HMC - Honda Motors: Buybacks Continue Major U.S. Contribution In The Mix
2024-02-24 10:21:51 ET
Summary
- Honda Motors is experiencing real growth in unit margins thanks to substantial homegrown production and parts sourcing amid a weak Yen and strong USD environment.
- The US market is showing strong growth for Honda in unit sales, growing in the mix and creating strong positive mix effects.
- While some SE Asian markets are a bit weaker in automobile, China is finally done with troughing, and should stop being such a drag going forward.
- Buybacks are also proceeding nicely, and with substantial liquidity to support them, there's a good chance they continue and drive capital efficiency.
- Multiple remains low and offers good earnings yields ahead of prevailing rates that have a strong chance of growing.
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Honda Motors: Buybacks Continue, Major U.S. Contribution In The Mix