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1、JapanResearchPackASummaryofSelectGlobalMarketsResearchFriday16June2017KEYFORECASTCHANGESRATINGTARGETPRICECURYEAREPSNEXTYEAREPSSECURITY/SECTORTICKERCURRCURROLDNEWOLDNEWU/D%OLDNEWOLDNEWCOMPANYRATINGCHANGESNisshinSeifunGroup2002JPBuyNeutralJPY2,0001,950+2.3JPY73.971.580
2、.075.9TARGETPRICECHANGESOsakaSteel5449JPNeutral-JPY1,9602,150+1.3JPY128.5141.3133.6154.2UACJ5741JPNeutral-JPY340310+7.6JPY41.235.844.437.7YakultHonsha2267JPNeutral-JPY5,8008,000+1.1JPY179.7194.7194.8211.7ESTIMATECHANGESMaedaRoad1883JPNeutral-JPY2,145--4.3JPY214.5214.
3、4237.6220.2Construction*U/D%=PotentialUp/Downside%HighlightsforTodayNisshinSeifunGroup(2002JP)(NeutralfromBuy)LoweringratingfromBuytoNeutral(Buy→Neutral,TPJPY2,000→JPY1,950,PRICEasof6/14/2017JPY1,906)SatoshiFujiwara-NSCLookingforfreshinitiativessuchasoverseasM&Aasimp
4、actofstrategicinvestmentfadesYakultHonsha(2267JP)(Neutral)YakultLadies,salescompaniesmoreactive(TPJPY5,800→JPY8,000,PRICEasof6/14/2017JPY7,910)SatoshiFujiwara-NSCBusinessmodeloffersvirtuouscycle,welooktoevengreateractivityJapaninternetandmediasectors-LINEConference20
5、17YoshitakaNagao-NSCEventconfirmsforusthatmedium-termprofitgrowthpotentialishighCrudeoilsupply-demandoutlook(IEA'sJuneOilMarketReport)-DemandmayexceedsupplythroughJan-Mar2018ShigekiMatsumoto-NSCUSoilproductionforecastsfor2018lookoverlyoptimisticJapaneseEquityResearch
6、Japaneseequityindexrebalancing-ToshibaoutofTOPIX,N225ifdemotedtoTSE-2AkihiroMurakami-NSC/TomoyoIzumi-NSCDemotiontoTSE-2doesnotmeanexclusionfromMSCIorFTSEE3:secondday(day5)-ManagementbriefingsJunkoYamamura-NSCY-yriseinshowvisitornumbersANAHoldings[9202]:Maytransportat
7、iondata-DomesticpassengergrowthexceedsinternationalMasaharuHirokane-NSCStrongdemandondomesticroutes,partlyduetoone-timefactorsProductionComplete:2017-06-1522:00UTCSeeAppendixA-1foranalystcertification,importantdisclosuresandthestatusofnon-USanalysts.Nomura
8、JapanResea
9、rchPack16June2017MaedaRoadConstruction(1883JP)(Neutral)Earningsupdate(TPJPY2,145,PRICEasof6/14/2017JPY2,242)KentaroMaekawa-NSCOpera
