Murata Up 12.8% Following 3QFY03/19 Earnings Release

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Equity Analyst, LightStream Research

Farha Sabri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

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<li>Murata released its 2QFY03/19 results on Wednesday with revenue growing by 27.2% YoY to reach JPY788.4bn in 1HFY03/19. This was a touch higher than our own expectations of JPY779.2bn. Meanwhile, OP grew by 38.7% YoY to JPY139.4bn in 1HFY03/19, beating both our and consensus expectations.</li>
<li>As per our estimates, Murata is currently trading at a FY1 PE of 18.4x, cheaper than its historical median of 20.4x.</li>
</ul>


Murata released its 2QFY03/19 results on Wednesday with revenue growing by 27.2% YoY to reach JPY788.4bn in 1HFY03/19. This was a touch higher than our own expectations of JPY779.2bn. Meanwhile, OP grew by 38.7% YoY to JPY139.4bn in 1HFY03/19, beating both our and consensus expectations.
As per our estimates, Murata is currently trading at a FY1 PE of 18.4x, cheaper than its historical median of 20.4x.


Murata Revises FY03/19 Guidance Following Solid 1H Performance

Murata Manufacturing

Murata Revises FY03/19 Guidance Following Solid 1H Performance