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  "documentTitle": "Toyota Industries Corporation (6201)",
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      "text": "TICO should stop future investments until economics are acceptable and above TICO’s high-single-digit cost of capital",
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      "text": "TICO Automotive Asset Development (¥bn)",
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      "text": "TICO is a critical supplier to TMC and continues to invest to ensure TMC's leadership. One-directional relationship has led to unfavorable pricing terms which have resulted in an unacceptably low ROIC for TICO. TICO should stop future investments.",
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      "text": "Market Feedback on TMC-TICO relationship. In price negotiations with TMC, TICO assumes a defensive position against price reductions. TICO's sales composition ratio of gas/diesel engines fluctuates based on customer's production plans.",
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      "text": "In price negotiations with TMC, TICO assumes a defensive position against price reductions. While it is permitted to pass on increased costs, TICO does not have the authority to implement price increases beyond that. — Former Automotive OES Executive",
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      "text": "Source: Company Materials, Leading Management Consulting Firm. Note: (1) ROIC calculated based on NOPAT and total assets as disclosed in TICO's segmental reporting.",
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      "text": "TICO has over-invested in the auto business to benefit Toyota Motor. TICO needs to prioritize its own interests and stop investing in a business that is not delivering acceptable returns",
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