Cutting Panasonic’s FVE to JPY 1,850 on Weak Appliances, but Battery Should Drive Shares in 2H
We are cutting Panasonic’s fair value estimate from JPY 2,000 to JPY 1,850 after revising our outlook for the appliance segment. Because of the global economic slowdown and the domestic consumption tax increase in October 2019, we think that revenue growth for the segment will stagnate over the next few years. Moreover, we are concerned about the intense competition of major appliances, because we believe it is difficult for most consumer electronic companies to establish an economic moat, which...Panasonic offers a range of products, systems and components for consumer, business and industrial use based on electronics and precision technology, expanding to building materials and equipment, and housing business. Co. divides its businesses into five segments: Appliances, Eco Solutions, Connected Solutions, Automotive & Industrial Systems and Other. Co.'s principal products include home appliances such as refrigerators, room air conditioners, washing machines and vacuum cleaners; lighting fixtures and electric lamps, video and audio equipment, electrical components, batteries, semiconductors and optical devices.
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