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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

<ul class="">
<li>TDK revised its FY03/19E guidance following the 3QFY03/19 earnings release, which underperformed both consensus and LSR expectations. </li>
<li>The company has been affected by the US-China trade war and the deceleration of the Chinese economy in the third quarter. </li>
<li>Revenue guidance for FY03/19E has been decreased to JPY1,370bn from JPY1,420bn (-3.5%) projected in October 2018. OP guidance for the year has been reduced to JPY110bn compared to the previous expectation of JPY120bn (-8.3%).</li>
<li>On our estimates, TDK is currently trading at a FY1 PE of 12x, lower than its historical median of 16.4x.</li>
</ul>


TDK revised its FY03/19E guidance following the 3QFY03/19 earnings release, which underperformed both consensus and LSR expectations. 
The company has been affected by the US-China trade war and the deceleration of the Chinese economy in the third quarter. 
Revenue guidance for FY03/19E has been decreased to JPY1,370bn from JPY1,420bn (-3.5%) projected in October 2018. OP guidance for the year has been reduced to JPY110bn compared to the previous expectation of JPY120bn (-8.3%).
On our estimates, TDK is currently trading at a FY1 PE of 12x, lower than its historical median of 16.4x.


TDK Revises FY03/19 Guidance on the Back of US-China Trade Tensions

TDK Corp

TDK Revises FY03/19 Guidance on the Back of US-China Trade Tensions