Report

PSA Machinery: Daikin (6367 JT) – Cost (Depreciation) Reduction: 2020 Theme

Daikin is already the world's biggest aircon maker and analyst William Nestuk continues to view the company's prospects most positively. In this report he revisits and scores his prior FY19 assumptions. Prospects for FY20 OP, significantly cushioned by greatly reduced depreciation pressure, look to be further supported by aggressive cost reduction at US subsidiary Goodman, and better prospects (semiconductor demand recovery; EV battery materials) for its Chemicals Division.
Underlying
DAIKIN INDUSTRIES LTD.

Daikin Industries is engaged in the manufacture and sale of air conditioning and refrigerating equipment. The Air Conditioning and Refrigeration Equipment segment offers housing equipment including split type air conditioners, air purifiers and air to water heat pump systems; commercial equipment including packaged air conditioners, multi-split type air conditioners, water cooled chillers, medium/low temperature refrigeration equipment, air handling units, rooftop systems and air filters; and marine air conditioning equipment. The Chemicals segment offers fluorocarbon gases, fluoroplastics, fluoroelastomers, fluoro coating agents, semiconductor-etching products and fluorinated oils.

Provider
Pelham Smithers Associates Ltd
Pelham Smithers Associates Ltd

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries. 

The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012. 

Analysts
William Nestuk

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