Earnings power rising especially in Americas; still upbeat on growth prospects

研报英文原文证据摘录

Earnings power rising especially in Americas; still upbeat on growth prospects

11 June 2026

Mizuho Securities Equity Research Autos and Auto Parts

Price Objective Change

Toyoda Gosei (7282)

Rating: Buy Price Objective ¥4,900 ¥5,750

Spotlight: See Figure 13 for our ACT: Reiterating Buy rating

OP sensitivity analysis to Toyota’s We think Toyoda Gosei will be unable to avoid the effects of deterioration

global automotive production volume and in the external environment in the near term, including the situation in

currency movements the Middle East, although this is something that is true of the entire auto

parts sector. On a company-specific basis, we see growth factors in airbag

Share price (10 Jun) ¥4,650 products, in India and the Americas, and via longer-term synergies fromImplied upside +24%

turning Ashimori Industry into a subsidiary. We believe FY3/26 results andTSE Segment Prime

FY3/27 guidance provided confirmation of these points. We reiterate our

Major indicators (E = Mizuho estimates) bullish stance on the stock as we think the company’s growth prospects areMarket capitalization (¥b) 546.91

Shares outstanding (m) 117.61 not fully priced in.

Potential share dilution (m) –

Daily turnover (thou, mo. avg.) 503.88 KNOW: Expecting OP growth in FY3/27 even with Middle East impact

Foreign ownership (%, 9/25) 17.3 We now forecast FY3/27 OP of ¥81.9b. Compared to our previous forecasts,DPS(¥, 3/27E) 175.0

Dividend Yield(%, 3/27E) 3.8 owing to the impact of the situation in the Middle East we take a more cautious

Payout ratio(%, 3/27E) 35.0 view on auto production volume and factor in the effects of higher input prices.Equity ratio(%, 3/27E) 58.3

BPS(¥, 3/27E) 5,176.7 However, we raise our forecast because FY3/26 profitability in Japan and