Global Mobility/Transport, Equity Long-Short

Mo Aziz

Capital market veteran with 23 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Honda Motor (7267 JP / HMC US): Caught Between China’s EV Rise and America’s Protectionism

Toyota Motor (7203 JP) Tactical Outlook Amid Profit Collapse: Current Rebound Has No Legs

Equity Bottom-Up

<ul>
<li>FY2026 earnings missed expectations as tariffs, rising costs, and weak North America profitability offset solid vehicle demand and hybrid sales growth.</li>
<li>Management’s FY2027 guidance implies a third straight year of profit decline, signalling Toyota is entering a costly but necessary phase of structural transformation.</li>
<li>Toyota's challenges are huge, and many are beyond its measure of control. Risk/reward is unattractive. Our FV is ¥2,400 (+1F PE of 13x, +1SD mean). AVOID. </li>
</ul>


FY2026 earnings missed expectations as tariffs, rising costs, and weak North America profitability offset solid vehicle demand and hybrid sales growth.
Management’s FY2027 guidance implies a third straight year of profit decline, signalling Toyota is entering a costly but necessary phase of structural transformation.
Toyota's challenges are huge, and many are beyond its measure of control. Risk/reward is unattractive. Our FV is ¥2,400 (+1F PE of 13x, +1SD mean). AVOID. 


トヨタ自動車（7203 JP）2026年度決算：米国の関税、イラン戦争、中国自動車業界の苦境の影響で、以下の通り。