Autos & Shared Mobility: F3/27 1Q Preview: Limited Visibility Persists

研报英文原文证据摘录

Autos & Shared Mobility: F3/27 1Q Preview: Limited Visibility Persists

Idea

July 23, 2026 08:59 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAutos & Shared Mobility | Japan Hiroto Segawa

Equity Analyst

F3/27 1Q Preview: Limited Hiroto.Segawa@morganstanleymufg.comShinji Kakiuchi +81 3 6836-8403

Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416

Visibility Persists Hayato Takashima

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Although further yen weakness and attractive valuations have

come into focus, we expect upside to remain depressed for auto

stocks given geopolitical risks surrounding the Middle East.

Key Takeaways Autos & Shared Mobility

Concerns over supply chain disruptions constraining vehicle output and margin Japan

Industry View In-Line

pressure from rising raw material costs remain key overhangs for auto stocks.

That said, with valuations appearing inexpensive, auto stocks as a group could

continue remain range-bound.

Ahead of earnings, we view Honda as offering slightly attractive risk-reward. In

addition to 2-wheel vehicles, 4-wheel sales (excluding China) remain firm.

By contrast, we are a bit cautious on Isuzu. We expect weak sales of N. American

CVs and Thai LCVs, and expect conservative comments on the outlook.

Apr-Jun preview: As geopolitical risks in the Middle East persist, investors remain

focused on (1) supply chain risks related to crude oil/natural gas and (2) margin

pressure from higher raw material costs, despite some easing from peak levels. As a

result, while auto stocks appear inexpensive and have rebounded since late June, we

believe upside will remain limited due to lingering earnings concerns. We expect the

full impact of higher raw material costs to emerge from Jul-Sep, but will also watch