Autos/Technology Sectors: Our thoughts on the Kumamoto earthquake’s impact by sector

研报英文原文证据摘录

Autos/Technology Sectors: Our thoughts on the Kumamoto earthquake’s impact by sector

rations are suspended for less than a month. We note the risk junya.ayada@jpmorgan.com

of equipment damage, but understand that insurance will basically cover this Technology - Semiconductor/

risk. Technical Materials

• Also need to monitor impact on Nissan, Toyota, and Bridgestone in Mio Shikanai AC

Kyushu as a whole: Looking at Kyushu as a whole, we will need to monitor (81-3) 6736 1313

mio.shikanai@jpmorgan.com

the impact on Nissan Motor Kyushu (500,000 units/year), Nissan Shatai

Chemicals Kyushu (120,000/year), and Toyota Motor’s Miyata Plant (400,000 units/

year), among others. Nissan Motor was planning to transfer production to Yasuhiro Nakada AC

Nissan Motor Kyushu following the end of production at Oppama Plant, so we (81-3) 6736-8692

yasuhiro.nakada@jpmorgan.com

note that its exposure to the Kyushu region in terms of production has increased JPMorgan Securities Japan Co., Ltd.

near-term. In the tire sector, Bridgestone has production sites in Kitakyushu,

Kurume, and Kumamoto, and we will need to monitor the impact on future

operations (see Figure 1 for an overview of main production sites).

• Technology supply chain production sites in Kumamoto Prefecture:

Kumamoto Prefecture has many technology and semiconductor supply chain

plants (see Figure 2). The Kumamoto earthquakes in 2016 caused considerable

factory damage (mainly semiconductor fabs) in two earthquakes on April 14

(foreshock, JMA seismic intensity 7, magnitude 6.5) and April 16 (main shock,

JMA seismic intensity 7, magnitude 7.3), but following the latest earthquake,

no semiconductor plant damage has been reported in the news or other sources.

Going forward, we think companies will need to take stock and verify the