In today’s briefing:
- Misumi Group (9962 JP): Weak Sales in September, but Most Bad News Discounted
Misumi Group (9962 JP): Weak Sales in September, but Most Bad News Discounted
- Total sales remained weak in September, dropping 3.5% YoY. In 1H of FY Mar-24, sales were down 4.3%. Month-to-month, though, they have been trending sideways.
- Die Components have been holding up best, followed by Factory Automation. The VONA e-commerce business has been more volatile, but still shows a lack of traction.
- Operating profit dropped 31% in 1H, but management is guiding for a 23% increase in 2H. This looks optimistic, but most of the bad news should be in the price.
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