Contents Growth on Auto Mitigates Weak Smartphone Production; Murata's Shares Undervalued
While we trim our fair value estimate for Murata Manufacturing from JPY 24,000 to JPY 23,000 to factor in the weakness of smartphone demand, we will retain our view that Murata will continue to benefit from the electronic contents growth, driven by the diffusion of auto digitalization. Murata’s December quarter results were encouraging, which implies that robust demand from the auto industry is mitigating the negative impact of the economic slowdown and prolonged smartphone replacement cycle. In...Murata Manufacturing is mainly engaged in the development, manufacture and sale of electronic components and modules in Japan, North America and certain other Asian and European countries. Co.'s products are sold mainly to electronics companies for use as components in telecommunication, computer, audio, video, automotive electronics and other electronic products. Co. is engaged in the development, manufacture and sale of electronic parts and related products, including components for capacitors and piezoelectric products, as well as modules products; the provision of welfare services, personnel services, education and training services, as well as the leasing and management of real estate.
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