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Asian auto giants Toyota and Tata thrive on hybrid boom

May 7, 2024
in Business
Asian auto giants Toyota and Tata thrive on hybrid boom
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Major Asian automakers like Toyota Motor Corp. and Tata Motors Ltd. are poised for earnings growth amidst a burgeoning global market for hybrid electric vehicles. Toyota’s rapid profit surge, driven by North American and European recovery, highlights this trend. With subsidies for EVs waning, hybrid models gain traction, prompting strategic moves like Tata’s business separation. Meanwhile, financial institutions such as OCBC and UOB anticipate varied performance amidst shifting market dynamics and strategic manoeuvres.

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By Harshita Swaminathan, Reina Sasaki, Justina T. Lee and Rachel Yeo

A rapidly-growing, global market for hybrid electric vehicles should power earnings at major Asian automakers including Japan’s Toyota Motor Corp. and India’s Tata Motors Ltd. 

Toyota’s annual operating profit growth was probably the fastest since at least 2013, led by recovery in North America and Europe. Japanese carmakers saw higher North America sales, which could continue in 2024 as US consumers opt for budget-friendly options.

With fading subsidies for EVs denting demand globally, hybrid models are proving popular. That prompted Tata to separate its luxury and electric cars business from commercial vehicles, a move viewed as unlocking shareholder value. Indian Transport Minister Nitin Gadkari also told local news agency PTI of his proposal to cut taxes on hybrid cars to boost adoption. 

Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. are due after DBS Group Holdings Ltd. Chief Executive Officer Piyush Gupta presented earnings that beat estimates and predicted another record year for Singapore’s biggest bank. 

In India, Kotak Mahindra Bank Ltd. delivered better-than-expected fourth-quarter results over the weekend. The bank will focus on cross-selling products to existing customers after the central bank banned it from taking on new customers online. Australia’s Westpac Banking Corp. cushioned the blow of a profit decline by paying special dividend and increasing its buyback program by A$1 billion.

Highlights to look out for: 

Tuesday: Nintendo’s (7974 JP) fiscal-year profit likely returned to growth, consensus shows, supported by a weaker yen, BI said. The Japanese gaming console maker meeting 2025 profit estimates hinges on the release of the Switch 2, which remains unconfirmed, BI added. 

Wednesday: Toyota Motor’s (7203 JP) operating profit probably surged 87% to a record in the fiscal year, with a sharp recovery in North America and earnings from Europe surging sixfold from a year earlier, consensus shows. Fourth-quarter profit may exceed its target despite output cuts following certification controversies at Daihatsu and Toyota Industries, BI said. It may give muted guidance for fiscal 2025 as it reexamines operations on the heels of the scandals at affiliates.

Hero MotoCorp (HMCL IN) may post double-digit revenue growth for a second straight year, estimates show, with higher volume and average selling prices. Its Ebitda could expand on an improved product mix and stable raw material prices, analysts at Prabhudas Lilladher said.
UOB (UOB SP) could see weaker profit growth in the first quarter, with margin pressure limiting revenue gains, said BI. Weak loan growth probably held back net interest income. The integration of Citigroup’s retail business in Malaysia, Thailand, Vietnam and Indonesia will boost its deposit base, loan book and wealth business, BI added.

Thursday: Nissan (7201 JP) said last month that full-year operating profit came in 15% lower than it had forecast in February, with unit sales also missing its earlier guidance. Intensifying competition, slower-than-expected sales and cost-relief measures extended to suppliers held back its fourth-quarter earnings, BI said.

Friday: Tata Motors (TTMT IN) is expected to say quarterly net income grew by a third, consensus show. Ebitda could also improve with consistent performance and higher volumes for its Jaguar Land Rover segment, analysts said. Watch for more details on its plan to split the passenger and commercial vehicles business into two listed companies, a move aimed at unlocking the value of its electric vehicles and the JLR unit. 

Honda’s (7267 JP) fiscal-year operating profit probably surged 69%, estimates show. That was helped by robust auto sales in the US and Japan, a better pricing and mix, easing input costs and a weak yen, said BI. It’s also spending $11 billion to improve its EV supply chain infrastructure in Canada to meet growing long-term demand in the region.
OCBC’s (OCBC SP) first-quarter earnings might surprise on the upside, helped by lower provisions and better trading income, Maybank analyst Thilan Wickramasinghe said in a note.

Read also:

Distracted driving: Hands-free doesn’t mean risk-free
Ford Puma: The new entry point to Blue Oval motoring
The Porsche Cayenne S: A pinnacle of SUV performance and luxury

© 2024 Bloomberg L.P.

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