a distance of 250 m. Excellent distance resolution of 5 cm intervalsThe proprietary circuits SSS developed to enhance the distance resolution of this product individually processes each SPAD pixel data and calculates the distance. Doing so successfully improved the LiDAR distance resolution to 5 cm intervals. High, 37% photon detection efficiency enabling detection of objects up to a distance of 300 mThis product features an uneven texture on both the incident plane and the bottom of the pixels, along with an optimized on-chip lens shape. Incident light is diffracted to enhance the absorption rate to achieve a high, 37% photon detection efficiency for the 940 nm wavelength, which is commonly used on automotive LiDAR laser light sources. It allows the system to detect and recognize objects with high precision up to 300 m away even in bright light conditions where the background light is at 100,000 lux or higher. Key Specifications Model name IMX479 Effective SPAD pixels 105 × 1,568 pixels (H × V), approx. 164,000 pixels Vertical effective dToF pixel count 520 dToF pixels Image size Diagonal 15.8 mm (1-type) Recommended light source wavelength 940 nm SPAD unit cell size 10.08 μm × 10.08 μm (H × V) Element size (dToF pixel unit) Minimum 3 × 3 (H × V) Photon detection efficiency 37% (940 nm wavelength) Response speed Approx. 6 ns Power supply SPAD breakdown voltage −20.5V SPAD excess voltage 3.3V Analog 3.3V Digital 1.125V Interface 1.8V Interface MIPI CSI-2 serial output (4 lane) Chip size 12.2 mm × 20.0 mm (H × V) Max. detection distance 300 m Distance precision at 300 m Minimum 5 cm equivalent Mechanical scan LiDAR for evaluating the productSSS has developed a mechanical scanning*6 LiDAR unit equipped with this new sensor for product evaluation, which will be provided to customers and partners. This will contribute to customer and partner LiDAR development and product evaluation initiatives. *1 The frame rate may vary depending on horizontal FoV (Field of View) and its resolution.*2 According to SSS research (as of announcement on Jun 10, 2025)*3 Differs depending on the handling quantity.*4 A technology used when a pixel chip (top) is stacked with a logic chip (bottom), to achieve electrical continuity by connecting the Cu (copper) pads to each other. This increases the flexibility in the design, improves productivity, and enables a smaller size and higher performance compared with Through-Silicon Vias (TSV), where the upper and lower chips are connected via electrodes around the circumference of the pixel area*5 Compared with SSS' IMX459 1/2.9-type 100,000-effective pixel SPAD depth sensor.*6 A method in which a rotating mirror reflects the beam from a fixed laser light source for wide area horizontal scanning. 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