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HMC.N

ISIN: US4381283088
SEDOL: 2435279

Rating:

BUY

Target Price:

40.22 USD

Investment Horizon:

6 to 12 months
28th Apr 2009 View Report   Download

4Q 09 & FY 2009 News Alert

Honda Motor Co., Ltd.’s (Honda) 4Q 09 revenues fell below our expectations, while profitability exceeded our expectations. Management’s FY 2010 guidance reflects further expected weakness in the year ahead, with expected recovery from 2H 10. Based on weak company guidance, we maintain our SELL rating for the common stock over our 6-12 months investment horizon. We will reassess our target price and rating in our 4Q 09 and FY 2009 update report. Despite our weak…

8th Apr 2009 View Report   Download

3Q 09 Update Report

With the current prevailing weakness in the global economy we remain skeptical over sales growth for Honda. In-line with our expectations, the company is currently experiencing a significant negative impact on its ASPV due to severe price competition. In order to maintain market share, we believe this trend will continue until economic conditions improve in 2H 10. However, in the prevailing weak economic conditions, we continue to…

6th Apr 2009 View Report   Download

Company News Alert

Honda Motors Co. Ltd.’s (Honda) common stock price has appreciated significantly since our company news alert, dated 30 January 2009. North American automotive sales for March 2009 increased 25% m-o-m, supporting investor confidence. Furthermore, expectation of gaining a higher share in the US automobile market, based on the anticipated bankruptcy of Chrysler and General Motors, coupled with the announcement of a US$1 tn global stimulus…

30th Jan 2009 View Report   Download

3Q 09 News Alert

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Honda Motor Co., Ltd.’s (Honda) 3Q 09 revenues were broadly in line with our expectations whereas profitability exceeded our expectations. Although the better than expected profitability should have resulted in a marginal increase in our FY 2009 profitability estimates, we believe 4Q 09 will be significantly weaker…

18th Dec 2008 View Report   Download

2Q 09 Supplement Report

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Weak vehicle demand and unprecedented strengthening of the Japanese yen against the US dollar and euro has forced Honda to significantly revise downwards its FY 2009 revenue and profitability guidance. Considering the significant downward revision of profit guidance for FY 2009; we have further revised downwards our expectations for the next 2 years....