Instant view: Toyota Q3 profit jumps, raises forecasts
TOKYO (Reuters) - Toyota Motor Corp reported a stronger-than-expected quarterly operating profit, shrugging off a firm yen and the damaging impact of flooding in Thailand, and raised its annual forecast, helped by cost cuts and Japanese government subsidies.
TOMOICHIRO KUBOTA, MARKET ANALYST, MATSUI SECURITIES CO
"They lifted their pretax profit forecast for the year to March 2012 to 270 billion yen from 170 billion yen, and this can probably be taken as a straightforward positive (for its shares).
"It gives a positive impression, with electronics and other sectors issuing downward revisions.
"As for a rebound for the stock to 3,000 yen from tomorrow onwards, these results could get the job done.
"In terms of their currency rate forecasts, their euro/yen outlook looks a bit rosy, so this leaves some cause for worry."
FUMIYUKI NAKANISHI, GENERAL MANAGER OF INVESTMENT AND RESEARCH, SMBC FRIEND SECURITIES, TOKYO
"It is a surprising, good number. I think most in the market were expecting much worse. The operating profit forecast for the year to March is nearly halved from the previous year but that doesn't mean it's going to fall into a loss, and that sets them apart from other Japanese corporations. Continued...