F3/27 1Q Preview: Limited Visibility Persists

Research evidence excerpt

F3/27 1Q Preview: Limited Visibility Persists

IdeaAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Toyota Motor 7203.T

Auto business OP outlook In-line Largely unchanged

• F3/27 OP guidance of ¥3trn appears to leave room for an upward revision.

• Watch risks tied to supply chain, impact of raw material cost surges, HEV demand outlook.

Honda Motor 7267.T

OP outlook for motorcycles and

Likely upside surprise Modest revision higher

automobiles

• Motorcycles: Watch outlook in regions like India, Brazil, ASEAN.

• Automobiles: Watch strategy for revitalizing business.

• Also watch Energy Storage System (ESS) business opportunities.

Nissan Motor 7201.T

Auto business OP outlook, progress in

Likely downside surprise Largely unchanged

business restructuring plan Re:Nissan

• Watch progress in cost reduction within the business restructuring plan Re:Nissan, auto business FCF & net

cash, the impact of surging raw material costs.

SUBARU 7270.T

US OP outlook In-line Largely unchanged

• Watch impact of surging raw material costs, US sales volume outlook, demand for new model SUV Outback.

Mazda Motor 7261.T

US OP outlook, progress in fixed/variable

cost reduction.

• Watch impact of surging raw material costs, progress in reduction of fixed/variable costs, demand for new

model SUV CX-5.

Suzuki Motor 7269.T

India auto market outlook Likely upside surprise Largely unchanged

• Watch production-side risks arising from restrictions on the supply chain, impact of surging raw material

costs, Apr-Jun results for Maruti Suzuki, demand trend in India.

Mitsubishi Motors 7211.T

OP outlook for ASEAN, Japan, US Likely downside surprise Largely unchanged

• Watch comments on humanoid robot development and mass production, production side risks arising from