Denso Corp

Denso – Strong Overshoot Potential And Only Modest Execution Risk

Equity Bottom-Up
235 Views, 09 May 2022 20:04
EXECUTIVE SUMMARY
  • 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.
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Mio Kato
Japan/Asia Long-Short
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

Over 15 years analysing Japanese and Asian stocks from a long/short perspective I focus on cyclically driven sectors su... 

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