Honda Motor (7267) 4Q results: Swift restructuring likely needed

研报英文原文证据摘录

Honda Motor (7267) 4Q results: Swift restructuring likely needed

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

14 May 2026

Honda Motor (7267) Neutral

7267.T, 7267 JP

4Q results: Swift restructuring likely needed Price (14 May 26):¥1,320

Price Target (Dec-26):¥1,350

Neutral: At a business update on May 14 Honda announced automobile segment Japan Equity Research

restructuring, including reinvesting in HEVs, actively leveraging external

Autos & Auto Parts

resources (mainly Chinese suppliers), and resuming its push in Asia (ASEAN/

India). Although the direction looks convincing, there was no great difference with Akira Kishimoto AC

details announced so far, providing little surprise, and our impression is neutral. (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

Management’s capacity for implementation will be tested if it is to attain record-

Wencong Zhang

high profits in FY2028. We note FY2026 guidance targets profits of ¥500 billion, (81-3) 6736-8627

mainly reflecting a reduced EV-related loss estimate. wencong.zhang@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Automobile segment reforms moving into steady implementation phase:

President Toshihiro Mibe provided updates mainly about automobile business

restructuring in the form of a “2026 Business Briefing”. Reforms comprise (1)

deferring the rollout of BEVs for the time being and reallocating resources to

HEVs, aiming to introduce next-generation HEV technology for compact and

mid-sized vehicles from 2027, (2) actively utilizing local suppliers mainly for

its China businesses to restore is competitiveness, and also transplanting

models from this business to ASEAN and Indian operations, and (3) focusing

investment onto ICE/HEV in capital allocations over the coming three years,