Murata’s New Guidance Implies Robust Growth From Auto and 5G Communication; Shares Undervalued
Murata Manufacturing’s new revenue guidance for fiscal year 2019 (financial year ending March 2019) is 14.8% growth, fairly in line with our forecast of 14.4% growth, which assumes that: 1) robust demand of MLCC driven by the auto digitalization will continue; and 2) communication module business will benefit from the increasing complexity on RF circuits. At the earnings briefing, Murata stated that its capital expenditure will reach its historical high of JPY 340 billion, or 21.6% of this year’...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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