Denso Delivered Moderate Growth in Q2 Despite Appreciation of the Yen; FVE Unchanged at JPY 4940
No-moat Denso’s quarterly result ended September was slightly ahead of our expectations, with operating profit of JPY 75.5 billion, up 23% year over year. Quarterly sales of JPY 1,084 billion are slightly below our forecast, owing to appreciation of the yen. Excluding the negative impact from foreign exchange, sales actually grew 7.7% year over year, with strong organic growth in the North America and Asia markets. We expect the company to continue growing moderately in the long term, despite he...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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