HONDA MOTOR CO. LTD. ADRs $37 (New York symbol HMC; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.8 billion; Market cap: $66.6 billion; Price-to-sales ratio: 0.7; Dividend yield: 2.1%; TSINetwork Rating: Above Average; www.honda.com) is Japan’s second-largest carmaker, and the world’s largest motorcycle manufacturer.
Like Toyota, Honda has suffered setbacks due to the natural disasters in Japan and Thailand. In Honda’s fiscal 2012 third quarter, which ended December 31, 2011, its sales fell 3.5%, to $25.0 billion from $25.9 billion a year earlier. Honda sold 830,000 cars and trucks in the quarter, down 2.9% from 855,000 a year earlier. However, motorcycle sales rose 6.3%, to 3.1 million from 2.9 million.
Earnings fell 38.4%, to $613 million, or $0.34 per ADR, from $995 million, or $0.55 per ADR (each American Depositary Receipt represents one Honda common share).
The lost production will cut Honda’s earnings to $1.67 per ADR in fiscal 2012. The stock trades at 22.2 times that estimate.
However, the company expects its plants in Thailand to return to full production in April 2012. That should push up its fiscal 2013 production to 4.0 million vehicles from a projected 3.15 million in fiscal 2012.
As well, Honda’s fiscal 2013 earnings should rebound to $3.47 per ADR. The stock trades at a more reasonable 10.7 times that figure.
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