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1、JapanResearchPackASummaryofSelectGlobalMarketsResearchTuesday13June2017KEYFORECASTCHANGESRATINGTARGETPRICECURYEAREPSNEXTYEAREPSSECURITY/SECTORTICKERCURRCURROLDNEWOLDNEWU/D%OLDNEWOLDNEWCOMPANYRATINGCHANGESJapanLogisticsFund8967JPBuyNeutralJPY282,000267,000+11.0JPY4,179.34,170.7
2、4,262.24,259.2UnitedUrban8960JPNeutralBuyJPY199,000195,000+18.3JPY3,130.13,212.53,164.13,259.6InvestmentTARGETPRICECHANGESKajima1812JPBuy-JPY1,0071,130+32.0JPY91.5105.591.5103.1Obayashi1802JPBuy-JPY1,4501,630+33.4JPY131.0147.0131.7147.7SumitomoMetal5713JPNeutral-JPY1,595.01,46
3、0.0+7.2JPY134.2110.6152.3141.4MiningTaisei1801JPBuy-JPY1,0601,260+31.9JPY89.593.596.5105.2KenedixOffice8972JPNeutral-JPY680,000708,000+16.3JPY11,57112,20911,64212,212InvestmentESTIMATECHANGESShimizu1803JPBuy-JPY1,380-+25.5JPY122.3126.1125.5126.1*U/D%=PotentialUp/Downside%Highl
4、ightsforTodayComparisonwithpastNikkei225breaksabove20,000-ValuationsdonotseemasinflatedasinthepastHisaoMatsuura-NSC/MasakiMotomura-NSC/KiichiFujita-NSCEconomyandcorporateearningsseenaspositives,butsubjecttolessinterestthaninthepastTaisei(1801JP)(Buy)Improvementinshareholderret
5、urnstance(TPJPY1,060→JPY1,260,PRICEasof6/9/2017JPY955)KentaroMaekawa-NSCTaiseiremainsourtoprecommendationObayashi(1802JP)(Buy)Increasingretainedearningswhileinvesting(TPJPY1,450→JPY1,630,PRICEasof6/9/2017JPY1,222)KentaroMaekawa-NSCSlightlylargerupsidescopeforgrossmarginonbuild
6、ingconstructionthanatsectorpeersShimizu(1803JP)(Buy)Civilengineeringmarginimprovementsincomplete(TPJPY1,380,PRICEasof6/9/2017JPY1,100)KentaroMaekawa-NSCGrossmarginonbuildingconstructionprojectsatpointoforderupslightlyKajima(1812JP)(Buy)Weseeplentyofupsideversusguidance(TPJPY1,
7、007→JPY1,130,PRICEasof6/9/2017JPY856)KentaroMaekawa-NSCHighprofitcomparisonbasefor18/3H1NissanMotor(7201JP)(Buy)FocusingonleadinEVs,autonomousdriving(TPJPY1,650.0,PRICEasof6/9/2017JPY1,076.5)MasatakaKunugimoto-NSCAnnouncementofnext-genLeafinSeptembercouldtriggerreassessment,di
8、vyieldalsoattractiveProductionComplete:2017-06-1222:00UTCSeeA