Raising Canon’s FVE to JPY 3,700, but Upside Is Limited, as Margin Expansion Is Unsustainable
We raise our fair value estimate for Canon to JPY 3,700 from JPY 3,200 after the robust June quarter result, which delivered a better operating margin than our original forecast. However, we are concerned that its solid profitability stems from the preferable product cycle and cutback in expenses, and thus the margin expansion is not sustainable. We maintain our view that Canon’s share price is supported by rich dividends and that its upside is therefore limited. As we forecast its operating mar...
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