Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>The share price of Yamaha Motors has sunk to a low of 1x book on concerns that the marine business has peaked </li>
<li>Recent results and commentary from Brunswick suggest that the market remains as buoyant as ever </li>
<li>We would be buying the stock ahead of earnings, expecting a similarly bullish outlook from Yamaha </li>
</ul>


The share price of Yamaha Motors has sunk to a low of 1x book on concerns that the marine business has peaked 
Recent results and commentary from Brunswick suggest that the market remains as buoyant as ever 
We would be buying the stock ahead of earnings, expecting a similarly bullish outlook from Yamaha 


Yamaha Motors (7272 JP) | Staying the Course in Choppy Macro Waters

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a> announced a short-term buyback. 3 months, 3%. It isn't huge but it helps with the TOPIX FFW changes to come in two weeks. </li>
<li>It also helps with the extra overhang from last year's selldown and the significant cross-holding overhang which exists. </li>
<li>But the shares are very inexpensive vs peers when one looks at consensus forward earnings and EBIT, and better growth is expected too.</li>
</ul>



Yamaha Motor (7272 JP) announced a short-term buyback. 3 months, 3%. It isn't huge but it helps with the TOPIX FFW changes to come in two weeks. 
It also helps with the extra overhang from last year's selldown and the significant cross-holding overhang which exists. 
But the shares are very inexpensive vs peers when one looks at consensus forward earnings and EBIT, and better growth is expected too.


Yamaha Motors Buyback (7272) - Medium-Bigly Buyback Complicated by TOPIX FFW and Cross-Holdings

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Yamaha Motor’s 4Q21 beat on margins with revenue of ¥450bn (+1.2% QoQ, +11.3% YoY) and OP of ¥27.7bn for an OPM of 6.2%. </li>
<li>The reported OP was 8.6% higher than consensus estimates while revenue was relatively in-line. </li>
<li>Yamaha’s FY OP generation was ¥182.3bn, right in the middle of our ¥180-185bn estimate and 2022 guidance was more or less in-line with consensus.</li>
</ul>


Yamaha Motor’s 4Q21 beat on margins with revenue of ¥450bn (+1.2% QoQ, +11.3% YoY) and OP of ¥27.7bn for an OPM of 6.2%. 
The reported OP was 8.6% higher than consensus estimates while revenue was relatively in-line. 
Yamaha’s FY OP generation was ¥182.3bn, right in the middle of our ¥180-185bn estimate and 2022 guidance was more or less in-line with consensus.


Yamaha Motor – Lowballing Guidance on Material Costs

<ul>
<li>In keeping with its penchant for developing every type of technology imaginable, Toyota has been working on not just fuel cells but also hydrogen engines.</li>
<li>Now it is partnering with Mazda, Subaru, Yamaha and KHI to further expand on this concept and add synthetic carbon neutral fuels to the mix.</li>
<li>These efforts could potentially provide alternative zero carbon transition paths and are worth understanding.</li>
</ul>


In keeping with its penchant for developing every type of technology imaginable, Toyota has been working on not just fuel cells but also hydrogen engines.
Now it is partnering with Mazda, Subaru, Yamaha and KHI to further expand on this concept and add synthetic carbon neutral fuels to the mix.
These efforts could potentially provide alternative zero carbon transition paths and are worth understanding.


Toyota – Revving Up the Hydrogen Engine

<p>Yamaha Motors posted a strong 3Q with OP 35% higher than consensus estimates despite no significant beat at the top line. While volumes are still being impacted by the semiconductor shortage, margins are improving and consensus is underestimating future profit potential.</p>

Yamaha Motors posted a strong 3Q with OP 35% higher than consensus estimates despite no significant beat at the top line. While volumes are still being impacted by the semiconductor shortage, margins are improving and consensus is underestimating future profit potential.

Yamaha Motor – Comfortable Beat of Consensus on the Cards

Japan

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

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Yamaha Motor (7272 JP)

Yamaha Motors (7272 JP) | Staying the Course in Choppy Macro Waters

The market has been too pessimistic on Yamaha's marine business. Recent results from Brunswick suggest the market remains strong. Yamaha's stock...

Mark Chadwick

Yamaha Motors Buyback (7272) - Medium-Bigly Buyback Complicated by TOPIX FFW and Cross-Holdings

Yamaha Motor (7272 JP) announced a buyback which helps offset the likely selling to come from the TOPIX FFW review to be announced early April....

Travis Lundy

Yamaha Motor – Lowballing Guidance on Material Costs

Yamaha’s FY OP generation was ¥182.3bn, right in the middle of our ¥180-185bn estimate and 2022 guidance was more or less in-line with consensus....

Mio Kato

Toyota – Revving Up the Hydrogen Engine

Toyota has been working on not just fuel cells but also hydrogen engines and is now partnering with Mazda, Subaru, Yamaha and KHI to potentially...

Mio Kato

Yamaha Motor – Comfortable Beat of Consensus on the Cards

Yamaha Motors posted a strong 3Q with OP 35% higher than consensus estimates despite no significant beat at the top line and consensus is...

Mio Kato

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