Daikin’s Nine-Month Fiscal 2019 Earnings Aided by Chemicals and Others Segments; Shares Overvalued
There are no major surprises in no-moat Daikin’s nine-month fiscal 2019 (year ending March 2019) results, with net profit down 3% year over year to JPY 149.9 billion. We leave our forecasts largely unchanged, but we raise our fair value estimate to JPY 9,900 from JPY 9,600 to take into account the time value of money. In our view, Daikin’s shares remain overvalued, given the firm’s slower earnings growth going forward. We expect Daikin’s earnings CAGR to decelerate to 3% in our explicit five-yea...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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