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Equity Bottom-Up

<p>We are maintaining our fair value estimate after incorporating Toyota’s first-quarter fiscal 2018 results into our model. Total company operating income fell 10.6% year over year as cost-reduction efforts could not offset incentive spending, higher labor and other spending, and a JPY 35 billion foreign currency headwind. The weaker yen against the dollar provided a JPY 30 billion favorable contribution to operating profit, but a stronger yen against a variety of unnamed currencies, likely in…</p>

We are maintaining our fair value estimate after incorporating Toyota’s first-quarter fiscal 2018 results into our model. Total company operating income fell 10.6% year over year as cost-reduction efforts could not offset incentive spending, higher labor and other spending, and a JPY 35 billion foreign currency headwind. The weaker yen against the dollar provided a JPY 30 billion favorable contribution to operating profit, but a stronger yen against a variety of unnamed currencies, likely in…

Toyota Raises Guidance to Start Fiscal 2018 and Announces Mazda Partnership