{ "docId": "019dd923-622b-71dc-a6d9-8d4836bf75ca", "docSlug": "6cdbc0b0bbf6", "documentTitle": "Toyota Industries Corporation (6201.T)", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2026-01-27 00:00:00", "orientation": "landscape", "aspectRatio": 1.4444444, "pageNumber": 28, "pageCount": 52, "prevPage": 27, "nextPage": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 6, "notes": "The slide uses two waterfall charts to demonstrate the discrepancy between tax deductions and reported liabilities.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "bar_chart_stacked", "bar_chart_vertical", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-8d4836bf75ca/28", "deckHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca#slide-28", "components": [ { "bbox": { "h": 0.18, "w": 0.29, "x": 0.69, "y": 0.21 }, "kind": "callout", "text": "豊田自動織機の貸借対照表における繰延税金負債は、2026年1月16日時点の推定額で8,000億円超過大に算定されている。この過剰な税額による簿価の控除額は1株あたり約2,700円に相当する", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9f2760f3-b5e3-427f-9a79-471bbdb91353", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.32, "x": 0.35, "y": 0.21 }, "kind": "chart", "text": "NAVに計上された税額控除", "attrs": null, "subkind": "waterfall", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2adff5ab-ec83-4ac2-b279-56c2be0b987f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.32, "x": 0.35, "y": 0.58 }, "kind": "chart", "text": "簿価から控除されている税額は、豊田自動織機の実際の計画を踏まえると明らかに過大である", "attrs": null, "subkind": "waterfall", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fb442c47-4f00-4fcf-9f4e-b3951882a095", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.88 }, "kind": "disclaimer", "text": "出典: 会社開示資料、Bloomberg、外部税務アドバイザー（強調は当社による）", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0636823e-5c41-437c-aefc-a6b6a711a6d2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.32, "x": 0.02, "y": 0.25 }, "kind": "list", "text": "本改定後TOBの一環として、豊田自動織機は、保有する上場会社株式（トヨタ自動車、豊田通商、デンソー、アイシン）を各社による自己株式取得を通じてそれぞれの発行会社に売却することが想定されている", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3fc9f78d-c28b-4f7f-8534-4baddf0509f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "deferred tax liability: ¥1,631bn", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0936-7173-ab1c-8e997b0fe20c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.29, "x": 0.69, "y": 0.42 }, "kind": "quote", "text": "発表されたTOBでは、豊田自動織機が非上場化後に、カウンターパートは[...]自己株TOBを計画、税控除の大部分はカウンターパート側のメリットとなる。UBS、2025年11月20日", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "799af446-2091-4eb2-ac1d-299283a78f8e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.29, "x": 0.69, "y": 0.62 }, "kind": "quote", "text": "買付者らは、豊田自動織機の関与のもと、税務上有利な扱いを受けるTOBを通じて他社に株式を割安で売却することで得られる価値向上分を株主から見えづらくしている[...] Travis Lundy、2026年1月14日", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "be9ff453-79d1-417a-8a6b-28865210aff7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "発表されたTOBでは、豊田自動織機が非上場化後に、カウンターパートは[...]自己株TOBを計画、税控除の大部分はカウンターパート側のメリットとなる。 — UBS、2025年11月20日", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0936-7173-ab1c-899c4b9c6930", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "title", "text": "本改定後TOBでは約0.8兆円の節税効果が見込まれるが、この利益が少数株主と適切に共有されていない", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55169a68-988a-4c8a-a479-de42a301fca6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "IFRS上の繰延税金負債は実際に支払う税額を過大に見積もっている", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "74c398aa-2b50-4dfa-8fa6-d3df3617ee13", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "from": 21, "beatId": "b477abe7-afe2-4e20-813e-ec34e07032bf", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "Providing valuation tables and data to support the undervaluation of Toyota Industries JP", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }