空調機器市場データと熱波がセンチメントの改善に寄与

研报英文原文证据摘录

空調機器市場データと熱波がセンチメントの改善に寄与

profit forecasts. The in our current profit forecasts. Our bear-case

EBITDA of 12x, one standard deviation above the bull-case scenario price target of ¥31,600 is based scenario price target of ¥19,400 is based on an

average level during FY3/24-27 year-to-date, and on an EV/EBITDA of 12x and bull-case FY3/27 EV/EBITDA of 12x and bear-case FY3/27 EBITDA

our FY3/27 EBITDA forecast. EBITDA forecast of ¥798bn. forecast of ¥498.5bn.

サステナビリティ関連事項 カタリスト

Top Material Issue(s): 1) Challenge to achieve carbon neutrality 2) Promotion of solution business that We expect positive share-price catalysts such as:

meets customers' needs 3) Creating value with its advanced technology in improving air quality. 1) evidence that Daikin is on track to deliver higher

quarterly OP than the consensus estimates, 2) the

Company Target(s): 1) Reduce CO2 emissions by 30% by 2025 (vs 2019 level), 50% by 2030, and 100% by

company achieving sustained OPM improvement

2050. 2) Accelerate inverter installation ratio for residential air conditioners to over 98% by 2025 vs 75% in

in Europe, the US, and China, and 3) Daikin

2019. 3) Promotion of heat-pump type heaters in Europe and North America. 4) Facilitate adoption ratio

announcing a large-scale share buyback (at least

of R32 refrigerant for residential air conditioners to over 95% by 2025 vs 83% in 2019.

5%). Negative catalysts would be Daikin reporting

Qs to Mgmt: 1) How to accelerate the sales expansion of the solution business? 2) How to secure lower OP progress in the next four quarters

profitability by controlling R&D for new products that meet ESG requirements? vs company guidance and market consensus

estimates.

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