Denso's Fiscal 1Q19 Earnings Were Largely in Line; Our FVE Remains at JPY 6,800 per Share
Despite better-than-expected revenue growth, narrow-moat automotive component maker Denso's fiscal first-quarter earnings (ending June 2018) were largely in line with our expectations, with EBIT down 2.4% (versus our negative 3% forecast) from the year-ago quarter to JPY 90.9 billion. Thanks to strong demand in its mobility system products (up 56% from last year), such as advanced driver assistance systems, or ADAS, applications, revenue increased 14% year on year to JPY 1,331 billion.However, ...
Denso and its affiliates are mainly engaged in the manufacture and sale of automobile electronic, electrical parts, and other components. Co.'s principal business segments are powertrain control systems, electronic systems, thermal systems, information and safety systems, small motors, industrial systems and consumer products. Co.'s principal products include starters, alternators, engine management systems, components for gasoline, diesel and electric hybrid vehicles, engine ECUs, hybrid ICs, air conditioners, radiators, remote keyless entry controllers, car navigation systems, car-mounted ETC devices, motors, bar code handy scanners and industrial robots.
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