JOHNSON Electric Holdings is likely to disappoint the market and post a third year of flat earnings, according to Crosby Securities. Johnson designs, manufactures and markets micro-motors, which are used in a range of tools, toys, leisure products, car components and accessories. The market is looking for the company to register 15 per cent growth this year. Crosby says this will happen only when Asian demand kicks in and this is still a few years away. The brokerage says a visit to the company revealed sales of motors for household appliances to be weak this year and Christmas orders showing modest growth over last year. The automobile components division is showing good growth but the company said margins were under pressure from all major customers. European car-makers are trying to get back into the market, the Americans are pushing to enter new markets and the Japanese are defending their position. Motors for power tools are selling extremely well but account for only a fifth of group sales. Crosby says Johnson remains an excellent company and will be a good investment in later years but investors could find better value elsewhere. It recommends a sell.