There are 3 stocks that analysts highly evaluate even after 3rd place in the industry, and “growth potential” is expected with an ROE of 8% or more even if PBR is divided by 1 times

◆ $Mazda Motor(7261.JP)$：Is external support from Toyota, PanaHD, etc. the lifeblood of the EV shift?
Mazda is the 5th largest automobile manufacturer in Japan.The ROE for the previous fiscal year was 10.42%, and the PBR compared to the closing price on the 11th was 0.696 times。
・Analyst Assessment
What is the overall evaluation by 16 analysts”Somewhat bullish” andThe average target stock price is 1917.86 yen, 6.9% higher than the closing price on the 11th (1794 yen)。
What is the 5-point evaluation by Morningstar4 starsSo,The proper stock price is 2719.94 yen, 51.6% higher than the closing price on the 11th。
・Shareholder returns
According to the medium-term management plan for the fiscal year ending 26/3,Stable dividend payout ratio of 30% or moreIt is said that it will be. The dividend payout ratio for the fiscal year ended 23/3 was 19.8%.
・Growth potential
There seem to be concerns about low operating profit margins and delays in the EV (electric vehicle) shift in the background of the company's PBR split by 1.
Regarding operating profit margins, the introduction of “large product groups” with high sales prices and profit margins has been successful this fiscal year. Operating profit for the third quarter (April to December 23) of the fiscal year ending March 31, '24 was a record high of 2002 billion yen,Operating margin improved to 5.6%, up 1.6 points from the same period last year. Record highs are also expected in the full-year forecast.

Regarding the EV shift, the “Electrification Business Division” was established in 23/11, and a policy to accelerate efforts in earnest by concentrating resources on electrification was clarified. The company plans to invest 1.5 trillion yen by 30, but it pales in comparison to Toyota Motor Corporation, etc., which also invests 5 trillion yen by 30.
On Toyo Keizai Online dated 23/7/27, President Katsuhiro Kagome said about EV developmentBecome a “intentional follower”It professes this strategy. In other words, the aim is to efficiently advance the EV shift by utilizing the power of leading external partners. In China, together with Changan Automobile, which is a joint venture partner, the policy is to launch EVs from around '25 (Toyo Keizai Online dated 23/7/27). There is a business-capital alliance with regard to in-vehicle systems, which can be called the brain of EVs $Toyota Motor(7203.JP)$Adopt a system developed byIn EVs scheduled to be released in '27, 90% of the systems are expected to be common with ToyotaIt was reported (Nihon Keizai Shimbun dated 24/1/13). It is expected that investment in system development can be reduced by 70 to 80 percent due to standardization with Toyota. Furthermore, with regard to batteries, which can be called the heart of EVs, in March '24 $Panasonic Holdings(6752.JP)$Under the umbrellaAn agreement was signed with Panasonic Energy to supply lithium-ion batteriesDoing it.

◆ $Yokohama Rubber(5101.JP)$：Use the profit from the sale of policy holdings to raise funds to change the profit structure
Yokohama Rubber is the 3rd largest tire manufacturer in Japan and 8th in the world.ROE for the previous fiscal year was 9.93%, PBR compared to the closing price on the 11th was 0.872 times。
・Analyst Assessment
What is the overall rating from the 8 analysts”neutrality” andThe average target stock price is 4300 yen, 7.1% higher than the closing price on the 11th (4016 yen)。
What is the 5-point evaluation by Morningstar4 starsSo,The proper stock price is 5100.07 yen, 27.0% higher than the closing price on the 11th。
・Shareholder returns
According to the medium-term management plan up to '26,The dividend payout ratio will be maintained at 20%, and the total return ratio will be 30% over the long termIt says so.
・Growth potential
There seem to be concerns about the growth of the general passenger car tire business, which competes with the top market share manufacturers, in the background of the company's PBR split by 1.
In response to this, in addition to bus and truck tires, the companyChanges in the profit structure due to the expansion of the tire business for commercial vehicles such as agricultural machinery tires (off-highway tires)Response has been promoted by Since Trelleborg Wheel Systems, a major Swedish agricultural machinery tire company, was acquired for approximately 270 billion yen in 23/5,3rd place in the world in the off-highway tire marketIt became.In the fiscal year ending 2014/12, sales are expected to exceed 1 trillion yen for the first time, and the business profit margin is also expected to be a record high of 10.8%。
According to the company's medium-term management plan from 24 to 26, the growth rate of the passenger car tire market is 2%,The policy is to focus on the off-highway tire market, where the market growth rate is 6%, and also implement “programmatic M&A (habitual M&A)”. Strategic investments of 56 billion yen are planned in '24 and 220 billion yen by '26. Part of that capital is policy holdings worth 77 billion yen as of '23,Policy holdings worth approximately 60 billion yen will be sold by '26 and used for acquisition funds, etc.it's an intention.

◆ $Sojitz(2768.JP)$：Change the profit structure of dependence on coal with priority investments in non-resource businesses
Sojitz is the 7th largest general trading company in Japan.ROE for the previous fiscal year was 14.21%, PBR compared to the closing price on the 11th was 0.975 times。
・Analyst Evaluation
What is the overall rating from 7 analysts”Somewhat bullish” andThe average target stock price is 4184.29 yen, 4.7% higher than the closing price on the 11th (3997 yen)。
What is the 5-point evaluation by Morningstar3 starsSo,The proper stock price is 4505.56 yen, 12.7% higher than the closing price on the 11th。
・Shareholder returns
According to the basic policy of the medium-term management plan from fiscal year 24 to fiscal year 26,Adjusted DOE (dividend on equity) is 4.5%Progressive dividends will be paid. Until fiscal year 23, the minimum dividend was set at 4% of DOE.
・Growth potential
It seems that the reason behind the company's PBR split by 1 is a high degree of dependence on resource-related matters, mainly coal.
In order to reduce its dependence on resource-related matters, the company invests mainly in non-resource businesses. As a result of devoting 85 to 90% of the total, excluding maintenance of rights and interests, for the 3 years up to the fiscal year ending 24/3, Chief Financial Officer Makoto (CFO) spent 85 to 90% of the total on non-resources,The ratio of resources to profit is likely to be reduced to 40% in the fiscal year ending March 24It says so (Nihon Keizai Shimbun dated 24/3/30). For the fiscal year ending 23/3, the ratio of earnings from the resource business to the “ability value” obtained by subtracting transient profit and loss from net profit was 46.7%.
According to the basic policy on the medium-term management plan for fiscal year 24-26 announced by the company in November 23, it is a policy to invest over 500 billion yen, and it will continue to beDirect investments to non-resourcesIt's called (same).