Murata Manufacturing is financially robust, but its performance has declined due to the worsening economy in China.
クリスのレポート
2023年度で中国でのスマートフォンやＰＣの市場低迷のため部品の売上高減少。2024年度も同傾向は続き売上は減退している。流動比率4.64、自己資本比率83.6、フリーキャッシュフローは直近以外いは全て増加しておりFCFマージンが27.8%、財務状態はかなり良い。PERが8とかなり低いためお買い得かも？
Chris's report
Due to the downturn in the smartphone and PC markets in China in fiscal 2023, there has been
a decrease in component sales. This trend continues into fiscal 2024, with sales declining. The current ratio is 4.64, the equity ratio is 83.6%, and free cash flow has been increasing in all periods except the most recent. The financial condition is quite good. With a P/E ratio of 8, which is quite low, it might be a bargain?
村田製作所は田舎にも工場があるけど、そもそも何の会社？
Insight
Murata Manufacturing has factories even in rural areas, but what kind of company is it in the first
place?
ミナの判断
財務内容が良いため不景気に耐えられる足腰がしっかりしていて好印象。PERは低く財務状態が良いためバリュー株に見えるが、中国景気の悪化による売上ダウンは継続的な状態と考えられ、2期連続の売上減少が見込まれ見通しのため、売上が回復する目処が立つような状況になるまで購入は待っても良いと判断する。
Mina's judgement
The financials are strong, showing resilience to economic downturns and creating a good impression. The low P/E ratio and sound financial condition make it appear as a value stock. However, the continuous sales decline due to the worsening economic situation in China and
the expectation of decreased sales for two consecutive terms suggest a cautious outlook.
Therefore, it might be wise to wait until there is a clear prospect of sales recovery before making a purchase.
