Kyocera: Mixed Impression From Robust Components and Weak Equipment Businesses; Shares Fairly Valued
Kyocera’s operating income for the December quarter was JPY 39 billion, in line with our forecast of JPY 37 billion. Its revenue increased 12.5% from the previous year and recorded historical high, owing to the weaker Japanese yen, and robust demand from handsets, autos, and industrials. Its operating margin reached 9.7%, the highest level since fiscal 2011. We retain our fair value estimate of JPY 7,500 per share and $67 for the U.S. ADR. While we expect steady growth for the firm's electron...
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