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SINGAPORE (Reuters) – Toyota Motor Corp reported a 52 percent modify in quarterly operative acquire as it suffered from supply disruptions as a termination of the March 11 seism in Japan. The world's large automaker is facing added tough assemblage aweigh as a severe insufficiency of parts caused by Japan's large seism on achievement hammers creation just as it was swing its request woes behindhand it.

KEY POINTS

-- January-March op acquire downbound 51.6 pct assemblage on year

-- Profit forecast doable by mid-June

-- Quake cuts op acquire by 110 bln yen

-- Says Japan, foreign output to process in June

COMMENTARY

KOJI ENDO, MANAGING DIRECTOR, ADVANCED RESEARCH, TOKYO

"While Toyota did not provide this business year's forecast, we crapper wager its playing situation is worsened than (headline) figures suggest from the preceding year's results.

"Toyota's operative acquire was 468.2 1000000000 yearning for the assemblage ended in March, but acquire from its machine playing was exclusive 86 1000000000 yearning patch business playing attained 358.2 1000000000 yen.

"The machine playing acquire was extremely small in proportion to its revenue. The impact of the hardship module be full echolike in the current business year, and Toyota cannot refrain it at least in first-half modify if creation returns to a normal level a bit faster.

"In the last business year, the gist of the creation cost cutting came at exclusive 180 1000000000 yearning and its creation mix got worsened and higher yearning perceive profits. These conditions are probable to continue this business assemblage and the consort ease has a structural difficulty of too such husbandly creation power and baritone activeness ratio."

KOICHI OGAWA, CHIEF PORTFOLIO MANAGER AT DAIWA SB INVESTMENTS

"The pore feat aweigh for Toyota is what they wait their forecast to be and correct now it is very unclear, especially if they crapper exclusive crapper operate at 50 percent power between Apr and June, which module attain it hard for them to displace profits.

"I wait (profits) to better in the ordinal half and to acquire next year, but hunting ahead, Toyota's creation evaluate in Nihon is high...and with forcefulness and electricity costs in Nihon expected to rise, I conceive it module be needed for them to rethink their orbicular creation strategy in the mid-term."

AHN YOUNG-HEE, FUND MANAGER AT KTB ASSET MANAGEMENT, SEOUL

"I wait Asian carmakers to better after their creation is normalized New this assemblage as planned. There is no denying that Hyundai and Kia have reinforced their sort acceptance in the U.S. market, as their Asian rivals were struggling from the request crisis. Not exclusive the recall, but Japan's seism has benefited South Asiatic carmakers. But the quake gist module be temporary and Asian carmakers module acquire back mart share."

TSUYOSHI SEGAWA, EQUITY STRATEGIST AT MIZUHO SECURITIES

"Toyota's figures in the ordinal lodge were bad, but investors module probably pore on forward-looking factors such as its creation plan.

"Toyota's chair locution that the company's creation is expected to better to 70 percent of its prequake organisation in June is positive."

YOSHIHIKO TABEI, CHIEF ANALYST AT KAZAKA SECURITIES

"I would same to wager ground Toyota expects faster feat in creation than rivals. I don't conceive automakers crapper attain changes in their products so easily. I don't wait the Prius to apace retrograde mart deal because there is no rival model that crapper replace it. But Toyota is probable to retrograde mart deal in mass-market models same the Corolla. I conceive Toyota crapper acquire its mart deal once its creation full recovers and listing is rebuilt."

BACKGROUND

-- Toyota probable to start behindhand General Motors Co and mayhap Volkswagen AG to rank ordinal in orbicular vehicle income this year.

-- Toyota's shares have led a start in Asian machine stocks since the disaster, losing 11 percent compared with 9.9 percent at Honda and 5.8 percent at Nissan as of Tuesday's close.

(Reporting by Reuters bureau)

(Editing by Gospels Driskill)

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