In this research note, we examine the Building Automation (BA) business of Azbil, based on their FY2021 Annual Report, investor presentations, and building technology-related activities throughout 2021. Building Automation, the largest of three business units, accounts for 47.3% of 2021 net sales. The other two businesses are Advanced Automation which supplies process and factory automation products and services and Life Automation, which provides residential metering and air conditioning products and services, as well as process equipment and environmental systems for pharmaceutical companies and life science laboratories. The overall vision for the BA business is to become an Asia-based world-class supplier of building systems. Core strategies include:  integrating their building automation systems, IoT devices and field equipment to optimize energy usage, air quality and temperature quality.Introducing cloud-based energy efficiency and virtual power plant services.Developing proven energy-saving apps and engineering services meeting safety and comfort needs in the overseas market. BA sales, year ending 31 March 2021 declined 5.1% […]