MinebeaMitsumi Inc.
6479.TMEDIUMScore: 36Security / Bearings · Weight: 2%· Data as of 2026-05-12
Investment Thesis
Two complementary Honda e-motorcycle angles: (1) MAS (MinebeA Access Solutions, former Honda Lock): Honda transferred 100% of Honda Lock Mfg. to MinebeaMitsumi in January 2023. Honda Lock was Honda's exclusive motorcycle security/access supplier since 1956. MAS now supplies ignition systems, smart card keys, and fuel caps to Honda globally. MAS India (Bangalore, ¥1B investment, 2026 operations) is expanding capacity for two-wheelers — direct play on Honda India e-motorcycle scale-up. (2) Precision miniature bearings: ~60% global share in OD ≤22mm segment. Every e-motorcycle motor needs ≥2 precision ball bearings. Record production 350M units/month (December 2025). Forward PE 13.75x on ¥1.19T market cap. PT segment (bearings) generates 59% of group operating profit at 22% margins from only 17% of revenue.
Risk
AP03 FLAG: MAS revenue (motorcycle security/access) is <3% of ¥1.59T total. Drivetrain bearing supply to Honda motorcycles not confirmed in public disclosures. Honda e-motorcycle exposure is real but small relative to overall business. AP01 WATCH: Revenue at record highs for 13 consecutive years — MITSUMI semiconductor segment (34.6% of revenue, FY2025 OP −38%) is cyclical and could cause overall earnings deterioration. FCF is negative (−¥21B) driven by capex. ⚠️ INDIA HALT confirmed Aug 2025: MAS India (Minebea AccessSolutions Bangalore) expansion for two-wheeler access systems faces demand shortfall. Honda India e-motorcycle volumes <1,000 units total. MAS India thesis now primarily 2028 (Karnataka factory). Honda Lock acquisition (2023) supply integration not yet generating India e-motorcycle revenue.
Monitoring Trigger
MAS India factory begins operations and Honda names MAS as India e-motorcycle access supplier → ADD (removes AP03 concern). Honda India e-motorcycle production >300K/year → ADD. Honda insources motorcycle security/access post-MAS acquisition → SELL MAS angle.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| PT (Precision Technologies — bearings) | ~¥259B est. | 17% | Miniature ball bearings (60%+ global share, OD ≤22mm). Supplies EV motors, data centers, aerospace. 22% operating margin, 59% of group OP. |
| MITSUMI (Electronic components + semiconductors) | ~¥526B est. | 35% | Sensors, optical devices, motors, power ICs. Cyclical — FY2025 OP down 38%. |
| MAS (MinebeA Access Solutions / motorcycle security) | ~¥45B est. | ~3% | Former Honda Lock. Ignition switches, smart keys, fuel caps for Honda motorcycles globally. MAS India 2026 expansion. |
| Machined Components & Other | ~¥692B est. | 45% | Mechanical parts, hard disk drive components, other precision components |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Honda Motor Co., Ltd. | Motorcycle security/access — ignition switches, smart card keys, fuel filler caps (via MAS / Honda Lock) | MinebeaMitsumi acquired 100% of Honda Lock Manufacturing in January 2023 and renamed it MinebeA Access Solutions (MAS). Honda Lock was Honda's exclusive motorcycle security and access supplier since 1956. MAS continues as Honda's primary motorcycle security supplier globally. |
| confirmed | Honda Motor India / HMSI | Two-wheeler EV access components — MAS India factory, Bangalore (operations 2026) | MAS India (Bangalore) investing ¥1B to expand two-wheeler component capacity targeting Honda India's EV scale-up. Operations beginning 2026. |
| probable | Automotive OEMs (broad) | Precision miniature ball bearings (OD ≤22mm) for EV motor assemblies | MinebeaMitsumi holds ~60% global share in miniature bearings (OD ≤22mm). Every e-motorcycle motor requires ≥2 precision ball bearings. While OEM-specific contracts are not public, market share dominance implies Honda and Yamaha motorcycle motor exposure. |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
Cites: Primary IR portal
https://www.minebeamitsumi.com/english/corp/investors/
Cites: Full-year earnings results
https://www.minebeamitsumi.com/english/corp/investors/disclosure/earning/2026/__icsFiles/afieldfile/2026/05/12/e2026_tanshin_en.pdf
Cites: Full-year results deck (May 14, 2026)
https://www.minebeamitsumi.com/english/corp/investors/disclosure/financial/p2026/__icsFiles/afieldfile/2026/05/14/e2026_presentation_en.pdf
Cites: Confirms the MAS = ex-Honda Lock relationship cited in thesis
https://www.minebeamitsumi.com/english/news/press/2023/1204737_17686.html