HONDA MOTOR CO. LTD. ADRs $30(New York symbol HMC; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.8 billion; Market cap: $54.0 billion; Price-to-sales ratio: 0.6; Dividend yield: 2.5%; TSINetwork Rating: Above Average; www.honda.com) is Japan’s second-largest carmaker and the world’s biggest motorcycle manufacturer.
Honda’s car sales fell 10.7% in fiscal 2012, which ended March 31, 2012, to 3.1 million vehicles from 3.5 million in 2011. However, motorcycle volumes rose 9.7%, to 12.6 million from 11.4 million.
The lower car volumes pushed down revenue by 9.8%, to $96.9 billion from $107.4 billion. As well, earnings fell 59.8%, to $2.6 billion, or $1.49 per ADR (each American Depositary Receipt represents one Honda common share). Honda earned $6.4 billion, or $3.55 per ADR, in 2011.
The company expects its car sales to jump 38.4% in fiscal 2013, to 4.3 million vehicles, while motorcycle sales will probably rise 10.2%, to 16.6 million. Japan accounts for just 30% of Honda’s car production, which cuts its currency risk.
The stock trades at just 8.0 times Honda’s likely fiscal 2013 earnings of $3.74 per ADR.
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