reports
- 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: 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.
- 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
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.
- Aarti Magan
- Robert Streda
- Timothy O'Brien
The Future is Electric: Climate Change and the Global Automotive Secto...
Climate change risk already affects the major automotive issuers we rate; essentially all automotive original equipment manufacturers (OEMs) have made substantial investments as they shift to electric vehicle (EV) production and away from internal combustion engine vehicles. In the near term, our outlook for the sector is neutral, with company credit profiles supported by reasonable profitability, robust liquidity positions, and conservative financial postures. Over the longer term, this EV tr...
TM.N TOYOTA MOTOR ADS
PCAR PACCAR INC
VOW VOLKSWAGEN AG
7267 HONDA MOTOR CO. LTD.
HMCn HONDA MOTOR ADS
7203 TOYOTA MOTOR CORPORATION
7201 NISSAN MOTOR CO.
NSANF LTD.
VOLVY AB VOLVO
GM GENERAL MOTORS COMPANY
NSAN NISSAN MOTOR CO. LTD. CEDEAR
878849 RENAULT PART. CERT.
RNSDF RENAULT S.A.
TOYOF BMW AG
BMW5 FORD MOTOR COMPANY
1121Q MAGNA INTERNATIONAL INC.
MG/A STELLANTIS N.V.
F MERCEDES-BENZ GROUP AG
- Julie Boote
PSA Autos: Fuel Cell Electric Trucks – A Silent Evolution
Whereas hydrogen fuel cell systems have not had a break-through in the passenger car market, the situation for the commercial vehicle market looks very different: For heavy-duty trucks in particular, FCVs are superior to BEVs when it comes to charging times, payload and driving range. In this report, analyst Julie Boote assesses the outlook for hydrogen fuel cell trucks and explains how the main global participants are positioned.
CMI CUMMINS INC.
EO FAURECIA SA
DAI DAIMLER AG
TSLA TESLA INC
TOT.N TOTAL SE
CVX CHEVRON CORPORATION
SHA SCHAEFFLER AG
600166 BEIQI FOTON MOTOR (A)
600006 DONGFENG AUTOMOBILE CO. LTD. A
600028 CHINA PETROLEUM & CHEMICAL CORPORATION CLASS A
7205 HINO MOTORS LTD.
7267 HONDA MOTOR CO. LTD.
7202 ISUZU MOTORS LIMITED
8088 IWATANI CORPORATION
7203 TOYOTA MOTOR CORP.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
TATAMOTORS TATA MOTORS LIMITED
5021 COSMO ENERGY HOLDINGS CO. LTD.
COPN COSMO PHARMACEUTICALS NV
XOM EXXON MOBIL CORPORATION
BLD BALLARD POWER SYSTEMS INC.
5380 HYUNDAI MOTOR CO
GM GENERAL MOTORS COMPANY
A2DSYC LINDE PLC
VOW VOLKSWAGEN (VOW GR)
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
0953660D MERCEDES-BENZ AG
72820 TOYODA GOSEI COMPANY LIMITED
VOLV-B VOLVO AB-B SHS
CWR.L CERES POWER
STLA STELLANTIS N.V.
IVG IVECO GROUP
688339 BEIJING SINOHYTEC CO LTD
- David Laterza
- Margarita Cargher
- Robert Streda
- Timothy O'Brien
Honda Motor Co., Ltd. & Honda Canada Finance Inc.: Rating Report
On February 9, 2023, DBRS Limited (DBRS Morningstar) confirmed Honda Motor Co., Ltd.'s Issuer Rating at A (high), and Honda Canada Finance Inc.'s Senior Unsecured Debentures and Commercial Paper ratings at A (high) and R-1 (middle), respectively. All trends are Stable.
- Margarita Cargher
- Robert Streda
- Timothy O'Brien
- Julie Boote
PSA Autos: The Global Electric Vehicle Market 2023
The transition to electrification remains the key focus for the auto industry, with EV sales performances by market and automaker being closely watched by investors. In 2022, China solidified its position as the global EV stronghold, a success that is encouraging its automakers to expand globally. Despite supply disruptions and concerns over falling subsidies and rising prices, the outlook for the EV market remains positive. In this in-depth report, analyst Julie Boote reviews major developments...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
SIX2 SIXT SE
051910 LG CHEM LTD.
000270 KIA MOTORS CORPORATION
096770 SK INNOVATION CO. LTD
7267 HONDA MOTOR CO. LTD.
000660 SK HYNIX INC
7211 MITSUBISHI MOTORS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7203 TOYOTA MOTOR CORP.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
7270 SUBARU CORP
5380 HYUNDAI MOTOR CO
AMZN AMAZON.COM INC.
BNP BMW
VOW VOLKSWAGEN (VOW GR)
0953660D MERCEDES-BENZ AG
REP RENAULT SA
XPEV XPENG INC. ADR SPONSORED CLASS A
NIO NIO INC
- Julie Boote
PSA Autos, New Mobility: Honda (7267 JT) – Motorcycle Division Update
Since FY10, Honda (7267 JT) has managed to keep the OPM of its motorcycle division above 10% in most years, proving that it is more profitable to sell two-wheelers than cars (most Japanese auto manufacturers have OPMs in the single-digit range). After consolidated sales hit a record high of 13.2mil units in FY18, demand was hurt first by the Covid-19 pandemic, and then by supply chain disruptions. However, we expect motorcycle sales to continue to increase in the coming years, with OPM remaining...
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