Daikin Reports Largely in Line Fiscal 2018 Results; FVE Increased Slightly to JPY 9,400
No-moat Daikin’s net profit of JPY 189 billion for fiscal 2018 (ending March 2018) was up 23% year over year. The results were broadly in line with our expectations and we keep our earnings estimates largely unchanged. We raise our fair value estimate slightly to JPY 9,400 from JPY 9,300 after rolling forward our valuation model. While we are impressed with the company’s ability to achieve record high earnings, we think further outperformance will be difficult to maintain. We forecast the firm’s...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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