Denso is well positioned to maintain its lead in the automotive electrification process.
Excluding a favorable foreign exchange rate, narrow-moat Denso’s third-quarter result was generally in line with our full-year forecast and consensus. We increase our fair value estimate to JPY 6,400 from JPY 6,100 to reflect higher euro and Renminbi against the Japanese yen, which together increased our fiscal 2018 operating income by more than 5%. Our medium-term operating margin assumption of 8% is retained. The stock is fairly valued. Encouragingly, the sale of Denso’s moaty information and ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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