Daifuku Co Ltd

6383: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎3,823.00	Hwhrg	Dttkhhzrz

Daifuku Earnings: Expecting a Mild Demand Recovery in 2024 as Headwinds Continue

Jason Kondo

May 14, 2024

We maintain our fair value estimate for Daifuku of JPY 3,500, as our demand outlook is unchanged, and the adjusted fiscal 2024 operating income guidance of JPY 65.5 billion is in line with our projections before the fiscal year-end change announcement. As expected, the order guidance for the first half of 2024 suggests a mild demand recovery, as the company assumes cleanroom orders to increase 4% year on year and intralogistics orders to increase 2% year on year. We believe Daifuku’s shares are fairly valued.

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