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Sector Outlook ( english | Japanese version ) Aug 25, 2010
Domestic consumer electronics shipments: July JEITA
Sector Consumer Electronics Market Cap
Author Ryosuke,Katsura Pages 4
Flat-panel TV shipments up 39% YoY in July 2010
Funai Electric (6839) ( english | Japanese version ) Aug 02, 2010
1Q: strong start in information equipment, but below our forecasts
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 3
Funai Electric announced 1Q FY3/11 results on 2 August, with OP reaching JPY2.5b, below both the Quick consensus forecast of JPY2.7b and our forecast of JPY3.5b. In the short term, we plan to monitor final demand trends for LCD televisions in North America, while in the medium term, we are focusing on the establishmen
Panasonic Electric Works (6991) ( english | Japanese version ) Aug 02, 2010
Revising our fair-value estimate to JPY1,110 to match TOB price
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Takeshi,Tanaka Pages 3
On 29 July, Panasonic announced that it had agreed to make Panasonic Electric Works (PEW) a wholly owned subsidiary. On 30 July, PEW's share price corrected, moving in close range to the announced TOB price. In light of this, we are lowering our rating from Outperform to Neutral, and our estimate from a price objective of JPY1,500 to a fair-value estimate of JPY1,110. We plan to focus on the takeover and stock swap, monitoring to see if it proceeds in line with the schedule the company has announced.
Sanyo Electric (6764) ( english | Japanese version ) Aug 02, 2010
Revising our fair-value estimate to JPY138 to match TOB price
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 3
On 29 July, Panasonic announced that it had agreed to make Sanyo Electric a wholly owned subsidiary. On 30 July, Sanyo Electric's share price corrected up, moving in close range to the announced TOB price. In light of this, we are raising our rating from Underperform to Neutral and our fair-value estimate from JPY110 to JPY138. We plan to focus on the takeover and stock swap, monitoring to see if it proceeds in line with the schedule the company has announced.
Panasonic  (6752) ( english | Japanese version ) Jul 29, 2010
1Q results; making both Sanyo Electric and PEW into wholly owned subsidiaries
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 5
Panasonic announced its 1Q FY3/11 earnings results on 29 July, reporting OP of JPY83.8b, surpassing our forecast of JPY50.0b for a positive surprise. The company also announced that, along with its shelf registration for a JPY500.0b public offering, it will make both Sanyo Electric and Panasonic Electric Works (PEW) into wholly owned subsidiaries. Although we are concerned about the short-term dilution risk, we take a favorable view of the general direction the company is taking.
Sharp (6753) ( english | Japanese version ) Jul 29, 2010
1Q FY3/11 earnings: favorable start, but inventory levels a slight concern
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 3
Sharp announced 1Q FY3/11 earnings on 29 July. We view the results positively, as 1Q OP, at JPY22.5b, surpassed our estimate of JPY17.0b. Our estimates were slightly bearish because, although we forecast end products to trend favorably, we expected devices to slump. From the results, however, it appears that the company's own brand of TVs, in particular, sold favorably. Nevertheless, inventory levels rose by JPY68.8b to JPY480.1b (versus the JPY411.3 level seen at the end of FY3/10). We will continue to monitor the progress toward resolving issues with LCD panel back-end processes.
Sony (6758) ( english | Japanese version ) Jul 29, 2010
1Q results: upward revision to company's full-year targets a positive surprise
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 3
On 29 July, Sony announced 1Q FY3/11 OP of JPY67b. We view this result as a positive surprise, as it is substantially above both the Nihon Keizai Shimbun forecast of JPY10b-JPY30b and our estimate of the company breaking even. Concurrently, Sony has raised its full-year OP target from JPY160b to JPY180b, which we also interpret positively, as the company has accounted for a stronger yen by revising its yen-euro exchange rate assumption from JPY125/euro to JPY110/euro.
Casio Computer (6952) ( english | Japanese version ) Jul 28, 2010
1Q earnings: return to profitability for 1st time in 7 quarters; concerns remain
Sector Consumer Electronics Market Cap Small Cap < 200B
Author Ryosuke,Katsura Pages 3
Casio Computer announced 1Q FY3/11 results on 28 July. OP in 1Q reached JPY2.4b, surpassing our estimate of breakeven, but the result does not come as a major surprise given the earnings preview given in the Nihon Keizai Shimbun of 22 July, which forecast an OP of around JPY2.5b. In our view, the company's overall cost balance will change depending on whether its strategy for the digital camera market places a priority on market share by volume or stresses earnings, and we will therefore be watching for changes in the company's medium-term strategy.
Panasonic Electric Works (6991) ( english | Japanese version ) Jul 28, 2010
1Q results: control, elec. materials solid; elec. construction materials recover
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Takeshi,Tanaka Pages 3
Panasonic Electric Works announced its 1Q FY3/11 earnings results on 28 July. OP came to JPY10.1b, leaving a favorable impression as it came in ahead of our forecast of JPY9.0b. This was not a surprise, however, as the company had already announced revisions to its 1H and full-year estimates of 23 July. Our focus now is on the sustainability of the strong performance in device-related segments (automation controls/electronic and plastic materials) and on the recovery in the electrical construction materials segment.
Sanyo Electric (6764) ( english | Japanese version ) Jul 28, 2010
1Q results: strong start, driven by photovoltaic cells and electronic devices
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 4
Sanyo Electric announced its 1Q FY3/11 earnings results on 28 July. OP came to JPY13.9b, surpassing both our forecast (JPY7.0b) and that of the most recent Quick consensus (JPY6.1b), leaving a favorable first impression. Looking ahead, we will be monitoring whether the company is capable of building a business portfolio that maximizes returns as it concentrates its management resources on energy-related fields, and we will also be focusing on the creation of a business framework within the Panasonic group, covering both operational and financial aspects of the business.
Panasonic  (6752) ( english | Japanese version ) Jul 26, 2010
1Q FY3/11 preview: strong start; only revising forex assumptions
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 5
While we are reflecting new assumptions for forex rates in our forecasts for Panasonic, we are leaving our overall forecasts unchanged, as we believe the strength in actual business will be sufficient to compensate for forex fluctuations. We are focusing on the company's progress in its collaboration with Sanyo Electric, and on the high pace of its withdrawal from less profitable businesses, which have combined sales of around JPY300b.
Panasonic Electric Works (6991) ( english | Japanese version ) Jul 26, 2010
Company lifts FY3/11 OP target from JPY40b to JPY60b
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Takeshi,Tanaka Pages 3
Panasonic Electric Works upwardly revised its FY3/11 OP target from JPY40.0b to JPY60.0b on 23 July. We forecast FY3/11 OP of JPY62.0b and see the upward revision as confirmation of our view of the company's prior targets as being overly conservative. While the revised figures are not surprising, we see the upward revision (just before the announcement of 1Q results) to not only 1H targets, but full-year targets as well, as a positive.
Sanyo Electric (6764) ( english | Japanese version ) Jul 26, 2010
1Q preview: strong start, continuing to focus on handling of problem businesses
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 5
We are raising our FY3/11 OP estimate for Sanyo Electric from JPY40b to JPY45b, as although we are factoring in a change in our euro assumption and the effects relating to the selling off of its semiconductor business, the company's business itself is outperforming its estimates. Looking ahead, we will be monitoring whether the company is capable of building a business portfolio that maximizes returns as it centers its management resources on energy-related fields, and we will also be focusing on the creation of an intragroup framework, including for financing.
Sector Outlook ( english | Japanese version ) Jul 26, 2010
Consumer electronics 1Q 2010 preview
Sector Consumer Electronics Market Cap
Author Ryosuke,Katsura Pages 6
Moving away from efforts to overcome Samsung Electronics Companies Mentioned in this Report: Panasonic (6752), Sharp (6753), Sony (6758), Sanyo Electric (6764), Funai Electric (6839), Casio Computer (6952), Panasonic Electric Works (6991)
Funai Electric (6839) ( english | Japanese version ) Jul 23, 2010
1Q FY3/11 preview: strong start, especially for LCD TVs and printers
Sector Consumer Electronics Market Cap Large Cap > 400B
Author Ryosuke,Katsura Pages 5
Funai Electric appears to have made a strong start to the year in 1Q FY3/11, especially for LCD TVs and printers. Moreover, the company appears little affected by higher labor costs in China, which was a concern. Consequently, we are leaving our earnings estimates unchanged. Looking forward, we are focusing on trends in final LCD TV demand in North America in the short term; and on the establishment of new production facilities and efforts to bolster LCD panel procurement over the medium term. Funai Electric is scheduled to announce 1Q FY3/11 results on 2 August.
 
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