Daikin’s earnings hinge on the growth of its North American and Chinese businesses.
No-moat-rated Daikin’s first-half fiscal year-end March 2017 net income of JPY 96 billion, up 20% year over year, was above our expectations, owing to better-than-anticipated margin on the back of effective cost-cutting and the launch of high value-added products. We raise our fiscal 2017-2021 earnings forecast by 5.6%-11.4% to reflect the improved performance. As a result, our fair value estimate is increased to JPY 5,800 from JPY 5,400, implying about 11 times EPS for fiscal 2017 and 1.5 time...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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