Yokowo Co., Ltd.
6800.TMEDIUMScore: 32.4Connected Motorcycle / Vehicle Antennas · Weight: 2%· Data as of 2026-05-27
Investment Thesis
Honda-confirmed direct OEM antenna supplier. As Honda's e-motorcycles (UC3, Activa e:) launch across Vietnam and India with built-in telematics — GPS anti-theft, OTA updates, 4G connectivity — Yokowo's VCCS (Vehicle Communication Comfort & Safety) segment is the natural antenna supplier. OP recovered +161% YoY in FY2025 (¥4.2B on ¥82.9B revenue). India: Lumax-Yokowo JV (Gurugram, est. 2020) explicitly positioned for 2-wheeler OEM antenna supply. Vietnam: 2 confirmed plants (Ha Nam + Hung Yen provinces). CASE (Connected, Autonomous, Shared, Electric) strategy — connected motorcycle is the next growth leg.
Risk
Honda motorcycle-specific antenna revenue may be <10% of ¥83B total today — connected bike volumes in budget SE Asia markets could lag expectations. No confirmed Honda motorcycle antenna order found (car OEM confirmed; motorcycle is inferred via India 2W JV). Small-cap with limited liquidity.
Monitoring Trigger
If Honda announces 4G connectivity in Vietnam UC3/Activa e: spec sheet, verify Yokowo supply. If Lumax-Yokowo JV announces Honda 2W antenna order, upgrade to HIGH conviction. VCCS segment H1 FY2026 revenue >50% YoY = add signal.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| VCCS (Vehicle Communication Comfort & Safety) | ~¥40-50B est. | ~50% | 4G/5G, GNSS, V2X, Wi-Fi automotive antennas — core connected-vehicle growth segment |
| CTC (Contact Probes) | ~¥25-30B est. | ~30% | Semiconductor test probes — AI tailwind from expanded chip testing volumes |
| FC/MD (Fine Components / Medical Devices) | ~¥15-20B est. | ~20% | Precision fine components and medical device parts |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Honda Motor | Vehicle GPS/cellular/4G antennas for connected passenger cars | Yokowo is explicitly named as a direct Tier-1 OEM antenna supplier to Honda across multiple industry databases. US subsidiary in Hilliard, Ohio assembles 1,000–2,000 custom antennas/day shipping to Honda and other OEMs. |
| probable | Honda (India) / Two-wheeler OEMs | On-board antennas and vehicle communication products | Lumax-Yokowo Technologies Pvt. Ltd. JV (Gurugram, est. Feb 2020) targets Indian OEMs across 2W/3W/4W segments. Lumax Auto Technologies explicitly covers two-wheeler market. Honda Cars India named as target customer for the JV. |
| probable | Honda Motor Vietnam / Yamaha Motor Vietnam | Vehicle communication antennas — Vietnam supply base | Two confirmed Vietnam plants (Dong Van II IZ, Ha Nam + Thang Long II IZ, Hung Yen) co-located with Honda/Yamaha Vietnam production clusters. Logical supply relationship given geography and Honda OEM confirmation. |