对日本汽车及共享出行行业的观点及美国机构投资者调研反馈

Feedback from US Investor Shinji KakiuchiEquity Analyst Hayato TakashimaResearch Associate While most have a guarded view on the autos industry given thesituation in the Middle East and concerns about the rise ofChinese OEMs, some have switched to a more bullish stance Autos & Shared Mobility Our visits to investors in the US:We had the opportunity to hold meetings withinstitutional investors in the US over Jun 8-11 (in New York and San Francisco), andreport back on the main topics that came up and views we heard from investors, and JapanIndustry View In-Line Autos industry as a whole:Our impression was that most investors have taken acautious stance on the industry with the Middle East situation ongoing. Some –albeit not many – have already adopted a more bullish stance, with a view to the The main topics of interest among investors centered on 1) effects of supply chainconstraints and rising raw materials prices resulting from the Middle East situationand 2) concerns about falling market shares among Japan OEMs due to the rise of Individual stocks:Toyota: We found interest in topics including scope for upside vs.F3/27 OP guidance, earnings contributions from HEV models, and changes under thenew president from Apr 2026. We had the impression that the conservative nature Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan Stanley For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Suzuki: We were asked a lot of questions about recent trends in auto sales in India, pricehikes announced in May, and the outlook for gasoline prices. Many investors alsoexpressed concerns about effects of the Middle East situation on the Indian economy as a whole, and we found no noticeable increase in interest in Suzuki while the situationremains unresolved. Mitsubishi Motors: Here, many investors voiced concerns about a stiffer competitive climate in ASEAN markets due to events in the Middle East. We were also asked about further development of collaboration with others such as Honda andNissan beyond the content of the longer-term vision unveiled in May 2026. Isuzu:Pushback on our UW rating was limited, and many commented on slow recovery in N. Valuation Methodology and Risks Isuzu Motors (7202.T) F3/27e BPS x 0.85. We apply a P/B multiple based on the correlation with ROE. Deriving theapplied multiple at an approximately 10% discount to the three-year average trading range,taking into account the high sales exposure to the Middle East. Risks to Upside nMarket share increase in overseas LCV marketnGrowth potential mainly in overseas CV marketnFurther improvement of shareholder returnsRisks to Downside nSlowing overseas CV sales volumesnIn the US, the impact of tariffs is a concern.nFX impact Disclosure SectionThe information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co., Ltd. and its affiliates (collectively, "Morgan Stanley"). For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada+1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. APortuguese version of the policy can be found at www.morganstanley.com.br Important Regulatory Disclosures on Subject Companies As of May 29, 2026, Morg