Toyota Motor Corporation's (Toyota) FY 2009 revenues were in line with our expectation. Considering the weak Management outlook for FY 2010 and severe global economic conditions, we maintain our pessimistic outlook for the company. Consequently, we reiterate our SELL rating for the common stock and will reassess our target price and rating in our FY 2009 update report. Despite our weak fundamental outlook, we maintain our expectation of a significant positive…

Toyota Motors Corporation’s (Toyota Motors) common stock has appreciated significantly since our supplement to the 2Q 09 update report, dated 29 December 2008. North American automotive sales for March 2009 increased 25% m-o-m, supporting investor confidence. Furthermore, expectation of gaining a higher share in the US automobile market, based on the anticipated bankruptcy of Chrysler and General Motors, coupled with the announcement of a US$1 tn global stimulus…

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Toyota Motor Corporation (Toyota) significantly reduced its revenue and profitability estimates in light of weak global vehicle demand and a strengthening yen against the US dollar and Euro. We have further revised our FY 2009 revenue and profitability estimates to reflect weak vehicle demand associated with recession in Toyota’s core markets, such as Japan and the US, and to reflect weak Management guidance. We expect…