Analyst - Japan Autos, Hirakata Office

Noriaki Hirakata, CFA

Analyst - Japan Autos

Hirakata Office

Equity Bottom-Up

<p><strong>FY16 results were in line with the market consensus but FY17 guidance missed market expectations.<br></strong>We saw a number of negative surprises during reporting season so far. Today's Analyst meeting highlighted that Toyota is not competitive and may not see substantial growth for a while.</p><p><strong><strong>FY16 results were in line with the market consensus.<br></strong></strong></p><p>Operating profit came at 1,994.3 Billion Yen vs. consensus of 2,008.8 Billion Yen. Reported EPS were 599.2 Yen vs. consensus of 592.3</p><table class="table table-striped"><tbody>
<tr>
<td style="width: 89pt;">Billion Yen</td>
<td style="width: 56pt;">FY15A</td>
<td style="width: 56pt;">FY16</td>
</tr>
<tr>
<td>Actual</td>
<td style="width: 56pt;">Company<br>G</td>
</tr>
</tbody></table>…

FY16 results were in line with the market consensus but FY17 guidance missed market expectations. We saw a number of negative surprises during reporting season so far. Today's Analyst meeting highlighted that Toyota is not competitive and may not see substantial growth for a while.FY16 results were in line with the market consensus. Operating profit came at 1,994.3 Billion Yen vs. consensus of 2,008.8 Billion Yen. Reported EPS were 599.2 Yen vs. consensus of 592.3

Billion Yen
FY15A
FY16


Actual
Company G

…

Toyota Motors: Cautious, but Not Conservative