Earnings Concerns Receding for Now

研报英文原文证据摘录

Earnings Concerns Receding for Now

Idea

June 16, 2026 12:04 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTires | Japan Shinji Kakiuchi

Equity Analyst

Earnings Concerns Receding for Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

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

Now

We only fine-tune our forecasts and maintain our industry view

at In-Line. In order of preference, our stock selection remains:

Toyo Tire > Yokohama Rubber > Bridgestone > Sumitomo Tires

Rubber. We continue to focus on the impact of trading down on Japan

Industry View In-Line

tire consumption and each company’s countermeasures.

What’s Changed

Yokohama Rubber (5101.T) From To

Key Takeaways Price Target ¥7,400 ¥8,000

Challenges remain (lackluster US REP tire demand, penetration of tire price hikes, Sumitomo Rubber (5110.T) From To

and impact from consumers down-trading), but we think the risk of earnings Price Target ¥2,500 ¥2,350

deterioration has receded for now.

Toyo Tire: Reduce our F12/26 forecasts due to lower sales in Japan and Europe

Exhibit 1 : Tire company share prices ( Dec

caused by system trouble in 1Q, but inquiries for US WLTR solid; our F12/27

30, 2025 = 100)

forecasts are unchanged. 150

Yokohama Rubber: Demand for agricultural machinery tires remains tough, but 125 Yokohama

share gains are positive. We raise our F12/26-F12/27 forecasts. Our focus is on TOPIX

100 Bridgestone

effects of new PSR plants in China/Mexico. Sumitomo

Toyo

Bridgestone: New PSR products are contributing in Japan and N. America, and 75

margins in Europe are also improving. However, demand in the overall TBR 50