Yokohama Rubber (5101) OHT business recovery continues; upside in shareholder returns

研报英文原文证据摘录

Yokohama Rubber (5101) OHT business recovery continues; upside in shareholder returns

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

10 June 2026

Yokohama Rubber (5101) Overweight

5101.T, 5101 JP

OHT business recovery continues; upside in Price (09 Jun 26):¥6,939

shareholder returns ▲Price Target (Dec-26):¥8,700 Prior (Dec-26):¥7,500

We maintain our Overweight rating and raise our December 2026 price target from

¥7,500 to ¥8,700. Although demand remains weak in the passenger tire market, Japan Equity Research

especially in North America, we expect Yokohama Rubber to maintain sales Autos & Auto Parts

growth on successful market development in Europe and India. In the off-highway AC Wencong Zhang

tire (OHT) business, which includes agricultural machinery tires, investments in (81-3) 6736-8627

new products are yielding benefits, the company’s sales share is rising for both wencong.zhang@jpmorgan.com

ACoriginal equipment and replacement tires, and sales volume has been bottoming Akira Kishimoto

out since 2H 2025 ahead of the demand cycle. The company emphasizes capital (81-3) 6736-8646

efficiency, and as we expect the land sale gains it plans to record in 2Q will raise akira.x.kishimoto@jpmorgan.com

the equity ratio, we think it is likely to not only boost dividends but also buy back JPMorgan Securities Japan Co., Ltd.

shares if the business environment outlook improves.

• Look for opportunities outside North America in passenger car tire Key Changes (FYE Dec) Prev Cur Δ

business: Passenger car tires tend to have a longer replacement cycle in North EPS (Basic) - 26E (¥) 750.5 818.2 9.0%

America, and combined with higher tire prices due to tariffs and inflation, we EPS (Basic) - 27E (¥) 857.7 892.8 4.1%

assume some short-term risk to demand. We expect the company’s passenger