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    Yoko Yamaguchi

    Research Analyst at Toyo Keizai Magazine

    Yoko Yamaguchi is an analyst at Toyo Keizai Magazine specializing in Japanese industrials, with a recent focus on the automotive sector. She has covered companies such as Honda Motor Co Ltd., participating in earnings calls and providing insights into factors affecting operating profit margins, including questioning notable metrics like the motorcycle division’s 19.9% margin. With at least three high-profile earnings call contributions and several published analyses since joining Toyo Keizai, her coverage is recognized within leading business media, although verifiable success rates, investment rankings, or prior professional history remain undisclosed. There is currently no publicly available record of FINRA registration, securities licenses, or major public awards for Yamaguchi.

    Yoko Yamaguchi's questions to HONDA MOTOR CO (HMC) leadership

    Yoko Yamaguchi's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

    Question

    Yoko Yamaguchi of Toyo Keizai questioned if the Q1 EV-related expenses were in line with full-year expectations and sought reasons for the motorcycle segment's exceptionally strong 19.9% operating profit margin.

    Answer

    CFO Eiji Fujimura explained that Q1 EV expenses were higher than a simple quarterly run-rate due to one-time write-offs for suspended development projects and provisions for future losses after IRA subsidies were removed. Regarding the motorcycle business, he credited the record profitability to strong performance in high-margin markets like Brazil and Vietnam, which more than compensated for a slowdown in India. He noted that in Brazil, demand currently outstrips supply, supporting healthy pricing and profitability.

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    Yoko Yamaguchi's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

    Question

    Yoko Yamaguchi from Toyo Keizai Magazine questioned if the Q1 EV-related expenses were in line with expectations and asked for the reasons behind the motorcycle business's exceptionally strong 19.9% operating profit margin.

    Answer

    CFO Eiji Fujimura explained that EV expenses were higher than planned due to write-offs from suspending some model developments and new provisions for losses on US EVs. He attributed the motorcycle segment's record profitability to a strong portfolio effect, where robust performance and high demand in markets like Brazil and Vietnam offset slower regions.

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    Yoko Yamaguchi's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

    Question

    Questioned if the auto business's performance and EV-related costs were in line with expectations and why the full-year forecast wasn't higher. Also asked for the reasons behind the motorcycle division's exceptionally high 19.9% operating profit margin.

    Answer

    The auto business was impacted by higher-than-expected tariff provisions and one-time EV expenses, including write-offs and provisions for future losses due to subsidy changes. The motorcycle business's strong margin was driven by a portfolio effect, with strong performance and high profitability in markets like Brazil and Vietnam compensating for weakness elsewhere.

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