Trimming Kyocera’s FVE to JPY 7,000 Owing to Weaker Handsets Demand; Shares Slightly Undervalued
We trim Kyocera’s fair value estimate from JPY 7,500 to JPY 7,000 per share, and from $67 to $64 per U.S. ADR, as we incorporate weaker smartphone shipment and memory demand into our forecast. While we view that memory demand will pick up in late 2019, revenue growth of ceramic and organic packages for smartphones may be weaker than our original forecast in the longer term because of the prolonging replacement cycle and intensifying competition. As a result, we lowered our operating margin assum...
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