Revising Murata’s FVE to JPY 7,700, Owing to the Stock Split; Shares Undervalued
Effective March 27, Murata Manufacturing implemented a 1 to 3 split for its shares, in order to improve the liquidity by lowering the minimum trading lot; accordingly, its share price is divided by 3 from the previous day. Therefore, our fair value estimate is revised to JPY 7,700 from JPY 23,000, while our narrow-moat rating is unchanged. We retain our view that the growth of electronic contents, which is driven by diffusion of 5G and auto digitalization, will continue to benefit Murata Manufac...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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