TDK (6762) FY17 Q1Results Comment – Surprising Resilience After.....

Key Points  TDK’s FY17 Q1 OP fell only 5.2% YoY, despite the transfer of radio frequency (RF) assets to the JV with Qualcomm (QCOM US). Furthermore, TDK left full-year OP guidance unchanged, which should reassure those investors who have been worried about larger losses at InvenSense (US). Sales guidance was raised to reflect the inclusion of InvenSense, and stronger than expected demand in several businesses.  OP would have grown 16% if not for ¥3.5bn in one-time costs for sensor specialist...