Focus on the Midterm Growth Opportunities on Automobiles; Raising Panasonic FVE to JPY 1,900
We raise our fair value estimate of Panasonic to JPY 1,900 from JPY 1,300, as we have revised our view on the automotive & industrial systems segment. We believe that Panasonic’s growth strategy on focusing on automotive rechargeable batteries, in-vehicle infotainment systems, and devices, is more visible, and therefore lifted our earnings forecast of the segment. Previously, we were concerned whether the company could improve its profitability, while we now observe a business opportunity on...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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