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  "documentTitle": "Toyota Industries Corporation (6201)",
  "authorId": "02_Elliott_Management",
  "authorName": "Aaron Tai and Gordon Singer",
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  "presentationDate": "2026-01-18 00:00:00",
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  "notes": "The slide includes a disclaimer that book value is an inadequate metric for TICO's valuation.",
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      "text": "Purely illustrative, as we do not believe book value correctly reflects the significant value of TICO’s operating business and book value is overly punitive on the tax leakage on publicly listed stakes that would be realized, as it includes a deferred tax deduction broadly at the 31% Japanese statutory tax rate, and not at the much more beneficial deemed dividend tax structure under an issuer buyback unwind of cross-shareholdings. TICO deserves a much higher valuation than 1x PBR.",
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      "text": "PBR: 0.93x",
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      "text": "Purely illustrative, as we do not believe book value correctly reflects the significant value of TICO's operating business and book value is overly punitive on the tax leakage on publicly listed stakes that would be realized, as it includes a deferred tax deduction broadly at the 31% Japanese statutory tax rate, and not at the much more beneficial deemed dividend tax structure under an issuer buyback unwind of cross-shareholdings. TICO deserves a much higher valuation than 1x PBR.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Company Materials. Notes: (1) Assumes Bloomberg consensus FY3/26 Q3 net profit; (2) FX impact is estimated based on the historical relationship between FX driven movements in the JPY book value (as disclosed in the statement of comprehensive income) vs. the FX rate movement in the quarter to December 31, 2025.",
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      "text": "Appendix 4: The Revised TOB Price is Expected to be Below 1x PBR on FY3/26 Q3 Book Value",
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