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Stock Review: Toyota Motor drops on high volatility

Dateline: 08 April 2019

Toyota Motor Corporation (TO:7203), the largest Transportation equipment company by market cap in Japan, traded between a four-day low of JPY6,763.0 and four-month high of JPY6,851.0, suggesting a trading opportunity between peaks and troughs. The average daily volatility of 1.5% places Toyota Motor's stock in the 4th quartile in the market, meaning it is the least volatile. Today its volatility (highest price minus lowest price/lowest price) of 1.3% was 0.9 times the average daily volatility of 1.5%, up from 1.1% on Friday and 0.7% on Thursday. Toyota Motor's stock price has decreased JPY52.0 (0.8%) from its previous trading session to close at JPY6,788.0 on Monday. Compared with the Nikkei 225 Index which fell 45.9 points (0.2%) in the day, the relative price change was -0.6%. The volume was 0.6 times the average daily trading volume of 6.3 million shares. Its MCap is JPY22,128.9 billion (US$198.7 billion).

RECENT ALERTS

CLOSING UPDATE: Toyota Motor decreases further 0.2%, led Transportation equipment sector lower

08 April 2019 16:30 JST

Toyota Motor, the largest transportation equipment company by market capitalisation in Japan's, has decreased 0.8% to trade at JPY6,788.0 vs. the Transportation equipment sector which weakened 182.3 points (or 0.8%) to 21,262.1. Representing a weighting of about 41.0% of the sector, the stock accounted for 36.6% of today's loss. Trading volume was 59% of average at the end of the day. Compared with the Nikkei 225 Index which fell 45.9 points (or 0.2%) in the day, this represented a relative price change of -0.6%.

---See full story under Title LN "News Bites Asian Markets"

INDEX

SECTION 1 TOYOTA MOTOR PROFILE

Stock Identifiers, Contact details, Summary, Industry & Sector, Activities

SECTION 2 TOYOTA MOTOR BEARISH PARAMETERS

High Debt to Equity, Low Performance Indicators and rank in the Japan market:, Declining ADVT past five years, Declining Average Daily Turnover

SECTION 3 TOYOTA MOTOR BULLISH PARAMETERS

P/E/G < 1, Increasing EBIT Margins, MCap: 5-Year Increase, Moving Annual Return (Past 5 years), High Performance Indicators and rank in the Japan market:, Increased VWAP

SECTION 4 BEARISH SIGNALS

Technicals, Overvaluation

SECTION 5 BULLISH SIGNALS

Technicals, Undervaluation, Other Bullish Signals, Improvement

SECTION 6 PRICE VOLUME DYNAMICS

The Best 3 weeks in the past quarter, The Worst 3 weeks in the past quarter, Stock Trading Volume and Turnover in the past 3 months, Period-based Price Change %, Beta & Standard Deviation

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

Past Quarter, Year-to-Date, Past Year, Present Value of JPY1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs], Present Value of JPY1,000 invested 30 years ago, Annualised Period-based Total Shareholder Returns [TSR %]

SECTION 8 TOYOTA MOTOR RANKING

Global, Rank of Toyota Motor in the Nikkei 225 Index [out of 224 stocks], in the Total Tokyo Market [out of 3676 stocks] and in the Transportation equipment sector [out of 88 stocks], Global Peer Group (all figures in USD): Key Financials, Global Peer Group: Relative Value Indicators, Independent Ratings

SECTION 9 TOYOTA MOTOR FINANCIALS

Financials Summary, Financial Results as reported (Annual), Annual Report: Key Parameters, Average Income Tax paid, Market Share, Dividend History

SECTION 10 AMERICAN DEPOSITARY RECEIPTS

ADR Summary, ADR BUZZ

SECTION 11 TOYOTA MOTOR PATENTS

Patents issued to Toyota Motor by the US PTO in the past quarter, Patents issued to Toyota Motor by the EPO in the past year, Number of Patents Issued to Toyota Motor by the US Patent Office and the European Patent Office (Past 12 Months), Rank by patents issued in the past 12 months: Toyota Motor vs JAPAN stocks, Rank by patents issued in the past 12 months: Toyota Motor vs Transportation equipment sector, Design Patents issued to Toyota Motor by the US PTO

SECTION 12 TOYOTA MOTOR BOARD OF DIRECTORS

Board of Directors and years since appointment, Profiles

SECTION 13 GLOSSARY

SECTION 1 TOYOTA MOTOR PROFILE

1.1 Stock Identifiers

ISIN: JP3633400001

1.2 Contact details

Websitehttp://www.toyota-global.com/
Physical Address1 Toyota-cho Toyota City Aichi, 471-0826 Japan
Phone81 56 52 82 12 1
Fax81 56 52 35 80 0

1.3 Stock Summary

LastJPY6,788.0
Shares Outstanding3,260,000,000
Market CapJPY22,128.9 billion (US$198.7 billion)
52-Week Range(JPY)6,045.00 - 7,578.08
EPS Growth (%)39.1
YTD Volume353,830,000
Ave Daily Volume6.3 million

1.4 Industry & Sector

Classification LevelName of Sector
Business SectorTransportation
Economic SectorIndustrials

1.5 Activities

Toyota Motor primarily conducts automobile, financial and other businesses. Its business segments are automotive operations, financial services operations and all other operations. Its automotive operations include the design, manufacture, assembly and sale of passenger cars, minivans and trucks and related parts and accessories. Toyota's financial services business consists primarily of providing financing to dealers and their customers for the purchase or lease of Toyota vehicles.

SECTION 2 TOYOTA MOTOR BEARISH PARAMETERS

2.1 High Debt to Equity

YearsDebt to Equity (%)
Mar 2014112.84
Mar 2015113.04
Mar 201686.41
Mar 2017105.35
Mar 201899.58

The debt to equity ratio of 112.8% is above a safe benchmark figure of 70%. However, it has improved from 113.0% a year ago.

2.2 Low Performance Indicators and rank in the Japan market:

DescriptionValueRank In Market
Total Debt to Equity1.0In Bottom Quartile
Earnings Yield %12.4In Bottom Quartile

2.3 Declining ADVT past five years

Avg. Volume Traded 12 months ended Apr 08, million shares

YearADVT
20196.3
20186.4
20179.3
20169.7
20158.4

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 24.4% to 6.3 million shares.

2.4 Declining Average Daily Turnover

Past five years, 12 months ended Apr 08 (JPY billion)

YearAverage Daily Turnover
201942.7
201840.4
201750.5
201661.7
201549.6

In the past five years, average daily share turnover has decreased 13.9% to JPY42.7 billion. This suggests decreased liquidity.

SECTION 3 TOYOTA MOTOR BULLISH PARAMETERS

3.1 P/E/G < 1

EPS Growth (%)39.07
P/E/G0.21
P/E8.06

The price earnings ratio of 8.1 divided by trailing twelve months eps growth of 39.1% corresponds to an attractive P/E/G of 0.2 times; being less than the value benchmark of 1.0.

3.2 Increasing EBIT Margins

YearsEBIT Margins (%)
Mar 20189.01
Mar 20178.06
Mar 201610.52
Mar 201510.71
Mar 20149.58

EBIT margin is positive and has increased from 8.06% to 9.01% in the past year.

3.3 MCap: 5-Year Increase

In the past 5 years Market Capitalization has increased by JPY2,182.2 billion from JPY19,946.7 billion to JPY22,128.9 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 2 out of 5 years.

PriceMCap (JPY B)MCap (US$ B)
LastJPY6,788.022,128.9198.7
1 Year agoJPY6,633.5321,933.3204.9
2 Years agoJPY5,640.5819,263.3173.4
3 Years agoJPY5,015.2818,155.4163.4
4 Years agoJPY7,526.1629,052.8244
5 Years agoJPY5,033.8319,946.7191.5

3.4 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged 13%. The Moving Annual Return has been positive in 4 of the last 5 years. An investment a year ago in 7203 would have produced a return of 3.8%.

7203Close (JPY)Dividends (JPY)Capital Gain / (Loss) %% YieldAnnual Return %
Apr 086,7881002.31.53.8
1 Yr ago6,633.5322017.63.921.5
2 Yrs ago5,640.5821012.54.216.7
3 Yrs ago5,015.28210(33.4)2.8(30.6)
4 Yrs ago7,526.1620049.5453.5

Close 5 years ago JPY5,033.83

- The average annual compound return on the share price in the last 5 years was 9.3%, exceeding the average annual compound return on the Nikkei 225 Index of 8.3%.

3.5 High Performance Indicators and rank in the Japan market:

DescriptionValueRank In Market
Annual RevenueJPY29,448.1 billion (US$264.4 billion)In Top 1%
MCap$US198.7 billionIn Top 1%
Turnover in QuarterJPY2,096.5 billionIn Top 1%
Price/Earning/Growth0.2In Top Quartile
Price/Earnings8.1In Top Quartile
Net Profit Margin %8.8In Top Quartile
Return on Equity [ROE] %12.8In Top Quartile

3.6 Increased VWAP

Past five years, 12 months ended Apr 08 (JPY)

YearHigh PriceVWAPLow Price
20197578.086864.026045.0
20187562.376388.175412.43
20176765.415592.854533.94
20167770.96508.794849.3
20157731.076007.614529.14

In the past five years Volume Weighted Average Price (VWAP) has increased by 14.3% to JPY6,864.02. .

SECTION 4 BEARISH SIGNALS

4.1 Technicals

- The price to 200-day MAP ratio is 0.99. In the past 200 days this ratio has been under 0.99, 118 times suggesting downside. The 50-day MAP of JPY6,687.07 is lower than the 200-day MAP of JPY6,830.81, another bearish indicator.

- The stock is overbought according to the Williams % R indicator of -17.3.

- The Stochastic indicator of 90.9 has broken through the overbought line of 80; this indicates the price is close to its 14-day high and is likely to revert to a downtrend.

- Total Liabilities/ EBITDA of 11.5 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

- Return on Capital Employed of 8.1% versus sector average of 8.5%.

4.2 Overvaluation

- Price/Sales of 0.75 versus sector average of 0.5. We estimate the shares are trading at a current year Price/Sales of 0.7 and a forward year Price/Sales of 0.7.

- The relative yield of the stock, defined by its yield of 1.5%, divided by average yield of dividend yielding stocks in the Nikkei 225 Index of 2.2% is 65.3%. This suggests the stock is overvalued in dividend yield terms.

- The Price to Book of 1.1 higher than average of 1.0 for the Transportation Equipment sector. We estimate the shares are trading at a current year Price to Book of 1.1 and a forward year Price to Book of 1.

SECTION 5 BULLISH SIGNALS

5.1 Technicals

- The stock has a 6-month relative strength of 76 in the Japan market indicating it has outperformed 76% of the market.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 6,706.49 minus the 26-day EMA of 6,677.88 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

- The Price/MAP 200 of 0.99 for Toyota Motor is higher than the Price/MAP 200 for the Nikkei 225 Index of 0.94.

5.2 Undervaluation

- Price/Earnings of 8.1 versus sector average of 8.7 and market average of 13.9. We estimate the shares are trading at a current year P/E of 8.2 and a forward year P/E of 7.7.

- Price/Earnings/Growth of 0.2 (based on the year-on-year growth in trailing 12 months EPS of 39.1%) versus sector average of 0.2 and market average of 0.6. We estimate the shares are trading at a current year Price Earnings Growth of 1.07 and a forward year Price Earnings Growth of 1.

- The P/E of 8.1 multiplied by the P/NTA of 1.1 is 9.2. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued.

- The company is cash rich with Cash to Market Capitalisation at 12.1%.

- The Q Ratio, defined by James Tobin as MCap divided by Total Assets, is 0.4. Compared with the rest of the market the stock is undervalued.

5.3 Other Bullish Signals

- Return on Equity of 12.8% versus sector average of 11.3% and market average of 7.1%.

- Return on Assets of 5.1% versus sector average of 4.7% and market average of 1.5%.

- Interest cover defined by EBIT/I is 96 times. This indicates it is less leveraged.

- Net profit margin has averaged 8.1% in the last 3 years. This is better than the sector average of 5.8% and suggests a high margin of safety.

- Brandirectory have estimated Toyota Motor brand value at JPY2,893.6 billion (US$26 billion). The Brand Value represents 6.9% of the estimated Enterprise Value of JPY42,170.6 billion (US$378.6 billion).

- Economic Value Added defined by Net Operating Profit After Tax of JPY2,261.1 billion less Cost of Capital of JPY14.1 billion was JPY2,246.9 billion. The multiple EVA/Cost of Capital was exemplary at 159 times.

- As per the Du Pont analysis, Return on Equity of 12.8% is better than sector average of 11.3%. This is computed as net profit margin of 8.8% times asset turnover [sales/assets] of 0.59 times leverage factor [total assets/shareholders' equity] of 2.6.

- Market Capitalization has increased by JPY9,371.3 billion from JPY12,757.6 billion to JPY22,128.9 billion in the last 10 years. This increase comprises cumulative retained earnings (RETE) of JPY7,064.9 billion and Created Market Value of JPY2,306.4 billion. The Created Market Value multiple, defined by the change in MCap for every JPY1 of retained earnings is JPY1.33.

- The stock meets the following criterion of undervaluation set by Benjamin Graham:

-"Total debt less than tangible book value"; total debt of JPY19347.6 Billion is less than tangible book value of JPY19430.1 Billion.

-"Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-end earnings"; there have been 1 decline in earnings in the last 5 years.

5.3.1 Improvement

- The stock has a score of 5 out of 9 set by Joseph Piotroski [pass mark greater than or equal to 5]

Positive net income; positive operating cashflow; Return of Assets improvement [from 4% to 5.1%]; good quality of earnings [operating cashflow exceeds net income]; improvement in gross margin [from 17.6% to 18.7%].

SECTION 6 PRICE VOLUME DYNAMICS

6.1 The Best 3 weeks in the past quarter

Mon-FriChange %Nikkei 225 index Change %RPC %Vol Ind [1 is avg]
Jan 07-117.54.13.41.1
Apr 01-055.42.82.60.7
Mar 18-223.20.82.40.6

In the past quarter the week beginning Monday January 07 saw the highest weekly rise of 7.5% for a relative price increase of 3.4%.

6.2 The Worst 3 weeks in the past quarter

Mon-FriChange %Nikkei 225 index Change %RPC %Vol Ind [1 is avg]
Mar 25-29-3.9-1.9-20.9
Feb 04-08-3.1-2.2-0.90.9
Mar 04-08-2.3-2.70.30.7

In the past quarter the steepest fall of 3.9% took place in the week beginning Monday March 25.

6.3 Stock Trading Volume and Turnover in the past 3 months

TurnoverUS$18.8 billion
Avg daily turnoverUS$308.6 million
Volume313,500,000
Avg daily volume5,139,344

6.4 Period-based Price Change %

3-Year price change for 7203 was 35.3%. Compared with the Nikkei 225 index which rose 38.2% in the 3 years, the relative price change was -2.8%.

Price Change %QuarterYear3 Years
72033.72.335.3
Sector*2.7-9.613.6
Nikkei 225 index7.70.938.2

* Transportation Equipment

6.5 6.5 Beta & Standard Deviation

The Beta of this stock is 0.9. A Beta lower than 1 suggests this is a lower risk, lower return stock with volatility less than that of the market.

SD is a statistical measure of deviation from the mean. The SD of 1.3% gives it a percentile rank of 9 meaning that 9% of stocks in the Japan market are less volatile than this stock.

StockInterpretation
Beta0.9Lower risk, lower return
Standard Deviation1.3Less volatile

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

7.1 Past Quarter

The stock rose 31 times (50.8% of the time) and fell 30 times (49.2% of the time). The aggregate volume was 0.8 times average trading of 6.3 million shares. The value of JPY1,000 invested 3 months ago is JPY1,037 [vs JPY1,077 for the Nikkei 225 Index] for a capital gain of JPY37.

7.2 Year-to-Date

Toyota Motor adds 6% in 2019

Toyota Motor Corporation (TO:7203), added JPY382.0 (or 6%) year-to-date (YTD) in 2019 to close at JPY6,788.0 today. Compared with the Nikkei 225 Index which has risen 8.7% YTD, this is a relative price change of -2.8%.

7.3 Past Year

Toyota Motor strengthens 2% in past year

Toyota Motor Corporation (TO:7203), strengthened JPY154.47 (or 2.3%) in the past year to close at JPY6,788.0 today. Compared with the Nikkei 225 Index which has risen 0.9% over the same period, this is a relative price increase of 1.4%.

The stock fell 124 times (50.6% of the time), rose 120 times (49% of the time) and was untraded 1 time (0.4% of the time). The value of JPY1,000 invested a year ago is JPY1,038 [vs JPY1,009 for the Nikkei 225 Index], including a capital gain of JPY23 and dividend reinvested of JPY15.

7.4 Present Value of JPY1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]

PVJPY1,0003 mo ago1 yr ago3 yrs ago
7203.TOJPY1,037JPY1,038JPY1,471
Transportation Equipment sectorJPY1,027JPY904JPY1,125
Nikkei 225 IndexJPY1,077JPY1,009JPY1,375

7.5 Present Value of JPY1,000 invested 30 years ago

- The present value of JPY1,000 (PV1000) invested thirty years ago in Toyota Motor is JPY5,343, including a capital gain of JPY3,610 and dividend reinvested of JPY734.

- 30 years Multiplier in JPY = 5.343x

- Annualized Total Shareholder Returns (TSR) in JPY = 5.7%

7.6 Annualised Period-based Total Shareholder Returns [TSR %]

TSR %1 yr3 yrs5 yrs10 yrs20 yrs30 yrs
7203.TO3.813.69.310.25.45.7

SECTION 8 TOYOTA MOTOR RANKING

8.1 Global Rank [out of 47,705 stocks] and Rank of Toyota Motor in the Asia Region [out of 23,276 stocks]

DescriptionValueGlobal RankIn Asia Region
MCap (US$)198.7B459
Total Assets (US$)450.3B18538
Revenue (US$)263.6B196
Net Profit (US$)22.3B2513
Return on Equity %12.89,6895,012
Net Profit Margin %8.812,9396,960
Price to Book1.115,4869,183
Price/Earnings8.14,0942,225
Yield %1.515,2606,969
PV1000 (1Year) USD*99714,2396,131
US$* Change (1Year) %-1.513,6885,964

* 1 year ago USD 1 = JPY 107.04

Apr 08, 2019: USD 1 equals JPY 111.38

8.2 Rank of Toyota Motor in the Nikkei 225 Index [out of 224 stocks], in the Total Tokyo Market [out of 3676 stocks] and in the Transportation equipment sector [out of 88 stocks]

DescriptionValueIn Nikkei 225 IndexIn Total Tokyo MarketIn Transportation equipment sector
Return on Equity %12.86776818
Net Profit Margin %8.8627493
Price to Book1.1871,71567
Price/Earnings8.11717914
Yield %1.57792325
PV1000 (1Year) JPY1,0387576813

8.3 Global Peer Group (all figures in USD): Key Financials

In its Global Peer Group of nine companies, 7203 is ranked first by MCap, Revenue, Net Profit, Total Assets, second by Relative Strength and third by PV$1000.

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of 7203213111
Toyota Motor (7203)60198.7B996.9263.6B22.3B450.3B
United Parcel Service Class B (UPS)5779.5B1,138.471.9B4.8B50B
Canadian National Railway (CNR)5965.5B1,243.410.7B3.2B30.8B
Honda Motor (7267)5750.9B861.6140.1B9.5B173.2B
FedEx (FDX)3149.5B807.265.5B4.6B52.3B
Deutsche Post (DPW)5541.3B805.470.4B3B43.4B
Nissan Motor (7201)4735.5B829.8107B6.7B167.8B
Denso (6902)3432.4B780.146.5B2.9B51.6B
Airports of Thailand (AOT)7530.1B975.21.9B789.2M5.9B

8.4 Global Peer Group: Relative Value Indicators

In its Global Peer Group of nine companies, 7203 is ranked second by P/E, P/Book, sixth by P/S and seventh by Turnover Rate.

CodeCountry CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w HiRetention Ratio
Rank of 72032627
7203JPJPY6,788.08.10.81.149.59.788.1
UPSUS$US114.3320.71.1107.07.033.3
CNRCACAD120.7020.56.15.038.20.867.7
7267JPJPY3,131.05.40.461.314.986.0
FDXUS$US189.9011.10.84.0204.627.984.8
DPWDEEUR29.9113.30.643.54,461.719.748.7
7201JPJPY936.300.391.318.4
6902JPJPY4,577.011.40.71.163.122.682.9
AOTTHTHB67.2538.215.56.742.65.440.3

8.5 Independent Ratings

+ Top 50 BCG:

Toyota Motor Corporation was ranked 8 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2016; a deterioration over a year from rank 6 in 2015.

+ Fortune's Change of the World list 50:

It was ranked 3 out of 50 companies in the Fortune's Change of the World list 2015.

+ Clarivate 100:

It is ranked in the Top 100 innovators by Clarivate Analytics.

+ PwC 100:

It was ranked 15 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; an improvement over 6 years from rank 23 as at March 31, 2009.

+ FT 500:

It is the 7th largest by revenue in the FT Global 500.

+ Fortune 500:

It was ranked 5 by total revenues in the Fortune 500 annual list for 2017; an improvement over a year from rank 8 in 2016.

+ Newsweek 500:

It was ranked 107 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 11% in Energy productivity, 8.6% in Waste productivity and 7.9% in Water productivity.

+ Industryweek 1000:

It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 6.

+ Forbes 2000:

It is the 8th largest by revenue in the Forbes Global 2000.

+ BuySellSignals/News Bites:

It is placed 765/3470 in BuySellSignals News Bites' ranking of Japan performers in the past year, a percentile ranking of 78.

+ Vanguard Total World Stock ETF 7571:

The stock was one of 7571 global stocks selected by Vanguard Total World Stock ETF (VT) who sold 4,900 shares in the period Jan 31, 2019 to Feb 28, 2019 worth $US32,695,911 at an estimated Volume Weighted Average Price (VWAP) of $US6,672.63. As at Feb 28, 2019, the Vanguard Total World Stock ETF held 867,494 shares worth $US52,356,718 or 0.3% by value of the ETF's portfolio [Ranked 35 out of 7571 by value and 1 out of 1333 for Japan].

SECTION 9 TOYOTA MOTOR FINANCIALS

9.1 Financials Summary

Year endedMar 2018Mar 2017Mar 2016
Sales (USD B)264.4248.4255
Pretax (USD B)23.519.726.8
Net (USD B)22.416.420.8
EPS (JPY)842605.47735.36

+ Net profit was up 36.2% from US$16.4 billion in 2017 to US$22.4 billion in 2018.

+ Earnings Per Share (EPS) was up 39.1% from JPY605.47 to JPY842.0.

9.2 Financial Results as reported (Annual)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In JPY Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionJPY MillionJPY Million
Mar 3120182017Change %
Net revenues:
Sales of products27,420,27625,813,496Up 6.2
Financing operations1,959,2341,783,697Up 9.8
Total net revenues29,379,51027,597,193Up 6.5
Costs and expenses:
Cost of products sold22,600,47421,543,035Up 4.9
Cost of financing operations1,288,6791,191,301Up 8.2
23,889,15322,734,336Up 5.1
5,490,3574,862,857Up 12.9
Selling general and administrative3,090,4952,868,485Up 7.7
Total costs and expenses26,979,64825,602,821Up 5.4
Operating income2,399,8621,994,372Up 20.3
Other income (expense):
Interest and dividend income179,541158,983Up 12.9
Interest expense-27,586-29,353Improved 6.0
Foreign exchange gain net22,66433,601Down 32.5
Other income (loss) net45,94836,222Up 26.9
68,61269,823Down 1.7
Total other income (expense)220,567199,453Up 10.6
Income before income taxes and equity in earnings of affiliated companies2,620,4292,193,825Up 19.4
Provision for income taxes504,406628,900Down 19.8
Equity in earnings of affiliated companies-470,083-362,060Deterioration 29.8
34,323266,840Down 87.1
Net income2,586,1061,926,985Up 34.2
Less - Net income attributable to noncontrolling interests-92,123-95,876Improved 3.9
Net income attributable to Toyota Motor Corporation2,493,9831,831,109Up 36.2
Net income attributable to Toyota Motor Corporation per common share
BasicJPY842.0JPY605.47Up 39.1
DilutedJPY832.78JPY599.22Up 39.0
Weighted average numbers of shares2,947,365,0003,008,088,000Down 2.0
Weighted average numbers of shares2,994,766,0003,055,826,000Down 2.0

BALANCE SHEET AS REPORTED

DescriptionJPY MillionJPY Million
Mar 3120182017Change %
Assets
Current assets:
Cash and cash equivalents3,052,2692,995,075Up 1.9
Time deposits901,2441,082,654Down 16.8
Marketable securities1,768,3601,821,598Down 2.9
Trade accounts and notes receivable less allowance for doubtful accounts of YEN50110 million at March 31 2017 and YEN25925 million at March 31 20182,219,5622,115,938Up 4.9
Finance receivables net6,348,3066,196,649Up 2.4
Other receivables489,338436,867Up 12.0
9,057,2068,749,454Up 3.5
Inventories2,539,7892,388,617Up 6.3
Prepaid expenses and other current assets833,788796,297Up 4.7
Total current assets18,152,65617,833,695Up 1.8
Noncurrent finance receivables net9,481,6189,012,222Up 5.2
Investments and other assets:
Marketable securities and other securities investments7,999,3237,679,928Up 4.2
Affiliated companies3,162,9172,845,639Up 11.1
Employees receivables22,56225,187Down 10.4
Other1,221,5001,156,406Up 5.6
4,406,9794,027,232Up 9.4
Total investments and other assets12,406,30211,707,160Up 6.0
Property plant and equipment:
Land1,404,6111,379,991Up 1.8
Buildings4,659,7534,470,996Up 4.2
Machinery and equipment11,535,38111,357,340Up 1.6
Vehicles and equipment on operating leases5,934,3935,966,579Down 0.5
Construction in progress509,851474,188Up 7.5
Total property plant and equipment at cost24,043,98923,649,094Up 1.7
Less - Accumulated depreciation-13,776,316-13,451,985Deterioration 2.4
Total property plant and equipment net10,267,67310,197,109Up 0.7
32,155,59330,916,491Up 4.0
Total assets50,308,24948,750,186Up 3.2
Liabilities
Current liabilities:
Short-term borrowings5,154,9134,953,682Up 4.1
Current portion of long-term debt4,186,2774,290,449Down 2.4
Accounts payable2,586,6572,566,382Up 0.8
Other payables1,048,216936,938Up 11.9
Accrued expenses3,104,2603,137,827Down 1.1
Income taxes payable462,327223,574Up 106.8
Other current liabilities1,254,2411,210,113Up 3.6
2,764,7842,370,625Up 16.6
Total current liabilities17,796,89117,318,965Up 2.8
Long-term liabilities:
Long-term debt10,006,3749,911,596Up 1.0
Accrued pension and severance costs931,182905,070Up 2.9
Deferred income taxes1,118,1651,423,726Down 21.5
Other long-term liabilities533,561521,876Up 2.2
1,464,7431,426,946Up 2.6
Total long-term liabilities12,589,28212,762,268Down 1.4
Total liabilities30,386,17330,081,233Up 1.0
Mezzanine equity
Model AA Class Shares no par value491,974485,877Up 1.3
authorized: 150000000 shares at March 31 2017
and March 31 2018
issued: 47100000 shares at March 31 2017
and March 31 2018
Shareholders' equity
Toyota Motor Corporation shareholders' equity:
Common stock no par value397,050397,050Steady
authorized: 10000000000 shares
at March 31 2017 and March 31 2018
issued: 3262997492 shares
at March 31 2017 and March 31 2018
Additional paid-in capital487,502484,013Up 0.7
Retained earnings19,473,46417,601,070Up 10.6
Accumulated other comprehensive income (loss)435,699640,922Down 32.0
Treasury stock at cost-2,057,733-1,608,243Deterioration 27.9
288274636 shares at March 31 2017 and
353073500 shares at March 31 2018
Total Toyota Motor Corporation shareholders' equity18,735,98217,514,812Up 7.0
Noncontrolling interests694,120668,264Up 3.9
Total shareholders' equity19,430,10218,183,076Up 6.9
Commitments and contingencies
Total liabilities mezzanine equity and shareholders' equity50,308,24948,750,186Up 3.2

CASH FLOW AS REPORTED

DescriptionJPY MillionJPY Million
Mar 3120182017Change %
Cash flows from operating activities:
Net income2,586,1061,926,985Up 34.2
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation1,734,0331,610,950Up 7.6
Provision for doubtful accounts and credit losses76,06998,666Down 22.9
Pension and severance costs less payments4,28623,253Down 81.6
Losses on disposal of fixed assets35,28930,673Up 15.0
Unrealized losses on available-for-sale securities net8467,073Down 88.0
Deferred income taxes-237,961-53,299Deterioration 346.5
Equity in earnings of affiliated companies-470,083-362,060Deterioration 29.8
Changes in operating assets and liabilities and other481,424131,996Up 264.7
Net cash provided by operating activities4,210,0093,414,237Up 23.3
Cash flows from investing activities:
Additions to finance receivables-15,058,516-13,636,694Deterioration 10.4
Collection of and proceeds from sales of finance receivables14,046,31212,927,981Up 8.7
Additions to fixed assets excluding equipment leased to others-1,291,117-1,223,878Deterioration 5.5
Additions to equipment leased to others-2,307,590-2,317,559Improved 0.4
-3,598,707-3,541,437Deterioration 1.6
Proceeds from sales of fixed assets excluding equipment leased to others71,82041,238Up 74.2
Proceeds from sales of equipment leased to others1,211,2721,238,278Down 2.2
Purchases of marketable securities and security investments-3,052,916-2,517,008Deterioration 21.3
Proceeds from sales of and maturity of marketable securities and security investments2,523,5381,901,541Up 32.7
Payment for additional investments in affiliated companies net of cash acquired-57644,274Deterioration
Changes in investments and other assets and other197,681571,888Down 65.4
Net cash used in investing activities-3,660,092-2,969,939Deterioration 23.2
Cash flows from financing activities:
Proceeds from issuance of long-term debt4,793,9394,603,446Up 4.1
Payments of long-term debt-4,452,338-3,845,554Deterioration 15.8
Increase in short-term borrowings347,738273,037Up 27.4
689,3391,030,929Down 33.1
Dividends paid to Toyota Motor Corporation class shareholders-6,194-3,697Deterioration 67.5
Dividends paid to Toyota Motor Corporation common shareholders-620,698-634,475Improved 2.2
Dividends paid to noncontrolling interests-63,764-63,936Improved 0.3
-690,656-702,108Improved 1.6
Reissuance (repurchase) of treasury stock and other-447,818-703,986Improved 36.4
Net cash used in financing activities-449,135-375,165Deterioration 19.7
Effect of exchange rate changes on cash and cash equivalents-43,588-13,486Deterioration 223.2
Net increase in cash and cash equivalents57,19455,647Up 2.8
Cash and cash equivalents at beginning of year2,995,0752,939,428Up 1.9
Cash and cash equivalents at end of year3,052,2692,995,075Up 1.9

Margins %

Mar 3120182017
Gross Profit Margin18.717.6
EBITDA Margin98.1
Earnings from Cont. Ops. Margin98.1
Net Income Margin8.87

9.3 Annual Report: Key Parameters

FY2018 Annual Report: Toyota Motor Net Profit up 36.2%

Toyota Motor (TO:7203) reported net profit for the year-ended 31 March 2018 of JPY2,494b ($US23.5b), up 36.2% from JPY1,831b ($US16.4b) in the previous year.

Major changes compared with previous year:

Favourable Changes:

- Net profit up 36.2% from JPY1,831.1b ($US16.4b) to JPY2,494.0b ($US23.5b)

- Total revenue up 6.4% from JPY27,667.0b ($US248.5b) to JPY29,448.1b ($US277.2b)

- EPS up 39.1% from JPY605.47 ($US5.44) to JPY842.0 ($US7.93)

- EBIT Margin up from 8.1% to 9.0%

- Interest cover up 26.7% from 75.7 to 96.0

- EBIT to total assets up from 4.6% to 5.3%

- Profit before tax to Sales up from 7.9% to 8.9%

- Debt to Equity down 4.8% from 1.1 to 1.0

- Retained earnings to total assets up from 36.1% to 38.7%

Unfavourable Changes:

- Working capital to total assets down from 1.1% to 0.7%

- Fixed Assets to Total Assets down from 20.9% to 20.4%

- Total Liabilities to EBITDA of 11.5 compares unfavourably with the Joseph Piotroski benchmark of <5. However, it has improved by 15.2% from the previous year's ratio of 13.5.

- Total Liabilities to Operating Cash Flow of 7.2 compares unfavourably with the Joseph Piotroski benchmark of <4. However, it has improved by 18% from the previous year's ratio of 8.8.

Note:

- Total revenue to total assets steady at 0.6

- Cost of Goods Sold to Sales down from 82.4% to 81.3%

- Sales and marketing expenses to Sales up from 10.4% to 10.5%

- Tax expenses to Sales down from 1% to 0.1%

- Total liabilities to Total assets steady at 0.6

- Current ratio steady at 1.0

- Total non-current assets to Total Assets up from 63.4% to 63.9%

- Total current assets to Total Assets down from 36.6% to 36.1%

- Non-current debtors to Total Assets up from 18.5% to 18.8%

- Current Debtors to Total Assets up from 17.9% to 18%

Annual Report [Year-on-year comparison: 2018 vs 2017]

Company Name : Toyota Motor Corporation (7203)
March 312018201720182017Change
DescriptionJPY mJPY m$US m$US m(%)
Sales Revenue29,379,51027,597,193276,578.7247,890.9Up 6.5
Total Revenue29,448,12227,667,016277,224.6248,518Up 6.4
EBITDA2,648,0152,223,17824,928.419,969.6Up 19.1
EBIT2,648,0152,223,17824,928.419,969.6Up 19.1
Interest27,58629,353259.7263.7Down 6
Pre-Tax Profit/(Loss)2,620,4292,193,82524,668.719,706Up 19.4
Profit/(Loss) after Tax2,493,9831,831,10923,478.416,447.9Up 36.2
Working Capital355,765514,7303,349.24,623.5Down 30.9
Current Assets18,152,65617,833,695170,889.1160,190.6Up 1.8
Current Liabilities17,796,89117,318,965167,539.9155,567Up 2.8
Shareholders' Funds19,430,10218,183,076182,915163,328.9Up 6.9
Total Liabilities30,386,17330,081,233286,055.4270,203.7Up 1
Total Assets50,308,24948,750,186473,601.9437,896.9Up 3.2
Current Debt5,154,9134,953,68248,528.444,496.3Up 4.1
Non-Current Debt10,006,3749,911,59694,20089,030.6Up 1
Total Debt19,347,56419,155,727182,138172,065.7Up 1
Operating Cash Flow4,210,0093,414,23739,63330,668.3Up 23.3
Net Assets19,430,10218,183,076182,915163,328.9Up 6.9
Net Tangible Assets19,430,10218,183,076182,915163,328.9Up 6.9

Year-on-year comparison of Per Share figures

March 312018201720182017Change (%)
DescriptionJPY JPY $US $US
EPS Final842605.57.95.4Up 39.1
   EPS Growth Factor*1.08    

* EPS Growth Factor = EPS growth / Net Profit growth

Year-on-year comparison of Performance Ratios

March 3120182017Change (%)
Return on Equity (%)12.810.1Up 26.7
Return on Assets (%)5.14Up 27.5
Total debt to net tangible assets (%)99.6105.3Down 5.4
Total Liabilities to EBITDA11.513.5Down 15.2
Total Liabilities to Operating Cash Flow7.28.8Down 18
Total Liabilities/Total Assets (Down 3.2% from 0.62 to 0.6)0.60.6Down 3.2
Interest Cover9675.7Up 26.7
Common Size Ratios by Assets %
Total non-current assets to Total Assets 63.9 63.4 Up 0.8
Total current assets to Total Assets 36.1 36.6 Down 1.3
Fixed Assets to Total Assets 20.4 20.9 Down 2.5
Non-current debtors to Total Assets 18.8 18.5 Up 1.7
Current Debtors to Total Assets 18.0 17.9 Up 0.3
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 81.3 82.4 Down 1.3
Sales and marketing expenses to Sales 10.5 10.4 Up 1.0
Profit before tax to Sales 8.9 7.9 Up 12.0
Interest revenue to Sales 0.6 0.6 Up 4.2
Tax expenses to Sales 0.1 1.0 Down 89.7

Currency Conversion (March 31, 2018): $US1 = JPY106.22

Currency Conversion (March 31, 2017): $US1 = JPY111.33

5-year record of growth and performance:

In the last 5 years Total Revenue averaged JPY27,732.6B ($US261.1B), EBITDA averaged JPY3,179.3B ($US29.9B) and Net Profit averaged JPY2,124B ($US20B). Compound Annual Growth Rate (CAGR) averaged 5.8% for Total Revenue, 21.0% for Net Profit and 0.9% for EBITDA.

DescriptionAnnual (JPY B)Annual ($US B)5-year Avg (JPY B)5-year Avg ($US B)5-year CAGR %
Total Revenue29,448.1277.227,732.6261.15.8
EBITDA2,64824.93,179.329.90.9
Operating Profit2,64824.92,647.324.913.2
Net Profit2,49423.52,1242021

5-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2018 Net Profit Margin of 8.8% was above its 5-year Avg of 7.6%

Description20185-year Avg
EBITDA Margin911.6
Operating Profit Margin99.6
Net Profit Margin8.87.6
Return on Equity12.811.8
Return on Assets5.14.5
Return on Capital Employed8.18.7

All Figures in %

9.4 Average Income Tax paid

201820172016201520145-yr avg
As % of profit before tax1.312.218.430.931.518.8
As % of operating cash flow1.31218.420.720.714.6
As % of sales0.111.93.331.9

In the past 5 years, Income Tax as % of profit before tax decreased from 31.5% to 1.3%.

9.5 Market Share

Toyota Motor vs Transportation Equipment sector [Transportation Equipment sector Total in Brackets]

Revenue of JPY29,448.1 billion (US$264.4 billion)[29.0% of aggregate sector revenue of JPY101,952.9 billion; down from 29.3% in the previous year.]

Net Profit of JPY2,494 billion (US$22.4 billion) [40.0% of aggregate sector net profit of JPY6,154.8 billion; down from 40.0% in the previous year.]

9.6 Dividend History

Trailing 12 months dividend has deteriorated from JPY220 in 2018 to JPY100 in 2019.

Date PaidValue (JPY)Type
26 Sep 2018100Interim
Tr 12 Months100
28 Mar 2018120Final
27 Sep 2017100Interim
2017 - 2018220
29 Mar 2017110Final
28 Sep 2016100Interim
2016 - 2017210
29 Mar 2016110Final
28 Sep 2015100Interim
2015 - 2016210
27 Mar 2015125Final
26 Sep 201475Interim
2014 - 2015200

SECTION 10 AMERICAN DEPOSITARY RECEIPTS

Toyota Motor Corporation, the ADR market's largest Auto Manufacturers company by market cap, decreased $US4.86 (or 3.8%) in the trailing 12 months to April 05, 2019 to close at $US122.54. Compared with the Bank of New York Mellon Composite ADR Index which has fallen 4.2% over the same period, this is a relative price increase of 0.3%. Average daily volume in the trailing 12 months equalled average trading of 211,050 ADRs in the previous year.

10.1 ADR Summary

SymbolTM
PriceUSD 122.54
% Change YTD5.6
ISINUS8923313071
CUSIP892331307
Ratio1 ADR equals 2 ordinary shares
TypeSponsored
Avg. Daily Volume211,050

10.2 ADR BUZZ

To view the ADR BUZZ on Toyota Motor, http://www.buysellsignals.net/BuySellSignals/report/Adr/Stock/Daily/Link/Toyota-Motor.html

SECTION 11 TOYOTA MOTOR PATENTS

11.1 Patents issued to Toyota Motor by the US PTO in the past quarter

In the past quarter following 68 patents were issued by the US PTO to Toyota Motor:

Issue DateTitlePatent No.
Apr 02, 2019Die compatibility adaptor for machine press communication10,245,802
Apr 02, 2019Variable power outlet and maximum speed in drive mode10,245,970
Apr 02, 2019Transportation system including autonomous detachable engine modules and passenger module10,245,994
Apr 02, 2019Smart necklace with stereo vision and onboard processing10,248,856
Apr 02, 2019Remote operation of autonomous vehicle in unexpected environment10,248,116
Mar 26, 2019Vision-assist devices and methods of calibrating image data of a vision-assist device10,238,571
Mar 26, 2019Driving ratings for leading or following vehicle selection10,239,527
Mar 26, 2019Sewing apparatus10,240,271
Mar 26, 2019Hybrid vehicle with rankine cycle system, in-wheel motor and power module integrated with power train components10,239,402
Mar 26, 2019Direct NOx decomposition catalyst with improved activity and selectivity10,239,047
Mar 19, 2019Water management for a vehicle10,232,693
Mar 19, 2019Adaptive truck bed storage10,232,783
Mar 19, 2019Energy-absorbing connecting structure for bumper reinforcements10,232,811
Mar 19, 2019Integrated truck bed washing10,232,830
Mar 19, 2019System and method for controlling a modular energy management system that controls an amount of power transferred from each of the energy modules to at least one load10,236,696
Mar 19, 2019Autonomous operation capability configuration for a vehicle10,235,881
Mar 19, 2019Changing vehicle component settings to retain cargo within the vehicle10,234,875
Mar 19, 2019Detection of left turn across path/opposite direction oncoming objects10,232,848
Mar 19, 2019Inflatable vehicle occupant positioning system10,232,814
Mar 19, 2019Truck bed integrated fold-out table10,232,793
Mar 19, 2019System, method, and apparatus for controlling operation of energy modules of an energy management system10,232,722
Mar 19, 2019Spatiotemporal displays for set speed deviation of a vehicle10,232,711
Mar 12, 2019Method of reducing required machining on a pin type carrier10,228,053
Mar 12, 2019Free location item and storage retrieval10,229,385
Mar 12, 2019Fluidly cooled power electronics assemblies having a thermo-electric generator10,231,364
Mar 05, 2019Target evaporator outlet temperature maps for vehicle air conditioning control10,220,674
Mar 05, 2019Method for synthesis of boron cluster based electrolytes for rechargeable magnesium battery10,224,569
Mar 05, 2019Systems and methods for managing a vehicle fleet10,223,655
Mar 05, 2019Systems, apparatuses, and methods of a button bridge installed with a curtain side airbag10,220,808
Mar 05, 2019Radiator grille attachment10,220,805
Mar 05, 2019Vehicle bumper damage indication system10,220,803
Mar 05, 2019Protection and support for vehicle engine components10,220,700
Mar 05, 2019Vent assemblies10,220,682
Mar 05, 2019Vehicle windshield defrosting control based on frozen precipitation accumulation10,220,675
Feb 26, 2019AC cut cycles for vehicle air conditioning control based on high ambient temperature10,214,078
Feb 26, 2019Track for vehicle environment sensors10,215,861
Feb 26, 2019Systems and methods for locally aligning map data10,217,232
Feb 26, 2019Modifying vision-assist device parameters based on an environment classification10,217,379
Feb 19, 2019Apparatus and method for object tracking10,210,421
Feb 19, 2019Headrest assembly with mirror10,207,616
Feb 19, 2019Bumper design using shear thickening fluids10,207,665
Feb 19, 2019Bumper assemblies for vehicles including low-energy impact indicators10,207,667
Feb 19, 2019Efficient water oxidation catalysts and methods of oxygen and hydrogen production by photoelectrolysis10,208,384
Feb 19, 2019Thermal energy guiding systems including anisotropic thermal guiding coatings and methods for fabricating the same10,209,016
Feb 19, 2019Variable rate bound stoppers and variable rate suspension systems containing variable rate bound stoppers10,208,823
Feb 19, 2019Systems for transporting, deploying, and docking unmanned aerial vehicles mountable on a ground vehicle10,207,820
Feb 19, 2019Coasting timer for predictive acceleration10,207,717
Feb 19, 2019Systems, vehicles, and methods for controlling trailer brake output circuits with a reduced upper limit of trailer brake output signals10,207,687
Feb 12, 2019Systems and methods for adjusting operation of a vehicle according to HOV lane detection in traffic10,202,048
Feb 12, 2019Systems and methods for preemptively modifying vehicle parameters according to predicted accelerations when merging10,202,112
Feb 12, 2019System and method for changing driving modes using navigation and control10,203,031
Feb 12, 2019Electronics assemblies incorporating three-dimensional heat flow structures10,206,310
Feb 05, 2019One step synthesis of non-chlorinated magnesium electrolytes10,199,688
Feb 05, 2019Systems and methods for auto-pair via a plurality of protocols10,200,849
Jan 29, 2019Systems and methods for providing environment information using an unmanned vehicle10,188,580
Jan 29, 2019Aqueous electrolyte with ethers and batteries using the electrolyte10,193,188
Jan 29, 2019Stake pocket insert10,189,510
Jan 29, 2019Hybrid partial and full step quadratic solver for model predictive control of diesel engine air path flow and methods of use10,190,522
Jan 29, 2019Traffic signal learning and optimization10,192,434
Jan 29, 2019Electronic assemblies incorporating heat flux routing structures for thermoelectric generation10,193,047
Jan 29, 2019Electronic assemblies having a cooling chip layer with fluid channels and through substrate vias10,192,814
Jan 29, 2019Roof sensor housing assemblies that conceal one or more sensors and vehicles incorporating the same10,189,506
Jan 29, 2019Coasting guidance timing and drive force adjustment10,189,453
Jan 22, 2019Cup holder assemblies having lighting features for console assemblies of vehicles10,183,602
Jan 22, 2019Photocatalytic methods for preparation of electrocatalyst materials10,186,711
Jan 22, 2019Method and apparatus for balancing current and power10,187,050
Jan 15, 2019Using information obtained from fleet of vehicles for informational display and control of an autonomous vehicle10,179,586
Jan 15, 2019Wall structure for a morphing structural member10,180,027

11.2 Patents issued to Toyota Motor by the EPO in the past year

In the past year 138 patents were issued by the European Patent Office (EPO) to Toyota Motor. Recent 100 Patents are as follows:

Issue DateTitlePatent No.
Mar 27, 2019DRIVING SUPPORT DEVICEEP3459820 (A1)
Mar 27, 2019HYBRID VEHICLE AND CONTROL METHOD THEREOFEP3460994 (A1)
Mar 20, 2019HEAT EXCHANGE SYSTEM FOR VEHICLEEP3456561 (A1)
Mar 20, 2019ROTATING ELECTRIC MACHINEEP3457534 (A1)
Mar 13, 2019METHOD OF JOINING BY LASER WELDING TOGETHER A PLURALITY OF WELDING ALUMINIUM OBJECTS AND CORRESPONDING WELDING STRUCTUREEP3453480 (A1)
Mar 13, 2019SEATBELT CONTROL DEVICEEP3453577 (A1)
Feb 14, 2019DIODE AND SEMICONDUCTOR DEVICEUS2019051648 (A1)
Feb 14, 2019VEHICLE FUNCTION CONTROL DEVICE AND VEHICLE FUNCTION CONTROL SYSTEMUS2019053021 (A1)
Feb 06, 2019RECOMMENDATION GUARANTEE SYSTEMEP3438909 (A1)
Feb 06, 2019WIRELESS POWER RECEIVING DEVICEEP3439135 (A1)
Jan 31, 2019REINFORCEMENT STRUCTURE AT FRONT SIDE OF VEHICLE CABINUS2019031246 (A1)
Jan 30, 2019METHOD OF WELDING LAMINATED METAL FOILSSG10201804044P (A)
Jan 02, 2019PILLAR FRAMEWORK STRUCTURE AND VEHICLE BODY MODULE STRUCTUREEP3421332 (A1)
Jan 02, 2019AUTHENTICATION DEVICE AND AUTHENTICATION METHODEP3422253 (A1)
Dec 26, 2018CHARGING SYSTEM, AND METHOD FOR CONTROLLING VEHICLE AND CHARGING SYSTEMEP3418108 (A1)
Dec 20, 2018Gateway Selection for a Virtual Parked Vehicle NetworkUS2018368059 (A1)
Dec 19, 2018LASER-BEAM WELDING METHOD AND LASER-BEAM WELDING APPARATUSEP3415264 (A1)
Dec 05, 2018OIL CIRCULATION SYSTEM OF INTERNAL COMBUSTION ENGINEEP3409911 (A1)
Dec 05, 2018EXHAUST PURIFICATION SYSTEM OF INTERNAL COMBUSTION ENGINEEP3409931 (A1)
Nov 28, 2018HYBRID VEHICLEEP3406498 (A1)
Nov 28, 2018CONNECTING AND DISCONNECTING DEVICE FOR CLUTCHEP3406927 (A1)
Nov 21, 2018CONTROL APPARATUS FOR INTERNAL COMBUSTION ENGINEEP3404238 (A1)
Nov 21, 2018CONTROL DEVICE FOR VEHICLEEP3404296 (A1)
Nov 21, 2018TORQUE CONVERTEREP3404287 (A1)
Nov 15, 2018DRIVING ASSIST APPARATUSDE102018111112 (A1)
Nov 14, 2018VEHICLE CONTROL APPARATUSEP3401575 (A1)
Nov 07, 2018AUTOMATIC TILTING VEHICLEEP3398797 (A1)
Nov 07, 2018INTEREST DETERMINATION SYSTEM, INTEREST DETERMINATION METHOD, AND STORAGE MEDIUMEP3399470 (A1)
Nov 07, 2018NONAQUEOUS BATTERY AND METHOD OF PRODUCING THE SAMEEP3399574 (A1)
Oct 18, 2018Airbag-Vorrichtung fur Beifahrersitz und Airbag-FaltverfahrenDE102018106877 (A1)
Oct 18, 2018Fernstartsystem, Zentral-Server und FahrzeugDE102018108131 (A1)
Oct 18, 2018WARNEINRICHTUNGDE102018108570 (A1)
Oct 18, 2018NEUTRALISATIONSVORRICHTUNG FUR FAHRZEUGEDE102018205110 (A1)
Oct 18, 2018FAHRZEUG UND STEUERUNGSVERFAHREN FUR EIN FAHRZEUGDE102018205657 (A1)
Oct 18, 2018BrennstoffzellensystemDE102018108777 (A1)
Oct 18, 2018Steuerungsvorrichtung fur eine BrennkraftmaschineDE102018108294 (A1)
Oct 18, 2018Autonome Fahrvorrichtung und BenachrichtigungsverfahrenDE102018108034 (A1)
Oct 18, 2018HOCHDRUCKBEHALTERDE102018107948 (A1)
Oct 18, 2018HOCHDRUCKBEHALTERDE102018107949 (A1)
Oct 18, 2018DICHTUNG UND BRENNSTOFFZELLENSTAPEL, DER DIE DICHTUNG ENTHALTDE102018107985 (A1)
Oct 18, 2018SPRUHPULVER UND VERFAHREN ZUR ABLAGERUNGEINER SPRUHBESCHICHTUNG UNTER VERWENDUNGDESSELBENDE102018107412 (A1)
Oct 17, 2018INTERNAL COMBUSTION ENGINEEP3388653 (A1)
Oct 17, 2018ENDLESS METAL RING MANUFACTURING METHODEP3388711 (A1)
Oct 17, 2018PISTON WITH PISTON RINGSEP3388717 (A1)
Oct 17, 2018JOINING METHOD AND JOINING APPARATUSEP3388688 (A1)
Oct 17, 2018JOINING METHOD AND JOINING STRUCTUREEP3388695 (A1)
Oct 10, 2018VEHICLE FRONT PORTION STRUCTUREEP3385126 (A1)
Oct 10, 2018EXHAUST PURIFICATION SYSTEM OF INTERNAL COMBUSTION ENGINEEP3385519 (A1)
Oct 10, 2018PARKING LOT, PARKING LOT MANAGEMENT SYSTEM, AND PARKING LOT MANAGEMENT METHODEP3385933 (A1)
Oct 10, 2018EXHAUST PURIFICATION SYSTEM OF INTERNAL COMBUSTION ENGINEEP3385518 (A1)
Oct 10, 2018ABNORMALITY DIAGNOSIS SYSTEM OF AMMONIA DETECTION DEVICEEP3385517 (A1)
Sep 26, 2018VIEWING DEVICE FOR VEHICLEEP3378702 (A2)
Sep 26, 2018SERVER AND CHARGING SYSTEMEP3379689 (A1)
Sep 26, 2018CONTROL DEVICE AND CONTROL METHOD FOR INTERNAL COMBUSTION ENGINEEP3379049 (A1)
Sep 26, 2018CONTROL APPARATUS FOR INTERNAL COMBUSTION ENGINE AND CONTROL METHOD FOR INTERNAL COMBUSTION ENGINEEP3379059 (A1)
Sep 26, 2018SEMICONDUCTOR DEVICE, MANUFACTURING METHOD FOR SEMICONDUCTOR DEVICE, AND ELECTRODE PLATEEP3379572 (A1)
Sep 26, 2018VEHICLE UNDERSTRUCTUREEP3378705 (A1)
Sep 19, 2018AUTOMATIC TILTING VEHICLEEP3375647 (A1)
Sep 19, 2018ROTOR FOR ROTARY ELECTRIC MACHINEEP3376641 (A1)
Sep 19, 2018TURBOCHARGEREP3375999 (A1)
Sep 19, 2018WASTE HEAT RECOVERY APPARATUS AND METHOD FOR CONTROLLING WASTE HEAT RECOVERY APPARATUSEP3375989 (A1)
Sep 19, 2018CONTROLLER FOR INTERNAL COMBUSTION ENGINEEP3375995 (A1)
Sep 12, 2018DIAGNOSIS APPARATUS AND DIAGNOSIS METHOD FOR NOX SENSOREP3372800 (A1)
Sep 05, 2018METHOD FOR PRODUCING MOLDED BODYEP3369559 (A1)
Sep 05, 2018VEHICLE WITH PIVOTING FUEL GAS TANK IN CASE OF LONGITUDINAL CRASHEP3369600 (A1)
Sep 05, 2018EXHAUST GAS PURIFICATION APPARATUS FOR AN INTERNAL COMBUSTION ENGINEEP3369904 (A1)
Sep 05, 2018VEHICULAR POWER TRANSMITTING SYSTEMEP3369957 (A2)
Sep 05, 2018CONTROL DEVICE FOR INTERNAL COMBUSTION ENGINEEP3369924 (A1)
Sep 05, 2018COOLANT CIRCULATION SYSTEM FOR VEHICLE-MOUNTED INTERNAL COMBUSTION ENGINEEP3369906 (A1)
Sep 05, 2018EXHAUST PASSAGE STRUCTURE FOR INTERNAL COMBUSTION ENGINEEP3369903 (A1)
Sep 05, 2018SPEED CHANGE CONTROL SYSTEM FOR AUTOMATIC TRANSMISSIONEP3369971 (A1)
Sep 05, 2018SULFIDE SOLID ELECTROLYTE MATERIAL, BATTERY, AND PRODUCING METHOD FOR SULFIDE SOLID ELECTROLYTE MATERIALEP3370295 (A1)
Aug 29, 2018INTERNAL COMBUSTION ENGINEEP3366906 (A1)
Aug 29, 2018CONTROL APPARATUS AND CONTROL METHOD FOR AUTOMATIC TRANSMISSIONEP3366952 (A1)
Aug 29, 2018SHIFT CONTROL SYSTEM FOR VEHICLEEP3366951 (A1)
Aug 15, 2018METHOD FOR PRODUCING RESIN MEMBER INCLUDING CONDUCTIVE PASTE LAYER AND FEED PORTIONEP3360661 (A1)
Aug 15, 2018HYBRID VEHICLE AND CONTROL METHOD FOR HYBRID VEHICLEEP3360720 (A1)
Aug 15, 2018INTERNAL COMBUSTION ENGINEEP3361068 (A1)
Aug 15, 2018FUEL INJECTION AMOUNT CONTROL DEVICEEP3361075 (A1)
Aug 15, 2018FUEL INJECTION CONTROLLER AND FUEL INJECTION CONTROL METHOD FOR INTERNAL COMBUSTION ENGINEEP3361079 (A1)
Aug 15, 2018IN-VEHICLE INPUT DEVICE, IN-VEHICLE INPUT SYSTEM, AND IN-VEHICLE INPUT DEVICE CONTROL METHODEP3361367 (A1)
Aug 15, 2018Hydrogen gas burner deviceEP3361156 (A1)
Aug 15, 2018FUEL INJECTION CONTROL DEVICE AND METHOD FOR INTERNAL COMBUSTION ENGINEEP3361078 (A1)
Aug 15, 2018FUEL INJECTION CONTROL DEVICEEP3361074 (A1)
Aug 15, 2018INTERNAL COMBUSTION ENGINE AND METHOD FOR CONTROLLING INTERNAL COMBUSTION ENGINEEP3361063 (A1)
Aug 15, 2018VEHICLEEP3360710 (A1)
Aug 08, 2018DIFFERENTIAL DEVICE FOR 4-WHEEL-DRIVE VEHICLEEP3357732 (A1)
Aug 08, 2018VEHICLEEP3357743 (A2)
Aug 08, 2018FUEL INJECTION CONTROL DEVICE AND FUEL INJECTION CONTROL METHOD FOR INTERNAL COMBUSTION ENGINEEP3358172 (A1)
Aug 08, 2018VEHICLE SEAT WITH SIDE AIRBAG DEVICEEP3357764 (A1)
Aug 01, 2018WINDSHIELD HEATING DEVICE FOR ONBOARD CAMERAEP3355661 (A1)
Aug 01, 2018ANTI-FOGGING DEVICE FOR VEHICULAR OPTICAL SYSTEMEP3354518 (A1)
Aug 01, 2018POWER SUPPLY SYSTEMEP3354520 (A1)
Aug 01, 2018TRANSFER DEVICE TO POSITION A CORE AND REMOVE A CASTING IN THE SAME OPERATION AND METHOD OF USEEP3354369 (A1)
Aug 01, 2018ANALYSIS METHOD FOR ANALYZING DEFORMATION OF CASTING IN DIE CASTING PROCESSEP3354374 (A1)
Aug 01, 2018VEHICLE BRAKE SYSTEMEP3354526 (A1)
Jul 31, 2018Protection of vehicle engine fuel componentsUS10035415 (B1)
Jul 25, 2018VEHICULAR INPUT DEVICE AND METHOD OF CONTROLLING VEHICULAR INPUT DEVICEEP3352067 (A1)
Jul 25, 2018VEHICLE SHIFT CONTROL DEVICEEP3351831 (A1)
Jul 25, 2018FUEL CELL VEHICLEEP3351411 (A2)

11.3 Number of Patents Issued to Toyota Motor by the US Patent Office and the European Patent Office (Past 12 Months)

There were a total of 304 patents issued to Toyota Motor in the past 12 months. The highest number (46) were issued in October, 2018.

MonthNo. of Patents Issued
April5
March35
February24
January27
December22
November40
October46
September30
August26
July36
June10
May3
Total (Past 12 Months)304

11.4 Rank by patents issued in the past 12 months: Toyota Motor vs JAPAN stocks

There are 3,882 listed companies in Japan. Of these, 670 (or 17.3%) companies were issued a total of 39,513 patents. Of these 36,059 were issued by the USPTO and 3,454 by the European Patent Office in the past 12 months, an average of 59 patents per company. The highest number of patents [Rank 1] were issued to Canon (7751) at 3066. When ranked by patents issued, Canon rank is 1/670. The rank for Toyota Motor is 25/670.

JAPAN Avg7203RankRank1Rank2Rank3% of Total
59304253066 77511774 67581707 67520.8

11.5 Rank by patents issued in the past 12 months: Toyota Motor vs Transportation equipment sector

There are 91 active stocks in the Transportation equipment sector in Japan market. Of these, 57 companies were issued a total of 5,846 patents. Of these 5,379 were issued by the USPTO and 467 by the European Patent Office in the past 12 months, an average of 103 patents per company. In the Transportation equipment sector, the highest number of patents [Rank 1] were issued to Toyota Industries (6201) at 1697. A total of 304 patents were issued to 7203 [Rank 4 out of 57].

Transportation equipment sector Avg7203RankRank1Rank2Rank3% of Total
10330441697 6201969 7267907 690229.9

11.6 Design Patents issued to Toyota Motor by the US PTO

Issue DateTitlePatent No.
Sep 05Front portion for a motor vehicleD796,392
Sep 05Rear portion for a motor vehicleD796,393
Sep 05Rear bumper for a motor vehicleD796,395
Sep 05Front portion for a motor vehicleD796,394
Sep 05Instrument panel for an automobileD796,402
Sep 05Rear combination lamp for a motor vehicleD796,711
Aug 29Rear portion for a motor vehicleD795,764
Aug 29Front combination lamp for an automobileD796,090
Aug 29Rear combination lamp for a motor vehicleD796,091

SECTION 12 TOYOTA MOTOR BOARD OF DIRECTORS

12.1 Board of Directors and years since appointment

NameDesignationYrs Since Appointment
Akio ToyodaPresident, Director10 Yrs
Takeshi UchiyamadaChairman-
Didier LeroyDirector, Executive Vice President-
Teiko KudoDirector-
Sir Philip CravenDirector-
Ikuro SugawaraDirector-
Shigeki TerashiDirector, Executive Vice President4 Yrs
Yoshiyuki KagawaNon-Executive Director-
Hiroshi OzuNon-Executive Director-
Haruhiko KatoNon-Executive Director-
Masahiro KatoNon-Executive Director-
Yoko WakeNon-Executive Director-
Shigeru HayakawaVice Chairman, Senior Managing Officer2 Yrs
Shigeki TomoyamaExecutive Vice President-
Mitsuru KawaiExecutive Vice President-
Moritaka YoshidaExecutive Vice President-

12.2 Profiles

Akio Toyoda

President & Director

Mr. Akio Toyoda has been serving as President and Representative Director in TOYOTA MOTOR CORPORATION since June 2009. He joined the Company in April 1984. His previous titles include Vice President, Managing Director and Senior Managing Director in the Company.

Shareholder Value:

Creation of shareholder value in Toyota Motor:

Year of appointment: 2009

In the last 10 years the average annualized return to shareholders was 10.2%. The present value of JPY1,000 (PV1000) invested 10 years ago is now JPY2,635, a gain of JPY1,273 and dividend reinvested of JPY362.

Takeshi Uchiyamada

Chairman

Mr. Takeshi Uchiyamada has been serving as Chairman of the Board and Representative Director in TOYOTA MOTOR CORPORATION since June 2013. He joined the Company in April 1969. His previous titles include Managing Director, Vice President, Vice Chairman of the Board and Senior Managing Director in the Company.

Sir Philip Craven

Director

Date of birth

July 4, 1950

Home country

United Kingdom

Education

Bachelor's degree in Geography (Honours), Manchester University, 1972

Career

Oct. 1998 President, International Wheelchair Basketball Federation

Dec. 2001 President, International Paralympic Committee

Jun. 2018 Member of the Board of Directors, Toyota Motor Corporation

Teiko Kudo

Director

Date of birth

May 22, 1964

Home country

Japan

Education

Bachelor's degree in economics, Keio University, 1987

Career (* denotes currently held non-TMC position)

Apr. 1987 Joined The Sumitomo Bank

Apr. 2014 Executive Officer, Sumitomo Mitsui Banking Corporation

Apr. 2017 Managing Executive Officer*

Jun. 2018 Member of the Board of Directors, Toyota Motor Corporation

Didier Leroy

Director & Executive Vice President

Shigeki Terashi

Director & Executive Vice President

Shareholder Value:

Creation of shareholder value in Toyota Motor:

Since appointment as Director: The present value of JPY1,000 invested on the appointment date of April 01, 2015 at close price of JPY7,356.45 is JPY1,056, including a capital loss of JPY77 and dividend reinvested of JPY133.

Ikuro Sugawara

Director

Date of birth

March 6, 1957

Home country

Japan

Education

Bachelor's degree in economics, University of Tokyo, 1981

Career

Apr. 1981 Joined Ministry of International Trade and Industry

Jul. 2010 Director-General, Industrial Science and Technology Policy and Environment Bureau, Ministry of Economy, Trade and Industry (METI)

Sep. 2012 Director-General, Manufacturing Industries Bureau, METI

Jun. 2013 Director-General, Economic and Industrial Policy Bureau, METI

Jul. 2015 Vice-Minister of Economy, Trade and Industry

Jul. 2017 Advisor, METI

Aug. 2017 Executive Advisor, Cabinet Secretariat

Jun. 2018 Member of the Board of Directors, Toyota Motor Corporation

Hiroshi Ozu

Non-Executive Director

Haruhiko Kato

Non-Executive Director

Yoko Wake

Non-Executive Director

Yoshiyuki Kagawa

Non-Executive Director

Masahiro Kato

Non-Executive Director

Shigeru Hayakawa

Vice Chairman

Shareholder Value:

Creation of shareholder value in Toyota Motor:

Since appointment as Vice Chairman: The present value of JPY1,000 invested on the appointment date of April 18, 2016 at close price of JPY5,041.09 is JPY1,492, including a capital gain of JPY347 and dividend reinvested of JPY146.

Shigeki Tomoyama

Executive Vice President

Mitsuru Kawai

Executive Vice President

Moritaka Yoshida

Executive Vice President

SECTION 13 GLOSSARY

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price/Earnings: Share Price/Earnings Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

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