Toyota Tsusho: Upbeat on prospects for sustained profit growth and improved shareholder returns

研报英文原文证据摘录

Toyota Tsusho: Upbeat on prospects for sustained profit growth and improved shareholder returns

Global Markets Research

24 June 2026Toyota Tsusho

8015.T 8015 JP / EQUITY: JAPAN TRADING COMPANIES

Upbeat on prospects for sustained profit growth and improved Rating

From Suspended Buyshareholder returns

Target price JPY 7,590 From N/AProfit growth driven by company-specific factors provides reassurance

We assign a Buy rating, noting strong profit growth potential and high ROE Closing price 23 June 2026 JPY 6,130We assign a Buy rating to Toyota Tsusho. While the outlook for the global economy is

uncertain due to factors including the situation in the Middle East and friction between Implied upside +23.8%China and the US, we think profit growth drivers for the company include increased

automobile demand in Africa backed by economic growth, as well as company-specific

factors including business domain expansion within the Toyota group and business

opportunities with Toyota Motor [7203] partners, which we think provides reassurance Relative performance chart

about earnings. We take a positive view not only of the company's higher profit growth

potential than sector peers, but also of how its shareholder returns, previously an issue,

have been improving since the new president took office in 26/3. With the company's ROE

higher than those of sector peers, we think a fair-value P/B of around 2.5–2.6x, above the

sector average, is appropriate. Our target price of ¥7,590 is calculated by applying this

multiple to our 27/3 BPS forecast of roughly ¥2,977.

Manufacturing-related operations likely to benefit from rising market prices, sales-

related operations likely to see consistently solid demand