Market cap ¥6.78TNext earnings 2026-10-29Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionToyota Tsusho Corporation (8015.T)
Fair value
Not available
ACCE price target
¥6343
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 15:59 CEST.
Price used: ¥7232 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
72
out of 100
P/E
18.9x
forward 20.6x
1-year return
+63.1%
Dividend yield
1.69%
Toyota Tsusho Corporation in four questions
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Overview
ACCE thesis
Toyota Tsusho is a Japanese trading house whose revenue comes from distributing and processing automotive parts, metals, chemicals, and industrial machinery across Asia, Africa and Latin America, with a growing position in lithium and battery materials and mobility services through its Toyota affiliation. Its edge is an embedded role in the Toyota group supply chain, which gives it captive volume and privileged access to upstream materials that a generalist trader would not have. The near-term catalyst is the expansion of battery material sourcing as EV production scales, which lifts the mix toward higher-value processing. Revenue grew 37.6% over the latest reported period, and the trailing P/E of 19.4 against a forward P/E of 20.8 implies earnings are expected to dip slightly, so the growth is not yet flowing through to the bottom line. With a 5.2% operating margin and a 16.1% ROE, the case rests on whether volume growth can keep converting into profit at this margin level.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Revenue growth reversal
Five-year revenue CAGR is -39.1% while the latest year shows +37.6%, so the recent jump may not be a stable trend. Check whether it reflects one-off or commodity-driven swings.
moderate
Thin operating margin
Operating margin of 5.2% and net margin of 3.3% leave little cushion if trading or commodity spreads narrow. ROE of 16.1% is partly supported by 0.93 debt/equity.
moderate
Price above ACCE target
The price of ¥7232.00 sits 14.0% above the ACCE price target of ¥6343.00, so the stock already prices in more than our target assumes.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 37.6% year over year in the latest filings, a sharp acceleration for the business.
Return on equity of 16.1% shows the company earns a solid return on the capital shareholders have put in.
Free cash flow of JPY 44.0B over the last twelve months gives the company real cash to fund dividends and investment.
Why it could disappoint
Net margin of 3.3% is thin, so a small dip in trading volumes could wipe out much of the profit.
Revenue growth averaged -39.1% per year over five years, so the recent jump follows a long, deep decline.
The shares trade at 14.0% above the ACCE price target of ¥6343.00, leaving little margin for error at a 20.8x forward P/E.
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