Report
Kazunori Ito
EUR 100.00 For Business Accounts Only

MEMS Sensor Growth Slower Than Anticipated; Cutting Our TDK FVE to JPY 12,000

TDK’s operating income for the June quarter of JPY 25.4 billion was above our forecast of JPY 22 billion. While robust auto demand continues to drive the growth of multilayer ceramic capacitors, or MLCCs, as expected, revenue growth on polymer rechargeable batteries was above our forecast. Although recovery in Chinese smartphone production contributed to the growth, we believe that orders from Chinese manufacturers are unsustainable because of the weaker end demand, and so June quarter numbers a...
Underlying
TDK Corporation

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Kazunori Ito

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