Nomura Securities on Autos and Auto Parts: Scope for Rally on U.S. Improvement, Yen Correction
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Rating Summary:
6 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Nomura Securities on Autos and Auto Parts: Scope for rally on US improvement, yen correction.
Analyst, Masataka Kunugimoto, said, "We recommend Toyota (NYSE: TM), Nissan (OTC: NSANY) and Mazda on medium-term volume growth, cost savings. We have raised our US demand outlook for CY12 by 500,000 to 14.4mn vehicles (versus 12.9mn in CY11) and for CY13 by 200,000 to 15.4mn. The main factors are an improvement in various US economic indicators—unemployment, consumer confidence, and GDP growth—and a more conducive environment for consumers to buy new vehicles, reflecting high used car prices and ease of access to auto loans. We assume unemployment at 8.1% and 7.9% for CY12 and CY13, and real GDP growth of 2.3% and 2.2%, respectively."
Analyst, Masataka Kunugimoto, said, "We recommend Toyota (NYSE: TM), Nissan (OTC: NSANY) and Mazda on medium-term volume growth, cost savings. We have raised our US demand outlook for CY12 by 500,000 to 14.4mn vehicles (versus 12.9mn in CY11) and for CY13 by 200,000 to 15.4mn. The main factors are an improvement in various US economic indicators—unemployment, consumer confidence, and GDP growth—and a more conducive environment for consumers to buy new vehicles, reflecting high used car prices and ease of access to auto loans. We assume unemployment at 8.1% and 7.9% for CY12 and CY13, and real GDP growth of 2.3% and 2.2%, respectively."
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