No Major Surprise in Daikin’s Robust First-Half Fiscal 2019 Earnings; Shares Remain Overvalued
No-moat Daikin’s first-half fiscal 2019 (year ending March 2019) net profit of JPY 112.8 billion, up 11% year over year, was within our expectations. Although first-half earnings accounted for 60% of our full-year estimate, we leave our forecasts largely unchanged, given that this was in line with historical trend. We maintain our fair value estimate of JPY 9,600 per share, and we think Daikin’s shares remain overvalued, as we expect the firm’s earnings momentum to subside going forward. We proj...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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