Isuzu Motors: F3/26 Results: Maintains ¥300bn OP Achievable if Not for Middle East Impact

研报英文原文证据摘录

Isuzu Motors: F3/26 Results: Maintains ¥300bn OP Achievable if Not for Middle East Impact

Update

May 13, 2026 03:46 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MIsuzu Motors (7202) | Japan Hiroto Segawa

Equity Analyst

F3/26 Results: Maintains Hiroto.Segawa@morganstanleymufg.comShinji Kakiuchi +81 3 6836-8403

Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416

¥300bn OP Achievable if Not Hayato Takashima

Research Associate

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

for Middle East Impact

Isuzu Motors (7202.T, 7202 JP)

Autos & Shared Mobility | Japan

Reaction to earnings

Stock Rating Equal-weight

Unchanged Modest shortfall Modest revision higher Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥2,300

consensus EPS Shr price, close (May 13, 2026) ¥2,289

Mkt cap, curr, basic (bn) ¥1,572.7

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥5.9

Key Takeaways

Our overall impression is slightly positive, though results were mixed. Shares

rose after intraday results, and we see little incentive to chase further upside.

F3/26 OP fell slightly short of the consensus, but F3/27 OP guidance came in

close to the upper end of market expectations, leaving a positive impression.

However, uncertainty remains over attainability.

Guidance factors in a ~10% decrease in volumes in some regions as a sales-

related Middle East impact (Isuzu also lowered its N America commercial vehicle

(CV) and Thailand light commercial vehicle (LCV) forecasts).

Isuzu said that while Thailand LCV sales were soft in Mar, there has yet been no

notable slowdown in CV or LCV demand otherwise.

Domestic CV: Orders were solid over Mar-Apr, and the company has observed no