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Announcement:

Moody's: Shift to automotive-related business is credit positive for Panasonic, TDK and Sony

 The document has been translated in other languages

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," adds Akimoto.

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 competition.

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 in FY2016.

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.

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1026488

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Takashi Akimoto
Asst Vice President - Analyst
Corporate Finance Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Ian Lewis
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's: Shift to automotive-related business is credit positive for Panasonic, TDK and Sony
No Related Data.
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