Toyota Group Companies 1Q Analysis: Aisin Seiki Attractive; Denso and Toyota Boshoku Disappoint

Toyota To Licence Hybrid Technology To Geely; A Step Towards Exploiting Opportunities in China

Aisin Seiki: Reorganisation, Licencing Opportunities Should Boost Margin as ATs Power Revenue Growth

Aisin Seiki: A Touch Cheap but Waiting on New Growth Drivers

We Would Play Japan Breakout Through Toyota on Domestic Restructuring and GM/Ford Production Cuts

Denso: Centrepiece of Toyota's ADAS/AD/EV Mantel Is a Conviction Buy

Equity Analyst, LightStream Research

Aqila Ali

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.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/11809" target="_blank" data-smartkarma-citation="entities:11809:1">Aisin Seiki (7259 JP)</a> reported revenue of JPY1,008 bn (+9.9% YoY) and OP of JPY64.9bn (+21.2% YoY) as of 1QFY03/19 thanks to the strong sales of AT and body parts especially in Japan, Europe, and Asia. Despite the release of these strong financial results, the company has not made any revision to its FY03/19 guidance. The guidance for the FY remains quite light, based on the strong 1Q results where almost 25.3% of FY revenue guidance and 25.4% of FY OP guidance have already been achieved…</p>

Aisin Seiki (7259 JP) reported revenue of JPY1,008 bn (+9.9% YoY) and OP of JPY64.9bn (+21.2% YoY) as of 1QFY03/19 thanks to the strong sales of AT and body parts especially in Japan, Europe, and Asia. Despite the release of these strong financial results, the company has not made any revision to its FY03/19 guidance. The guidance for the FY remains quite light, based on the strong 1Q results where almost 25.3% of FY revenue guidance and 25.4% of FY OP guidance have already been achieved…

Aisin Outperforms Consensus Estimates by 21.2% in 1Q; No Revision in FY03/19 Guidance