Daikin’s First-Half Margin Beat Expectation on Effective Cost-Cutting, Increasing FVE to JPY 5,800
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.
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