Catalyst Calendar - Japan Equity May 14 Issue

Research evidence excerpt

Catalyst Calendar - Japan Equity May 14 Issue

J P M O R G A N Asia Pacific Equity Research

14 May 2026

Catalyst Calendar - Japan Equity

May 14 Issue

Main Events Japan Equity Research

Japan Equity Research

AC• May 15 (Friday) SUBARU (7270, Underweight, Akira Kishimoto): 4Q Japan Research

FY2025 earnings release: SUBARU is set to launch three new BEVs in the japanresearch@jpmorgan.com

new fiscal year, raising concerns about deterioration in powertrain mix. AC Akira Kishimoto

Meanwhile, new ICE models Outback and Forester are facing challenges due (81-3) 6736-8646

to HEV-grade pricing and specification changes from the prior model. As akira.x.kishimoto@jpmorgan.com

fundamentals are expected to take time to improve, we believe the company JPMorgan Securities Japan Co., Ltd.

might partially rethink its ¥1.5 trillion investment plan through 2030 and

strengthen shareholder returns.

• May 15 (Friday) Yokohama Rubber (5101, Overweight, Wencong Zhang),

Toyo Tire (5105, Neutral, Akira Kishimoto), Sumitomo Rubber Industries

(5110, Neutral, Akira Kishimoto): 1Q FY2026 earnings release: While

crude oil prices have been normalizing from peak levels, the price of

petroleum-derived raw materials such as synthetic rubber and carbon black

remains elevated. Sumitomo Rubber typically revises company plans/

assumptions every 1Q, while Yokohama Rubber and Toyo Tire may only revise

some assumptions such as FX but maintain their management targets. With the

North American passenger replacement tire market stable and agricultural tire

demand nearing an upturn, we think this provides some reassurance for

Yokohama Rubber’s earnings outlook. Also, following the planned booking of

gains in Apr–Jun from the sale of a plant and land in Israel, we think Yokohama