Toyota(US:TM) 智通财经网·2025-05-09 15:18Group 1 - Toyota Motor Corporation expects a 21% decline in operating profit for the next fiscal year, attributing this to new tariffs on automobile imports imposed by the U.S. [1] - The company is reportedly planning to acquire its subsidiary, Toyota Industries, for over $40 billion, which could be one of the largest internal equity restructuring actions in Japan's history [1][2] - The complex cross-shareholding structure within the Toyota Group has raised concerns among investors regarding the independence of companies and capital flow [1][2] Group 2 - There is dissatisfaction among Toyota's independent shareholders, as evidenced by a majority vote against the re-election of Chairman Akio Toyoda, reflecting concerns over corporate governance [2] - If Toyota integrates Toyota Industries into the parent company, it would be seen as a significant improvement in corporate governance, but current rumors suggest a preference for a special purpose vehicle (SPV) structure that may reinforce family control [2] - The potential "century deal" could inspire other Japanese companies to follow suit, as approximately 30% of the Japanese market's value is tied up in cross-shareholding, significantly higher than in Western markets [2] Group 3 - Stock buybacks in Japan have tripled compared to last year, indicating a growing focus on capital efficiency among Japanese companies [3] - Despite challenges such as tariffs, global economic slowdown, and yen appreciation, there is potential for companies focused on the domestic market to benefit as Japan's long-standing deflation may be nearing an end [3] - The potential restructuring at Toyota may signal a shift in Japan towards reforming overcapitalized corporate groups, similar to the U.S. in 1982 [3]