reports
- Sid Rajeev
- 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
- 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.
- 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 / 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
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.
- 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.
FCAUN FORD MOTOR COMPANY
F ABCO ELECTRONICS CO. LTD.
036010 BYD COMPANY LIMITED CLASS A
002594 HONDA MOTOR CO. LTD.
7267 MITSUBISHI MOTORS CORPORATION
7211 NIDEC CORPORATION
6594 NISSAN MOTOR CO. LTD.
7201 SUZUKI MOTOR CORP.
7269 MAZDA MOTOR CORP.
7261 TOYOTA MOTOR CORP.
7203 SUBARU CORP
7270 ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
ASLI HYUNDAI MOTOR CO
5380 GENERAL MOTORS COMPANY
GM VOLKSWAGEN (VOW GR)
VOW MERCEDES-BENZ AG
0953660D STELLANTIS N.V.
REP 2CRSI SA
- Julie Boote
PSA Autos / New Mobility: Honda’s (7267 JT) Bounce-Back Could be Short...
Honda has been enjoying a strong sales and profit rebound, thanks to near-perfect business conditions. Now, analyst Julie Boote suggests that there is a risk FY24 business results could disappoint as the earnings outlook deteriorates.
- Lindsay Whipp
4568 DAIICHI SANKYO COMPANY LIMITED
4666 PARK24 CO. LTD.
6758 SONY CORPORATION
7203 TOYOTA MOTOR CORP.
9064 YAMATO HOLDINGS CO. LTD.
MSFT MICROSOFT CORPORATION
3993 PKSHA TECHNOLOGY INC.
4776 JT CYBOZU INC
4443 JT SANSAN (4443 JT)
4478 JT FREEE KK
3394 JT MONEY FOWARD
4180 JP APPIER GROUP
ME 23ANDME HLDG CO
4259 JT EXAWIZARDS INC
TSE: 2980 SRE HOLDINGS CORP
4169 JT ENECHANGE LIMITED
123F 123FAHRSCHULE SE
Z29 029 GROUP SE
- Julie Boote
PSA Global Autos / New Mobility: The New World of Gigacasting
Tesla’s plans to halve EV manufacturing costs rely heavily on the increased use of gigacasting. Using massive aluminium die-casting machines to achieve this, however, is not only a major technological challenge, it requires substantial initial investments. Nevertheless, global automakers and suppliers are now exploring the possibilities of gigacasting, as the race for EV cost competitiveness is on. In this report, analyst Julie Boote outlines the benefits and challenges of gigacasting, examines ...
F FORD MOTOR COMPANY
005380 HYUNDAI MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
7259 AISIN SEIKI CO LTD
5851 RYOBI LIMITED
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
5380 HYUNDAI MOTOR CO
GM GENERAL MOTORS COMPANY
BNP BMW
2CRSI 2CRSI SA
LNR LINAMAR CORPORATION
VOW VOLKSWAGEN (VOW GR)
1882 HAITIAN INTERNATIONAL
2101 GUANGDONG HONGTU TECHNOLOGY
558 LK TECHNOLOGY HOLDINGS LTD
9868 XPENG INC
FPE3 FUCHS PETROLUB SE
NIO NIO INC
MBG MERCEDES BENZ GROUP AG
300415 GUANGDONG YIZUMI PRECISION MACHINERY
ATCO ATLAS COPCO AB
- Julie Boote
PSA Autos / New Mobility: Toyota (7203 JT) on a Roll – What's Next
Toyota is on a roll, posting record sales and profits, with market expectations high for an earnings upgrade in FY23 Q2. While the sales and profit outlook is indeed bright, analyst Julie Boote asks whether the enthusiasm over Toyota can last.
- Julie Boote
PSA Global Autos / Mobility: Building the Perfect EV Platforms – A Pro...
As electric vehicles are set to replace combustion engine cars over time, established automakers need to prove they can remain competitive in this new market. In this context, much attention has been given to battery technology, but the creation of an optimal EV auto platform is just as important. Here, the jury is still out, as we are in the early development days. Analyst Julie Boote discusses how the prefect EV platform should look like and where automakers are currently positioned.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
GOOGL ALPHABET INC. CLASS A
005380 HYUNDAI MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
060310 3S KOREA
6723 RENESAS ELECTRONICS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
TATAMOTORS TATA MOTORS LIMITED
APTV APTIV PLC
5380 HYUNDAI MOTOR CO
BNP BMW
VOW VOLKSWAGEN (VOW GR)
STLA STELLANTIS N.V.
RIVN RIVIAN AUTOMOTIVE INC
- Julie Boote
PSA Autos / Mobility: Overview of Japanese Autos FY23 Q1 Results and O...
This has been an impressive earning season for Japanese automakers, with FY23 Q1 net sales and OP of the seven listed companies all surging by double-digit rates. Analyst Julie Boote takes us through the factors behind the performance and highlights the positives and negatives to consider going forward.
- Julie Boote
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US. In our April 18, 2023 Int'l Macro Vision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and it appears that this is where things are headed. The break above $93 signals a 1-year inverse head-and-shoulders breakout, a very bullish pattern that provides a “measured move” target of $110.29, or roughly 18% upside. W...
- Julie Boote
PSA Autos / New Mobility: Where Are Japan’s Auto Companies Headed?
It has been a mixed earning season for Japanese automakers, although most are predicting strong profit growth for FY23. Despite the positive outlook, the market’s reaction has been lukewarm, due to concerns over overoptimism for sales growth and rapidly rising expenses. Analyst Julie Boote explores what the most important share price drivers could be for the seven listed automakers for FY23.
- Julie Boote
PSA Autos: Mazda (7261 JT) – Successful Turnaround, but Medium-Term Ch...
Over the last two years, Mazda engineered an impressive turnaround, on the back of upmarket model launches, lower incentives and cost improvement efforts. While the automaker should continue to benefit from its successful rebranding strategy in FY23, it will increasingly have to deal with longer-term challenges, such as the EV transition. Analyst Julie Boote evaluates Mazda’s chances and risks.
- Sid Rajeev
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