In today’s briefing:
- Hyundai Motor India – Navigating Domestic Industry Stress
- JTEC Corp (3446 JP) – Continued Uplift in Performance
Hyundai Motor India – Navigating Domestic Industry Stress
- Domestic Demand Sluggish:Hyundai Motor India (HYUNDAI IN)’s Q4 FY25 profit declined 3.7% YoY as weak domestic sales persisted, partly offset by 14% YoY export growth and price hikes.
- SUV Focus Drives Mix Shift: SUVs formed 69% of domestic volumes in Q4, benefiting from rising first-time buyer interest and driving improved average selling prices.
- Valuation Fair; Profitability to Soften: Stock trades at ~27x EPS. Near-term margins may be pressured by depreciation from the underutilized new Pune plant ramping up in FY26.
JTEC Corp (3446 JP) – Continued Uplift in Performance
- Momentum building – With a continued recovery at the core Optical segment, and high double-digit sales growth YoY at Life Science & Equipment, we believe Q1-3 FY3/26 results indicate sustained upward momentum at JTEC.
- The company has maintained FY6/25 guidance, and while this implies a back-end-loaded Q4 FY6/25, order visibility appears firm from demand on a global basis for the Optical business.
- Indications of progress in the Life Science and Equipment Development segment, driven by the semiconductor initiative, are promising, even if its full earnings potential remains longer-term.
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