Yamaha Motor Philippine: The Only Way Is up in Scooters Paradise, but Don’t Wake up the Dragon!

Yamaha Motor: ASEAN Play with the Platform Strategy

Yamaha Motor Company Visit: Revenue and Profit Likely to Be Strongly Ahead of Market Expectations

Analyst - Japan Autos, Hirakata Office

Noriaki Hirakata, CFA

Analyst - Japan Autos

Hirakata Office

Equity Bottom-Up

<h2>Slower than expected growth in 2QFY18</h2><p>Yamaha motor surprised somewhat positively with 1QFY18 numbers, despite a negative FX impact from weak ASEAN currencies and the US$, Main driver for this was robust growth in ASEAN motorcycles and US outboard motors sales as well recovering motorcycle sales in developed markets.</p><p>2QFY18 result, on the other hand, surprised slightly negative as motorcycle sales in developed markets came in worse than expected which together with limited growth of outboard motor…</p>

Slower than expected growth in 2QFY18Yamaha motor surprised somewhat positively with 1QFY18 numbers, despite a negative FX impact from weak ASEAN currencies and the US$, Main driver for this was robust growth in ASEAN motorcycles and US outboard motors sales as well recovering motorcycle sales in developed markets.2QFY18 result, on the other hand, surprised slightly negative as motorcycle sales in developed markets came in worse than expected which together with limited growth of outboard motor…

Yamaha Motor: 2QFY18 Contracting Developed Markets Impact Overall Growth and Spoil the Party