Like Nissan, Honda managed to achieve a cost reduction which was greater than the increase in other costs ('SG&A') and then add on top of that revenue growth/model mix impacts etc. A complex chart though, especially to the right with various 'other' and 'unrealized losses'. My view would be overall the numbers are not quite as impressive as Nissan's yesterday.
By contrast the dividend guiding was positive (Honda currently yields 2.4%)
One other Japanese stock that reported in the last 24 hours was Nomura. It is funny but I was reading what I wrote back in October last year and it still feels pertinent today:
A weaker Yen would make the company a potential geared play on the knock-on market boost, but a weaker Yen as a result of a perceived failure of the stimulatory efforts to date...well that might be something different'
Nomura shares are down since then and now trade around x1 book...but the problems noted above are still apparent...with their Q1 return on equity a mere 3.2%...
Profitability was down at the divisional level with only 'retail' standing out quarter-on-quarter BUT down sharply year-on-year:
By far and away the most interesting slide in their presentation deck was this one showing the evolution of the thoughts of the average Japanese investor: more investment trust and 'discretionary'/specific solutions but big picture 'investor risk appetite declined'. As I have noted before the 'animal spirits' required for Abenomics just does not appear to be happening...