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1、JapanResearchPackASummaryofSelectGlobalMarketsResearchFriday09June2017KEYFORECASTCHANGESRATINGTARGETPRICECURYEAREPSNEXTYEAREPSSECURITY/TICKERCURRCURRSECTOROLDNEWOLDNEWU/D%OLDNEWOLDNEWTARGETPRICECHANGESHoya7741JPNeutral-JPY5,5456,175+10.6JPY260.6263.2278.7289.0Taiyo
2、Nippon4091JPNeutral-JPY1,4001,260+8.5JPY87.685.393.192.0SansoTosoh4042JPBuy-JPY1,1651,250+17.9JPY105.8114.0111.2122.7AirWater4088JPNeutral-JPY2,2702,160+6.1JPY144.3132.3151.4144.6*U/D%=PotentialUp/Downside%HighlightsforTodayJapan:FY17-19economicoutlookrevisions-Low
3、eringFY17forecastslightly,viewunchangedTakashiMiwa-NSC/MasakiKuwahara-NSC/YasuhiroTakahashi-NSC/YoshiyukiSuimon-NSC/KengoTanahashi-NSC/YusukeMiyairi-NSCEconomystillrecovering;expectslowerpaceaftersomewhathighgrowthinQ2HondaMotor[7267]-HondaMeeting2017MasatakaKunugi
4、moto-NSCFocusoncostsavings,developmentofelectricvehiclesandautonomousdrivingtechnologiesHitachi[6501]-HitachiIRDay2017MasayaYamasaki,CFA-NSCShiftingintogrowthphasedrivenbydigitalsolutionsHoya(7741JP)(Neutral)Raisingourtargetprice(TPJPY5,545→JPY6,175,PRICEasof6/7/20
5、17JPY5,582)TetsuyaWadaki-NSCEUVLblanksmarketlikelytototal¥40bnin2019Tosoh(4042JP)(Buy)PVC,semiconductor-relatedproductsbrisk;Buy(TPJPY1,165→JPY1,250,PRICEasof6/7/2017JPY1,060)ShigekiOkazaki-NSCRivalsstillhavingtroubleatMDIplantsTaiyoNipponSanso(4091JP)(Neutral)Wefo
6、recast10%coreOPgrowthin18/3(TPJPY1,400→JPY1,260,PRICEasof6/7/2017JPY1,161)KaoriIwasaki-NSC/ShigekiOkazaki-NSCThermosbenefitsfromsolidgrowthinAsiansalesvolume,butsuffersfrompricecompetitionAirWater(4088JP)(Neutral)Sustainedprofitgrowthfromhighervolumes,M&A(TPJPY2,27
7、0→JPY2,160,PRICEasof6/7/2017JPY2,035)KaoriIwasaki-NSC/ShigekiOkazaki-NSCWelikerestructuringinchemicalstoo,butstocklacksvaluationappealJapanhousing&realestatesector-OfficerentalmarketsteadyDaisukeFukushima-NSCRentsrisenotonlyinTokyobutinOsakaandFukuokatooProductionC
8、omplete:2017-06-0822:00UTCSeeAppendixA-1foranalystcertification,importantdisclosuresandthestatusofnon-USanalysts.Nomura
9、JapanResearchPack9June201