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Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

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Equity Bottom-Up

Subaru Corp reported its 4QFY21 results on 11th May and posted revenue of ¥755bn (-11.8% QoQ, -12.1% YoY) and OP of ¥4.2bn (OPM of 0.6%) which is a 6.5% deterioration in operating margin YoY.The reported revenue was 3.8% lower than consensus estimates while OP was significantly lower than consensus estimates (¥19bn).<table class="table table-striped"><tbody>
<tr>
<td style="width: 43.96%;">In ¥bn</td>
<td style="width: 18.68%;">Revenue </td>
<td style="width: 18.68%;">OP</td>
<td style="width: 18.68%;">OPM</td>
</tr>
<tr>
<td style="width: 43.96%;">Actual Results - 4QFY21</td>
<td style="width: 18.68%;">                    755</td>
<td style="width: 18.68%;">                     4.2</td>
<td style="width: 18.68%;">0.6%</td>
</tr>
<tr>
<td style="width: 43.96%;">Consensus - 4QFY21</td>
<td style="width: 18.68%;">785</td>
<td style="width: 18.68%;">23.2</td>
<td style="width: 18.68%;">2.9%</td>
</tr>
<tr>
<td style="width: 43.96%;">Surprise</td>
<td style="width: 18.68%;">-3.8%</td>
<td style="width: 18.68%;">-81.8%</td>
<td style="width: 18.68%;">-2.4% points</td>
</tr>
<tr>
<td style="width: 43.96%;"> </td>
<td style="width: 18.68%;"> </td>
<td style="width: 18.68%;"> </td>
<td style="width: 18.68%;"> </td>
</tr>
<tr>
<td style="width: 43.96%;">Actual - FY21</td>
<td style="width: 18.68%;">2,830</td>
<td style="width: 18.68%;">102</td>
<td style="width: 18.68%;">3.6%</td>
</tr>
<tr>
<td style="width: 43.96%;">Guidance - FY21</td>
<td style="width: 18.68%;">2,850</td>
<td style="width: 18.68%;">100</td>
<td style="width: 18.68%;">3.5%</td>
</tr>
<tr>
<td style="width: 43.96%;">Surprise</td>
<td style="width: 18.68%;">-0.7%</td>
<td style="width: 18.68%;">2.5%</td>
<td style="width: 18.68%;">0.1% points</td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption">Source: Company disclosures, CapIQ</div>

Subaru Corp reported its 4QFY21 results on 11th May and posted revenue of ¥755bn (-11.8% QoQ, -12.1% YoY) and OP of ¥4.2bn (OPM of 0.6%) which is a 6.5% deterioration in operating margin YoY.The reported revenue was 3.8% lower than consensus estimates while OP was significantly lower than consensus estimates (¥19bn).

In ¥bn
Revenue 
OP
OPM


Actual Results - 4QFY21
                    755
                     4.2
0.6%


Consensus - 4QFY21
785
23.2
2.9%


Surprise
-3.8%
-81.8%
-2.4% points


 
 
 
 


Actual - FY21
2,830
102
3.6%


Guidance - FY21
2,850
100
3.5%


Surprise
-0.7%
2.5%
0.1% points

Source: Company disclosures, CapIQ

Subaru – Below Book and Ready to Rebound