F12/26 2Q Results: Positive Surprise

研报英文原文证据摘录

F12/26 2Q Results: Positive Surprise

Update

August 4, 2026 01:00 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MYamaha Motor (7272) | Japan Hiroto Segawa

Equity Analyst

F12/26 2Q Results: Positive Hiroto.Segawa@morganstanleymufg.comShinji Kakiuchi +81 3 6836-8403

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

Surprise Hayato Takashima

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

AlphaSignals Earnings Reaction

Unchanged Meaningful upside Meaningful revision higher

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

consensus EPS

Source: Company data, Morgan Stanley Research

Yamaha Motor (7272.T, 7272 JP)

Key Takeaways Autos & Shared Mobility | Japan

Apr-Jun OP and and full-year guidance raise significantly exceeded market Stock Rating Equal-weight

Industry View In-Line

expectations, leaving a very positive impression. Price target ¥1,200

Shr price, close (Aug 4, 2026) ¥1,511

Regarding structural reform of the OLV business, the scope of the restructuring Mkt cap, curr, basic (bn) ¥1,466.2

was broadly in line with expectations (discontinuation of in-house production of Avg daily trading value (bn) ¥7.9

ROVs), but the target of returning to profitability in 2028 appears ambitious. Our

initial view is positive.

The share price rose 13% following the intraday announcement, but given the

upwardly revised profit level and scope for enhanced shareholder returns, we

believe upside potential remains.

Motorcycles: The company raised its F12/26 unit sales target by 6%. Demand for

premium products remains solid in key markets including Indonesia, India, the

Philippines, and Vietnam.

Outboard motors: The company raised its F12/26 unit sales target by 1%. While

targets for the US and Europe were lowered, projections for other regions,