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Investing.com - JPMorgan initiated coverage on Toyota (NYSE:TM) Boshoku Corp (3116:JP) (OTC:TDBOF) with a Neutral rating and a price target of JPY2,000.00 through December 2025, according to a research note released Tuesday.
The research firm expressed concerns about potential longer-term declines in average seat prices due to US tariffs, despite management’s efforts to reduce dependence on China and improve operations in Japan and the Americas.
In Asia, JPMorgan expects volume expansion to be led by MSIL, but noted that slowing demand growth in India and stronger competition suggest these businesses may take time to meaningfully contribute to earnings.
From a shareholder return perspective, the research note highlighted that Toyota Boshoku aims to maintain stable dividends with a DOE of 3% or higher, but its net cash level provides limited room for increasing shareholder returns.
JPMorgan also indicated that Toyota Boshoku’s shareholder breakdown may change with the restructuring of the Toyota group, adding another dimension to the investment outlook for the automotive components manufacturer.
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