Denso Reports in Line 3Q Result, Raise FVE to JPY 6,400 on Stronger Renminbi and Euro.

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Equity Bottom-Up

<p>Narrow-moat <a href="https://www.smartkarma.com/entities/18703" target="_blank" data-smartkarma-citation="entities:18703:1">Denso Corp (6902 JP)</a>'s fiscal 2018 results (fiscal year-end March 2018) were largely in line with our expectations, with revenue, operating profit, and net income up 13%, 25%, and 24%, year on year, respectively. The operating margin, up 80 basis points to 8.1%, was higher than our 7.8% forecast, thanks to strong production volume growth and effective cost reduction. Encouragingly, the sales from Denso’s moaty mobility system division (renamed from information and safety system) grew…</p>

Narrow-moat Denso Corp (6902 JP)'s fiscal 2018 results (fiscal year-end March 2018) were largely in line with our expectations, with revenue, operating profit, and net income up 13%, 25%, and 24%, year on year, respectively. The operating margin, up 80 basis points to 8.1%, was higher than our 7.8% forecast, thanks to strong production volume growth and effective cost reduction. Encouragingly, the sales from Denso’s moaty mobility system division (renamed from information and safety system) grew…

Denso’s Fiscal 2018 Results Were in Line; Shares Appear Attractive to Our New JPY 6,800 FVE