Daily BriefsJapan

Daily Brief Japan: Toshiba Corp, Toyota Industries and more

In today’s briefing:

  • Toshiba – Thoughts On The Tender Opinion
  • Toyota Industries: Guilty As Charged. But Excessively Punished

Toshiba – Thoughts On The Tender Opinion

By Mio Kato

  • 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

By David Blennerhassett

  • 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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