Slowdown on OLED Panels and Cameras Are Mostly Priced in; Trim Canon FVE to JPY 4,200
No-moat Canon cut its operating income guidance for fiscal 2018 to JPY 378.5 billion from JPY 404 billion, owing to: 1) worse-than-expected product mix on copiers and cameras; 2) contraction of compact digital camera market; and 3) slower demand of OLED panels. We had indicated in our April note that Canon's guidance on imaging system segment looks stretched, but the new guidance was even below our original forecasts. Given recent trends above, we nevertheless believe Canon's revenue assumption ...
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