Sumitomo Precision Products (6355) – 11th February 2016(1,866Words)

$400.00 $100.00

SKU: 6355-04 Category: Tag:

Oil price pressure: Downgrade Positive to Mixed

Summary: We have reduced our 3/16 OP estimate from Y2.6bn to Y1.75bn +9.6%YoY, & lowered 3/17 OP from Y2.6bn to Y2bn +14.3%YoY. On 18x 3/17 earnings, & following consistent underperformance versus Topix since September 2015, we conclude the stock is currently trading close to fair value & downgrade from Positive to Mixed.