Subaru Corp

Subaru – One Of The Better Weak Yen Plays

Equity Bottom-Up
260 Views, 13 May 2022 08:42
EXECUTIVE SUMMARY
  • Subaru 4QFY22 was relatively strong compared to previous quarters with revenue of ¥737bn (+4.4% vs. consensus) but material prices pushed OP down to ¥13.3bn (-48.6% vs. consensus). 
  • The FY23 guidance was relatively weak at just ¥3,500bn in revenue (+4.5% vs. consensus) and OP guidance of ¥200bn (-1.0% vs. consensus). 
  • However with the yen where it is we believe Subaru is on track for a return to double digit OPM and OP of ¥370-450bn.
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Mio Kato
Japan/Asia Long-Short
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

Over 15 years analysing Japanese and Asian stocks from a long/short perspective I focus on cyclically driven sectors su... 

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