Daikin’s 1H Fiscal 2018 Results Beat Expectation On Strong Sales; Shares Overvalued
No-moat Daikin’s first-half fiscal 2018 (ending March 2018) net profit of JPY 101.5 billion, up 5% year over year, was another record high and beat our expectation. The stellar results were mainly attributed to the strong sales for its air conditioning and chemicals businesses, partly aided by the weaker Japanese yen. We raise our earnings forecasts by 6%-26% to take into account the better-than-expected results. We are impressed by Daikin’s stringent cost control and we believe the firm could m...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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