Nissan Motor Co., Ltd. (NSANY): FY26/3 4Q First Take: Credit neutral

研报英文原文证据摘录

Nissan Motor Co., Ltd. (NSANY): FY26/3 4Q First Take: Credit neutral

sures tied to geopolitical developments in

the Middle East and elsewhere, (2) the fading of prior-year one-offs, and (3) incremental

risk costs incorporated with a view to restructuring its European operations. Nissan’s

FY27/3 retail sales volume guidance (excluding China) is 2.59mn units (+4% YoY), while

China retail sales are guided at 0.71mn units (+9% YoY). As our autos equity analyst

Shiro Sakamaki notes (see the May 14 report), Nissan’s FY27/3 operating profit target

appears ambitious versus the prior-year plan and is weighted toward a second-half

recovery—points investors should keep in mind.

FY27/3 is a critical year to prove restructuring execution

Nissan’s restructuring plan “Re:Nissan,” announced in May 2025, targets approximately

¥500.0bn of cost savings over about two years through FY27/3 year-end. FY27/3 will be

a pivotal year in determining whether the plan’s benefits translate into sustainable

earnings improvement. According to Nissan, in FY26/3 it achieved fixed cost reductions

of ¥200.0bn and variable cost reductions of ¥55.0bn. For FY27/3, the company plans

cost reductions of ¥245.0bn or more. Nissan has been executing measures broadly in

line with plan, including production footprint reorganization to reduce capacity,

reductions in labor unit costs, and headcount reductions.From a credit perspective,

management-led, deliberate profit-improvement actions of this kind should be viewed

positively. At the same time, as discussed above, tariff and inflation pressures could

remain a material drag on the pace of earnings recovery, warranting caution. The market

will be watching whether product-launch momentum and improvements in sales