Auto Parts & Tires: Focus on Automotive CPV Growth and Expanding Non-automotive Businesses for AIDC

研报英文原文证据摘录

Auto Parts & Tires: Focus on Automotive CPV Growth and Expanding Non-automotive Businesses for AIDC

FoundationM

Auto parts & tires: Ratings and PT

Rating Price S.Price Upside Investment Thesis

Target 17-Jun to PT

7988 Nifco OW ¥5,800 ¥4,520 28% Further growth in value of xEV parts per vehicle

7282 T. Gosei OW ¥6,300 ¥5,000 26% Air-bag per vehicle to increse and order growth in India & US

OW

6674 GS Yuasa OW ¥8,200 ¥6,718 22% Battery growth for Infrastructure, ESS and AIDC

5991 NHK Spring OW ¥4,400 ¥3,938 12% HDD suspension growth, seats/springs profit improvement

7220 Musashi EW ¥7,500 ¥5,410 39% HSC growth to AIDC, auto parts sales expanding to BYD

6902 Denso EW ¥2,200 ¥1,917 15% Future investments ahead for SiC semi and auto SoC etc.

3116 T. Boshoku EW ¥2,500 ¥2,210 13% Expanding sales outside Toyota, but will take time Auto

7276 Koito Mfg EW ¥2,900 ¥2,816 3% Cost reduction progress, LiDAR business review

Parts

6923 Stanley EW ¥3,750 ¥3,787 -1% Cost innovation by lamp design review. Acquired Iwasaki

In-Line EW 7240 NOK EW ¥3,000 ¥2,976 1% Integration with Eagle. Expecting synergy effects

7259 Aisin EW ¥2,300 ¥2,371 -3% Profitability improvement in existing areas like HEV

5949 Unipres EW ¥1,100 ¥1,221 -10% Nissan's output cut impact, cost structure improvements

7278 EXEDY EW ¥5,200 ¥5,900 -12% MT aftermarket stable; AT pricing hike, New business

6995 Tokai Rika EW ¥2,500 ¥2,967 -16% For HMI, focus on collaboration with group companies

7296 FCC UW ¥2,800 ¥3,395 -18% 2W clutches solid, 4W clutch orders growing for ICE/HEV

UW

7313 TS Tech UW ¥1,150 ¥1,733 -34% Honda's output reduction risk. Growth for Suzuki in India

OW 5105 Toyo Tire OW ¥5,000 ¥3,823 31% WLTR competitive in US, boosting stockholder return