No-Moat Panasonic Cuts Earnings Forecast Because of JPY Appreciation; Revised FVE to JPY 1,050
Panasonic’s September quarter result was somewhat disappointing, with operating profit of JPY 77.7 billion, which is 37% below the year-ago number and below the market expectation of JPY 90 billion and our estimate of JPY 82 billion. In addition, the company revised down its full-year guidance for operating income from JPY 310 billion to JPY 245 billion, which is below our original forecast of JPY 305 billion. This was for three major reasons: 1) the foreign exchange rate (a JPY 41 billion impac...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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