Yamaha Motor (7272): 2Q results: Overshoots in all core businesses; expectations for FY2027 earnings will likely rise

研报英文原文证据摘录

Yamaha Motor (7272): 2Q results: Overshoots in all core businesses; expectations for FY2027 earnings will likely rise

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

04 August 2026

Yamaha Motor (7272) Neutral

7272.T, 7272 JP

2Q results: Overshoots in all core businesses; Price (03 Aug 26):¥1,333

expectations for FY2027 earnings will likely rise Price Target (Dec-26):¥1,200

Positive: Yamaha Motor’s 2Q FY2026 consolidated operating profit of ¥95.8 Japan Equity Research

billion beat our forecast and the Bloomberg consensus forecast substantially, and

Autos & Auto Parts

it was a strong quarter across the board in its motorcycle, marine, and robotics

businesses. The company aims to turn a profit in FY2028 in its challenging North Akira Kishimoto AC

American recreational off-highway vehicle (ROV) business by switching to an (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

OEM model with partners. Yamaha revised up FY2026 operating profit guidance

Wencong Zhang

to ¥260 billion, but the outlook for 2H seems somewhat conservative. In FY2027, (81-3) 6736-8627

we expect contributions from large North American products in the outboard wencong.zhang@jpmorgan.com

motor business in addition to narrowing losses on ROVs and tariff reductions, to JPMorgan Securities Japan Co., Ltd.

potentially lead to even higher profit levels.

• Strong 2Q results: 2Q consolidated operating profit was a strong ¥95.8

billion, far surpassing our ¥52.9 billion forecast and the Bloomberg consensus

forecast of ¥50 billion. All the main businesses–land mobility, marine, and

robotics–saw a swing to profit growth from 1Q to 2Q. The motorcycle business

benefited from continued brisk demand in ASEAN and India, the outboard

motor business benefited from price increases in non-US operations, and the