บทวิเคราะห์ (Research)

Toyota is not just the world’s largest automaker by volume—it’s one of the most resilient business models in mobility. In FY25, Toyota sold 11m vehicles globally (-0.7% y-y), outpacing Volkswagen by over 1.5m units (VW: ~9m). Toyota generates revenue from three key streams: global vehicle sales (~89%), financial services (~9%), and parts (~2%). The company delivered 4.44m hybrids, 145,000 BEVs, and 161k PHEVs, reinforcing its first hybrid transition strategy. Toyota’s 370+ affiliated companies and vertically integrated structure ensure full control from R&D to finance. Its regional tailoring strategy—Prius for Tokyo, Hilux for Bangkok, RAV4 Hybrid for California—allows it to scale without overextending. Bloomberg consensus recommends a BUY on TOYOTA80, with a target price of THB 6.85 based on 11x FY26E P/E. While FY26 earnings are expected to soften—due to cost inflation, yen appreciation, and tariff pressures. For investors seeking global auto exposure with financial stability, Toyota remains a conviction holding.