Analyst - Japan Autos, Hirakata Office

Noriaki Hirakata, CFA

Analyst - Japan Autos

Hirakata Office

Thematic (Sector/Industry)

<h2>US SAAR for July 2018 came in at 16.77 million being flat to July 2017 compared to 17.47 million for May 2018</h2><p>Overall Industry incentives went up 3.7% YoY in July.<br>Incentives per unit for the passenger car segment decreased by 5.9% YoY while the ones for light trucks increased by 9.2% YoY.</p><p>Despite most brands pushing light truck sales with higher incentives, SAAR for light trucks actually declined to 11.45 million from 12.0 in June 2018. <br>Even more concerning is that SAAR of the passenger car…</p>

US SAAR for July 2018 came in at 16.77 million being flat to July 2017 compared to 17.47 million for May 2018Overall Industry incentives went up 3.7% YoY in July. Incentives per unit for the passenger car segment decreased by 5.9% YoY while the ones for light trucks increased by 9.2% YoY.Despite most brands pushing light truck sales with higher incentives, SAAR for light trucks actually declined to 11.45 million from 12.0 in June 2018.  Even more concerning is that SAAR of the passenger car…

July 2018 US Automotive Sales: Profitability Becomes a Distant Dream

Equity Bottom-Up

<h2>1QFY18 results put the WOW factor back into small car segment</h2><p>Suzuki`s results came in with surprisingly good numbers, reporting a revenue growth of 13.6% YoY to 987.5 billion yen and an operating profit of 116.5 billion Yen translating into an 11.8% margin.</p><p>Given the challenges SUBARU and other Japanese brands are facing right now, Suzuki wows with being highly profitable and might well be the most profitable brand amongst Japanese automotive companies and that with the lowest average selling…</p>

1QFY18 results put the WOW factor back into small car segmentSuzuki`s results came in with surprisingly good numbers, reporting a revenue growth of 13.6% YoY to 987.5 billion yen and an operating profit of 116.5 billion Yen translating into an 11.8% margin.Given the challenges SUBARU and other Japanese brands are facing right now, Suzuki wows with being highly profitable and might well be the most profitable brand amongst Japanese automotive companies and that with the lowest average selling…

Suzuki:1QFY18 Mother India`s WOW Factor Hits with Strong Growth

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

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.

<p><a href="https://www.smartkarma.com/entities/20528" target="_blank" data-smartkarma-citation="entities:20528:1">Mazda Motor (7261 JP)</a> reported 1QFY03/19 financial results on Wednesday (1st August 2018) after the market close. Mazda reported revenue of JPY873bn (+9% YoY) and OP of JPY33bn (-17% YoY) for 1QFY03/19. <strong>Mazda opened today down 3% from its Wednesday's close despite outperforming the consensus OP estimate by 20+%.</strong> Mazda retained their full-year revenue and OP guidance for the year. </p><p><strong>Unit sales was up 7% YoY as Mazda saw record sales of 403K units during the first quarter</strong> driven by strong crossover…</p>

Mazda Motor (7261 JP) reported 1QFY03/19 financial results on Wednesday (1st August 2018) after the market close. Mazda reported revenue of JPY873bn (+9% YoY) and OP of JPY33bn (-17% YoY) for 1QFY03/19. Mazda opened today down 3% from its Wednesday's close despite outperforming the consensus OP estimate by 20+%. Mazda retained their full-year revenue and OP guidance for the year. Unit sales was up 7% YoY as Mazda saw record sales of 403K units during the first quarter driven by strong crossover…

Mazda Motors Down 3% Following Q1 Results

<h2>1QFY18 results were in line with Nikkei preview, but…</h2><p>Nikkei newspaper published a preview of Mazda 1QFY18 results this Tuesday and actual numbers were only in line with this preview. While some may say that this would not be surprising, we were looking for a positive surprise in 1Q as Mazda`s product cycle has been very solid.</p><p>Hence we feel that results shown in 1QFY18 report are actually a negative surprise for the market, as Mazda should have benefitted strongly from new CX-5 launch in key…</p>

1QFY18 results were in line with Nikkei preview, but…Nikkei newspaper published a preview of Mazda 1QFY18 results this Tuesday and actual numbers were only in line with this preview. While some may say that this would not be surprising, we were looking for a positive surprise in 1Q as Mazda`s product cycle has been very solid.Hence we feel that results shown in 1QFY18 report are actually a negative surprise for the market, as Mazda should have benefitted strongly from new CX-5 launch in key…

Mazda: 1QFY18 Results DisappointDeclining Margins Despite Higher Cross over Sales

<h2><span class="s7"><span lang="EN-US">US SAAR for June 2018 came in at 17.47 million vs. 16.7 million for June 2017 and 16.91 million for May 2018</span></span></h2><p>Overall Industry incentives went up 4.6% YoY in June.</p><p>Incentives per unit for the passenger car segment decreased by 5% YoY while the ones for light trucks increased by 10% YoY.</p><div class="content-highlight">
<p>Light truck sales were pushed by those higher incentives to a record level SAAR of 12 million which was above market consensus and a bit of a surprise to the market.<br>SAAR of the passenger car segment, on the other…</p>
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US SAAR for June 2018 came in at 17.47 million vs. 16.7 million for June 2017 and 16.91 million for May 2018Overall Industry incentives went up 4.6% YoY in June.Incentives per unit for the passenger car segment decreased by 5% YoY while the ones for light trucks increased by 10% YoY.
Light truck sales were pushed by those higher incentives to a record level SAAR of 12 million which was above market consensus and a bit of a surprise to the market. SAAR of the passenger car segment, on the other…


June 2018 US Automotive Sales: Where Light (Trucks) Is, There Is S(Sedan)Hadow.

Japan

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

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Mazda Motor (7261 JP)

July 2018 US Automotive Sales: Profitability Becomes a Distant Dream

US SAAR for July 2018 came in at 16.77 million being flat to July 2017 compared to 17.47 million for May 2018Overall Industry incentives went up...

Noriaki Hirakata, CFA

Suzuki:1QFY18 Mother India`s WOW Factor Hits with Strong Growth

1QFY18 results put the WOW factor back into small car segmentSuzuki`s results came in with surprisingly good numbers, reporting a revenue growth of...

Noriaki Hirakata, CFA

Mazda Motors Down 3% Following Q1 Results

Mazda Motor (7261 JP) reported 1QFY03/19 financial results on Wednesday (1st August 2018) after the market close. Mazda reported revenue of...

Supun Walpola

Mazda: 1QFY18 Results DisappointDeclining Margins Despite Higher Cross over Sales

1QFY18 results were in line with Nikkei preview, but…Nikkei newspaper published a preview of Mazda 1QFY18 results this Tuesday and actual numbers...

Noriaki Hirakata, CFA

June 2018 US Automotive Sales: Where Light (Trucks) Is, There Is S(Sedan)Hadow.

US SAAR for June 2018 came in at 17.47 million vs. 16.7 million for June 2017 and 16.91 million for May 2018Overall Industry incentives went up...

Noriaki Hirakata, CFA

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