Solid Profitability of MLCC and HDD Heads Proves Resilience of TDK’s Product Portfolio
TDK’s December quarter operating income of JPY 32.7 billion is lower than our forecast of JPY 38.7 billion, but we think weak numbers are already embedded to the share price, as economic indicators and peers’ results have already been suggesting deceleration in China. From this point of view, we consider that TDK’s numbers were rather encouraging, as operating margin of the passive components segment improved to 13.8% from 12.4% of the previous year, despite the weakness of smartphone shipment. ...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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