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2023-09-05 11:06:28 ET Summary We consider Daikin's shares expensive due to signs of slowing demand in Japan, China, and Europe. Concerns include market share loss in Japan and the U.S., as well as negative impact from the weakening Chinese real estate sector. We downgrade our...
Summary Daikin's shares have held up YTD despite deteriorating conditions in real estate. Our primary concerns are a slowdown in commercial real estate and the European and Asia/Oceania markets. With the shares trading on consensus PER FY3/2024 22.4x, we have a neutral rating....