Denso’s Robust 2Q Earnings Driven by Sales Expansion, Foreign Exchange, and One-Off Gain; Raise FVE
Narrow-moat Denso’s second-quarter operating income beat consensus by more than 30%. Its track record as a leading auto supplier has helped it to grow faster than the overall auto sales by expanding non-Toyota customers, as we have addressed in our investment thesis. In the second quarter, sales to non-Toyota Japanese carmakers and the Detroit Three increased by 14% and 13%, respectively. We raise our fair value estimate slightly to JPY 6,100 from JPY 5,900, reflecting the consolidation of Fujit...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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