Denso Corp

6902: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Denso Earnings: Medium-Term Margin to Expand With High-Margin Electrification Products

Kangyuxiao Li

Nov 10, 2024

Narrow-moat Denso’s September-quarter revenue decrease of 4.4% year on year fell short of our estimate of a 2.2% decrease, largely dragged by a sluggish North America market. Quarterly sales from GM, Ford, and Stellantis declined by 3%, 13.7%, and 40% year on year, respectively, as original equipment manufacturers slowed their plans for electric vehicle production, given the weaker-than-expected growth in demand for electric vehicles. Denso lowered its fiscal 2024 Japanese OEMs’ domestic and overseas vehicle production assumption to 4.01 million and 8.52 million units from 4.26 million and 9 million units, respectively.

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Denso Corp

Denso Earnings: Medium-Term Margin to Expand With High-Margin Electrification Products

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