The independent financial analyst theScreener just lowered the general evaluation of CASIO COMPUTER (JP), active in the Consumer Electronics industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date February 25, 2022, the c...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
After meeting with the company, we have trimmed Casio Computer’s fair value estimate to JPY 1,600 from JPY 1,800 because we expect higher new product-related expenses to impede profit growth. The focus on new business development reflects Casio’s stagnant revenue. While its operating margin has improved to 10% in fiscal 2019, from 3% in fiscal 2012, this came from the divestment of unprofitable businesses, such as digital cameras and system equipment rather than from growth. While we are ple...
Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at an affordable price. Casio established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under...
After meeting with the company, we have trimmed Casio Computer’s fair value estimate to JPY 1,600 from JPY 1,800 because we expect higher new product-related expenses to impede profit growth. The focus on new business development reflects Casio’s stagnant revenue. While its operating margin has improved to 10% in fiscal 2019, from 3% in fiscal 2012, this came from the divestment of unprofitable businesses, such as digital cameras and system equipment rather than from growth. While we are ple...
Despite the economic slowdown, Casio Computer’s revenue for the consumer segment in the March quarter was fairly flat from the previous year excluding the exit of digital camera business, which suggests that Casio’s mainstay consumer businesses, such as watches, calculators, and electronic dictionaries are resistant to recessions. We are encouraged with the solid revenue, as Casio’s share is supported by its shareholder return, which is underpinned by the rich cash flow from watches and ca...
Despite the economic slowdown, Casio Computer’s revenue for the consumer segment in the March quarter was fairly flat from the previous year excluding the exit of digital camera business, which suggests that Casio’s mainstay consumer businesses, such as watches, calculators, and electronic dictionaries are resistant to recessions. We are encouraged with the solid revenue, as Casio’s share is supported by its shareholder return, which is underpinned by the rich cash flow from watches and ca...
While Casio Computer’s December quarter results were slightly below our forecast, it demonstrates that Casio’s businesses are resistant to recessions, in our view. Excluding the impact of the exit from digital camera, Casio’s organic revenue declined 2% from the previous year, despite the economic slowdown in China. Revenue of mainstay watches and calculators remained flat from the previous year, and operating margin for these businesses were 20% and 17%, respectively. We believe that the ...
While Casio Computer’s December quarter results were slightly below our forecast, it demonstrates that Casio’s businesses are resistant to recessions, in our view. Excluding the impact of the exit from digital camera, Casio’s organic revenue declined 2% from the previous year, despite the economic slowdown in China. Revenue of mainstay watches and calculators remained flat from the previous year, and operating margin for these businesses were 20% and 17%, respectively. We believe that the ...
Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at an affordable price. Casio established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under...
Casio Computer’s September quarter results were fairly in line with our forecasts. Excluding the impact of the exit from digital camera, its organic revenue dropped 2.7% from the previous year as system equipment and music instruments were weaker than expected. Meanwhile, we are satisfied with the solid demand for Casio’s mainstay watches and calculators, which are the sources of Casio’s rich cash flow. We are not surprised that Casio cut its full-year revenue guidance by 6%, as we had ind...
Casio Computer’s September quarter results were fairly in line with our forecasts. Excluding the impact of the exit from digital camera, its organic revenue dropped 2.7% from the previous year as system equipment and music instruments were weaker than expected. Meanwhile, we are satisfied with the solid demand for Casio’s mainstay watches and calculators, which are the sources of Casio’s rich cash flow. We are not surprised that Casio cut its full-year revenue guidance by 6%, as we had ind...
Casio Computer’s September quarter results were fairly in line with our forecasts. Excluding the impact of the exit from digital camera, its organic revenue dropped 2.7% from the previous year as system equipment and music instruments were weaker than expected. Meanwhile, we are satisfied with the solid demand for Casio’s mainstay watches and calculators, which are the sources of Casio’s rich cash flow. We are not surprised that Casio cut its full-year revenue guidance by 6%, as we had ind...
We think Casio Computer’s June quarter results are fairly in line with our forecasts. Its operating income of JPY 6.6 billion is slightly below our forecast of JPY 7.1 billion, but we are not concerned about the miss, as we estimate that some research and development cost was brought forward and will not recur in the September quarter. In fact, the operating margin of the mainstay consumer segment has reached 15.7%, which is the highest number since 2015. We thus believe that Casio can achieve...
We think Casio Computer’s June quarter results are fairly in line with our forecasts. Its operating income of JPY 6.6 billion is slightly below our forecast of JPY 7.1 billion, but we are not concerned about the miss, as we estimate that some research and development cost was brought forward and will not recur in the September quarter. In fact, the operating margin of the mainstay consumer segment has reached 15.7%, which is the highest number since 2015. We thus believe that Casio can achieve...
Casio Computer’s new operating income guidance for fiscal 2019 (financial year ending March 2019) is JPY 35 billion, which is below our forecast and the market expectation of JPY 38 billion. We believe the difference mainly comes from the increasing investment of JPY 3 billion to develop new businesses, and meanwhile, watches and calculators appear to be solid. Therefore, even though Casio’s plan to increase its revenue by 8% for this fiscal year looks unrealistic, we believe that Casio’s ...
Casio Computer’s new operating income guidance for fiscal 2019 (financial year ending March 2019) is JPY 35 billion, which is below our forecast and the market expectation of JPY 38 billion. We believe the difference mainly comes from the increasing investment of JPY 3 billion to develop new businesses, and meanwhile, watches and calculators appear to be solid. Therefore, even though Casio’s plan to increase its revenue by 8% for this fiscal year looks unrealistic, we believe that Casio’s ...
We retain Casio Computer’s fair value estimate of JPY 1,800. While stagnation in the digital camera business disappointed us, we retain our long-term view that Casio’s rich cash flow from watches and calculators will support its share price. Our fair value estimate implies 8.6 times enterprise value/EBITDA and dividend yield of 2.5% on a fiscal 2019 (financial year ending March 2019) basis. Over the past decade, Casio’s dividend yield has been within the range of 2%-3%, and so we think th...
Casio Computer’s September quarter results were in line with our expectations. While recovery of digital camera and music instruments is slower than our forecast, robust revenue growth of watches and calculators covered the delay, and a stronger euro and restructuring of the system equipment segment contributed to improving the profitability. Overall, the results do not affect our long-term view for Casio that the company will achieve steady growth on watches and calculators, and Casio’s ent...
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