Familiar Struggles in Solar and Soft Semiconductor Demand Hurt Kyocera; Shares Overvalued
Kyocera posted underwhelming operating results in the fiscal first quarter of 2017, further exacerbated by yen appreciation. Once again, the solar business was the biggest drag on the top line, unable to stabilize the steep pricing declines that the segment has experienced over the last five years. We reiterate our no-moat rating for the firm. Our fair value estimate remains unchanged at JPY 4,274 and $38 per U.S. ADR. With shares trading at a premium, we recommend investors seek a wider margin ...Kyocera is engaged in fine ceramic components, electronics devices, equipment, services and networks. As of Mar 31 2018, Co. has 230 subsidiaries and 4 affiliates outside Japan and 23 subsidiaries and 7 affiliates in Japan. Co.'s customers include individuals, corporations, governments and governmental agencies. Co. categorizes its operations into seven reporting segments: Fine Ceramic Parts Group, Semiconductor Parts Group, Applied Ceramic Products Group, Electronic Device Group, Telecommunications Equipment Group, Information Equipment Group, and Others.
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