Decent June Quarter Results Delivered Relief and Confidence; Raise Panasonic's FVE to JPY 1,950
We revise our fair value estimate for Panasonic to JPY 1,950 from JPY 1,900 after the decent June quarter result, which was above our forecast. Prior to the announcement, we were concerned about: 1) whether Panasonic would be able to absorb the impact of increasing material costs; and 2) whether the company could cover the anticipated revenue decline of solar panels and in-flight entertainment systems. We are therefore encouraged that Panasonic has recorded revenue growth of 5% and operating inc...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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