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Casio Computer Co Ltd 6952

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Morningstar’s Analysis

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While Revenue Stagnates, Margin Expansion Faster Than Anticipated; Lift Casio’s FVE to JPY 2,100

Kazunori Ito Senior Equity Analyst

Analyst Note

| Kazunori Ito |

We fine-tuned no-moat Casio Computer’s earnings forecast and revise our fair value estimate to JPY 2,100 from JPY 2,000. While Casio’s revenue has not fully recovered because of the prolonged pandemic, the company focused on restructuring the organization during this fiscal year. We view that margin expansion of watches, music instruments, and system equipment will be faster than we had anticipated, and thus, raise our operating margin assumption for fiscal 2024 to 14.2% from 13.7% previously. Our new fair value estimate corresponds to 21 times 2021 price/earnings, and we think Casio’s shares are currently fairly valued. Casio’s share price has surged more than 50% from its bottom in March 2020, preceding the recovering fundamentals. For further upside, we believe that the new businesses need to start contributing to Casio’s earnings.

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Company Profile

Business Description

Casio Computer is well-known as a watch and calculator manufacturer. Casio, established in 1957, has cultivated the consumer electronics market by inventing distinctive products. Milestones in its history include the Casio Mini (1972), the world’s first personal electronic calculator; G-Shock (1983), a shock-resistant wristwatch; and QV-10 (1995), the world’s first digital camera with an LCD display. Approximately 60% of its revenue and most of its profits are from watches.

6-2, Hon-machi 1-chome, Shibuya-ku
Tokyo, 151-8543, Japan
T +81 53344111
Sector Technology
Industry Consumer Electronics
Most Recent Earnings Dec 31, 2020
Fiscal Year End Mar 31, 2020
Stock Type
Employees 12,358