"Pentax to release a mirrorless camera"


Shaky

Link Posted 04/08/2010 - 15:57
Quote:

Pentax to release a mirrorless camera according to… CitiGroup

On page 2 of this CitiGroup report about Hoya (the owner of Pentax), you will see the following sentence:

“Hoya plans to release a mirrorless camera under Pentax brand that is distinct from models already on the market.”

No further information is provided. It is really weird that a financial corporation like CitiGroup would report rumors on their official report… unless they know something about this project.

Full Photorumors.com story with link

Shaky

Link Posted 04/08/2010 - 16:04
Interesting comment from the Citi research note:

Quote:
Upside risks to our target price include: . . . 2) decisions earlier than expected and on better than expected terms for the sale of the Pentax camera operations

. . .Downside risks include: . . .3) delays to the exit strategy for the Pentax camera operations.

johnwhit

Link Posted 04/08/2010 - 16:15
Also found here:

http://k-rumors.com/k4-finally-hoya-decided-to-make-a-pentax-mirrorless-camera/

If you scroll down the right side:

http://k-rumors.com/k4-samyang-35mm-f1-4-for-pentax-mount-coming-early-2010/


Samyang next lens for Pentax mount will be the 35mm f/1.4

mmmmmmmm

John
PPG link

In LBA hiatus.
Last Edited by johnwhit on 04/08/2010 - 16:17

mecrox

Link Posted 04/08/2010 - 16:17
My understanding is that all the Citi research quote means is that in the view of Citi, selling the Pentax camera operations (but not the medical side) would raise Hoya's share price and not selling it would lower Hoya's share price. It does not mean that a sale is on the cards and is just a cover-yourself statement, though of course any company can decide to sell one of its divisions at any time. I am expecting a Christmas bonus of £25 million for this advice which is, I am sure you will agree, worth every penny.

Gwyn

Link Posted 04/08/2010 - 16:29
AS long as the new one due at Photokina isn't an EVIl I don't really care.

I don't honestly believe this rumour though - it also claims Hoya are due to sell Pentax so why would they (page 4 Risks) so why would they spend time and money on an EVIL if that was the case?

Who leaked this document which is now feeding the rumour mills?

Shaky

Link Posted 04/08/2010 - 17:24
mecrox wrote:
My understanding is that all the Citi research quote means is that in the view of Citi, selling the Pentax camera operations (but not the medical side) would raise Hoya's share price and not selling it would lower Hoya's share price. It does not mean that a sale is on the cards

That’s not the way I read it. They refer specifically to “the exit strategy for the Pentax camera operations”, which is in reality a confirmation of past statements from senior Hoya management.

Furthermore, the fact that Citi basically appear to be announcing a new Pentax model implies they have good access to management planning.

Quote:
I am expecting a Christmas bonus of £25 million for this advice which is, I am sure you will agree, worth every penny.

So sorry, prop trading is where it's at this year

Shaky

Link Posted 04/08/2010 - 17:32
Gwyn wrote:
I don't honestly believe this rumour though - it also claims Hoya are due to sell Pentax so why would they (page 4 Risks) so why would they spend time and money on an EVIL if that was the case?

No business is saleable as a going concern without some sort of product pipeline that is reasonably consistent with product lifecycles in the markets in which they operate.

Otherwise it could only be sold as a sort of breakup/asset stripping exercise at a discount to the intrinsic value. And if that were the only option Hoya might as welll do it themselves.

Anvh

Link Posted 04/08/2010 - 18:02
Shaky wrote:
Gwyn wrote:
I don't honestly believe this rumour though - it also claims Hoya are due to sell Pentax so why would they (page 4 Risks) so why would they spend time and money on an EVIL if that was the case?

No business is saleable as a going concern without some sort of product pipeline that is reasonably consistent with product lifecycles in the markets in which they operate.

Otherwise it could only be sold as a sort of breakup/asset stripping exercise at a discount to the intrinsic value. And if that were the only option Hoya might as well do it themselves.

Yeah but they are taking a lot of risk launching two new formats in a year
I really doubt Pentax as a relative small company can even pull such a stunt off
Stefan


K10D, K5
DA* 16-50, DA* 50-135, D-FA 100 Macro, DA 40 Ltd, DA 18-55
AF-540FGZ

simonkit

Link Posted 04/08/2010 - 22:58
I'm not sure that the rumour is true, at least this time around.

One thing I do believe though is that Pentax definitely will produce a mirrorless camera - personally I think it's where the consumer DSLR market is heading. Mirrors are old technology and personally I'll be happy to see the day when EVF technology is perfected

Simon
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MrCynical

Link Posted 05/08/2010 - 23:17
Anvh wrote:
I really doubt Pentax as a relative small company can even pull such a stunt off

Does it really need to be a new system? I wouldn't be surprised to see something along the lines of the Samsung NEX: i.e. EVIL, but has an APS-C sensor and a K-mount*

*Yes, I know that NEX doesn't have a K-mount thanks

hefty1

Link Posted 06/08/2010 - 00:45
MrCynical wrote:
Anvh wrote:
I really doubt Pentax as a relative small company can even pull such a stunt off

Does it really need to be a new system? I wouldn't be surprised to see something along the lines of the Samsung NEX: i.e. EVIL, but has an APS-C sensor and a K-mount*

*Yes, I know that NEX doesn't have a K-mount thanks

Keeping the K-mount would defeat the purpose of making a mirrorless camera. Existing lenses would still require the same distance to the sensor as they do now in order to retain infinity focus.

What you'd end up with is a body exactly the same size as the existing DSLR's but with a big hole where the mirror used to sit - a completely pointless exercise unfortunately.

If Pentax do introduce a new EVIL camera then it will have to have a new lens mount (or maybe a Micro4/3's one - it is open source after all and it would solve the problem of having to launch a full range of lenses at the start). Of course we would hope that a K adapter would be available too...
Joining the Q

Anvh

Link Posted 06/08/2010 - 08:55
All that Hefty said.

I actually hope Pentax wouldn't be tempted to make the jump to that, it's going to be really busy in that sector because also Nikon or Canon seems to have plans

I hope Pentax will go on and try to maybe fit a translucent LCD screen in the optical viewfinder instead off the simple system with the AF points lighting up.
If they succeed you could have an overlay with information on top of what you see and you could switch to digital viewfinder if the mirror flips up and the camera would be in liveview mode.
Stefan


K10D, K5
DA* 16-50, DA* 50-135, D-FA 100 Macro, DA 40 Ltd, DA 18-55
AF-540FGZ

Shaky

Link Posted 06/08/2010 - 12:56
Anvh wrote:
I actually hope Pentax wouldn't be tempted to make the jump to that, it's going to be really busy in that sector because also Nikon or Canon seems to have plans

This is true, but by all accounts it is a segment of the market that is growing rapidly.

Furthermore, I think any such product introduction from Pentax must be viewed in the context of Hoya’s exit strategy. The list of potential strategic acquirors where there is a good fit with the Pentax business is fairly small, and the failure so far to find a buyer in my view indicates a strong lack of interest from this department.

That leaves a financial investor - private equity firms - as the most likely candidate and these days they are invariably obsessed with growth. This is a function of broken global stock markets that are unable to value companies properly, and has substantially led to the demise of a previously large portion of the private equity market that wanted to buy strong if stable cash-flow businesses at attractive prices. Of course that profile doesn’t match Pentax either but the fixation on growth means that a successful sale of Pentax is almost predicated on being positioned in the EVIL segment.

And as a consumer I say bring it on.

Anvh

Link Posted 06/08/2010 - 13:39
I truly wonder if Hoya wants to sell Pentax, if so they shouldn't have launched the 645D I believe, since like you said it makes it even more difficult to fit it with another company.
Stefan


K10D, K5
DA* 16-50, DA* 50-135, D-FA 100 Macro, DA 40 Ltd, DA 18-55
AF-540FGZ

Shaky

Link Posted 06/08/2010 - 14:15
Anvh wrote:
I truly wonder if Hoya wants to sell Pentax, if so they shouldn't have launched the 645D I believe, since like you said it makes it even more difficult to fit it with another company.

You have to separate the interests of Hoya and Pentax, while recognising that in order for Pentax to appear attractive as an investment it must have a reasonable market position.

In particular there is an inverse relationship between business risk and financial risk. That means that an investor - Hoya or somebody else - could pump $1bn into Pentax for new product development, marketing etc; this would secure the business for quite some time, but the investor would never make an acceptable financial return on the investment because the market size and available margins would not deliver this.

Instead a balancing act is needed to find the right level of investment, but in the present circumstances Hoya may be investing above what is warranted by market potential to try to off load the company as a window dressing exercise for potential investors.

In any case I believe the 645D was absolutely necessary to lift the reputation/prestige of Pentax in lower value market segments, to support the recent price hikes from a marketing perspective.
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