August 7, 2026 10:14 AM GMT Toyo Tire (5105) | Japan M Update F12/26 2Q Results: Hard to Recoup Lost Sales from 1H System Issues AlphaSignals Earnings Reaction Weakens our thesis Meaningful shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 2Q results: OP of ¥16.9bn missed our ¥25.7bn forecast and consensus of roughly ¥26.5bn. The impact of the initial system issues on do ...