In today’s briefing:
- Hamamatsu Photonics (6965 JP): Difficult Year Ahead
Hamamatsu Photonics (6965 JP): Difficult Year Ahead
- FY Sep-22 results are likely to beat management’s guidance, but this should be in the price. Recession and rising interest rates are probably not in the price.
- Growth rates slowed in 3Q and are likely to decline further in 4Q. In the year ahead, we expect both sales and profits to decline.
- The shares have rebounded by 21% since the 1st of July to 30x our EPS estimate for FY Sep-23. This does not look sustainable. Sell into current strength.
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