Catalyst Calendar - Japan Equity July 16 Issue

Research evidence excerpt

Catalyst Calendar - Japan Equity July 16 Issue

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

16 July 2026

Catalyst Calendar - Japan Equity

July 16 Issue

Main Events Japan Equity Research

Japan Equity Research

AC• July 21 (Tuesday) US GM (covered by Ryan Brinkman) 2Q FY2026 Japan Research

earnings announcement (Auto sector, Akira Kishimoto): GM’s US retail japanresearch@jpmorgan.com

sales volume for Apr–Jun fell about 4% YoY. We believe this reflects a AC Akira Kishimoto

consumer shift toward HEVs due to the sharp rise in gasoline prices. As the rise (81-3) 6736-8646

in various raw material costs is expected to continue, GM’s pricing strategy akira.x.kishimoto@jpmorgan.com

will serve as an indicator for the competitive environment. JPMorgan Securities Japan Co., Ltd.

• July 27 (Monday) France Michelin (covered by Akshat Kacker, CFA) 2Q

FY2026 earnings announcement (Tire sector, Akira Kishimoto): New

vehicle demand for North American truck and bus tires and agricultural

machinery tires is gradually recovering, and the likelihood of increased

shipments by tire manufacturers is rising as inventories normalize on the

manufacturer side. As Michelin is considering price adjustments to regain

market share, we will focus on changes in the competitive environment in the

European and US markets.

• July 28 (Tuesday) US Ford (covered by Ryan Brinkman) 2Q FY2026

earnings announcement (Auto sector, Akira Kishimoto): Ford’s US retail

sales volume for Apr–Jun fell about 10% YoY. Due to aluminum supply issues,

sales of mainstay trucks and other vehicles have been sluggish. Ford has the

highest local production ratio in the US and may welcome stricter regulations

on US content, so we will monitor their views on the revision of USMCA.