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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "notes": "The slide uses a peer benchmark to illustrate TICO's extreme customer concentration (100%) compared to competitors (38-75%).",
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      "text": "Denso relationship must be fundamentally reset, or else TICO must stop investing in this business earning unacceptably low ROICs",
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      "text": "% of Production Volume from Top 1 Customer",
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      "text": "TICO's compressor sales remain below potential because Denso lacks incentive to grow volumes. TICO compressor unit prices are suppressed. Denso relationship must be fundamentally reset.",
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      "text": "customer concentration: 100%",
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      "text": "As TICO's sole customer of A/C compressors, Denso has excessive bargaining power, which has led to low prices and poor ROIC for TICO. Relationship is imbalanced and must be fundamentally reset",
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      "text": "In the past, executives from TICO have asked Denso to admit direct sales to each OEM from TICO, but no such initiatives have happened so far. It is true that there are currently plenty of lost opportunities and irrationality between Denso and TICO from a perspective of entire TMC group.",
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      "text": "In the past, executives from TICO have asked Denso to admit direct sales to each OEM from TICO, but no such initiatives have happened so far. It is true that there are currently plenty of lost opportunities and irrationality between Denso and TICO from a perspective of entire TMC group. — Former Sales Planning Chief of a Component Supplier",
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      "text": "Source: Company Materials, Leading Management Consulting Firm. Note: (1) Share of production volume sales from A/C compressor segment specifically.",
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      "text": "Relationship with Denso Is Problematic",
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