Mitsuba Corporation
7280.TMEDIUMTwo-Wheeler Motors / EV Drive Systems · Weight: 3%· Data as of 2026-05-06
Investment Thesis
Honda keiretsu supplier developing dedicated e-motorcycle drive motors (MA01A, MA02A — 48V, up to 150cc class) for the Asia two-wheeler EV market. Showcased at Automotive World 2026. Manufacturing planned in India, Vietnam, Thailand, Indonesia — aligned with Honda's Asia e-motorcycle expansion. At PE ~5.5x, the market prices Mitsuba as a declining ICE parts maker; the e-motorcycle EV motor ramp (2027-2030) is not priced in.
Risk
Revenue declining -2.7% YoY (FY2026 forecast ¥340B). Net margin compressed from 3.9%→2.4%. ¥7B one-off loss raises earnings quality concerns. Chinese hub motor makers (Bafang, QS Motor) are lower-cost. ICE motorcycle business shrinks faster than EV ramp. Mitsuba's EV motor revenue is likely <5% of current revenue — concept stock risk near-term.
Monitoring Trigger
If Mitsuba announces Honda e-motorcycle motor supply contract (confirmed), upgrade. If FY2026 full-year results (May 2026) show EV motor segment disclosed with >¥5B revenue, add. If margins do not recover to 3%+ by H1 FY27, reduce position.
Key Dates
2026-05earningsMitsuba FY2026 full-year results — critical to see if EV motor segment disclosed and margins recovering
2026-06monitoringAutomotive World 2026 follow-up — watch for MA01A/MA02A supply contract announcements
2027catalystEV motorcycle motor production scale-up in India/Vietnam — key proof point for EV thesis
Update History
2026-05-06exploreHOLD
View report →New addition: Honda e-motorcycle cycle rotation signal. Honda keiretsu making 48V EV motorcycle motors (MA01A/MA02A). FLAGGED: margin compression, revenue decline -2.7%, one-off loss ¥7B. Added LOW weight pending EV ramp confirmation.
all:newadded
Key Metrics
5.5
PE
N/A
Fwd PE
N/A
P/B
N/A
ROE
N/A
Op Margin
N/A
D/E
N/A
Div Yield
N/A
FCF
~¥60B
Mkt Cap
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Motorcycle Electrical Systems | est. ~¥120B | ~35% | Starters, ACG generators, ACG starters for Honda/Yamaha motorcycles. Asia and South America growing. China weak. |
| Automotive Electrical Systems | est. ~¥180B | ~53% | Wiper motors, window regulators, fan motors for automotive OEMs. Cyclical, declining. |
| EV Drive Systems (Two-Wheeler) | est. <¥5B | ~1-2% | MA01A/MA02A 48V hub motors and drive systems for e-motorcycles. Automotive World 2026 showcase. R&D/pre-production phase. |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Honda Motor | Starter motors, ACG starters, AC generators for motorcycles | Mitsuba has been Honda keiretsu motorcycle electrical supplier since 1960. Starter motor, ACG starter, fuel pump modules for Honda motorcycles across Asia.[source](2026-05) |
| probable | Honda Motor / OEM TBD | MA01A/MA02A 48V EV drive motors for two-wheelers (up to 150cc class) | Mitsuba showcased MA01A/MA02A drive motor at Automotive World 2026. Manufacturing planned in India, China, Thailand, Vietnam, Indonesia. No confirmed Honda supply contract yet.[source](2026-01) |
| probable | Yamaha Motor | Motorcycle electrical components | Mitsuba supplies other Japanese OEMs per MarkLines supplier database.[source](2026-05) |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
IR landingMitsuba Corporation IR landing (English)↗
Cites: Primary IR portal
https://www.mitsuba.co.jp/en/ir/
Earnings releaseConsolidated Financial Results FY ended March 31, 2026↗
Cites: FY2026 full-year tanshin (May 15, 2026)
https://www.mitsuba.co.jp/en/ir/library/files/past_accounts/20260515_01_en.pdf
IR newsMitsuba Motorcycle Products page (incl. EV drive system)↗
Cites: e-Motorcycle drive motor product page — Honda keiretsu supply
https://www.mitsuba.co.jp/en/products/motercycle.html
Sources & References
↗Mitsuba Motorcycle Productshttps://www.mitsuba.co.jp/en/products/motercycle.html↗Mitsuba MarkLines Profilehttps://www.marklines.com/en/top500/mitsuba↗Simply Wall St — Margin Compressionhttps://simplywall.st/stocks/jp/automobiles/tse-7280/mitsuba-shares/news/mitsuba-tse7280-margin-compression-and-one-off-loss-test-bul/amp↗Globe and Mail — FY2026 Outlookhttps://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/146520/mitsuba-lifts-dividend-as-nine-month-profit-falls-and-full-year-outlook-softens/
Peer Comparison
| Company | PE | Fwd PE | ROE | Op Margin | FCF |
|---|---|---|---|---|---|
| Murata Manufacturing | ~49.7x TTM (impairment-distorted; fwd PE ~37x on FY2026 guidance) | ~37x (on FY2026 OP +34.8% guidance) | 7.25% | 15.4% | +¥239B |
| TDK Corp | 26.51 | 23.71 | 11.4% | 12.4% | +¥169B |
| Fuji Electric | 20.59 | 17.97 | 8.2% | 8.7% | +¥51B |
| Sumitomo Metal Mining | 28.63 | 19.76 | 5.0% | 5.0% | +¥87B |
| AGC Inc | 17.89 | 14.7 | 4.7% | 6.2% | +¥65B |
| Kureha Corp | N/A | 19 | -6.7% | -11.1% | ~est. negative (capex ongoing) |
| Asahi Kasei | 13.4 | 12.9 | 7.7% | 7.5% | +¥134B |
| Mitsubishi Electric | 32.85 | 30.6 | 10.1% | 9.1% | +¥317B |
| Nidec Corp | 6.3% | 5.0% | +¥174B | ||
| Hirose Electric | 23.3 | 23.5 | 9.0% | 20.3% | ~+¥36B |
| Sumitomo Electric | 25.5 | 29.7 | 10.2% | 8.2% | +¥102B (est.) |
| Resonac Holdings | 83.53 | ~31.6x | 5.72% | 4.3% | +¥24B |
| Rohm Co. | Loss (NI -¥158.4B SiC impairment) | ~125x (near-breakeven NI; FY2028 target >20% OP margin) | Loss | +1.6% Q3 FY2026 (recovering from -9.0% year ago) | -¥44B |
| Shindengen Electric Manufacturing Co., Ltd. | 30.8 | N/A | N/A | N/A | N/A |
| GS Yuasa Corporation | 11.04 | N/A | 9.59% | N/A | N/A |
| Mitsuba Corporation | 5.5 | N/A | N/A | N/A | N/A |
| Daido Steel Co., Ltd. | ~11x | N/A | N/A | N/A | +est. |
| Nippon Seiki Co., Ltd. | 12.45 | 12.05 | N/A | N/A | +confirmed |
| Musashi Seimitsu Industry Co., Ltd. | 31.6 | N/A | N/A | 11.1% | N/A |
| Stanley Electric Co., Ltd. | 13.8 | 4.5% | 6.3% | N/A | |
| Honda Motor Co., Ltd. | 7.77 | 5.82% | 7.0% | N/A | |
| Mitsui High-tec, Inc. | 15.3 | 13 | 11.8% | 5.8% | -¥12B |
| MinebeaMitsumi Inc. | 18.7 | 13.75 | 9.1% | 6.2% | -¥21B |
| Ryobi Limited | ~8x | N/A | 4.4% | 3.2% | N/A |
| Tokai Rika Co., Ltd. | ~8x | N/A | 10.9% | 5.9% | +est. ¥15-20B |
| Nippon Chemi-Con Corporation | 91 | 7 | 3.1% | 2.9% | ~0 (thin; ¥20B capex planned) |
| Japan Aviation Electronics Industry, Ltd. | 13.7 | 5.1% | 7.1% | thin (¥63B capex over 3yr) | |
| ARCHION Corporation | 11 | 11 | ~6% | ~2.0% | Negative on integration capex through FY2027 |
| Alps Alpine Co., Ltd. | 18.3 | N/A | N/A | 2.4% | N/A |
| Nichicon Corporation | 16.74 | N/A | N/A | 3.8% | N/A |
| Mikuni Corporation | 4.2 | N/A | N/A — confirm vs J-Quants | N/A — thin, est. 1-3% | N/A |
| T.RAD Co., Ltd. | N/A — confirm vs StockAnalysis | N/A | N/A — confirm vs J-Quants | N/A | N/A |
| Renesas Electronics Corporation | N/A (EPS negative — IDT amortization ¥370B/yr; operating profit positive) | N/A | ~10.5% (pre-impairment FY2025; currently impaired by amortization) | N/A — confirm vs J-Quants | N/A |
| Shin-Etsu Chemical Co., Ltd. | 24.79x TTM | 22.32x (pre-PVC recovery) | ~10.5-11.5% | ~24.7% (FY2026; compressed -14.4% from PVC weakness) | +¥739.4B (FY2025 — outstanding) |
| Sumitomo Bakelite Co., Ltd. | ~17.2x TTM | ~12.0x (FY2025 guidance ¥25.5B NI) | 6.54% | 10.3% (FY2025 guidance) | +¥46B est (EV/FCF 8.73x, EV ~¥400B) |
| NSK Ltd | 32.12 | 22.70 | 1.8% | 2.96% | +¥44B (est.) |
| Toray Industries Inc | 25.97 | 16.62 | 3.19% | 5.0% | N/A |
| SMC Corporation | 29.0 | 27.24 | 7.9% | N/A | +¥200B (est., high net income + minimal capex) |
| Mitsui Kinzoku Company, Limited | ~29.7x TTM / ~22.3x forward (StockAnalysis/Simply Wall St, May 2026) | ~22.3x | ~18.4% | ~15.6% (implied: OP ¥117B / revenue ¥750B FY2025E) | N/A (verify J-Quants; positive expected given OP margins) |
| UBE Corporation | ~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 (capex-heavy with Louisiana plant — verify against J-Quants when available) |
| Taiyo Yuden Co., Ltd. | 20.79x TTM (StockAnalysis, May 2026) | 27.52x (FY2026 guidance: +8% revenue, +50% OP income) | 3.92% | ~3.3% TTM (trough); guided to ~4.8–5% FY2026 on +50% OP recovery | N/A |
| F.C.C. Co., Ltd. | 9.5x | N/A | N/A | N/A | N/A |
| Nittoku Co., Ltd. | 14.12x | 15.45x | N/A | N/A | N/A |
| NOK Corporation | 15.5x | N/A | ~3-5% | 4.9% | N/A |
| Yokowo Co., Ltd. | N/A | N/A | N/A | 5.1% | N/A |
| Yamaha Motor Co., Ltd. | 7.5 | N/A | 1.4% | 5.0% | +¥52.5B |
| Hioki E.E. Corporation | 27.8x | N/A | N/A | N/A | N/A |
| Tsubakimoto Chain Co. | ~11.2x | N/A | 8.75% | ~8.1% | est. +¥20-25B |
| Central Glass Co., Ltd. | 17.7x | ~14x (26% EPS growth forecast; analyst consensus) | ~8.2% (est: NI ¥8.36B / book value ¥101B) | ~3.2% (compressed; was ~6-9% pre-Chinese LiPF6 price war) | N/A (J-Quants not available; cross-validate before entry) |
| CKD Corporation | ~36x | ~20x (analyst forecast; likely conservative given 35.7% recent earnings growth) | 9.19% | 12.4% | N/A |
| Panasonic Holdings Corporation | 32.4x | ~15x (FY2027 NI expected +2.2x from ¥75B base) | 4.77% (FY2026 trough; guided higher FY2027) | ~2.9% (FY2026: OP ¥236.4B / Revenue ¥8,049B; compressed by restructuring charges) | N/A (Panasonic Energy capex-heavy; cross-validate before entry) |
| UACJ Corporation | 15.46x | ~22x (FY2027 NI guided ¥28B from ¥38.8B; NI decline; caution) | 11.21% | ~5.4% (Q3 FY2026 9M operating profit margin improving from prior year) | N/A (capital-intensive aluminum rolling; verify before entry) |
| Kanto Denka Kogyo Co., Ltd. | 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) | -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) | Negative FY2026 (fire year). Recovery expected FY2027. |
| Niterra Co., Ltd. | 15.42 | 14.67 | 14.80% | ~19% (FY2027 guide: ¥150B OP / ¥790B rev) | +¥80B est. |
| Nippon Sanso Holdings Corporation | ~18.6x est. | N/A | ~10% est. | ~15-16% (Q4 FY2026: ¥56.8B / ¥361.8B) | +¥90B est. |