Kyocera’s Plan to Improve Shareholder Return Is Positive, Raising Our FVE
We are increasing no-moat Kyocera’s fair value estimate to JPY 7,400 from JPY 7,000 per share, and to US$ 68 from US$ 64 per U.S. ADR, because we reflect slightly faster margin expansion than previously forecast. This is driven by the progress Kyocera is making as it restructures its unprofitable businesses, such as handsets and solar panels. However, since guidance is largely within our expectations, we think Kyocera is fairly valued at the current share price. Meanwhile, we find it encouraging...
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