Auto Parts: Feedback From Overseas Investor Meetings

Research evidence excerpt

Auto Parts: Feedback From Overseas Investor Meetings

Update

June 28, 2026 06:52 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAuto Parts | Japan Shinji Kakiuchi

Equity Analyst

Feedback From Overseas Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

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

Investor Meetings

Key Takeaways

We visited investors in Singapore and Hong Kong during Jun 22-26. Our industry

view remains In-Line for both the auto parts and tire industries. Auto Parts

Japan

Interest in Musashi Seimitsu has somewhat declined from the perspectives of Industry View In-Line

earnings visibility (competitive risk) and valuation. Meanwhile, positive views on Tires

NHK Spring and GS Yuasa seem to have increased. Industry View In-Line

In tires, expectations are improving on the back of a pullback in crude oil prices

and a peak-out in natural rubber prices. On a stock-specific basis, investors appear

to favor Yokohama Rubber, followed by TOYO.

Pure-play auto parts names are caught between volume declines and rising costs,

while concerns over intensifying competition from Chinese players persist.

Investor focus is limited to names with content per vehicle growth expectations

such as Toyoda Gosei and Nifco.

Overall interest in other names appears to be declining. Investors engaged in

some comparative discussions, such as Denso vs. Aisin and Koito vs. Stanley.

Musashi Seimitsu: Compared with the potential for increasing demand for HSC,

concerns appear to be rising over delayed supply by the company and the

emergence of competing players. Due to limited quantitative disclosure, many

investors maintained a wait-and-see stance. NHK Spring: While volume growth in