Toyota Motor

Toyota – Guidance Meaningless With A ¥115 Assumption

Equity Bottom-Up
228 Views, 11 May 2022 14:35
EXECUTIVE SUMMARY
  • Toyota results were weak missing by 2.9% and OP by 8.5% due to weak volumes, material costs and some evidence of pulling forward costs. 
  • Guidance was for a sharp YoY decline from ¥3trn in OP to just ¥2.4trn but this assumes limited price hikes and ¥115/$ so… who cares? 
  • We expect the weak yen, rising hybrid penetration and volume recovery to drive OP into the ¥3.6-4.0trn range.
detail (3-minute read)
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Mio Kato
Japan/Asia Long-Short
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

Over 15 years analysing Japanese and Asian stocks from a long/short perspective I focus on cyclically driven sectors su... 

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