Toyota keeps seeking more scale via manufacturing improvements and alliances.
We do not see a reason to change our fair value estimate or moat rating for Toyota after the company reported a good start to fiscal 2017 excluding a large currency headwind from the stronger yen against the dollar and various Asian currencies. Diluted EPS fell year over year by 12.8% to JPY 179.11 but still easily beat consensus, while non-financial-services revenue fell by 5.6% and total revenue declined by 5.7%. Toyota is highly exposed to currency movements due to continuing to have its cons...
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