Decent Results Suggest Progress in Restructuring, but Underlying Problem of Low Growth Remains
We revise our fair value estimate for Kyocera to JPY 6,700 per share and $61 per U.S. ADR from JPY 6,400 per share and $58 per U.S. ADR. The decent June quarter results suggest that Kyocera’s cost reduction on unprofitable businesses, such as handsets, solar panels, and LCD displays, is ahead of our assumption, and so we have raised our earnings forecast. However, we retain our view and our no-moat rating, as we consider the strength of Kyocera’s components business to be diluted by its less com...
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