Denso’s Fiscal 2Q 2019 Results Slightly Miss; Shares Are Undervalued to Our JPY 6,800 FVE
Narrow-moat Denso's JPY 61.5 billion operating profit, down 45% year on year, in the September quarter was slightly lower than our expectation, due to higher investment expenses in new technologies despite revenue growth remaining upbeat at 8%. That said, management seems to be optimistic for the near-term outlook and slightly revised up its full-year operating profit forecast by 0.8% to JPY 393 billion, largely in line with our estimate.Our fair value estimate for Denso remains unchanged at J...
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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