Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

SC Capital has over 20 years' experience covering the global automotive industry both on the Sell Side (UBS & Morgan Stanley) and Buy Side (Och-Ziff), along with a wealth of industry contacts. 

Current focus is on electric vehicle stocks & their supply chains. Aim is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well.  

From time to time. we cover opportunistic events with stocks in the manufacturing sector, food & beverage, healthcare and tech, where we also have coverage experience.

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

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<li>Toyota's Q1 operating profit was 28% below consensus estimates, while pretax profit only undershot by 4%. Support for 2nd &amp; 3rd-tier suppliers was the main cause.</li>
<li>While full-year operating profit target was maintained &amp; EPS slightly raised, this was due to bigger forex tailwinds. Ex-forex, FY3/23 operating profit was lowered by 28%.  </li>
<li>Much of FY3/23's negatives are one-off, which paves the way for higher profits in FY3/24. But support for suppliers while rivals grow earnings is somewhat of a concern. </li>
</ul>


Toyota's Q1 operating profit was 28% below consensus estimates, while pretax profit only undershot by 4%. Support for 2nd &amp; 3rd-tier suppliers was the main cause.
While full-year operating profit target was maintained &amp; EPS slightly raised, this was due to bigger forex tailwinds. Ex-forex, FY3/23 operating profit was lowered by 28%.  
Much of FY3/23's negatives are one-off, which paves the way for higher profits in FY3/24. But support for suppliers while rivals grow earnings is somewhat of a concern. 


Toyota's Q1 EBIT Missed by 28%; FY3/23 Guidance Effectively Lowered

Toyota Motor

Toyota's Q1 EBIT Missed by 28%; FY3/23 Guidance Effectively Lowered