EV Supply Chain
53 companies
Japan BEV penetration ~4% (2024) growing at 34% CAGR through 2029. Tesla doubled Japan sales to ~10K units in 2025. NACS charging standard winning over CHAdeMO. BEV subsidy raised to ¥1.3M (Jan 2026). Key development: Mitsubishi Electric, Rohm, and Toshiba in talks to merge power semiconductor businesses (Mar 2026) — could create world's #2 behind Infineon. Nidec facing securities fraud investigation and cancelled dividend. Two-wheeler EV dimension added (2026-05-06): Honda playing catch-up in Vietnam and India e-motorcycle markets (Nikkei Asia, 2026-04-29). Honda UC3 launches Vietnam/Thailand spring 2026; new India e-motorcycle factory starts 2028 targeting 1M+ units. Honda keiretsu suppliers — Shindengen (PCU), GS Yuasa (battery), Mitsuba (motors) — are direct beneficiaries of this demand inflection. Tier-2 e-motorcycle supply chain additions (2026-05-07): Daido Steel (5471.T) — world-only hot-deformed Dy/Tb-free NdFeB magnet producer for ALL Honda HEV motors; China Jan 2026 export restrictions make this strategically critical. Nippon Seiki (7287.T) — world #1 motorcycle instrument cluster maker (>30% share), Honda Tier-1, cheap at EV/FCF 6.64x; EV expands cluster content per vehicle. Musashi Seimitsu (7220.T) — confirmed e-axle mass production in India for Honda battery-swap ecosystem (Emobi deployment April 2026), targeting 1M units/year by 2030. Tier-3 e-motorcycle supply chain additions (2026-05-13): Ryobi Limited (5851.T) — Honda quality award winner, explicit EV die-casting product lineup (battery cases, motor/inverter housings), Thailand ASEAN footprint; PE ~8x, yield 4%. Tokai Rika (6995.T) — global #1 automotive smart key maker, Honda secondary customer, PBR 0.74x below book; UWB digital key in development for connected motorcycle applications; Vietnam factory directly in Honda supply chain geography. Tier-3b e-motorcycle supply chain additions (2026-05-14): Nippon Chemi-Con (6997.T) — world #1 aluminum electrolytic capacitor + aluminum electrode foil (supplies competitors), DC-bus caps non-substitutable in every EV motor inverter/OBC, trough valuation 0.62x PB with FY2026 recovery guided +19% revenue. Japan Aviation Electronics JAE (6807.T) — confirmed Honda OEM connector supplier, CHAdeMO/CCS KW charging connectors (150-200A), BMS signal connectors (MY05 1kV), Kyocera alliance (ex-NEC Oct 2025) targets ¥17B synergy by FY2028; PB 1.19x vs Hirose premium. Tier-4 e-motorcycle supply chain additions (2026-05-17): Alps Alpine (6770.T) — Vietnam factory (Alps Electric Vietnam Co., Ltd.) directly in Honda UC3 supply chain geography; IoT Smart Network Modules (BLE/GNSS/5G) for Honda's connected motorcycle roadmap, current angle sensors for BLDC motor position feedback; Honda Tier-1 since 1981 nav system; PE 18.3x, EV/FCF 10.74x; concept-stock flag overridden (whole-Honda Vietnam relationship, not motorcycle-module only). Nichicon (6996.T) — film capacitor specialist for EV inverter DC-bus (non-substitutable by Nippon Chemi-Con's aluminum electrolytic); xEV segment OP +190% FY2026; CHAdeMO-certified V2H charger manufacturer (EV Power Station, Power Mover); true small-cap ¥133.78B, PE 16.74x, Q4 earnings beat +51%; stock +45% LTM with analyst consensus still below price (stale, pre-beat). Tier-5 e-motorcycle supply chain additions (2026-05-18): Mikuni (7247.T) — motorcycle throttle body leader with India/Vietnam manufacturing, pivoting to Smart Multi Valve (MsMV) EV thermal module; PE 4.2x, market cap ¥11.9B, LOW conviction (carburetor structural decline flagged). T.RAD Co. (7236.T) — Honda-affiliated (~18-20% Honda shareholding) thermal management specialist; battery cooling plates for e-motorcycle tropical climate deployment (Vietnam/India 35-40°C ambient); fills thermal management gap flagged 2026-05-17, MEDIUM conviction. Renesas Electronics (6723.T) — dominant automotive MCU (30% global share), Honda ADAS confirmed customer; RH850/U2C (March 2026) purpose-built for motorcycle BMS ASIL D; NEW ARGUMENT: Gachaco consortium (4-OEM MPP standardization) = multi-OEM volume from single design win; cyclical inventory trough = accumulation signal; MEDIUM conviction with large-cap caveat (¥4.6T). Tier-6 e-motorcycle supply chain additions (2026-05-19): Shin-Etsu Chemical (4063.T) — confirmed Honda/Toyota sintered NdFeB magnet supplier; Vietnam production (Hai Phong, 2,200 tpa) aligned with Honda Vietnam e-moto scale-up; China Oct 2025 export controls (MOFCOM 2025 No.61) shift OEM sourcing to non-Chinese supply; grain boundary diffusion tech reduces Dy/Tb by 50%; complements Daido Steel's hot-deformed alloy position. Sumitomo Bakelite (4203.T) — ~40% global semiconductor EMC market share; specific Power Control Module EMC for SiC inverter encapsulation (175°C+ rated); guidance raised on strong AI + EV demand; forward PE 12x; fills SiC power module packaging layer upstream of Fuji Electric and Rohm. Battery materials layer additions (2026-05-21): Mitsui Kinzoku (5706.T) — renamed from Mitsui Mining & Smelting Oct 2025; global #1 copper foil including near-monopoly ultra-thin carrier foil (>90% share); Honda MPP chain PROBABLE via Panasonic→Honda and LG Energy→Honda Vietnam; Honda Vietnam Hanoi 1,000-station swap network (MOU May 2026) is key catalyst; A-SOLiD solid electrolyte pilot 2027 adds Honda ASSB optionality; ROE 18.4%, PE ~29.7x fwd ~22.3x. UBE Corporation (4208.T) — POWERLYTE electrolyte via MUIS JV (50:50 with Mitsubishi Chemical); fills electrolyte layer completing battery materials stack; $500M Louisiana plant starts ~Nov 2026; PE 8.4x, 4.4% yield; LOW conviction on ROE 5.1%. Gachaco consolidation (2026-05-24 explore): Honda made Gachaco a consolidated subsidiary (April 2026), now controlling the MPP swap station network; LG Energy Solution MOU signed May 2026 for 1,000 stations in Hanoi during Q3 2026 pilot. Honda FY2026 first-ever net loss ¥423.9B (auto EV strategy costs) — motorcycle division remains healthy. Taiyo Yuden (6976.T) MLCC price hike 6-13% effective May 2026, book/bill 1.3 = confirmation of MLCC demand exceeding supply in recovery cycle. Tier-7 upstream supply chain (2026-05-25 explore): Honda cycle_rotation signal (score 4, confirmed). Vietnam Hanoi Ring Road 1 ban July 2026 confirmed imminent; Honda+LG Energy Solution+Hanoi MOU signed May 19 2026 for 1,000 swap stations by 2027 (LG supplies 2170 cylindrical cells). Honda committed ¥400B to motorcycle electrification 2026-2030; India dedicated EV motorcycle factory at Narasapura by 2028 targeting 8M units/year. F.C.C. (7296.T) — world's largest motorcycle clutch maker actively developing swingarm-integrated EV motor+PCU for Honda ASEAN/India scooters; Honda = 37% of revenue; 22 plants incl Vietnam+India; PE 9.5x, yield 4%; LOW conviction pending EV pivot confirmation from Honda. Nittoku (6145.T) — world's largest coil winding machine maker; every PMSM motor requires precision winding machines; T-glass bottleneck: Honda 8M India factory → motor capex → Nittoku machines; proprietary high copper fill factor winding tech; revenue +30% YoY, PE 14.1x, PEG 0.47x; market cap ¥35B; LOW conviction (small cap, indirect play). Total EV theme: 43 companies. Tier-8 e-motorcycle supply chain (2026-05-27 explore): Connected vehicle antennas + OEM pair. Yokowo (6800.T) — Honda-confirmed direct Tier-1 OEM antenna supplier; Lumax-Yokowo India JV (Gurugram) explicitly serving 2-wheeler OEMs; 2 Vietnam plants in Honda/Yamaha production geography; OP recovery +161% YoY (FY2025). Yamaha Motor (7272.T) — world #2-3 motorcycle OEM, 80%+ motorcycle revenue (far more levered than Honda at 25%); Gachaco MPPe battery swap co-founder; Vietnam (YMVN), India (YMI) e-scooter OEM; trough valuation PE 7.5x, PB 0.93x below book; FY2026 OP +42% guided (¥180B); Hanoi gasoline ban July 2026 = forced e-scooter demand shift. Total EV theme: 46 companies. Tier-9 motorcycle drive chain (2026-06-01 explore): Honda cycle_rotation signal (score 4, still active). Honda 2026 Business Briefing (May 14 2026): world's largest dedicated e-motorcycle factory at Narasapura India confirmed; UC3 Vietnam localization to Honda Vietnam Co. proceeding 2026; India EV 2-wheeler market 1.4M units in FY2026 (+EV share 13% of scooters). Hanoi Ring Road 1 gasoline ban July 2026 now 4 weeks away — urgency confirmed. Tsubakimoto Chain (6371.T) — post-Daido Kogyo acquisition (Jan 1 2026), holds DID brand motorcycle chain dominant position; Vietnam + India subsidiaries; EneDrive chain for EV; PB 0.87x, PE 11.2x, yield 3.52%; fills motorcycle drive chain supply chain layer not previously covered. Total EV theme: 48 companies. Honda UC3 LFP battery detail (2026-06-07 explore, Round 5): UC3 is Honda's first LFP (lithium iron phosphate) model — 3.17kWh fixed battery with 6kW in-house wheel-side hub motor, 122km range. LFP chemistry (vs NMC for MPP) signals a low-cost Asia mass-market strategy. Honda investing ¥400B total on motorcycle electrification 2026-2030; India EV 2-wheeler market 1.4M units FY2026 (+13% scooter EV share). Honda 2026 Business Briefing: converting L-H Battery JV (LG-Honda) from full EV cells to hybrid battery production — car EV battery volumes reduced. LG Energy Solution announced Vietnam MPP partnership with Honda (50 BSS stations Hanoi Q3 2026 pilot). Key addition — Kanto Denka Kogyo (4047.T): Japan's sole major NF₃ producer after Mitsui Chemicals exits March 2026; Rapidus (2nm) 100% dependent; TSMC/Samsung/Kioxia also NF₃ customers. Also one of 3 Japanese LiPF6 producers + specialty additives. FY2027 +55% revenue guided. Total EV theme: 53 companies.
Recent Updates
ARCHION (543A) added to EV theme — Hino+Fuso holding co listed 2026-04-01 with Toyota+Daimler each 25%. MEDIUM conviction.
Added: 543A.T
Added 4 stocks from Honda e-motorcycle supply chain exploration: Stanley Electric (6923.T) Honda-captive LED lighting; Honda Motor (7267.T) OEM anchor; Mitsui High-tec (6966.T) motor core laminations 60%+ global share; MinebeaMitsumi (6479.T) former Honda Lock + precision bearings. Theme: 19 → 23 companies.
Updated: 6923.T, 7267.T, 6966.T, 6479.T
Added 3 new stocks from Honda e-motorcycle cycle rotation signal (confidence=3): Shindengen (6844.T), GS Yuasa (6674.T), Mitsuba (7280.T). Supply chain gap: two-wheeler EV layer was absent from EV theme.
Updated: 6844.T, 6674.T, 7280.T
Evolved AGC Inc (5201.T): FY2025 confirmed, FY2026 guide updated, supply chain refreshed
Updated: 5201.T
Deep evolved Murata: AI server MLCCs as new growth vector, ¥47B factory, price hikes, tariff impact, SAW impairment
Updated: 6981.T
Supply Chain Map
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Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Murata Manufacturing | 6981.T | HIGH | ~49.7x TTM (impairment-distorted; fwd PE ~37x on FY2026 guidance) | ~37x (on FY2026 OP +34.8% guidance) | 2.9 | 7.25% | 15.4% | 2% | 1.44% | +¥239B |
| TDK Corp | 6762.T | HIGH | 26.51 | 23.71 | 2.35 | 11.4% | 12.4% | 106% | 1.4% | +¥169B |
| Fuji Electric | 6504.T | HIGH | 20.59 | 17.97 | 2.22 | 8.2% | 8.7% | 74% | 1.5% | +¥51B |
| Sumitomo Metal Mining | 5713.T | MEDIUM | 28.63 | 19.76 | 1.28 | 5.0% | 5.0% | 30% | 2.4% | +¥87B |
| AGC Inc | 5201.T | HIGH | 17.89 | 14.7 | 0.71 | 4.7% | 6.2% | 37% | 3.6% | +¥65B |
| Kureha Corp | 4023.T | LOW | N/A | 19 | 0.89 | -6.7% | -11.1% | 64% | 5.5% | ~est. negative (capex ongoing) |
| Asahi Kasei | 3407.T | MEDIUM | 13.4 | 12.9 | 1.07 | 7.7% | 7.5% | 55% | 2.5% | +¥134B |
| Mitsubishi Electric | 6503.T | MEDIUM | 32.85 | 30.6 | 2.9 | 10.1% | 9.1% | 8% | 1.1% | +¥317B |
| Nidec Corp | 6594.T | AVOID | 1.48 | 6.3% | 5.0% | 40% | 0% | +¥174B | ||
| Hirose Electric | 6806.T | MEDIUM | 23.3 | 23.5 | 1.9 | 9.0% | 20.3% | 2% | 2.1% | ~+¥36B |
| Sumitomo Electric | 5802.T | MEDIUM | 25.5 | 29.7 | 2.4 | 10.2% | 8.2% | 28% | 1.37% | +¥102B (est.) |
| Resonac Holdings | 4004.T | MEDIUM | 83.53 | ~31.6x | 3.34 | 5.72% | 4.3% | 133% | ~1.0% | +¥24B |
| Rohm Co. | 6963.T | LOW | Loss (NI -¥158.4B SiC impairment) | ~125x (near-breakeven NI; FY2028 target >20% OP margin) | 2.56 | — | +1.6% Q3 FY2026 (recovering from -9.0% year ago) | 43% | 1.4% | -¥44B |
| Shindengen Electric Manufacturing Co., Ltd. | 6844.T | MEDIUM | 30.8 | — | N/A | — | N/A | N/A | 1.99% | N/A |
| GS Yuasa Corporation | 6674.T | MEDIUM | 11.04 | — | 1.54 | 9.59% | N/A | N/A | ~1.6% | N/A |
| Mitsuba Corporation | 7280.T | MEDIUM | 5.5 | — | N/A | — | N/A | N/A | N/A | N/A |
| Daido Steel Co., Ltd. | 5471.T | HIGH | ~11x | — | N/A | — | N/A | N/A | 3.06% | +est. |
| Nippon Seiki Co., Ltd. | 7287.T | MEDIUM | 12.45 | 12.05 | N/A | — | N/A | N/A | N/A | +confirmed |
| Musashi Seimitsu Industry Co., Ltd. | 7220.T | MEDIUM | 31.6 | — | N/A | — | 11.1% | N/A | 2.04% | N/A |
| Stanley Electric Co., Ltd. | 6923.T | MEDIUM | 13.8 | 4.5% | 6.3% | N/A | 3.02% | N/A | ||
| Honda Motor Co., Ltd. | 7267.T | MEDIUM | 7.77 | 5.82% | 7.0% | N/A | 3.5% | N/A | ||
| Mitsui High-tec, Inc. | 6966.T | MEDIUM | 15.3 | 13 | 1.45 | 11.8% | 5.8% | N/A | 2.3% | -¥12B |
| MinebeaMitsumi Inc. | 6479.T | MEDIUM | 18.7 | 13.75 | 1.4 | 9.1% | 6.2% | N/A | 1.6% | -¥21B |
| Ryobi Limited | 5851.T | MEDIUM | ~8x | — | N/A (implied <1x, ROE 4.4%) | 4.4% | 3.2% | N/A | 4.0% | N/A |
| Tokai Rika Co., Ltd. | 6995.T | MEDIUM | ~8x | — | 0.74 | 10.9% | 5.9% | N/A | 3.22% | +est. ¥15-20B |
| Nippon Chemi-Con Corporation | 6997.T | LOW | 91 | 7 | 0.62 | 3.1% | 2.9% | 125% | 1.33% | ~0 (thin; ¥20B capex planned) |
| Japan Aviation Electronics Industry, Ltd. | 6807.T | MEDIUM | 13.7 | 1.19 | 5.1% | 7.1% | ~60% | 2.5% | thin (¥63B capex over 3yr) | |
| ARCHION Corporation | 543A.T | MEDIUM | 11 | 11 | ~0.7 | ~6% | ~2.0% | ~0.4 | TBD (post-merger first divi guidance pending) | Negative on integration capex through FY2027 |
| Alps Alpine Co., Ltd. | 6770.T | MEDIUM | 18.3 | — | N/A | — | 2.4% | 26% | N/A | N/A |
| Nichicon Corporation | 6996.T | MEDIUM | 16.74 | — | N/A | — | 3.8% | N/A | 2.2% | N/A |
| Mikuni Corporation | 7247.T | LOW | 4.2 | — | N/A — confirm vs StockAnalysis | N/A — confirm vs J-Quants | N/A — thin, est. 1-3% | N/A | N/A | N/A |
| T.RAD Co., Ltd. | 7236.T | MEDIUM | N/A — confirm vs StockAnalysis | — | N/A — est <1.0x (Honda keiretsu, confirm) | N/A — confirm vs J-Quants | N/A | N/A | N/A | N/A |
| Renesas Electronics Corporation | 6723.T | MEDIUM | N/A (EPS negative — IDT amortization ¥370B/yr; operating profit positive) | — | N/A — confirm vs StockAnalysis | ~10.5% (pre-impairment FY2025; currently impaired by amortization) | N/A — confirm vs J-Quants | N/A | N/A | N/A |
| Shin-Etsu Chemical Co., Ltd. | 4063.T | MEDIUM | 24.79x TTM | 22.32x (pre-PVC recovery) | ~2.19 | ~10.5-11.5% | ~24.7% (FY2026; compressed -14.4% from PVC weakness) | Low (chemical company standard leverage) | ~1.8-2.0% | +¥739.4B (FY2025 — outstanding) |
| Sumitomo Bakelite Co., Ltd. | 4203.T | MEDIUM | ~17.2x TTM | ~12.0x (FY2025 guidance ¥25.5B NI) | ~1.5-1.7 (estimated; D/E 0.10 → book value substantial) | 6.54% | 10.3% (FY2025 guidance) | 10% | ~1.5-2.0% | +¥46B est (EV/FCF 8.73x, EV ~¥400B) |
| NSK Ltd | 6471.T | MEDIUM | 32.12 | 22.70 | N/A | 1.8% | 2.96% | N/A | N/A | +¥44B (est.) |
| Toray Industries Inc | 3402.T | MEDIUM | 25.97 | 16.62 | 0.90 | 3.19% | 5.0% | N/A | N/A | N/A |
| SMC Corporation | 6273.T | MEDIUM | 29.0 | 27.24 | N/A | 7.9% | N/A | 0.02 | N/A | +¥200B (est., high net income + minimal capex) |
| Mitsui Kinzoku Company, Limited | 5706.T | MEDIUM | ~29.7x TTM / ~22.3x forward (StockAnalysis/Simply Wall St, May 2026) | ~22.3x | ~5x (WARNING: guardrail — above 80th percentile for materials cyclicals; justified by structural moat) | ~18.4% | ~15.6% (implied: OP ¥117B / revenue ¥750B FY2025E) | N/A | ~0.6-1.1% | N/A (verify J-Quants; positive expected given OP margins) |
| UBE Corporation | 4208.T | LOW | ~8.4x TTM (cheaply valued) | — | N/A | ~5.1% (WARNING: below TSE 8% target — ROE guardrail triggered. Override: capex-heavy transition period; electrolyte growth pipeline.) | ~4.7% (thin — monitor for recovery to 7%+) | N/A | ~4.4% | N/A (capex-heavy with Louisiana plant — verify against J-Quants when available) |
| Taiyo Yuden Co., Ltd. | 6976.T | MEDIUM | 20.79x TTM (StockAnalysis, May 2026) | 27.52x (FY2026 guidance: +8% revenue, +50% OP income) | 1.18x (CompaniesMarketCap, May 2026) | 3.92% | ~3.3% TTM (trough); guided to ~4.8–5% FY2026 on +50% OP recovery | N/A | ~1.0% (¥90/year at ¥8,952 stock price, May 2026) | N/A |
| F.C.C. Co., Ltd. | 7296.T | LOW | 9.5x | — | N/A | — | N/A | N/A | ~4.0% | N/A |
| Nittoku Co., Ltd. | 6145.T | LOW | 14.12x | 15.45x | N/A | — | N/A | N/A | N/A | N/A |
| NOK Corporation | 7240.T | LOW | 15.5x | — | 0.72x | ~3-5% | 4.9% | ~0.3x | ~4.4% | N/A |
| Yokowo Co., Ltd. | 6800.T | MEDIUM | N/A | — | N/A | — | 5.1% | N/A | N/A | N/A |
| Yamaha Motor Co., Ltd. | 7272.T | MEDIUM | 7.5 | — | 0.93 | 1.4% | 5.0% | N/A | 2.8% | +¥52.5B |
| Hioki E.E. Corporation | 6866.T | MEDIUM | 27.8x | — | N/A | — | N/A | N/A | N/A | N/A |
| Tsubakimoto Chain Co. | 6371.T | MEDIUM | ~11.2x | — | 0.87x | 8.75% | ~8.1% | N/A | 3.52% | est. +¥20-25B |
| Central Glass Co., Ltd. | 4044.T | MEDIUM | 17.7x | ~14x (26% EPS growth forecast; analyst consensus) | 0.76 | ~8.2% (est: NI ¥8.36B / book value ¥101B) | ~3.2% (compressed; was ~6-9% pre-Chinese LiPF6 price war) | N/A | 5.45% | N/A (J-Quants not available; cross-validate before entry) |
| CKD Corporation | 6407.T | MEDIUM | ~36x | ~20x (analyst forecast; likely conservative given 35.7% recent earnings growth) | 3 | 9.19% | 12.4% | N/A | N/A | N/A |
| Panasonic Holdings Corporation | 6752.T | MEDIUM | 32.4x | ~15x (FY2027 NI expected +2.2x from ¥75B base) | 1.18 | 4.77% (FY2026 trough; guided higher FY2027) | ~2.9% (FY2026: OP ¥236.4B / Revenue ¥8,049B; compressed by restructuring charges) | N/A | 2.30% | N/A (Panasonic Energy capex-heavy; cross-validate before entry) |
| UACJ Corporation | 5741.T | MEDIUM | 15.46x | ~22x (FY2027 NI guided ¥28B from ¥38.8B; NI decline; caution) | 1.73 | 11.21% | ~5.4% (Q3 FY2026 9M operating profit margin improving from prior year) | N/A | 1.75% | N/A (capital-intensive aluminum rolling; verify before entry) |
| Kanto Denka Kogyo Co., Ltd. | 4047.T | MEDIUM | N/A (loss year FY2026 due to fire). Forward PE ~32x on FY2027 guided EPS ¥118.3 | ~32x (FY2027 guided NI ¥6.8B / shares 57.46M = ¥118.3 EPS; price ¥3,775) | 3.18 | -4.74% (FY2026 fire loss). FY2027 guided ROE ~10% (¥6.8B NI / ¥68B book) | ~8.7% guided FY2027 (¥10B OP / ¥95B revenue). Depressed in FY2026 (fire losses) | 53% | N/A (suspended during fire recovery; check Q1 FY2027) | Negative FY2026 (fire year). Recovery expected FY2027. |
Companies
Murata Manufacturing
6981.THIGHPassive Components / MLCC
~50% global automotive MLCC share. FY2025 actuals: Revenue ¥1.83T (+5.0%), OP ¥281.8B (+0.8%, suppressed by ¥43.8B SAW impairment), NI ¥233.9B. FY2026...
TDK Corp
6762.THIGHPassive Components / Magnets / Sensors
MLCC + NdFeB magnets + MEMS sensors + DC link caps — broad EV/AI exposure. Q3 FY26 (Feb 2026): record 9M revenue ¥1,858.6B (+11.3%), OP ¥230.7B (+10.4...
Fuji Electric
6504.THIGHPower Semiconductors / IGBT
95% domestic share in nuclear radiation monitoring + top-5 global IGBT/SiC. Oct 2025 raised FY26 guidance (sales ¥1,185B, OP ¥128.5B, NI ¥89B) + inter...
Sumitomo Metal Mining
5713.TMEDIUMBattery Materials / Cathode
Sole Japanese NCA cathode source at scale, directly in Panasonic→Tesla chain. Panasonic-SMM nickel recycling JV (Mar 2025) deepens relationship — targ...
AGC Inc
5201.THIGHAutomotive Glass
World #1 automotive glass ('one in four cars worldwide'). FY2026 guidance: ¥2,200B sales / ¥150B OP (+22.5B YoY). Automotive OP more than doubled in F...
Kureha Corp
4023.TLOWBattery Materials / PVDF Binder
Thesis reset after ¥36.5B impairment (¥34B PVDF equipment + ¥2.5B Cremezin). FY2025 net loss -¥10.7B; FY2026 guidance ¥172B revenue (+6%), ¥7.5B net p...
Asahi Kasei
3407.TMEDIUMBattery Materials / Separator
Classic trough-to-recovery: Hipore separator EBITDA remains depressed but North America supply chain building. FY2026 record OP ¥231.2B driven by Heal...
Mitsubishi Electric
6503.TMEDIUMPower Semiconductors / IGBT
Top-5 global IGBT maker + world-class FA systems + defense electronics. RECORD FY2026: Revenue ¥5,894.7B (+6.8%), adj. OP ¥538.4B (9.1% margin), NI ¥4...
Nidec Corp
6594.TAVOIDMotors / E-Axle
E-Axle leader compromised by governance collapse. FY2026 results postponed — restatement of FY2022-2026 in progress. Quality misconduct (motors/materi...
Hirose Electric
6806.TMEDIUMConnectors / HV
FY2026 record revenue ¥211.26B (+11.5%) driven by AI/datacenter coaxial connectors (+34.2% YoY) and industrial; automotive steady. FY2027 guidance: ¥2...
Sumitomo Electric
5802.TMEDIUMWiring / HV Cables
Dominant Japanese wire harness supplier — EV content ~30% higher value than ICE due to HV shielding. FY2026 record OP ¥418.2B (+30.4%). Confirmed Toyo...
Resonac Holdings
4004.TMEDIUMSiC Substrates
Dual-engine semiconductor materials play: (1) SiC substrate supplier to Infineon/Rohm with confirmed multi-year agreements; 8-inch mass production sta...
Rohm Co.
6963.TLOWSiC Power Devices
Anchor participant in Japan's government-backed power semiconductor consolidation (Rohm + Toshiba TDSC + Mitsubishi Electric MoU signed March 27, 2026...
Shindengen Electric Manufacturing Co., Ltd.
6844.TMEDIUMTwo-Wheeler Power Electronics / PCU
Honda-affiliated (largest shareholder ~26%) maker of Power Control Units (PCU) for electric motorcycles — the brain that controls motor drive, battery...
GS Yuasa Corporation
6674.TMEDIUMBattery — Motorcycle Li-ion / EV R&D
World's #1 motorcycle battery maker (Yuasa brand is OEM standard across Honda, Yamaha, Kawasaki globally) pivoting to Li-ion as e-motorcycles displace...
Mitsuba Corporation
7280.TMEDIUMTwo-Wheeler Motors / EV Drive Systems
Honda keiretsu supplier developing dedicated e-motorcycle drive motors (MA01A, MA02A — 48V, up to 150cc class) for the Asia two-wheeler EV market. Sho...
Daido Steel Co., Ltd.
5471.THIGHRare Earth Magnets / Hot-Deformed NdFeB
World's ONLY mass producer of hot-deformed Dy/Tb-free NdFeB permanent magnets (via subsidiary Daido Electronics, Nakatsugawa, Gifu). ALL Honda HEV mot...
Nippon Seiki Co., Ltd.
7287.TMEDIUMMotorcycle Instrument Clusters / Digital HMI
World #1 motorcycle instrument cluster maker (>30% global market share), Honda Tier-1 qualified supplier. As Honda's e-motorcycle lineup (Activa e:, I...
Musashi Seimitsu Industry Co., Ltd.
7220.TMEDIUMTwo-Wheeler EV Drive Unit / E-Axle
Only Japanese company with confirmed mass production of integrated e-axles (motor+gearbox+PCU in one unit) for two-wheeler EVs in India. JV Musashi De...
Stanley Electric Co., Ltd.
6923.TMEDIUMLighting
Honda's captive LED motorcycle lighting supplier with a formal capital and business alliance signed September 2022 covering CASE/EV-era next-generatio...
Honda Motor Co., Ltd.
7267.TMEDIUMOEM
Added as OEM anchor to make the Honda e-motorcycle supply chain demand signal explicit. Honda's motorcycle division produces 20.6M units/year (17% of ...
Mitsui High-tec, Inc.
6966.TMEDIUMMotor Components
Mitsui High-tec holds 60%+ global share in automotive in-vehicle motor core laminations (Nikkei, Aug 2021). Every BLDC/PMSM motor in a Honda e-motorcy...
MinebeaMitsumi Inc.
6479.TMEDIUMSecurity / Bearings
Two complementary Honda e-motorcycle angles: (1) MAS (MinebeA Access Solutions, former Honda Lock): Honda transferred 100% of Honda Lock Mfg. to Mineb...
Ryobi Limited
5851.TMEDIUMAluminum Die Casting / EV Powertrain Housings
Japan's #2 aluminum die caster and confirmed Honda supplier (Honda 'Excellence in Delivery and Quality' award 2022). EV product lineup explicitly incl...
Tokai Rika Co., Ltd.
6995.TMEDIUMSmart Access / Electronic Switches / Connected Mobility
Global #1 automotive smart-key maker (GlobeNewswire 2020 industry report; Toyota holds equity stake). Honda is a secondary customer (Toyota ~74% of re...
Nippon Chemi-Con Corporation
6997.TLOWPassive Components / Aluminum Electrolytic Capacitor
World #1 aluminum electrolytic capacitor maker with upstream vertical integration into aluminum electrode foil — the performance-critical raw material...
Japan Aviation Electronics Industry, Ltd.
6807.TMEDIUMConnectors / Charging Infrastructure
Confirmed Honda automotive OEM connector supplier with established supply relationships across Honda motorcycle and automotive platforms. CHAdeMO/CCS ...
ARCHION Corporation
543A.TMEDIUMCommercial Vehicle OEM (Truck + Bus)
New holding co (listed 2026-04-01, TSE Prime) consolidating Hino Motors (formerly 7205) and Mitsubishi Fuso under shared Toyota (25%) and Daimler Truc...
Alps Alpine Co., Ltd.
6770.TMEDIUMConnected Vehicle / BMS Angle Sensors / HMI Switches
Vietnam factory (Alps Electric Vietnam Co., Ltd.) provides local content advantage for Honda's UC3 e-motorcycle production hub in Vietnam (spring 2026...
Nichicon Corporation
6996.TMEDIUMFilm Capacitors / EV Inverter DC-Bus / V2H Charging Infrastructure
Japan's specialist in film capacitors for EV inverter DC-bus links — complementary to Nippon Chemi-Con's aluminum electrolytic (both present in every ...
Mikuni Corporation
7247.TLOWMotorcycle Throttle Body / EV Thermal Management (Smart Multi Valve)
Japan's dominant motorcycle throttle body maker with confirmed manufacturing in India (Neemrana, Rajasthan) and Thailand — physically embedded in Hond...
T.RAD Co., Ltd.
7236.TMEDIUMThermal Management / Battery Cooling Plates
Honda-affiliated (Honda owns ~18-20% of shares) thermal management specialist transitioning from ICE radiators to EV battery cooling plates. As Honda ...
Renesas Electronics Corporation
6723.TMEDIUMMCU / BMS Silicon / Automotive Semiconductors
Dominant automotive MCU supplier (30% global market share) with confirmed deep Honda design-in. NEW ARGUMENT (justifies inclusion vs previous exclusio...
Shin-Etsu Chemical Co., Ltd.
4063.TMEDIUMSintered NdFeB Rare Earth Magnets / China Decoupling
World's #1-2 sintered NdFeB magnet producer outside China (~3,400 tpa capacity across Japan + Vietnam). Confirmed Honda motor magnet supplier (Benchma...
Sumitomo Bakelite Co., Ltd.
4203.TMEDIUMPower Module EMC / SiC Encapsulation Materials
~40% global market share in semiconductor epoxy molding compound (EMC) — the encapsulation material for every SiC/IGBT power module. Specific EV produ...
NSK Ltd
6471.TMEDIUMMotor Components / EV Precision Bearings
NSK is Japan's leading precision bearing maker and a Tier-1 Honda supplier, positioned to benefit from the structural shift to EV motors which require...
Toray Industries Inc
3402.TMEDIUMBattery Materials / Li-ion Separator (Premium)
Toray's Setela polyethylene separator film is used in high-performance Li-ion cells, with a confirmed supply relationship with LG Chem (now reposition...
SMC Corporation
6273.TMEDIUMFactory Automation / Pneumatic Components (Honda Asia Manufacturing)
SMC Corporation commands approximately 30% global market share in pneumatic automation components — the closest thing to a monopoly in precision facto...
Mitsui Kinzoku Company, Limited
5706.TMEDIUMBattery Materials / Electrolytic Copper Foil + A-SOLiD
Renamed from Mitsui Mining & Smelting (Oct 2025). Global leader in electrolytic copper foil — the anode current collector inside every Li-ion battery ...
UBE Corporation
4208.TLOWBattery Electrolyte Materials / POWERLYTE
UBE fills the ELECTROLYTE layer — the last uncovered segment in the battery materials stack (Toray: separator, Kureha: binder, Mitsui Kinzoku: copper ...
Taiyo Yuden Co., Ltd.
6976.TMEDIUMPassive Components / MLCC (Tier 2)
Japan's #3 global MLCC maker (after Murata and Samsung Electro-Mechanics / TDK), completing Japan's automotive-grade MLCC oligopoly in the EV theme. A...
F.C.C. Co., Ltd.
7296.TLOWTwo-Wheeler EV Motor+PCU / Clutch Systems (Honda-Captive Pivot)
World's largest motorcycle clutch manufacturer actively pivoting to EV. Confirmed: developing swingarm-integrated motor+PCU unit for Honda ASEAN and I...
Nittoku Co., Ltd.
6145.TLOWEV Motor Production Equipment / Coil Winding Machines (Tier-2 Upstream)
World's largest coil winding machine manufacturer with 44+ years of precision winding expertise. Every EV PMSM motor requires precision coil winding e...
NOK Corporation
7240.TLOWTwo-Wheeler Sealing / Semiconductor Equipment Sealing
Japan's dominant oil seal maker (70% domestic market share; combined Freudenberg-NOK entity ~70% global) with 80+ year qualification as OEM supplier t...
Yokowo Co., Ltd.
6800.TMEDIUMConnected Motorcycle / Vehicle Antennas
Honda-confirmed direct OEM antenna supplier. As Honda's e-motorcycles (UC3, Activa e:) launch across Vietnam and India with built-in telematics — GPS ...
Yamaha Motor Co., Ltd.
7272.TMEDIUMOEM / E-Motorcycle Two-Wheeler
World's #2-3 motorcycle OEM with 80%+ revenue from motorcycles — structurally more leveraged to Asia's e-motorcycle transition than Honda (only ~25% m...
Hioki E.E. Corporation
6866.TMEDIUMBattery QC & EV Testing Equipment (Tier-2 Upstream)
Hioki is Japan's #1 electrical measurement company (founded 1935, Nagano, TSE Prime) and holds the de facto standard position in lithium-ion battery i...
Tsubakimoto Chain Co.
6371.TMEDIUMMotorcycle Drive Chain & EV Drivetrain / Material Handling (Tier-9)
Post-Daido Kogyo (DID brand) acquisition (completed Jan 1, 2026), Tsubakimoto holds Japan's dominant position in motorcycle drive chains — DID is the ...
Central Glass Co., Ltd.
4044.TMEDIUMBattery Materials / LiPF6 Electrolyte Salt
Only meaningful Japanese LiPF6 (lithium hexafluorophosphate) producer — the key electrolyte salt in all Li-ion batteries including Honda's UC3 LFP and...
CKD Corporation
6407.TMEDIUMBattery Production Equipment / Industrial Automation
CKD makes lithium-ion battery winding machines that directly support Honda/GS Yuasa's MPP battery production ramp. As Honda accelerates its e-motorcyc...
Panasonic Holdings Corporation
6752.TMEDIUMBattery / Honda MPP Cells Co-Manufacturer
Panasonic Energy co-manufactures Honda's Mobile Power Pack e: (MPP) — the standardized swappable battery powering the entire Gachaco ecosystem (Honda ...
UACJ Corporation
5741.TMEDIUMBattery Materials / Aluminum Cathode Current Collector Foil
Aluminum foil is the ONLY material for lithium-ion battery cathode current collectors — no substitutes exist. UACJ Foil (subsidiary) is the ONLY Japan...
Kanto Denka Kogyo Co., Ltd.
4047.TMEDIUMBattery Electrolyte Materials / LiPF6 + NF₃ Specialty Gas
Dual-moat specialty chemical company with irreplaceable positions in both semiconductor gas and battery materials. (1) NF₃ MONOPOLY: Sole major NF₃ (n...