Toyota Motor Corp.’s sizzling rally this week has propelled it back into the list of Asia’s five-largest companies by market value, charging ahead of Alibaba Group Holding Ltd. and Industrial & Commercial Bank of China Ltd.
(Bloomberg) — Toyota Motor Corp.’s sizzling rally this week has propelled it back into the list of Asia’s five-largest companies by market value, charging ahead of Alibaba Group Holding Ltd. and Industrial & Commercial Bank of China Ltd.
The carmaker’s stock got a 13% push, buoyed by a briefing on its electric-vehicle strategy as well as its annual general meeting. It has also benefited from an inflow of foreign funds amid the ongoing rally in Japanese stocks, with Toyota up 28% this year while the benchmark Topix has jumped 21%.
Toyota’s market capitalization stands at 37.9 trillion yen ($268 billion), making it the world’s second largest automaker after Tesla Inc.
“Toyota’s move and that of the whole market were a reminder that a classic Japanese bull market is something that is difficult to outperform,” analysts at Pelham Smithers wrote in a note.
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With the latest jump, Toyota’s stock is now closing in on Samsung Electronics Co. and Kweichow Moutai Co. in terms of size. Taiwan Semiconductor Manufacturing Co. and Tencent Holdings Ltd. retain firm grasps on the region’s top-two spots.
–With assistance from Tsuyoshi Inajima and Ishika Mookerjee.
(Adds market value details in third paragraph.)
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