{ "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": 38, "pageCount": 52, "prevPage": 37, "nextPage": 39, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 14, "notes": "Includes two quotes from 'former automotive parts supplier executives' to support the critique.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "bar_chart_vertical", "bar_chart_vertical", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-8d4836bf75ca/38", "deckHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca#slide-38", "components": [ { "bbox": null, "kind": "callout", "text": "豊田自動織機は、今後は自社の利益を優先し、許容できるリターンを生まない事業への投資を止めるべきである", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0936-7173-ab1d-02b4d274482d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.32, "x": 0.35, "y": 0.22 }, "kind": "chart", "text": "豊田自動織機の自動車事業の投資額", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "02846daa-1939-44ad-86cf-eccc4d851f66", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.32, "x": 0.35, "y": 0.55 }, "kind": "chart", "text": "豊田自動織機の自動車事業のROIC", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3412f1f7-bb7e-46a7-90dd-9c91d73a0711", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.91 }, "kind": "disclaimer", "text": "出典:会社開示資料 注:(1) ROICは、豊田自動織機のセグメント報告で開示されたNOPATおよび総資産に基づいて計算", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4d922e1a-8714-4dad-b347-a3a4dbec9573", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.65, "w": 0.28, "x": 0.04, "y": 0.23 }, "kind": "list", "text": "豊田自動織機はトヨタ自動車にとっての重要なサプライヤーであり、トヨタ自動車の主導的地位を確保するために投資を継続している。一方的な関係性により不利な価格条件が生じ、豊田自動織機のROICが許容できない水準まで低下している。", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43a8b719-2997-43d2-a157-a9dd61e51db9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "ROIC: 2.3%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0936-7173-ab1d-0af80b88b05e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.26, "x": 0.7, "y": 0.22 }, "kind": "quote", "text": "トヨタ自動車との価格交渉において、豊田自動織機は値下げに対して守勢に立つ。コスト増分の転嫁は認められるものの、それ以上の価格引き上げを実施する権限は豊田自動織機にない。元自動車部品サプライヤー幹部", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4c65caf6-2813-4485-a9bb-94ef4b1914c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.26, "x": 0.7, "y": 0.55 }, "kind": "quote", "text": "豊田自動織機のガソリン・ディーゼルエンジンの売上構成比は、顧客（主にトヨタ自動車の顧客）の生産計画に左右される。近年、豊田自動織機は、トヨタ向けのTNGAガソリンエンジンの生産量拡大に注力している。元自動車部品サプライヤー幹部", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f70ff399-78bf-43e2-a161-0be350c7c19e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "トヨタ自動車との価格交渉において、豊田自動織機は値下げに対して守勢に立つ。コスト増分の転嫁は認められるものの、それ以上の価格引き上げを実施する権限は豊田自動織機にない。 — 元自動車部品サプライヤー幹部", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0936-7173-ab1d-05759e1b3486", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "title", "text": "豊田自動織機は、トヨタ自動車の利益のために自動車事業へ過剰投資を行ってきた。豊田自動織機は、今後は自社の利益を優先し、許容できるリターンを生まない事業への投資を止めるべきである", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7e24c948-66c8-4f27-8adb-fbeef1aed1ec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "自動車事業への過剰投資を停止", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f339c733-d2ab-4fc7-93aa-72ad78aac477", "frameworkName": null, "frameworkSlug": null } 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