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  "documentTitle": "Toyota Industries Corporation (6201.T)",
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  "notes": "The chart bridges book value from FY3/25 Q4 to the current date, adjusting for earnings and FX impacts.",
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      "kind": "callout",
      "text": "本試算は参考値。簿価は豊田自動織機の事業価値を正しく反映しておらず、また、簿価には法定税率31%が全額適用されているため、みなし配当課税による税効果は考慮されていない。豊田自動織機はPBR1倍を大きく上回る評価を受けるべきである",
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      "text": "Book Value per share: 14%",
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      "kind": "paragraph",
      "text": "直近の上場会社株式の価値の増加を考慮すると、本改定後TOB価格は、2026年1月16日時点の1株あたり推定簿価に比べて大幅に割安である",
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      "text": "出典:会社開示資料、Bloomberg 注: (1) FY3/26 Q3のBloombergコンセンサス当期純利益による、(2) 為替影響は過去の為替推移と円建て簿価（包括利益計算書の開示に基づく）との相関に基づき、四半期の為替変動に対する推定による、(3) 2026年1月16日時点",
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      "text": "推定簿価は本改定後TOB価格を14%上回る",
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