Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto

[Imark]

Il downgrade di Moody's su Honda Motors. In quest'analisi di Moody's alcune delle ragioni che mi portano a guardare ai bond Honda, oltre che a qualli Toyota, come investimenti che comportano l'assunzione di un rischio più contenuto di altri nel comparto automotive.

La ridotta esposizione al rischio dello yen forte data l'elevata percentuale di realizzazione della produzione (l'80% del totale) nei mercati di destinazione dei propri prodotti; il focus su un product portfolio di vetture piccole e medie e di motocicli, premiati dalle scelte di consumo in una fase di crisi; la favorevole immagine di marca; due anni di debolezza nei profitti, in un contesto in cui tuttavia altri produttori dell'automotive, anche nipponici, andranno esposti a perdite consistenti, sono tutte buone ragioni per guardare anche a Honda come possibile destinazione di scelte di investiemnto nel comparto.


[FONT=verdana,arial,helvetica]Moody's downgrades Honda to A1; outlook stable[/FONT]

[FONT=verdana,arial,helvetica]Around USD 26 Billion in Long-Term Debt Affected [/FONT]

[FONT=verdana,arial,helvetica]Tokyo, March 18, 2009 -- Moody's Investors Service has downgraded to A1 from Aa3 the senior unsecured long-term and issuer ratings of Honda Motor Co., Ltd. (Honda) and its supported subsidiaries. The Prime-1 short term ratings were not affected. The outlook for the ratings is stable. [/FONT]

[FONT=verdana,arial,helvetica]This rating action concludes the review for downgrade initiated on January 9, 2009. [/FONT]

[FONT=verdana,arial,helvetica]The downgrade has been driven by the severe and rapid downturn in demand for Honda's products in developed markets, which has resulted in a significant decline in the company's profitability. [/FONT]

[FONT=verdana,arial,helvetica]The stable outlook incorporates Moody's view that Honda 1) retains the ability to produce customer-oriented products including eco-friendly vehicles and 2) has a sufficient enough cushion on its balance sheet to withstand the current difficulties in the market and will recover its profitability over the next few years. [/FONT]

[FONT=verdana,arial,helvetica]The ratings involved include those for the following entities: [/FONT]

[FONT=verdana,arial,helvetica]Honda Motor Co., Ltd. [/FONT]

[FONT=verdana,arial,helvetica]American Honda Finance Corporation [/FONT]

[FONT=verdana,arial,helvetica]Honda Canada Finance Inc. [/FONT]

[FONT=verdana,arial,helvetica]Honda Finance Co., Ltd. [/FONT]

[FONT=verdana,arial,helvetica]The length and severity of the downturn in the global automotive markets will likely result in significantly weaker than expected credit metrics for Honda's profitability, and will continue to pressure earnings through FYE 3/2009 and into FYE 3/2010. [/FONT]

[FONT=verdana,arial,helvetica]Because of the rapid decline in sales in developed markets and to adverse exchange rates, the company's FYE 3/2009 operating performance has been adversely affected. [/FONT]

[FONT=verdana,arial,helvetica]Other Japanese auto makers expect to post large losses in FYE 3/2009, but Honda's profits are expected to stay on course due mainly to brisk sales of motorcycles and a product portfolio that focuses on small to medium-sized sedans, rather than the large SUVs and pick-up trucks that have so impaired other automakers' profitability. [/FONT]

[FONT=verdana,arial,helvetica]In Moody's view, Honda is less vulnerable to the strong yen than its Japanese peers, as most of Honda's motorcycles for emerging markets and over 80% of automobiles sold in the US are produced locally -- which reduces loss of profits from Japan-made exports in a strong yen environment. [/FONT]

[FONT=verdana,arial,helvetica]Honda has taken corrective measures to ensure that it retains its solid business profile and its competitive position. But Moody's is of the opinion that the downside risk to volume for both automobiles and motorcycles, as well as pressure on pricing, will remain material well into 2009 to 2010. The company's operating performance is unlikely to improve meaningfully in FYE 3/2010. [/FONT]

[FONT=verdana,arial,helvetica]Even though its sales volume is likely to decline, Honda's strong brand image and competitive products could allow it to enhance its market share in key automotive markets around the world despite the slowing demand.[/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Notably, in 2008, Honda sold 1.43 million automobiles in the US, down from 1.55 million in the previous year, although its US market share rose to 10.8% from 9.6%. Honda sold 625,000 units in Japan, up from 622,000 units in the previous year, and its Japan market share rose to 12.3% from 11.6%. Its market share in China also rose, although in Europe it declined to 1.8% from 2.0%. [/FONT]

[FONT=verdana,arial,helvetica]Honda's initiatives to address the weakness in overall demand involve making massive cuts to its fixed and variable costs, while maintaining R&D spending on environmental automotive technology. [/FONT]

[FONT=verdana,arial,helvetica]In Moody's view, Honda's profits should recover in FYE 3/2011, as the company restores the profitability of its product portfolio, although with lower volumes and revenues -- even in a strong yen environment. [/FONT]

[FONT=verdana,arial,helvetica]Moody's also recognizes that economic stimulus programs are being put together in a number of regions, which, once implemented, could benefit Honda as well as other auto makers. [/FONT]

[FONT=verdana,arial,helvetica]Moody's last rating action with respect to Honda was taken on January 9, 2009, when it placed Honda's Aa3 under review for possible downgrade. [/FONT]

[FONT=verdana,arial,helvetica]Honda Motor Co., Ltd., headquartered in Tokyo, is one of the world's leading automobile manufacturers and the largest motorcycle manufacturer in the world.[/FONT]

 

[samantaao]

previsione componentistica moto honda per il 2009: 50% rispetto 2008

lavoro con il loro indotto

niente nomi o cognomi anche se ad ogni notizia bisonerebbe accompagnare la fonte...

 

[paologorgo]

previsione componentistica moto honda per il 2009: 50% rispetto 2008

lavoro con il loro indotto

niente nomi o cognomi anche se ad ogni notizia bisonerebbe accompagnare la fonte...

in più o in meno...

 

[Imark]

previsione componentistica moto honda per il 2009: 50% rispetto 2008

lavoro con il loro indotto

niente nomi o cognomi anche se ad ogni notizia bisonerebbe accompagnare la fonte...

50% anche per loro... però ... ma qui in IT oppure in Europa ?

 

[samantaao]

50% in meno rispetto 2008 (così qualcuno non si confonde)
qui in italia

ora non ho idea di quanto pesi l'italia sul loro fatturato e soprattutto quanto pesi ciò che non è automotive
tenete presente che c'è un po' di tutto, scooter, falciaerba...

 

[Imark]

50% in meno rispetto 2008 (così qualcuno non si confonde)
qui in italia

ora non ho idea di quanto pesi l'italia sul loro fatturato e soprattutto quanto pesi ciò che non è automotive
tenete presente che c'è un po' di tutto, scooter, falciaerba...

Ho cercato di approfondire un attimo ... Pare che per l'automobile pesino soprattutto gli USA, dove dovrebbero essere esposta meno al declino in virtù dello scarso peso nelle vendite dei SUV, mentre per le moto le aspettative favorevoli sono legate all'impatto atteso sulle vendite in Asia di un nuovo modello di scooter (settore che pesa per il 50% del valore delle vendite, secondo quanto riportato da Bloomberg).

Honda’s Credit Rating Cut by Moody’s on Decline in Car Demand

By Makiko Kitamura


March 18 (Bloomberg) -- Honda Motor Co., Japan’s second- largest carmaker, had the credit rating on about $26 billion in debt cut by Moody’s Investors Service as car demand collapses.

Honda’s unsecured long-term debt rating was cut one level to A1, the fifth-highest rating, from Aa3, Moody’s said today.

Tokyo-based Honda forecasts profit will plunge 87 percent this fiscal year to 80 billion yen ($812 million) as vehicle sales in the U.S., its largest market, fell to the lowest level since 1981. The company’s motorcycle business will help keep it profitable in contrast to losses forecast by Toyota Motor Corp. and Nissan Motor Co.

“The downgrade has been driven by the severe and rapid downturn in demand for Honda’s products in developed markets,” Moody’s analyst Junichi Yamaki wrote in a report today.

Toyota, the world’s largest carmaker, lost the top credit rating from Moody’s on Feb. 6. as plunging car demand in the U.S. and Japan wipe out earnings. Nissan, Japan’s third-largest carmaker, had its credit rating cut to the lowest investment grade by Fitch Ratings Ltd. on March 9.

A lower credit rating may drive up borrowing costs for Honda, which has about 945 billion yen in bonds and loans coming due this year. Mazda Motor Corp., Japan’s second-largest car exporter, said it can’t sell bonds and may apply for government aid instead.

Honda’s shares fell 0.9 percent to 2,300 yen at the close of trading in Tokyo. The stock has gained 21 percent so far this year.

The cost to protect Honda’s debt from default for five years was quoted unchanged at 315 basis points at 5:06 p.m. in Tokyo, Barclays Capital prices show.

Yen’s Impact

Honda, the world’s biggest motorcycle maker, is less vulnerable to the strong yen than its Japanese rivals, as most of the company’s two-wheelers for emerging markets and more than 80 percent of its cars sold in the U.S. are produced locally, Moody’s Yamaki said. The yen gained 23 percent against the dollar last year, eroding the value of repatriated earnings from exports sold abroad.

President Takeo Fukui expects profit from the motorcycle segment, which will account for half of Honda’s earnings this fiscal year, to “rise significantly” next year on the introduction of the new Wave 110i small motorcycle in Southeast Asia.

 

[lorenzo63]

Renaults Boosts Output at French Plant, Shifting Production from Slovenia

Come aveva detto il Sarko "volete i dindi? e allora si produce in Francia"...poi lo si puo' "condire" come si vuole ma ... i fatti restano.
Cicero pro domo sua.




French car maker Renault SA is temporarily increasing production of one model of its Clio subcompact car at a factory near Paris to keep up with a sudden surge of demand brought on by auto-scrapping incentives across Europe
Most of the Clio Campus cars are currently made in Renault's Slovenian plant, which also makes Renault's Twingo city car. Despite the global slump in the auto sector, sales of the Twingo and Clio have boomed lately because of programs in France, Germany and other countries that give buyers of new, low-emission cars €1,000 to €3,500 ($1,367 to $4786) if they scrap a car that is more than 10 years old.

To keep up with demand, Renault will make -- for a period of five months later this year -- more Clios in France at the factory in Flins, freeing up the Slovenian plant to increase its production of Twingos.

In an interview on Friday morning with French radio, Industry Minister Luc Chatel tried to cast Renault's decision as evidence that the government's recent €6 billion aid plan was encouraging companies to "repatriate" production to France.

"Renault is conscious that there is an important effort underway to make France's auto industry more competitive and it's translating into a revision of where they produce their cars," he said.

But a Renault spokesperson said the move shouldn't be considered "repatriation" because Clios will still be manufactured in Slovenia.

The terminology being tossed around matters because European Union regulators and France's neighbors are on heightened alert to make sure the French government doesn't seek to unfairly protect domestic auto makers. In February, President Nicolas Sarkozy's aid package to car makers came under fire because it required Renault and PSA Peugeot Citroën to pledge not to close factories in France for the duration of the loans.

A European Commission spokesman said Brussels will ask Renault for information on its decision. The Commission fears that, in a bid to preserve jobs, governments will adopt protectionist policies to help national industries. There's also a worry that governments may deter companies from relocating industrial activities outside their countries, or pressure them to bring home some operations.

At a press conference in Brussels, French President Nicolas Sarkozy said: "This is not about cutting jobs in Slovenia. It doesn't take a single job from our Slovenian friends and it creates jobs for Flins."

Renault's move will being some relief to workers at the Flins plant, but only temporarily. The increase in production of Clio Campus cars is slated to run from June to October, and provide work for some 400 people. Renault will offer the spots to workers at its other plants in France who are working reduced hours for lower pay as a result of the slump in auto sales

 

[Imark]

Aumento di capitale per Daimler, riservato ad un fondo di investimenti sovrano di Abu Dhabi, che apporta capitali freschi per quasi 2 mld euro.

Daimler continua a pescare liquidità come può, in vista non solo di un downturn che rischia di essere piuttosto severo, ma anche delle scadenze da rifinanziare, piuttosto consistenti nei prossimi anni.

Daimler increases capital to welcome new investor

Sun Mar 22, 2009 2:59pm EDT

BERLIN (Reuters) - German carmaker Daimler AG (DAIGn.DE) said on Sunday it was increasing its share capital by 10 percent to allow Abu Dhabi's Aabar Investments PJSC to become a major investor in the company.

Aabar was acquiring all the new shares in a total investment of 1.95 billion euros ($2.67 billion), with existing shareholders excluded from the capital increase, Daimler said.

"We are delighted to welcome Aabar as a new major shareholder that is supportive of our corporate strategy," Daimler Chief Executive Dieter Zetsche said in a statement.

"We look forward to working together to pursue joint strategic initiatives," he added.

After acquiring all new shares, Aabar will hold about 9.1 percent of the new share capital, Daimler said. The issue price of the shares is 20.27 euros per share.

"The capital increase was approved by Daimler's supervisory board today," the carmaker added.

The capital increase will be carried out by issuing 96,408,000 new registered no par value shares from Daimler's Authorised Capital approved by the Annual Shareholders' Meeting of April 9, 2008 in exchange for cash contributions.

"Daimler is an iconic brand and a financially strong company with a reputation for excellence worldwide," Aabar Chairman Khadem Al Qubaisi said in a statement. "We are delighted to have received the opportunity to be making this investment."

Aabar's largest stakeholder is International Petroleum Investment Company (IPIC), which in turn is wholly owned by the Government of the Emirate of Abu Dhabi.

(Reporting by Paul Carrel; editing by Richard Chang)

 

[squalo]

Salve sono un nuovo utente vorrei un parere su queste obbligazioni bmw codice xs0162732951 4,625% feb2013 che attualmente scambia a 95,5 (rendimento superiore al 5% netto).Sara' il caso di entrare a questi livelli visto anche l'interesse recente(Fondo abu dabhi su daimler)su brand di lusso o e' meglio aspettare la risoluzione del caso usa su gm e chrysler?

 

[paologorgo]

Salve sono un nuovo utente vorrei un parere su queste obbligazioni bmw codice xs0162732951 4,625% feb2013 che attualmente scambia a 95,5 (rendimento superiore al 5% netto).Sara' il caso di entrare a questi livelli visto anche l'interesse recente(Fondo abu dabhi su daimler)su brand di lusso o e' meglio aspettare la risoluzione del caso usa su gm e chrysler?

benvenuto su questo forum, bel nick...