Daikin Reports Robust Third-Quarter Results Despite Stronger Yen; Fair Value Estimate Maintained
No-moat Daikin’s nine-month net profit of JPY 125 billion for fiscal 2017 (fiscal year ending March 2017) was in line with our expectations and up 17% year over year, primarily thanks to the company’s effective cost-cutting measures and the expansion of its high value-added product offerings. We maintain our fair value estimate of JPY 5,800, implying about 11 times price/earnings for fiscal 2017 and 1.5 times book value. We think the company is overvalued at the current stock price, given its un...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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