Autos/Auto Parts/Tires: Earnings Outlook (Apr-Jun): Expect solid results despite risk factors, particularly for automobiles and tires

研报英文原文证据摘录

Autos/Auto Parts/Tires: Earnings Outlook (Apr-Jun): Expect solid results despite risk factors, particularly for automobiles and tires

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

07 July 2026

Autos/Auto Parts/Tires: Earnings

Outlook (Apr-Jun)

Expect solid results despite risk factors,

particularly for automobiles and tires

Although cyclical value auto and auto parts stocks have underperformed YTD, we Japan Equity Research

think the gap between fundamentals and share prices has widened considerably, as

Autos & Auto Parts

indicated in our June 30 report (link). We expect automakers and tire makers to

announce positive results for April-June. We are particularly interested in the impact Akira Kishimoto AC

of higher gasoline prices on auto and tire demand and whether higher costs are being (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

passed through to prices. We forecast solid earnings for automakers Isuzu, Suzuki,

Wencong Zhang

Honda, and Toyota, and for parts/tire makers Koito Manufacturing, Nifco, and (81-3) 6736-8627

Yokohama Rubber. wencong.zhang@jpmorgan.com

• Autos: Focus on emerging markets; J3 highlights: Once again we highlight JPMorgan Securities Japan Co., Ltd.

Suzuki and Isuzu. For Suzuki Motor, we expect operating profit to make good

progress at ¥160.1 billion in 1Q, with robust total shipments in India (+29%

YoY) and price hikes from June. Gasoline prices in India began rising in May

but have started to stabilize, so we believe it is only a matter of time before

Indian demand sentiment improves. Isuzu Motors is perceived to have high

exposure to the Middle East (commercial vehicles) and Thailand (light

commercial vehicles), but we expect the results to reaffirm the strength of its

earnings, with after-sales service as a clear profit driver.