Suzuki Motor (7269) 4Q results: Mix of positives and negatives, but likely to provide some reassurance

研报英文原文证据摘录

Suzuki Motor (7269) 4Q results: Mix of positives and negatives, but likely to provide some reassurance

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

14 May 2026

Suzuki Motor (7269) Overweight

7269.T, 7269 JP

4Q results: Mix of positives and negatives, but likely to Price (14 May 26):¥1,920

provide some reassurance Price Target (Dec-26):¥3,000

Neutral: Suzuki Motor guides for FY2026 operating profit of ¥570 billion, which Japan Equity Research

we think looks solid considering that we estimate the stock market was realistically

Autos & Auto Parts

expecting around ¥500 billion. There was a mix of positives and negatives, given

that guidance does not incorporate any impact from the situation in the Middle East Akira Kishimoto AC

but that the company puts this at around ¥100 billion if such risks materialize, (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

mainly raw materials. Domestic Indian gasoline prices are still controlled, and the

Wencong Zhang

impact on demand will need to be monitored if prices rise. (81-3) 6736-8627

• Mix of positives and negatives, but risk-reward profile not bad: The wencong.zhang@jpmorgan.comJPMorgan Securities Japan Co., Ltd.

company guides for FY2026 operating profit of ¥570 billion, well above the

stock market’s realistic expectations for guidance (which we estimate was

around ¥500 billion) amid concerns about risks emanating from the situation

in the Middle East. Management says that these are not factored into guidance,

but that the impact could reach up to ¥100 billion or so if such risks materialize,

mainly affecting raw materials and production. The company confirmed that

production and sales in India are unaffected while orders are also strong.

However, domestic Indian gasoline and diesel resale prices are fixed by the