While Watches Remain Stable, Casio Needs to Overcome Weak Top-Line Growth; Shares Fairly Valued
We think Casio Computer’s June quarter results are fairly in line with our forecasts. Its operating income of JPY 6.6 billion is slightly below our forecast of JPY 7.1 billion, but we are not concerned about the miss, as we estimate that some research and development cost was brought forward and will not recur in the September quarter. In fact, the operating margin of the mainstay consumer segment has reached 15.7%, which is the highest number since 2015. We thus believe that Casio can achieve o...Casio Computer is mainly engaged in the development, manufacture and sale of consumer electronics. Along with its affiliates, Co. operates in three business segments. The Consumer segment is engaged in the manufacture and sale of watches, clocks, electronic dictionaries, electronic calculators, label printers, electronic musical instruments and digital cameras. Co.'s watch brands include "G-SHOCK," "BABY-G," "PRO TREK," "EDIFICE," "OCEANUS, " "SHEEN," "PHYS," "wave ceptor" and "LINEAGE." The System equipment segment provides handy terminals, electronic cash registers including POSs, office computers, page printers and data projectors. The Other segment manufactures molds and other products.
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