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REAL-TIME GLOBAL RESEARCH

Exports on expressway now; upgrade to Buy: 1Q margins move higher despite elevated cost pressure; EVs and premium bikes likely to drive domestic growth

Published: 2026-07-22Institution: NomuraPages: 20Original language: EnglishEvidence page: 19

Research evidence excerpt

Exports on expressway now; upgrade to Buy: 1Q margins move higher despite elevated cost pressure; EVs and premium bikes likely to drive domestic growth

department depending on their individual requirements.

Figures presented herein may refer to past performance or simulations based on past performance which are not reliable indicators of future or

likely performance. Where the information contains an expectation, projection or indication of future performance and business prospects, such

forecasts may not be a reliable indicator of future or likely performance. Moreover, simulations are based on models and simplifying

assumptions which may oversimplify and not reflect the future distribution of returns. Any figure, strategy or index created and published for

illustrative purposes within this document is not intended for “use” as a “benchmark” as defined by the European Benchmark Regulation.

Certain securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived

from, the investment.

With respect to Fixed Income Research: Recommendations fall into two categories: tactical, which typically last up to three months; or strategic,

which typically last from 6-12 months. However, trade recommendations may be reviewed at any time as circumstances change. ‘Stop loss’

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are taken at the time of submission for publication and are based on either indicative Bloomberg, LSEG or Nomura prices and yields at that

time. The prices and yields shown are not necessarily those at which the trade recommendation can be implemented.

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