Denso Corp Watchlist
Denso – Strong Overshoot Potential And Only Modest Execution Risk
235 Views, 09 May 2022 20:04
- Denso 4QFY22 revenue was strong at ¥1,506bn (+4.8% vs. consensus) but increases in raw material prices resulted in OP of just ¥85bn (-31.8% vs. consensus).
- The company’s FY23 guidance was conservative projecting just ¥6,350bn (+2.2% vs. consensus at +15.1% YoY) but OP guidance was for ¥560bn (+5.3% vs. consensus).
- We expect volume to grow further and the depreciating Yen should favourably impact ASPs next year.