Demand of Auto MLCC and Polymer Batteries Enables Solid Revenue Growth; TDK’s Shares Undervalued
TDK’s new operating income guidance of JPY 120 billion is 11% above the previous year’s number and in line with our expectation. We forecast that profits in the first half will be weaker than usual, as ongoing inventory adjustment, owing to the economic slowdown, will drag down its profitability. However, we believe that 1) robust demand of passive components for auto; 2) increasing market share for the polymer rechargeable battery; and 3) new adoption of its sensors for autos and handsets, will...TDK is a manufacturer of recording media, ferrite products and recording device products, and a producer of inductor, ceramic capacitor, magnet, HDD head and other components. Co.'s principal business segments are passive components, sensor application products, magnetic application products, film application products and others. Co.'s principal products include ceramic capacitors, aluminum electrolytic capacitors, film capacitors, inductive devices, high-frequency components, piezoelectric materials and circuit protection components, sensors, HDD head suspension, recording devices, power supplies and magnets, and mechatronics.
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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