Daikin’s Fiscal 2019 Results Within Expectations; FVE Increased Slightly to JPY 10,100
No-moat Daikin’s net profit of JPY 189 billion for fiscal 2019 (year ending March 2019), flat year over year, was in line with our expectations. After rolling forward our valuation model, we raise our fair value estimate slightly to JPY 10,100 from JPY 9,900. While the company’s ability to control cost and achieve record high operating profit are impressive, this has been priced in and further outperformance is not sustainable, in our view. We think the company is overvalued at the current stock...Daikin Industries is engaged in the manufacture and sale of air conditioning and refrigerating equipment. The Air Conditioning and Refrigeration Equipment segment offers housing equipment including split type air conditioners, air purifiers and air to water heat pump systems; commercial equipment including packaged air conditioners, multi-split type air conditioners, water cooled chillers, medium/low temperature refrigeration equipment, air handling units, rooftop systems and air filters; and marine air conditioning equipment. The Chemicals segment offers fluorocarbon gases, fluoroplastics, fluoroelastomers, fluoro coating agents, semiconductor-etching products and fluorinated oils.
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