Toyota Motor Corp. Reaserch

August 18, 2011

Toyota Motor Corp.
Current Recommendation Prior Recommendation Date of Last Change Current Price (08/17/11) Target Price

(TM-NYSE)
SUMMARY Toyota Motor Corporation is the leading automaker in the world in terms of sales and production. The automaker always played a pivotal role in the global market for fuel-efficient and environment-friendly vehicles influencing other automakers to foray into the same market promoted by the governments of many countries. Good news is that the company expects its loss-making European operations to revert to profit at the operating level for the full year 2011. Moreover, its continued focus on the emerging markets is expected to boost sales. Therefore, we have upgraded the recommendation on the shares of the company from Neutral to Outperform with a target price of $90.
Risk Level * Type of Stock Industry Zacks Industry Rank * Low, Large-Value Auto -Foreign 20 out of 291

OUTPERFORM
Neutral 08/18/2011 $74.68 $90.00

SUMMARY DATA 52-Week High 52-Week Low One-Year Return (%) Beta Average Daily Volume (sh) Shares Outstanding (mil) Market Capitalization ($mil) Short Interest Ratio (days) Institutional Ownership (%) Insider Ownership (%) Annual Cash Dividend Dividend Yield (%) 5-Yr. Historical Growth Rates Sales (%) Earnings Per Share (%) Dividend (%) P/E using TTM EPS P/E using 2012 Estimate P/E using 2013 Estimate Zacks Rank *: Short Term 1 3 months outlook
* Definition / Disclosure on last page

$93.68 $67.84 7.22 0.69 603,589 1,568 $117,087 5.21 2 N/A $1.11 1.48

ZACKS CONSENSUS ESTIMATES
Revenue Estimates
(In millions of $)

Q1 (Jun)

Q2 (Sep)
NA NA NA NA

Q3 (Dec)
NA NA NA NA

Q4 (Mar)
NA NA NA NA

Year (Mar)
204,000 A 235,800 A 243,560 E 254,850 E

2010 2011 2012 2013

NA NA NA NA

-2.2 N/A -15.0 24.8 11.4 9.9

Earnings Per Share Estimates
(EPS is operating earnings before non-recurring items, but including employee stock options expenses)

Q1 (Jun)

Q2 (Sep)
NA NA NA... [continues]

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