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Julie Boote
  • Julie Boote

PSA Autos / Mobility: FY24 Q2 Results for Toyota (7203 JT) and Honda (...

Julie Boote reviews the latest performance from two of Japan’s large automakers.

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: Toyota (7203 JT) FY24 Q2: Profits Set to De...

Toyota Motor (7203 JT) is likely to report a profit decline in FY24 Q2, as high expenses are set to more than offset moderate positive contributions from vol/mix/price and the currency. However, since this OP decline is anticipated (as per consensus numbers), the key focus should be on Toyota’s FY24 guidance: we view the automaker’s profit forecasts as conservative, leaving room for an upgrade.

Julie Boote
  • Julie Boote

PSA Autos / New Mobility: China Auto Sales Decline in September

CAAM data for September auto sales in China is less positive than CPCA data. Julie Boote reviews the numbers and discusses the performance of the Japanese automakers.

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.

Julie Boote
  • Julie Boote

PSA Autos / New Mobility: Honda Motor (7267 JT) Showecases its Megacas...

Honda demonstrated the use of its 6,000-tons megacasting machine at a “Honda 0 Tech” meeting in Japan. Julie Boote comments on roll-out plans and who else might be involved.

Pelham Smithers
  • Pelham Smithers

PSA Japan Macro: Japan Macro Data Releases

Pelham Smithers reviews several economic releases.

Pelham Smithers
  • 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...

4676 FUJI MEDIA HOLDINGS INC.
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
  • Julie Boote

PSA Autos / New Mobility: Toyota (7203 JT) Shares Sold off on Stronger...

Analyst Julie Boote considers Toyota’s FY24 Q1 results and forecasts in the light of its analyst meeting held yesterday 1 Aug.

Julie Boote
  • 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.

Pelham Smithers
  • Pelham Smithers

PSA Japan Market Strategy: Considering Fair Value on Topix

Since the bubble burst, Japanese shares [ie Topix ex-financials] have averaged around 15x forward EV/OP. They went into “cheap” territory in the late 2010s, but the recent rally has them back at “fair value”, So what next?

Julie Boote
  • 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
  • Julie Boote
Sid Rajeev
  • Sid Rajeev

Pixie Dust Technologies, Inc. Harnessing Sound and Light Waves for Per...

Fundamental Research Corp has issued a report entitled “Harnessing Sound and Light Waves for Personal Care/Healthcare – Initiating Coverage” and dated Apr 12, 2024. The full report is now at

Julie Boote
  • 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.

Julie Boote
  • Julie Boote

PSA Autos / New Mobility: Toyota Motor (7203 JT) at the Top of its Gam...

Toyota Motor impressed markets with excellent results in the last three quarters, heading towards record sales and profits in FY23. The share price rally so far this year is evidence of investors’ recognition of the company’s successful hybrid strategy. Therefore, Toyota is not only benefiting from strong earnings growth, but from a complete reassessment of how the automaker will fare in a new mobility world.

Pelham Smithers
  • 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.

Julie Boote
  • Julie Boote

PSA Autos / Mobility: Toyota Motor's (7203 JT) Impressive FY23 Q3 Perf...

Once again topping expectations, Toyota produced excellent FY23 Q3 results, thanks to the triple benefits of strong volume growth, firm pricing and currency gains. Despite Daihatsu related losses to be booked in Q4, Toyota is now heading for an all-time record year for both sales and profits. However, analyst Julie Boote cautions that deteriorating market conditions could be reflected in more subdued guidance numbers for FY24.

Julie Boote
  • Julie Boote

PSA Autos, New Mobility: EV Markets in Trouble – Have the Japanese Bee...

While Japan’s automakers have upped their game in the EV space, they remain laggards on the global stage. With the EV markets now in trouble, analyst Julie Boote assesses whether or not the Japanese assemblers have been vindicated in their more cautious approach to electrification.

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