Honda Motor Co Ltd

7267: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎2,956.00	Lbf	Hzblwrp

Honda Earnings: Strong Volume and Pricing Growth Exceeds Impact of Chinese Profits Collapsing

David Whiston

Aug 7, 2024

Honda started fiscal 2025 with a good first quarter other than in China, a region that has become brutal for all foreign automakers. We are not changing our yen fair value estimate, but we are raising our US dollar fair value estimate to $38 from $36. The change is from translating our yen fair value estimate to USD at a stronger yen-to-dollar exchange rate than in late June (JPY 146.787 versus JPY 159.708 previously). Strong pricing and a 13.9% weaker yen versus the US dollar enabled a 22.9% year-over-year operating income increase.

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