Yokohama Rubber: Feedback from CFO Meeting (Sell Side): Rising OHT Share Positive

Research evidence excerpt

Yokohama Rubber: Feedback from CFO Meeting (Sell Side): Rising OHT Share Positive

Update

May 22, 2026 11:43 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MYokohama Rubber (5101) | Japan Shinji Kakiuchi

Equity Analyst

Feedback from CFO Meeting Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

(Sell Side): Rising OHT Share

Positive

The main points covered at Yokohama Rubber's small meeting in the morning of

Yokohama Rubber (5101.T, 5101 JT)

May 22 were as follows. Improving earnings in off-highway tires: At a time of low

Tires | Japan

demand for agricultural machinery tires, 1Q saw a 2-digit YoY rise in sales volume.

Stock Rating Equal-weight

TWS (acquired in 2023) saw growth in the Mitas brand, offering high cost Industry View In-Line

performance (the main brand is Trelleborg), and the business also benefited from Price target ¥7,400

Shr price, close (May 22, 2026) ¥6,532

withdrawal of European competition. ATG (acquired in 2016), moreover, secured Mkt cap, curr, basic (bn) ¥1,030.1

more share in the N. American market on a rising share in replacement tires with Avg daily trading value (bn) ¥4.5

Indian competition reining in shipments to the US in response to tariffs. Existing

tires doing well: Retailer inventory increased in N. America as a result of large

shipments to leading customers in 4Q last year, and price cuts by competitors also

caused sales to struggle in 1Q, but we understand sales are picking up now following

moves to optimize prices. Sales in other regions are healthy, and the company has a

backlog of orders globally. Boost to cost competitiveness from new factories: The

firm once again indicated that it expects it can slash costs relating to passenger car