Denso’s Fiscal 2018 Results Were in Line; Shares Appear Attractive to our New JPY 6,800 FVE
Narrow-moat Denso’s fiscal 2018 results (fiscal year-end March 2018) were largely in line with our expectations, with revenue, operating profit, and net income up 13%, 25%, and 24%, year on year, respectively. The operating margin, up 80 basis points to 8.1%, was higher than our 7.8% forecast, thanks to strong production volume growth and effective cost reduction. Encouragingly, the sales from Denso’s moaty mobility system division (renamed from information and safety system) grew by 32% on a lo...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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