Do Asia Exposed Car Makers Have Edge
Post on: 2011-08-30 By: admin
Morgan Stanley MUFG Securities says earnings for aut omakers in Asia — where the macro and sales climates remain relatively healthy — are especially beneficial for Daihatsu Motor, which has defensive appeal in the current climate.
“We would see buying opportunities if shares corrected beyond current levels,” house analysts wrote in a report.
Similarly, truck makers Isuzu and Hino are seeing firm final demand in ASEAN markets, and are positioned to benefit domestically from post-quake reconstruction demand, says the house.
MS MUFG has an equal-weight rating on Daihatsu, and overweight ratings on Isuzu and Hino.
The house cut Yamaha Motor’s price target to ¥1,660 from ¥1,950 but stayed overweight as it says shares currently price in “too many negatives.”
Targets for Daihatsu, Isuzu, and Hino are, in order, ¥1,500 (trimmed from ¥1,540), ¥440 (trimmed from ¥450), and ¥525. All four stocks are currently outperforming the Nikkei’s 1.3% rise, up 1.7% to 4%.
Auto Makers, Autos, Japan
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Article original from: http://blogs.wsj.com/marketbeat/2011/08/29/do-asia-exposed-car-makers-have-edge/?mod=WSJBlog
