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13 May 2016
Tokyo, May 13, 2016 -- Moody's Japan K.K. says the shift to automotive-related
businesses by Panasonic Corporation (Baa1 positive), TDK Corporation
(A3 stable) and Sony Corporation (Ba1 positive) is credit positive for
these Japanese electronics manufacturers.
"The expansion of Japanese electronics manufacturers into automotive-related
businesses is credit positive because strong demand for high-tech
auto components will support the companies' revenue growth and mitigate
earnings volatility from consumer durables and other segments,"
says Takashi Akimoto, a Moody's Assistant Vice President.
Panasonic and TDK are targeting auto-related revenues at 20%-30%
of consolidated revenue by the fiscal year ending March 2019 (FY2019),
against approximately 17% recorded in FY2016, while Sony
will make a new entry into the growing sector.
"Japanese electronics makers are well placed to tap into demand
growth for such products owing to their technological strengths.
And stable revenue generation from long-term auto-parts
contracts will also enhance the companies' credit strength,"
Akimoto was speaking on Moody's just released sector-in-depth
report on Japanese manufacturers entitled, "Shift to Automotive-Related
Business Is Credit Positive for Panasonic, TDK and Sony."
Japanese electronics makers are seeking new sources of growth amid volatile
demand for consumer appliances and electronics, shorter product
cycles, and a sharp decline in average selling prices owing to stiff
In contrast, the automobile market environment has held up well,
with unit sales and average selling prices rising gradually.
Panasonic will continue to build on its strengths in battery and power
devices technology, sensing and image processing technology,
as well as consumer electronics, audio visual and mobile technology
for infotainment products.
The company aims to grow its automotive-related business revenue
to JPY2.0 trillion by FY2019 from the JPY1.3 trillion recorded
As a result, Panasonic's automotive-related businesses
will account for around 23% of consolidated revenue for FY2019,
up from 17% in FY2016.
TDK will focus on its technological strengths in batteries as well as
passive components and sensors for which demand is growing along with
the increasing electronification of automotive parts.
TDK aims to expand its revenue contribution from automotive-related
businesses to 30% by FY2018 from the 17% recorded in FY2016.
This will enable the company to achieve a more diversified business profile,
which is currently concentrated in the volatile smartphone business,
which accounts for around 40% of its revenue.
On the other hand, Sony aims to enter the automotive-related
business by leveraging its imaging-sensor technologies
"We expect Sony to benefit from growing demand for automotive cameras,
which will help to offset earnings volatility from its consumer electronics
and smartphone businesses," says Akimoto.
Sony maintains a strong technological advantage and market position in
complementary metal-oxide semiconductor imaging sensors for digital
cameras and smartphones.
Demand for auto cameras will grow with the progress made in advanced driving
assistant systems as well as tighter safety regulations that lead to greater
use of rear-visibility systems.
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This publication does not announce a credit rating action. For
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Asst Vice President - Analyst
Corporate Finance Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Associate Managing Director
Corporate Finance Group
Moody's: Shift to automotive-related business is credit positive for Panasonic, TDK and Sony
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
No Related Data.
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