Downside Risks on Handsets and Solar Panels for Kyocera’s New Guidance; Shares Fairly Valued
Kyocera reported JPY 105 billion of operating income for fiscal 2017 (financial year ending March 2017), which was above our forecast of JPY 96 billion and market expectations of JPY 94 billion. Although the company estimates that the stronger Japanese yen caused a negative impact of JPY 26 billion to its profits, Kyocera absorbed the loss by cost reduction, and was able to maintain its profitability. In the March quarter, the telecommunication equipment segment recorded an 11.4% margin, which w...
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