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1、JapanResearchPackASummaryofSelectGlobalMarketsResearchWednesday07June2017KEYFORECASTCHANGESRATINGTARGETPRICECURYEAREPSNEXTYEAREPSSECURITY/TICKERCURRCURRSECTOROLDNEWOLDNEWU/D%OLDNEWOLDNEWCOMPANYRATINGCHANGESSanwaHoldings5929JPNeutralBuyJPY1,1401,460+16.7JPY78.384.981.392.8T
2、ARGETPRICECHANGESBunkaShutter5930JPNeutral-JPY8401,000+12.5JPY86.583.788.690.7Makita6586JPBuy-JPY4,4004,900+15.0JPY188.2193.4212.9-Sho-Bond1414JPBuy-JPY6,0506,400+16.2JPY260.1-315.9297.3HoldingsToridollHoldings3397JPBuy-JPY3,1003,400+17.9JPY161.0142.8174.5181.2Ajinomoto280
3、2JPBuy-JPY2,900.03,000.0+24.6JPY99.0106.4112.3118.7*U/D%=PotentialUp/Downside%HighlightsforTodaySanwaHoldings(5929JP)(BuyfromNeutral)RaisingratingtoBuy(Neutral→Buy,TPJPY1,140→JPY1,460,PRICEasof6/5/2017JPY1,251)AtsushiYoshioka-NSCWeexpectareturntohighgrowthfrom18/3asgrowthi
4、nJapanlooksmorelikelyBunkaShutter(5930JP)(Neutral)Hikingtargetprice,butretainingNeutralrating(TPJPY840→JPY1,000,PRICEasof6/5/2017JPY889)AtsushiYoshioka-NSCSignsofgrowthinshipmentvolumes,butguidancelookschallengingKirinHoldings:MyanmarBrewery-Increasedcapacity,betterpricing
5、powerSatoshiFujiwara-NSCFiercerpricecompetitioninvaluebracket,butvictorywouldpaintabrighterpictureVisittoAjinomoto(Thailand)-InrecoverymodeSatoshiFujiwara-NSCSustainededgeinbrandappealandproductqualityshouldensurestrengthinallsaleschannelsAjinomoto(2802JP)(Buy)Strongprofit
6、growthondecentsalesgrowth(TPJPY2,900.0→JPY3,000.0,PRICEasof6/5/2017JPY2,412.0)SatoshiFujiwara-NSCStabletop-linegrowthinoverseasbusinessasThailandmovesintorecoveryphaseTokyoElectron's[8035]FPDproductionequipmentbusiness-BusinessoverviewTetsuyaWadaki-NSCPastblue-chipbusiness
7、stagingcomebackFujitsu[6702]-ManagementpolicybriefingMasayaYamasaki,CFA-NSCAimingforoperatingmarginofaround6%in19/3byconcentratingontechnologysolutionsMakita(6586JP)(Buy)Forecastingrecordoperatingprofitsin18/3(TPJPY4,400→JPY4,900,PRICEasof6/5/2017JPY4,260)ProductionComplet
8、e:2017-06-0622:00UTCSeeAppendixA-1foranalystcertification,importantdisclosuresandthestatu
