August 7, 2026 10:14 AM GMT Toyo Tire (5105) | Japan M Update F12/26 2Q Results: Hard to Recoup Lost Sales from 1H System Issues AlphaSignals Earnings Reaction Weakens our thesis Meaningful shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 2Q results: OP of ¥16.9bn missed our ¥25.7bn forecast and consensus of roughly ¥26.5bn. The impact of the initial system issues on do ...

August 7, 2026 09:54 AM GMT Bridgestone (5108) | Japan M Update F12/26 2Q Results: Price Mix and Volumes Both Positive AlphaSignals Earnings Reaction Unchanged Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 2Q results: Adj. OP of ¥158.7bn greatly exceeded our forecast and the consensus of ¥125.0bn. Although this includes unrealized inventory valuation gains, ...

ab 6 August 2026 Fast Take Apollo Tyres Headline Q1FY27: Healthy revenue growth; commodity inflation weighs on profitability Our Take Apollo posted a better-than-expected Q1FY27. Standalone revenue was in line, while EBITDA beat estimates by 9%. Consolidated EBITDA was 3% ahead of our estimates, despite revenue missing by 2%. Await earnings call for details. Global Research | Equities | | | --- | --- | | India | | | Tires | | | 12-month rating | Neutral | | 12m price target | Rs580.00 | | Price (06 Aug 2026 ...

J P M O R G A N Asia Pacific Equity Research 07 August 2026 Toyo Tire (5105) 2Q results: North America business weaker than expected, full-year guidance lowered Negative: Operating profit was ¥16.9 billion in 2Q FY2026, down QoQ, and more than 20% below our estimate, leaving a negative impression. Management lowered its full-year operating profit guidance from ¥94.0 billion to ¥90.0 billion due to weak demand in the North America replacement tire market. In 1Q FY2026, domestic sales fell due to ERP system r ...

North America Equity Research 06 August 2026 J P M O R G A N Carbon Black Tread Carefully The carbon black companies are likely to experience a year of contracting earnings in 2026 because of lower carbon black prices in the US and European tire markets stemming from loose supply/demand balances. Demand in the US light vehicle tire market appears to be again decreasing at a low-single digit rate in 2026. But there are green shoots. Specialty Black volumes serve the wire and cable markets, which are benefiti ...

Specialist Sales APAC Specialist Sales 07 August 2026 J P M O R G A N LIG D&A, Sumitomo Rubber, YZJ (PT Raised), Bridgestone Preview, Japan FA Feedback Joann Kim +852 2800 8016 joann.kim@jpmorgan.com SPX slipped 0.2% in a quiet session with weak breadth, as an underwhelming batch of earnings (including DDOG, SNDK, WDC) weighed on sentiment. Yields moved higher on corporate issuance and Fed-credibility concerns (curve flattening, USD firmer), while crude jumped 4.5% after Iran signaled potential shipping res ...

核心财务表现 - 公司第二季度销售额为43亿美元，同比下降约5% [1] - 有机销售额（剔除资产剥离影响）同比下降约1% [1] - 第二季度部门营业收入总计3600万美元 [2] - 调整后非GAAP每股亏损为0.61美元 [2] - 临时首席财务官Scott Deakin指出，由于盈利的地域组合，税率异常高 [2] 销量与需求分析 - 全球轮胎销量环比改善，渠道去库存较第一季度有所缓和 [3] - 单位销量同比下降4%，主要因美洲及欧洲、中东和非洲（EMEA）的消费者替换需求疲软 [3] - 美洲是公司最弱区域，单位销量下降9%，受美国消费者替换需求下降及退出低利润率产品线影响 [4] - 美国替换行业的消费者sell-in和sell-out销量均下降1%至2%，表明渠道去库存有所改善 [5] - 美洲原配（OE）销量增长，得益于市场份额提升，商用OE销量增长中十位数百分比 [5] - EMEA区域单位销量下降2%，消费者替换需求疲软 [6] - EMEA消费者OE市场份额连续第十个季度增长，商用替换和OE销量均有改善 [6] - 亚太区域是表现最强板块，单位销量增长5.3%，受日本和中国消费者需求改善推动 [7] 区域盈利表现 - 美洲部门营业亏损1000万美元，受销量下降、关税成本和通胀影响，部分被价格组合改善和Goodyear Forward节省抵消 [4] - EMEA部门营业亏损1700万美元，但剔除Dunlop品牌出售后，营业收入改善2000万美元 [6] - 亚太部门营业收入增至6300万美元，占销售额12.7%，利润率同比扩大330个基点 [7] 产品组合与战略 - 公司整体18英寸及以上消费者轮胎的混合比例同比提高4个百分点 [8] - 亚太区域18英寸以上消费者轮胎销售组合同比提高500个基点 [7] - 公司每季度在所有区域均实现OE销量增长和市场份额提升 [8] - 公司持续减少低回报产品SKU，同时扩展高端、超高性能、全天候和全季节产品线 [12] - 新Cooper产品计划今年晚些时候在美国和加拿大推出，新Goodyear产品计划在拉丁美洲推出 [12] 工厂关闭与成本削减 - 公司宣布计划关闭北卡罗来纳州费耶特维尔制造工厂，生产预计在2027年底前结束 [9] - 该工厂关闭预计将在2027年减少美洲结构性成本约9000万美元，自2028年起每年减少约2.7亿美元 [10] - 预计与该行动相关的现金成本约为2亿美元：2026年约4000万美元，2027年约1亿美元，其余在2028年 [10] - 该工厂高峰期产能为700万至800万单位 [11] - 公司还投资于制造现代化、自动化、数字化和供应链能力 [12] 现金流与债务管理 - 第二季度自由现金流为负6900万美元，同比改善3.18亿美元，得益于更高效的营运资本和更低的资本支出 [13] - 净债务同比下降超过7亿美元，反映2025年底的债务偿还 [13] - 公司发行了约10亿美元优先票据，用于偿还2027年到期优先票据，延长到期期限并支持流动性 [14] 未来展望 - 第三季度全球单位销量预计与去年同期大致持平 [15] - 第三季度预计因已剥离业务产生5700万美元的同比营业收入减少，以及约7000万美元的未吸收固定成本增加 [15] - 全年原材料预计基本中性，价格组合预计贡献超过2亿美元 [16] - Goodyear Forward收益预计抵消通胀和其他成本增加，但销量下降及相关固定成本吸收仍是最大阻力 [16] - 2026年自由现金流预计为负2亿至3亿美元，2027年现金使用预计持续但放缓 [16] - 第三季度价格组合预计提供约1.1亿美元收益 [19] - 第三季度Goodyear Forward节省预计贡献约7000万美元 [19] - 第三季度原材料成本预计上升约2000万美元，因中东冲突导致商品成本上升 [19] - 第三季度通胀预计增加约6000万美元成本，关税相关阻力预计降至约1000万美元 [19] - 第三季度税费预计约5000万美元 [19]