Yamaha releases new guidance on May 8 for its fiscal year ending March 2025. The previous Mid-term plan for OP was ¥68bn, while the consensus is looking for just ¥40.9bn.
We expect ¥50bn, and think the shares are as much as 30% undervalued.
Analysts have responded to multiple downward revisions to current year guidance, driven by collapsing Piano sales to China, but haven’t responded to cost cutting or growth in other product lines.
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