Mitsubishi Motors First Take: Guidance Above Expectations

Mitsubishi Motors' FY3/27 profit guidance of ¥90 bn beat expectations, though Goldman Sachs remains 'Sell' rated due to macro risks and competition.

Key Takeaways

• 1.FY3/27 operating profit guidance of ¥90.0 bn exceeded both Goldman Sachs' estimate and consensus, driven by price hikes and forex effects.
• 2.Management set an ambitious sales volume target of 1.012 million vehicles (+5% yoy), relying on new model launches in Japan and Europe.
• 3.The company faces significant geopolitical risks in the Middle East and intensifying competition from Chinese BEV manufacturers in the ASEAN market.

Table of Contents

• FY3/27 Guidance beats market expectations
• Plans for increased sales volume on launch of new models
• Medium-term plan scheduled for release from late May to June
• Investment Thesis - Mitsubishi Motors
• Price Target Risks and Methodology - Mitsubishi Motors
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)

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