Daikin's Record High 1Q Earnings within Expectation; Shares Overvalued
No-moat Daikin reported record-high first-quarter fiscal 2019 (year ending March 2019) net profit of JPY 59.6 billion, up 17% year over year. Although this accounted for 32% of our full-year forecast, we view the results as in line, given that first-half net profits are seasonally stronger. We keep our earnings estimates largely unchanged but we increase our fair value estimate to JPY 9,600 per share from JPY 9,400 to take into account the time value of money. In our view, Daikin's shares remain...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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