16 July 2020 Equity Research Asia Pacific | Japan Autos & Auto Parts Sector Post COVID-19 global auto sector outlook Automobiles & Components | Connections Series Connections Series Summary: The global auto/auto parts sector has sustained a significant impact from The Credit Suisse Connections Series leverages our COVID-19, but we see signs of a gradual recovery. In this connection series, our auto exceptional breadth of macro and micro research to teams located globally have summarized updated views on each region, auto demand deliver incisive cross-sector and cross-border outlook, topics surrounding the sector following COVID-19 impact, and investment thematic insights for our clients. recommendations in each of our respected regional sectors. Research Analysts Sector overview: While we forecast 2020 global demand to drop significantly due to Masahiro Akita COVID-19, we see room for growth beyond 2021 and opportunities for multiple reratings 81 3 4550 7361 /overall positive performance in the markets. Considering the pace of recovery seen in
[email protected] China and the US (two of the largest markets), our regional sector preference at this point Koji Takahashi is China > US, followed by Japan and Korea where names with high exposures to China 81 3 4550 7884 and US seem attractive. On the other hand, recovery from COVID-19 in emerging markets
[email protected] has been relatively slow. With this in mind, we think recovery in India and Indonesia is more or less limited over the short term, but our expectations for medium-to-long-term growth in Bin Wang both markets remains unchanged.