F3/27 1Q Results: Fixed Cost Cuts Make Headway, but Not Enough to Boost Achievability of FY Guidance

研报英文原文证据摘录

F3/27 1Q Results: Fixed Cost Cuts Make Headway, but Not Enough to Boost Achievability of FY Guidance

Update

August 3, 2026 01:16 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNissan Motor (7201) | Japan Hiroto Segawa

Equity Analyst

F3/27 1Q Results: Fixed Cost Hiroto.Segawa@morganstanleymufg.comShinji Kakiuchi +81 3 6836-8403

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

Cuts Make Headway, but Not Hayato Takashima

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

Enough to Boost Achievability

of FY Guidance

AlphaSignals Earnings Reaction

Nissan Motor (7201.T, 7201 JT)

Unchanged Meaningful upside Modest revision higher Autos & Shared Mobility | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥400

Shr price, close (Aug 3, 2026) ¥325

Mkt cap, curr, basic (bn) ¥1,136.3

Key Takeaways Avg daily trading value (bn) ¥11.1

Apr-Jun OP beat consensus even without one-time effects, for a slightly positive

impression. Cuts in fixed costs went beyond our forecast.

Consensus forecasts seem likely to rise, but the probability of meeting FY OP

guidance for ¥200bn remains somewhat unclear due to rising raw material costs

etc.

The Re:Nissan management rebuilding plan is making steady progress. Watch

effects of the planned US launch of mainstay Rogue SUV HEVs.

Honda collaboration: Nissan said cooperation is extending to areas such as ECU

sharing, software co-development, vehicle supplies in US, and parts procurement.

Apr-Jun (1Q) results: Sales ¥2.9642trn (+10% YoY), OP ¥77.9bn, with autos

business free cash flow at a negative ¥323.9bn and end-Jun net cash at ¥969.2bn.