TOKAI RIKA: Growth Strategy Briefing: Developers Previously at Non-Toyota OEMs to Oversee HMI, SDV

Research evidence excerpt

TOKAI RIKA: Growth Strategy Briefing: Developers Previously at Non-Toyota OEMs to Oversee HMI, SDV

Update

May 28, 2026 03:41 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTOKAI RIKA (6995) | Japan Shinji Kakiuchi

Equity Analyst

Growth Strategy Briefing: Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

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

Developers Previously at Non-

Toyota OEMs to Oversee HMI,

SDV

TOKAI RIKA (6995.T, 6995 JT)

Auto Parts | Japan

Key Takeaways Stock Rating Equal-weight

Industry View In-Line

On May 27, Tokai Rika held a briefing on its growth strategy. It plans to boost Price target ¥3,200

Shr price, close (May 27, 2026) ¥2,843

margins for switches and other existing products, offer new value-added features Mkt cap, curr, basic (bn) ¥241.8

such as transmitted illumination, and move forward with developing next- Avg daily trading value (bn) ¥0.4

generation products.

Seiji Higashi, head of HMI Product Development who presented on next-gen

product development, was previously with Nissan, while Naoki Fujishiro, head of

the SDV Development Office, was with Honda, with both joining Tokai Rika this

year.

It is unusual at Tokai Rika for engineers from non-Toyota OEMs to become

development supervisors. The focus is now on boosting the firm’s ability to make

proposals that enhance overall vehicle value, rather than focusing on individual

components.

Medium-term TRV (Tokai Rika Vision) targets for 2030 are unchanged at sales of

¥700bn, OPM of 7%, and ROE 10%.

The regional strategy is to strengthen the India business (F3/31 sales +60% vs.

F3/26), achieving growth while leveraging partnerships with local firms.

On May 27 (Wed), Tokai Rika held a briefing on its growth strategy led by President