Aggressive Selling Expense Depressed Hoshizaki’s First-Half Operating Margin; Cutting FVE to 11,100
Wide-moat Hoshizaki’s first-half revenue and operating income missed our forecast by 2% and 5%, respectively, owing to a slower-than-expected ramp-up for European business and weak sentiment in India. We are lowering our fair value estimate to JPY 11,100 from 11,500 as we revise down our forecast for 2017 operating income by 3% to reflect higher expense for Hoshizaki to expand its overseas market share, but we still believe the company can achieve its guidance for the year. While short-term earn...Hoshizaki and its subsidiaries are mainly engaged in the research, development, manufacture, sale and maintenance of kitchen equipment for industrial use. Co.'s principal products are ice makers including fully-automatic and large-scale ice makers, cooking electrolyzers, meal service carts, high humidity refrigerators, frozen refrigerators, cold salt water system, washing electrolyzers, dish washers, ice dispensers, tea servers, cooking appliances including electromagnetic cookers, electronic frying equipment and microwaves, among others. Co. provides its products in Japan as well as North and South America, Europe, Asia and other regions.
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