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4-Traders Homepage  >  Equities  >  Tokyo  >  Toyota Tsusho Corp    8015   JP3635000007

TOYOTA TSUSHO CORP (8015)
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Toyota's $1-billion investment in Grab credit positive for both - Moody's

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06/20/2018 | 03:48pm CEST

The $1-billion investment of automotive giant Toyota Motor Corp. in ride-hailing service provider Grab Holdings Inc. is credit positive for both firms, Moody's Investors Service said

The debt watcher said the deal would enhance Toyota's foothold and capability in ride-hailing services, a fast-growing business that could alter automakers' traditional business models, while Grab is seen benefitting from Toyota's technological capability.

'The collaboration complements Toyota's existing alliances with global ride-hailing providers, including Uber Technologies Inc. and JapanTaxi Co. Ltd., an app-based provider in Japan,' said Motoki Yanase, vice president and senior credit officer for the Corporate Finance Group of Moody's Japan.

'We expect Toyota to benefit from its growing presence in this business because new car sales in the region could fall amid changing consumer preferences and increasing acceptance of the app-enabled sharing economy. We estimate that Toyota has more than a 25 percent market share and a leading position in Southeast Asia, making it an important market for Toyota,' Yanase added.

For Toyota, Moody's said the $1 billion investment is small relative to its annual cash flow from operations for the automotive business, which is expected to exceed 2.5 trillion yen (about $23 billion) for fiscal 2018, which ends in March 2019.

'We also expect the auto segment's cash to exceed 2.4 trillion yen (about $22 billion) for the period, limiting the investment's effect on Toyota's key credit metrics,' it said.

Moody's said Toyota's larger size relative to some of its global competitors gives the company capacity to invest in new businesses and research and development, including connectivity, auto-drive, mobility as a service and electrification.

However, returns on investments in new areas are uncertain amid disruptive technological changes, it added.

'We expect Toyota to focus on its cost efficiency to accommodate the new investments. Improving cost efficiency is important as Toyota struggles to improve its automotive segment's margin. Weak profitability in North America is hurting Toyota's auto-segment margin largely because of lower demand for passenger cars relative to sport utility vehicles,' Moody's said.

Toyota first invested an unspecified amount in Grab in 2017 through its trading company, Toyota Tsusho Corp.

According to Moody's, other Japanese companies are also investing in ride-hailing service providers such as Honda Motor Co. Ltd., which invested an undisclosed amount in Grab in December 2016 for motorcycle-sharing services in Southeast Asia, and SoftBank Group Corp., which has invested in Uber, Grab, Chinese ride-hailing service provider Didi Chuxing and India's ride-hailing company Ola Cabs.

© Pakistan Press International, source Asianet-Pakistan

Stocks mentioned in the article
ChangeLast1st jan.
MOODY'S CORPORATION -0.01% 172.41 Delayed Quote.17.36%
TOYOTA TSUSHO CORP -1.19% 3745 End-of-day quote.-18.59%
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Financials ( JPY)
Sales 2019 6 763 B
EBIT 2019 -
Net income 2019 144 B
Debt 2019 957 B
Yield 2019 2,74%
P/E ratio 2019 9,15
P/E ratio 2020 8,64
EV / Sales 2019 0,34x
EV / Sales 2020 0,31x
Capitalization 1 326 B
Chart TOYOTA TSUSHO CORP
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Toyota Tsusho Corp Technical Analysis Chart | 8015 | JP3635000007 | 4-Traders
Technical analysis trends TOYOTA TSUSHO CORP
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 4 142  JPY
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Jun Karube President, CEO & Representative Director
Satoshi Ozawa Chairman
Hideyuki Iwamoto Director, Managing Executive Officer & CFO
Soichiro Matsudaira Representative Director, EVP & CTO
Hiroshi Tominaga Director, Managing Executive Officer, CTO & CSO
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