While Weak Guidance May Disappoint the Market, Murata’s Long-Term Growth Story is Intact
While we understand that Murata Manufacturing’s weak guidance may disappoint the market, we believe the company is incorporating the worst-case scenario. While the numbers assume that demand will not recover after the ongoing inventory adjustment, Murata Manufacturing’s confidence to the long-term demand is intact, in our view. In fact, although Murata forecasts that revenue will remain flat and operating income will decline 18% for the new fiscal year, the company plans to continue aggressive c...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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