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HMC - Honda Motor: Big EV Ambitions Despite Slowing EV Adoption
Honda Motor Company Ltd.
2024-06-23 03:33:47 ET
Summary
Honda Motor had a successful year due to a weak Yen and expansion into post-COVID markets.
We have concerns about Honda's focus on R&D for EVs as a way to address low PBR and create value.
The company plans trading away profit growth for EV adoption, just as others in the market are looking to dial back plans.
You need profit growth for tangible payout growth, which is the only type of return we would consider with Japanese companies that needed the TSE to kick them into action with shareholder payouts.