In today’s briefing:
- Toshiba – Thoughts On The Tender Opinion
- Toyota Industries: Guilty As Charged. But Excessively Punished
Toshiba – Thoughts On The Tender Opinion
- Toshiba released documents on the tender and a notice that the FY end dividend would be cancelled shortly after our last report was published.
- They are interesting in that the Special Committee’s opinions are relatively frank but details on the valuation process are almost non-existent.
- In addition, the information regarding other bids and alternatives was a little surprising to us.
Toyota Industries: Guilty As Charged. But Excessively Punished
- Toyota Industries (6201 JP), one of the world’s leading forklift manufacturers, has admitted to fabricating the results of parts testing, forcing some forklift shipments to be halted.
- TICO has decided to suspend the shipping of three models of forklifts equipped with the suspect engines, which account for ~6% of total forklift sales (in terms of count).
- Shares, quite rightly, have taken a hit. But this correction appears excessive.
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