reports
- Julie Boote
PSA Autos / New Mobility: Auto sector FY24 Q2 Results and Outlook Revi...
As the earning season has concluded, investors are taking stock about the auto sector’s FY24 Q2 results and updated guidance numbers. Analyst Julie Boote reviews the key developments in the industry, and how these could affect automakers’ earnings in the second half of the fiscal year.
- Julie Boote
- Julie Boote
- Julie Boote
- Julie Boote
PSA Autos / Machinery: Hino Motors (7205 JT) FY24 Q2 Results
With details of the provisions given, Hino has riased its full-year FY24 sales and OP guidance, mainly due to a better-than-expected performance in Japan / Toyota sales and lower than previously predicted fixed costs. However, Julie Boote cautions that while the trend is improving, it is unlikely that Hino will be in a position to pay out any dividends this year or next.
- Julie Boote
- Julie Boote
PSA Autos / New Mobility: The Fraught Path to Electrification
Given that the EV market is not a free market, led by demand and supply, but a distorted market, moved by political intervention in the form of subsidies (or lack of), making EV sales forecasts is very challenging indeed. This is a headache for analysts, but even more so for auto companies with a ten-year planning horizon. In this report, we outline the sales situation for different regions, as well as providing an outlook based on currently available information.
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
TSLA TESLA INC
F FORD MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
VOW3 VOLKSWAGEN AG PREF
600104 SAIC MOTOR CORPORATION LIMITED CLASS A
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
7211 MITSUBISHI MOTORS CORPORATION
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
1211 BYD COMPANY LIMITED CLASS H
A0M32L CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED CLASS A
GM GENERAL MOTORS COMPANY
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
VOLV-B VOLVO AB-B SHS
STLA STELLANTIS N.V.
XPEV XPENG INC. ADR SPONSORED CLASS A
TSVT 2SEVENTY BIO INC
BCOW 1895 BANCORP OF WISCONSIN INC
PSNY GORES GUGGENHEIM INC
MBG MERCEDES BENZ GROUP AG
02015 LI AUTO INC
VOLCAR-B VOLVO CAR AB
- Julie Boote
- Julie Boote
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly 2024 Q4
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
6754 ANRITSU CORPORATION
7751 CANON INC.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
3107 DAIWABO HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
4902 KONICA MINOLTA INC.
6988 NITTO DENKO CORP.
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
3064 MONOTARO CO. LTD.
5801 FURUKAWA ELECTRIC CO. LTD.
5715 FURUKAWA CO. LTD.
7205 HINO MOTORS LTD.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
7012 KAWASAKI HEAVY INDUSTRIES LTD.
9107 KAWASAKI KISEN KAISHA LTD.
6971 KYOCERA CORPORATION
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
6503 MITSUBISHI ELECTRIC CORP.
5632 MITSUBISHI STEEL MANUFACTURING CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6966 MITSUI HIGH-TEC INC.
6902 DENSO CORPORATION
6701 NEC CORP.
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
4666 PARK24 CO. LTD.
6268 NABTESCO CORPORATION
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
5802 SUMITOMO ELECTRIC INDUSTRIES LTD.
6762 TDK CORPORATION
6976 TAIYO YUDEN CO. LTD.
6315 TOWA CORPORATION
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
8698 MONEX GROUP INC.
3774 INTERNET INITIATIVE JAPAN
3765 GUNGHO ONLINE ENTERTAINMENT INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
3445 RS TECHNOLOGIES CO. LTD.
6269 MODEC INC
3769 GMO PAYMENT
68900 FERROTEC CORPORATION
9519 RENOVA
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
3626 JT TIS INC
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
7071 AMVIS HOLDINGS
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
4443 JT SANSAN (4443 JT)
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
4480 MEDLEY
RRRP3 3R PETROLEUM OLEO E GAS
6532 JT BAYCURRENT CONSULTING (6532 JT)
3697 JT SHIFT INCORPORATED (3697 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
9552 M&A RESEARCH INSTITUTE
123F 123FAHRSCHULE SE
9616 JT KYORITSU MAINTENANCE (9616 JT)
9552 JT M&A RESEARCH INSTITUTE (9552 JT)
6544 JT JAPAN ELEVATOR SERVICES HOLDINGS (6544 JT)
6200 JT INSOURCE (6200 JT)
2154 JT OPEN UP GROUP (2154 JT)
- Julie Boote
PSA Autos / New Mobility: Mazda’s (7261 JT) Incentives Surge in Focus
Mazda’s profits surged in FY24 Q1 on the back of currency gains, with the sharp rise in incentives surprising markets. Analyst Julie Boote examines Mazda’s incentives policy and whether the rising trend is likely to remain in place.
- Julie Boote
PSA Autos / New Mobility: Suzuki Motor (7269 JT) Losing Momentum: Indi...
Suzuki delivered some strong FY24 Q1 results but is cautioning about deteriorating earnings for the rest of the year. While FY24 sales growth should remain in positive territory and pricing is still firm, analyst Julie Boote warns that the risk of Suzuki’s key Indian operations performing worse than expected is rising.
- Pelham Smithers
6146 DISCO CORPORATION
AJIT ABERDEEN JAPAN INVESTMENT TRUST
7735 SCREEN HOLDINGS CO. LTD
9684 SQUARE ENIX HOLDINGS CO. LTD.
4902 KONICA MINOLTA INC.
7752 RICOH COMPANY LTD.
3064 MONOTARO CO. LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7974 NINTENDO CO. LTD.
7201 NISSAN MOTOR CO. LTD.
6758 SONY CORPORATION
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
ADSB ABU DHABI SHIP BUILDING
8086 ADVANCED WIRELESS SEMICONDUCTOR
6632 JVCKENWOOD
3659 NEXON CO. LTD.
78320 BANDAI NAMCO
- Julie Boote
Hino’s (7205 JT) Long Path to Recovery - FY24: Not out of the Woods; F...
As the emission data manipulation case is dragging into its fourth year, Hino’s earnings outlook for FY24 remains weak. Sales restrictions in Japan and poor market conditions in Asia are limiting Hino’s sales growth, and high costs are weighing on profitability. But is there an upside? Analyst Julie Boote investigates.
- Julie Boote
PSA Autos / New Mobility: Nissan and Honda: A Match Made in Heaven?
Rivals Nissan and Honda surprised markets with the announcement of a future collaboration on EVs and software. While it is still early days, the two companies seem keen to take advantage of scale and synergies in the highly competitive EV space. Given the industry’s rapid transition towards new mobility, analyst Julie Boote investigates whether a more comprehensive alliance or a merger could be possible and beneficial.
- Julie Boote
PSA Autos / New Mobility: Mazda (7261 JT) – Earnings Growth to Slow af...
Mazda Motor has been enjoying a three-year recovery run, set to culminate in record sales and profits in FY23. While the automaker managed to improve its quality of sales and increase its profit margins, the next challenge will be tackling the transition to electrification and developing software. With market conditions deteriorating and expenses set to rise, Mazda is now facing a phase of consolidation.
- Julie Boote
PSA Autos / Mobility: ASEAN Auto Markets in Doldrums
ASEAN has long been considered one of the global auto markets with the best growth prospects, but expectations have not been met. With China in trouble and ASEAN auto sales lacklustre, Japanese automakers need to review their positioning in Asia. Analyst Julie Boote provides a short-term outlook for the ASEAN auto market, and discusses Japanese assemblers’ options within this context.
VIC VINGROUP JSC
4197 SIME DARBY BHD.
002594 BYD COMPANY LIMITED CLASS A
7267 HONDA MOTOR CO. LTD.
7211 MITSUBISHI MOTORS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7269 SUZUKI MOTOR CORP.
7261 MAZDA MOTOR CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
1211 BYD COMPANY LIMITED CLASS H
GM GENERAL MOTORS COMPANY
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
STLA STELLANTIS N.V.
Z29 029 GROUP SE
VFS VINFAST
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Bullish Outlook Intact; U.S. Dollar (DXY) Rolling Over We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities. U.S. Dollar (DXY); 10-Year Treasury Yield. We continue to get more evidence that suggests the U.S. dollar (DXY) is rolling over; last week we discussed the failed breakout a...
- Pelham Smithers
PSA Market Strategy: How Japan Transformed from a Bear Market to a Bul...
In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.
NVDA NVIDIA CORPORATION
LLY ELI LILLY AND COMPANY
FB FACEBOOK INC. CLASS A
9433 KDDI CORPORATION
6954 FANUC CORPORATION
8001 ITOCHU CORPORATION
6752 PANASONIC CORPORATION
6971 KYOCERA CORPORATION
8031 MITSUI & CO. LTD
4183 MITSUI CHEMICALS INC.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
5401 NIPPON STEEL CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
XOM EXXON MOBIL CORPORATION
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
BRK.A BERKSHIRE HATH-A
APPL APPLE INC - APPL - US
9810 NIPPON STEEL TRADING CORP
- Julie Boote
PSA Autos / New Mobility: Renault Cancels Ampere IPO – Consequences fo...
Renault’s decision to cancel the IPO of its EV unit Ampere might be the right move considering the poor market conditions, but it is also an indication that Ampere’s operational and financial targets could be too ambitious. This raises questions about Nissan’s commitment to invest in Ampere. While Nissan states that its position towards Ampere has not changed, analyst Julie Boote questions whether this is true, or, indeed, wise.
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