Bridgestone (5108) 1Q results: Record-high 1Q profit; shows confidence in measures to offset Middle East impact

研报英文原文证据摘录

Bridgestone (5108) 1Q results: Record-high 1Q profit; shows confidence in measures to offset Middle East impact

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

14 May 2026

Bridgestone (5108) Overweight

5108.T, 5108 JP

1Q results: Record-high 1Q profit; shows confidence in Price (14 May 26):¥3,420

measures to offset Middle East impact Price Target (Dec-26):¥3,800

Positive: Bridgestone reported 1Q adjusted operating profit of ¥122.2 billion, well Japan Equity Research

above our estimate of ¥91.0 billion and a record high for 1Q. Key factors

Autos & Auto Parts

contributing to this were yen depreciation and success in expanding sales of high

rim diameter (HRD) tires in North America. Higher prices for crude oil, butadiene, Akira Kishimoto AC

and other raw materials did not have an impact in 1Q, and while Bridgestone (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

estimates the gross full-year impact at ¥70 billion, it maintained FY2026 adjusted

Wencong Zhang

operating profit guidance for ¥515 billion based on the view that it can absorb this (81-3) 6736-8627

impact via cost reductions and other actions. We think strong results amid risk of wencong.zhang@jpmorgan.com

downward revisions confirm earnings resilience based on business cost JPMorgan Securities Japan Co., Ltd.

reductions.

• Record-high 1Q profit: Bridgestone reported record-high 1Q adjusted

operating profit of ¥122.2 billion (profit margin 11.0%), a strong result well

above our estimate of ¥91.0 billion. Higher prices for raw materials (butadiene

and other petrochemical products) due to the Middle East conflict did not have

an impact in 1Q, and strong earnings were also supported by success in

expanding sales (+4% YoY) of HRD tires (18 inches and larger) in global