Slowdowns in Europe and China Weighed on Denso’s December Quarter Results; Cut FVE to JPY 6,500
We’re lowering narrow-moat Denso’s fair value estimate to JPY 6,500 from JPY 6,800 per share to reflect the slowdowns in European and Chinese automobile markets. The company’s December quarter operating profit came in short of our and consensus forecasts at JPY 91.2 billion, down 17% year on year, mainly owing to higher investment costs for future growth. Meanwhile, management seemed be concerned with weak business outlook and rising raw materials costs and revised down its full-year operating p...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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