Suzuki Motor (7269): 4Q25: profit down plan, but India operations offer upside optionality

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Suzuki Motor (7269): 4Q25: profit down plan, but India operations offer upside optionality

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Suzuki Motor (7269)

4Q25: profit down plan, but India

operations offer upside optionality

Maintain Rating: BUY | PO: 2,500 JPY | Price: 1,920 JPY

15 May 2026

Strong print; -8% OP decline guidance appears cautious Equity

Operating profit for 4Q, announced at 14:00 on 14 May, was ¥193.8bn (YoY +19%),

exceeding guidance of ¥140.9bn as well as BofA estimate of ¥150.0bn and Bloomberg Shiro Sakamaki >>

consensus of ¥161.5bn. The FY2026 plan assumes US$/¥155 and calls for operating ResearchBofAS JapanAnalyst

profit of ¥570.0bn, below BofA estimate of ¥607.0bn and consensus of ¥626.2bn. The +81 3 6225 7919

share price rose +6% on the day (TOPIX: -1%), likely reflecting the strong results. shiro.sakamaki@bofa.com

However, the post‑close Conf. Call offered limited additional stock catalysts. While the TatsuyaResearch AsadaAnalyst>>

plan appears to incorporate raw material cost inflation to some extent, with Prime BofAS Japan

tatsuya.asada@bofa.com

Minister Modi urging restrictions on outings on 10 May, we would first monitor the

sustainability of factory operations. AikaResearchKondoAnalyst>>

BofAS Japan

Earnings: Middle East risk flags potential plan downside aika.kondo@bofa.com

Compared with BofA estimates, 4Q results were boosted by revenue upside as well as a

one‑off gain of around ¥10.0bn from a change in the accounting treatment of quality

costs. The FY2026 plan assumes US$/¥155 and four‑wheel vehicle sales of +7% YoY, Stock Data

calling for revenue growth of +8% YoY but an operating profit decline of -8% YoY. Key

Price 1,920 JPY

profit drivers include mix (+¥53.3bn) and volume growth (+¥50.0bn), offset by raw Price Objective 2,500 JPY