reports
- Kazunori Ito
Kyocera: Mixed Impression From Robust Components and Weak Equipment Bu...
Kyocera’s operating income for the December quarter was JPY 39 billion, in line with our forecast of JPY 37 billion. Its revenue increased 12.5% from the previous year and recorded historical high, owing to the weaker Japanese yen, and robust demand from handsets, autos, and industrials. Its operating margin reached 9.7%, the highest level since fiscal 2011. We retain our fair value estimate of JPY 7,500 per share and $67 for the U.S. ADR. While we expect steady growth for the firm's electr...
- Kazunori Ito
Lifting FVE to JPY 7,500, but Concerns Regarding Unprofitable Business...
We raise our fair value estimate for Kyocera to JPY 7,500 per share and $67 per U.S. ADR, from JPY 6,700 and $61, respectively, as we have taken a more optimistic view of medium-term components demand and revised our foreign exchange assumption from 120 JPY/EUR to 130 JPY/EUR. While we are impressed with the recovery of its fine ceramic businesses, we are concerned that the company has cut down its full-year guidance for handsets and solar panels, owing to tougher competition and weaker demand. ...
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