In this Research Note, we examine Azbil, a Japanese public company with a leading position in the domestic building automation market. Our analysis is based on their FY2022 annual results, year ending 31st March 2023 and investor presentations. The Building Automation (BA) business, the largest of three business units, accounts for 46% of consolidated net sales for the Group. Total group revenues increased 8.5% to 278.4 billion yen year ending 31 March 2023. The BA business provides air conditioning control technologies incorporated in numerous large-scale facilities, including office buildings, hotels and shopping centers. They are used to conduct detailed measurements of temperature, humidity and other factors and control facilities and equipment in a manner that delivers comfort and energy savings. Azbil Presentation, 12 May 2023 Azbil BA sales, year ending 31 March 2023 increased 7.3% year on year to 128.5 billion yen (around $896 million) due to growth in the fields related to new large-scale buildings […]