Toyota Suppliers 1H Analysis: Decline in 1H Earnings for Most Except Aisin

Aisin Takes a 50% Cut in OP This Quarter; A Downward Revision in FY03/19E Target

Key Takeaways from Our Visit to Aisin Seiki

It’s Been a Good Year for These Toyota Group Companies; Light Forecasts for the Year Ahead

Toyota Boshoku: Capitalising on Emerging Market Compact Car Opportunity

Denso Raises Stake in Chip Maker-Renesas – A Move to Accelerate Its ADAS Development Further

Stocks Down Despite Strong 3Q Results and Revised Guidance

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/20567" target="_blank" data-smartkarma-citation="entities:20567:1">Toyota Boshoku (3116 JP)</a> (TB) reported 3.6% YoY growth in revenue this quarter, thanks to steady growth in Japan and Asia. Although the company experienced steady growth in revenue, beating consensus and our estimates, the company’s earnings fell with OP declining by 11.8% YoY failing to meet market expectations even though the company did mention that it expects OP and revenue to decline this year during the FY03/18 financial release. Following the steady increase in revenue in 1Q Toyota…</p>

Toyota Boshoku (3116 JP) (TB) reported 3.6% YoY growth in revenue this quarter, thanks to steady growth in Japan and Asia. Although the company experienced steady growth in revenue, beating consensus and our estimates, the company’s earnings fell with OP declining by 11.8% YoY failing to meet market expectations even though the company did mention that it expects OP and revenue to decline this year during the FY03/18 financial release. Following the steady increase in revenue in 1Q Toyota…

Toyota Boshoku: 1Q Underwhelming but Investments for New Product Line Up Should Drive Growth by 4Q