Hot Topics/Alert
・❗️Presence of Activist, High volatility Updated
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Overview
・World No.1 heat pump air conditioning manufacturer
・Started by making ammunition in WW2 and still now
・Profit contribution%: aircon98%, ammnunition2%
・Notable shareholders
・Grade B: A- high PER
Comparative Advantages
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Growth Potential
・KGI
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Conservative Estimates JPY
・PER 25 ≒ 22000/880 Updated
・Market Cap/Net earnings ≒ 10bn/12
・Yield on Ordinary Dividend (135+sp50+135) ≒ 1.2%
Outlook Updated
・ ~NQ results expect to outperform YoY ✅PYQ downturn was due to unexpected delays ✅1H IR forecast 7%YoY 🔺PYQ Backlog YoY -2%
・ ~FY results expect to outperform YoY
・ FY~ expect to outperform YoY
Performance: JGAAP Ordinary Income ≒ EBT
|
|
FY/YoY |
Initial Forecast |
YTD4Q |
YTD3Q |
1H Forecast |
YTD2Q |
YTD1Q |
CY |
10%←Div↑2down Updated |
-10% |
10% |
- |
10% |
10% |
PY |
10% |
10% |
10% |
- |
10% |
10% |
PY-1 |
10% |
10% |
10% |
- |
10% |
10% |
PY-2 |
10% |
10% |
10% |
- |
10% |
10% |