Fundamental Equity Analysis - ToPIX 100 Index Members (TPX100 Index)

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
TPX100 Index - TOPIX 100 Index
April 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
S&P/TSX COMPOSITE INDEX
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
AEON CO LTD
JPY
10420
14
27.30
49382
51413
59478
61452
3598
3603
1.32
0.93
0.90
0.94
0.15
0.15
0.15
0.02
0.02
0.09
0.02
0.07
A-
13.07.2004
WR
24.04.2009
AJINOMOTO CO INC
JPY
9305
2116
677
9.33
12713
12657
12650
12451
1283
1209
244
244
0.73
0.91
0.80
0.81
0.17
0.19
0.19
-0.01
0.00
-0.02
0.01
0.10
AA-
28.07.1997
WR
06.01.2012
ALL NIPPON AIRWAYS CO LTD
JPY
7393
41902
2516
10
12.07
14987
15501
15635
16184
2297
2585
0.13
0.16
0.13
0.14
0.14
0.18
0.16
0.04
0.00
0.17
0.04
0.18
NR
10.04.2009
WR
24.06.2011
ASAHI GLASS CO LTD
JPY
8253
5691
1156
13.20
12635
12635
13219
13386
2258
2258
547
547
0.50
0.40
0.43
0.45
0.18
0.17
0.16
-0.02
-0.07
-0.25
-0.09
0.19
A-
09.08.2012
ASAHI GROUP HOLDINGS LTD
JPY
11481
967
466
16.24
16767
16767
17625
17742
1894
1894
1.38
1.30
1.56
1.70
0.19
0.16
0.15
0.08
0.02
0.04
0.06
0.12
NR
10.04.2009
WR
12.12.2006
ASAHI KASEI CORP
JPY
9412
4064
1398
12.91
16705
16549
17769
18760
1952
1706
1237
1237
0.48
0.29
0.38
0.49
0.25
0.20
0.19
0.15
-0.02
0.00
-0.12
-0.02
0.11
NR
19.01.2011
WR
24.04.2009
ASTELLAS PHARMA INC
JPY
25242
1412
462
22.08
10293
10218
10434
11183
2092
2100
1.87
1.94
2.39
2.92
0.30
0.24
0.20
0.02
0.00
0.07
-0.03
0.22
NR
09.01.2007
BANK OF YOKOHAMA LTD/THE
JPY
7470
4243
1347
10
#VALUE!
2676
2612
2336
2331
0.40
0.45
0.44
0.15
0.14
0.14
0.00
-0.03
Au
16.12.2005
WR
10.05.2004
BRIDGESTONE CORP
JPY
27239
3759
783
30.57
32276
32276
36949
38642
4699
4683
2.44
2.33
3.23
3.49
0.15
0.11
0.10
0.01
-0.02
0.28
0.01
0.15
NR
30.03.2012
A3
22.04.2009
CANON INC
JPY
49921
3316
1153
44.24
36948
36948
40905
42095
6180
6180
2.03
2.03
2.77
3.11
0.20
0.14
0.13
-0.02
-0.05
-0.10
-0.13
0.18
AA
03.03.2004
CENTRAL JAPAN RAILWAY CO
JPY
21807
263
197
31
50.76
16015
16731
16903
17110
6685
7110
7.19
8.84
10.48
11.14
0.13
0.11
0.10
0.00
0.01
0.04
0.00
0.45
NR
10.04.2009
Aa3
01.09.2011
CHUBU ELECTRIC POWER CO INC
JPY
9280
3657
758
32
37.34
26006
27885
27537
27865
2686
2762
-1.04
-0.64
-0.64
#VALUE!
#VALUE!
0.05
0.03
-0.48
-0.17
0.11
NR
26.03.2013
DAI NIPPON PRINTING CO LTD
JPY
6805
3391
644
7.17
16 K
16 K
16 K
16 K
1414
1296
-0.40
0.24
0.38
0.42
0.27
-0.05
-0.02
-0.22
-0.08
0.09
NR
09.01.2007
DAI-ICHI LIFE INSURANCE
JPY
13124
47
10
10.88
40909
40721
49314
48825
38.70
31.79
42.83
0.36
0.44
0.33
0.05
23.03.2006
DAIICHI SANKYO CO LTD
JPY
13732
2723
704
13.51
9967
10265
10446
10821
1652
1580
378
378
0.15
-0.03
0.77
1.02
0.27
0.20
-0.03
0.02
-0.12
-0.03
0.16
NR
09.01.2007
DAIKIN INDUSTRIES LTD
JPY
11547
1813
291
17.37
12940
13240
13427
16089
1399
1432
1.49
0.81
1.09
2.34
0.52
0.39
0.18
0.05
0.01
0.04
0.03
0.11
NR
09.01.2007
A3
02.11.2012
DAITO TRUST CONSTRUCT CO LTD
JPY
7155
676
79
6.31
11543
11868
12330
13245
903
879
923
923
6.31
6.14
6.75
7.35
0.15
0.14
0.13
0.09
0.20
0.12
0.02
0.08
NR
09.01.2007
DAIWA HOUSE INDUSTRY CO LTD
JPY
11835
2260
579
14.63
19630
20301
21016
23950
1686
1701
0.69
0.67
1.19
1.40
0.31
0.18
0.15
0.10
0.03
0.21
0.07
0.09
NR
09.01.2007
DAIWA SECURITIES GROUP INC
JPY
12482
12569
1690
147
11
128.18
4201
4279
3915
4074
837
1141
0.00
0.22
0.34
0.35
0.22
0.04
-0.13
0.29
-0.35
0.28
BBB
11.09.2009
Baa3
09.11.2011
DENSO CORP
JPY
38346
1127
806
11
34.00
33496
36936
36907
39377
3625
4703
1320
1320
1.21
1.90
2.24
2.81
0.24
0.21
0.16
0.01
0.00
-0.11
-0.09
0.14
AA-
04.03.2011
WR
20.06.2008
EAST JAPAN RAILWAY CO
JPY
32671
1026
396
36
68.41
26887
27926
28292
28706
7631
8143
3.04
4.28
4.93
5.38
0.20
0.18
0.16
0.00
0.00
0.01
-0.01
0.31
AA-
17.03.1998
Aa2
01.09.2011
EISAI CO LTD
JPY
13446
927
285
15.08
6880
6428
6147
6097
1534
1397
347
347
2.09
1.85
1.89
2.03
0.26
0.25
0.24
-0.17
-0.04
-0.13
0.02
0.23
NR
09.01.2007
WR
05.03.2012
FANUC CORP
JPY
37485
1047
196
30.37
5718
5688
5147
5020
2520
2386
7.51
7.14
6.44
6.32
0.23
0.26
0.26
0.22
0.22
0.18
0.07
0.45
NR
09.01.2007
FAST RETAILING CO LTD
JPY
33958
484
102
30.97
9861
9861
11435
12905
1600
1600
7.52
7.47
9.32
10.41
0.45
0.36
0.33
0.14
0.12
0.07
0.16
0.17
12.06.2008
FUJIFILM HOLDINGS CORP
JPY
10251
2533
482
11.62
23310
23078
23311
23967
2768
2553
1335
1335
0.93
0.87
1.07
1.48
0.24
0.20
0.14
-0.01
-0.05
-0.12
-0.05
0.12
AA-
05.02.2009
FUJITSU LTD
JPY
8792
10101
2069
12.96
47437
47219
46398
46370
3343
3279
1638
1638
0.29
0.13
-0.50
0.36
0.34
#VALUE!
0.12
-0.01
-0.04
-0.12
-0.08
0.07
BBB+
22.02.2013
HITACHI LTD
JPY
28278
15441
4635
23
11
56.09
102632
100326
94973
98069
9471
9099
3523
3523
0.80
0.76
0.36
0.58
0.08
0.17
0.11
0.04
-0.03
-0.06
0.02
0.10
BBB+
09.06.2009
HONDA MOTOR CO LTD
JPY
70395
4129
1802
44
13
108.07
84393
101275
105321
116873
8092
11370
2488
2488
1.25
2.14
2.39
3.47
0.19
0.17
0.12
-0.12
-0.04
-0.35
-0.10
0.12
A+
13.02.2002
HOYA CORP
JPY
8203
2048
431
6.58
3830
3788
3891
4067
1404
1361
270
270
0.99
1.30
1.42
1.26
0.15
0.14
0.16
-0.04
0.00
-0.04
-0.02
0.38
NR
09.01.2007
INPEX CORP
JPY
19952
14
19.01
12601
12657
12461
13692
8114
8243
564.22
671.78
546.13
483.55
0.09
0.11
0.12
0.27
0.06
0.31
0.05
0.69
01.10.2008
ISUZU MOTORS LTD
JPY
10468
6337
1694
11.44
14866
17215
17490
18940
1417
1686
0.58
0.67
0.58
0.61
0.10
0.11
0.11
-0.01
0.01
0.08
0.00
0.10
ITOCHU CORP
JPY
19807
5799
1581
29
49.07
45350
47999
133547
139197
3714
3486
1.96
1.91
1.89
1.97
0.07
0.07
0.07
0.18
0.09
0.06
0.02
0.08
A-
28.03.2008
WR
18.11.2009
JAPAN TOBACCO INC
JPY
64026
6053
1904
64.93
21595
22229
22450
24104
6137
6689
1335
1335
1.87
2.20
1.87
2.23
0.15
0.15
0.18
0.15
-0.01
0.04
0.12
0.05
0.32
A+
19.04.2007
JFE HOLDINGS INC
JPY
12096
5872
538
17
29.56
33622
32404
33699
38159
3006
2329
-0.22
0.71
2.30
0.29
0.09
-0.01
0.00
-0.36
-0.17
0.08
NR
10.04.2009
Baa1
23.05.2012
JGC CORP
JPY
6670
2709
252
4.28
5914
6249
6495
7175
795
813
1.67
1.81
1.94
2.10
0.15
0.14
0.13
0.26
0.01
0.06
0.19
0.14
NR
15.07.2008
JX HOLDINGS INC
JPY
14414
7362
2487
24
42.27
113866
115029
118700
120022
5621
3873
0.78
0.30
0.75
0.78
0.20
0.08
0.08
0.12
-0.03
0.04
KANSAI ELECTRIC POWER CO INC
JPY
8731
13687
894
41
51.70
29852
29966
29952
33720
2037
-451
-4.51
-3.15
-0.51
#VALUE!
#VALUE!
0.02
0.01
-0.79
-0.24
-0.02
NR
10.04.2009
KAO CORP
JPY
17125
1590
522
16.68
12912
12850
13449
13759
2000
1945
1.11
1.17
1.51
1.65
0.30
0.23
0.21
0.03
-0.01
0.01
-0.03
0.16
NR
10.04.2009
WR
31.03.2006
KDDI CORP
JPY
36667
2588
764
11
47.70
37928
37900
38857
42468
9660
9232
3.11
2.43
3.25
4.37
0.18
0.13
0.10
0.04
0.00
-0.03
0.07
0.26
NR
10.04.2009
KEYENCE CORP
JPY
18600
87
61
14.22
2117
2202
2306
2490
999
1027
244
244
10.19
10.87
11.61
12.54
0.30
0.28
0.26
0.08
0.07
0.06
0.00
0.50
NR
09.01.2007
KIRIN HOLDINGS CO LTD
JPY
15308
2797
961
10
26.82
23213
23213
24036
24249
3179
3179
0.62
1.04
0.87
0.27
0.25
0.16
0.19
0.06
0.05
0.05
0.09
0.15
NR
10.04.2009
A3
24.10.2011
KOMATSU LTD
JPY
23821
3676
952
30.83
21042
20458
20278
21308
3679
3436
1.84
1.54
1.56
1.95
0.17
0.16
0.13
0.08
0.02
0.12
0.02
0.18
26.10.2007
A2
01.10.2004
KUBOTA CORP
JPY
18569
6983
1256
22.39
10703
11391
12243
13194
1376
1442
0.52
0.56
0.58
0.73
0.28
0.28
0.26
0.21
0.08
0.00
0.15
-0.04
0.13
NR
09.01.2007
WR
30.09.2005
KYOCERA CORP
JPY
17977
635
183
13.71
12645
12689
13576
14526
1813
1360
4.59
3.35
3.57
5.52
0.30
0.30
0.28
0.18
-0.06
0.01
-0.26
-0.05
0.11
NR
09.01.2007
WR
03.02.1998
MARUBENI CORP
JPY
13711
10323
1736
28
37.41
46617
48056
111843
121500
2440
2199
0.99
1.07
1.22
1.30
0.08
0.09
0.07
0.06
0.20
0.06
0.06
-0.03
0.05
BBB
01.09.2009
WR
15.02.2008
MITSUBISHI CHEMICAL HOLDINGS
JPY
7325
7473
1474
12
21.45
34064
33635
33277
35059
3064
2407
212
212
0.27
0.01
0.16
0.30
5.51
0.31
0.17
0.01
0.04
-0.27
0.07
0.08
NR
15.07.2008
MITSUBISHI CORP
JPY
31637
8106
1646
57
15
81.53
59098
60386
210750
220163
4423
3106
2.89
2.57
2.28
2.62
0.08
0.09
0.08
0.07
0.03
-0.10
-0.06
0.05
A+
28.03.2008
A1
26.05.2008
MITSUBISHI ELECTRIC CORP
JPY
17669
6245
2147
21.97
38644
38139
37668
38972
3745
3502
0.56
0.43
0.28
0.64
0.21
0.20
0.32
0.14
0.00
-0.02
0.04
-0.01
0.10
09.04.2008
A1
12.08.2008
MITSUBISHI ESTATE CO LTD
JPY
39580
8056
1388
18
61.48
10757
11160
9925
10809
2270
2424
-297
-297
0.61
0.56
0.39
0.55
0.54
0.77
0.55
0.03
0.08
-0.07
-0.01
0.23
A+
30.07.2007
A1
22.06.2010
MITSUBISHI HEAVY INDUSTRIES
JPY
18878
9460
3355
12
29.12
29953
30290
31832
34589
2505
2194
0.10
0.01
0.23
0.27
4.92
0.26
0.22
-0.03
-0.01
0.01
0.02
0.08
BBB+
12.10.2010
WR
09.09.2008
9140
769
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
MITSUBISHI UFJ FINANCIAL GRO
JPY
84789
48808
14145
571
18
100
#VALUE!
48171
44688
37650
36428
0.42
0.53
0.53
0.15
0.12
0.12
0.04
-0.08
30.09.2008
MITSUI & CO LTD
JPY
26414
9094
1825
38
15
58.98
55761
52967
107134
115183
5329
4962
2.36
2.19
1.89
2.23
0.07
0.08
0.08
0.07
0.13
0.00
0.06
0.06
0.10
A+
28.03.2008
A2
15.04.2005
MITSUI FUDOSAN CO LTD
JPY
25494
6323
878
19
48.74
14208
14656
15434
16003
1903
2089
0.64
0.73
0.72
0.79
0.42
0.43
0.39
-0.05
0.01
0.04
-0.03
0.15
BBB+
01.03.2007
A3
24.05.2011
MIZUHO FINANCIAL GROUP INC
JPY
52796
137924
24011
581
21
80
#VALUE!
26046
25899
22726
21799
0.18
0.23
0.19
0.13
0.10
0.12
0.00
-0.12
18.06.2007
MS&AD INSURANCE GROUP HOLDIN
JPY
13960
1542
622
12.09
39203
38238
40994
40721
-3.18
1.04
1.29
0.22
0.18
0.11
MURATA MANUFACTURING CO LTD
JPY
16839
61
211
16.07
6208
6407
7130
8089
1125
1103
1.53
1.12
1.93
3.24
0.71
0.71
0.41
0.24
-0.06
0.02
-0.25
-0.09
0.18
NR
09.01.2007
WR
20.03.2002
NIDEC CORP
JPY
8688
37
137
10.83
7245
7158
7372
8059
1110
1148
3.51
3.54
0.44
3.89
0.18
1.44
0.16
-0.01
0.01
-0.16
0.02
0.17
NR
09.01.2007
NIKON CORP
JPY
9513
3477
397
9.48
9754
9870
10572
11555
1196
952
281
281
1.94
1.09
1.04
1.61
0.23
0.24
0.16
0.04
0.04
0.30
-0.02
0.10
NR
09.01.2007
WR
12.12.2008
NINTENDO CO LTD
JPY
15358
36
128
10
5.19
6877
6720
7208
9975
-263
45
-3.59
-0.08
1.06
4.08
1.09
0.28
-0.38
-0.20
0.01
NR
09.01.2007
NIPPON STEEL & SUMITOMO META
JPY
24419
33762
6290
14
56.29
43437
42275
46437
56344
3863
2980
0.11
-0.28
-0.18
0.21
#VALUE!
0.13
0.00
-0.01
-0.22
-0.15
0.07
BBB
17.10.2012
A3
23.05.2012
NIPPON TELEGRAPH & TELEPHONE
JPY
58095
3019
1224
46
23
14
116.65
111567
112446
114253
114581
33331
33071
3.89
4.00
4.72
4.94
0.12
0.12
0.10
0.09
0.02
0.00
-0.01
-0.01
0.31
AA
21.05.2007
NISSAN MOTOR CO LTD
JPY
44257
14917
4191
41
90.96
99905
100507
101725
110514
11958
11107
3296
3296
0.92
0.78
0.89
1.18
0.13
0.12
0.09
0.08
-0.03
-0.04
-0.06
0.12
BBB+
15.11.2010
WR
29.10.2007
NITTO DENKO CORP
JPY
10258
849
164
8.68
6K
7K
7K
8K
991
939
2.30
1.97
3.11
4.08
0.32
0.20
0.15
-0.05
-0.02
-0.27
-0.03
0.15
NR
09.01.2007
WR
30.03.2001
NKSJ HOLDINGS INC
JPY
8723
1608
415
6.69
28860
28154
28806
29104
-2.46
0.30
0.87
0.73
0.26
0.07
NOMURA HOLDINGS INC
JPY
23906
35031
3663
332
11
379.49
19662
20681
17352
17183
5324
5540
0.13
0.18
0.36
0.51
0.38
0.18
0.36
0.02
0.19
-0.19
0.28
BBB+
27.01.2009
Baa3
15.03.2012
NTT DOCOMO INC
JPY
66787
124
41
64.76
45020
46022
47768
48420
16556
16221
118.65
115.42
128.22
129.41
0.14
0.14
0.13
0.13
0.00
-0.01
0.01
0.01
0.37
AA
21.05.2007
Aa2
01.09.2011
ORIENTAL LAND CO LTD
JPY
14945
470
83
15.10
3823
4251
4161
4359
1156
1325
6.23
6.40
7.05
0.28
0.27
0.25
0.01
0.04
0.14
0.08
0.33
NR
10.04.2009
ORIX CORP
JPY
14475
7331
1075
53
55.71
4748
4755
11151
11499
4497
4418
0.68
0.98
0.99
1.11
0.14
0.14
0.12
0.03
-0.04
0.07
-0.05
0.99
A-
12.08.2005
Baa2
21.05.2012
OSAKA GAS CO LTD
JPY
9026
9116
2082
13.46
13748
14494
14610
15078
1815
2032
0.33
0.30
0.32
0.14
0.15
0.14
0.10
0.04
-0.09
-0.01
0.15
AA-
28.01.2011
Aa3
01.09.2011
OTSUKA HOLDINGS CO LTD
JPY
19309
1281
558
14.51
12259
12259
12864
13676
2089
2089
538
538
1.80
1.75
2.28
2.92
0.21
0.20
0.16
0.13
0.03
0.14
0.18
PANASONIC CORP
JPY
18441
34281
2312
17
29.27
83311
79414
77000
78634
4054
4450
-1.73
-6.07
-3.47
0.39
#VALUE!
0.21
-0.10
-0.03
-0.46
-0.14
0.06
BBB
02.11.2012
Baa3
20.11.2012
RESONA HOLDINGS INC
JPY
13459
16192
2451
36
31
#VALUE!
8768
8098
6723
6654
1.23
0.85
0.49
0.05
0.07
0.12
0.02
-0.05
RICOH CO LTD
JPY
8044
4000
725
15.58
20211
19984
20362
21203
776
1075
561
561
-0.65
-0.37
0.52
0.99
0.22
0.12
-0.02
-0.04
-0.55
-0.24
0.06
07.02.2012
WR
06.03.2009
SECOM CO LTD
JPY
12125
725
218
10.89
7211
7668
7978
8211
1292
1308
1.96
1.91
3.07
3.27
0.29
0.18
0.17
0.02
0.03
-0.13
-0.03
0.18
NR
09.01.2007
SEKISUI HOUSE LTD
JPY
9329
3249
672
10.30
17135
17135
18666
19544
1117
1117
0.71
0.73
0.98
1.10
0.20
0.15
0.13
0.06
0.02
0.19
-0.03
0.07
NR
09.01.2007
SEVEN & I HOLDINGS CO LTD
JPY
29037
2072
884
29.24
42616
43218
52933
55876
4725
4844
1.87
1.73
1.73
2.02
0.20
0.20
0.17
-0.12
-0.04
0.14
0.01
0.12
AA-
30.10.2008
Aa3
29.08.2011
SHIN-ETSU CHEMICAL CO LTD
JPY
28721
1316
425
25.21
11125
11291
11197
11866
2469
2490
604
604
2.72
2.63
2.77
3.22
0.27
0.25
0.22
-0.01
-0.02
-0.05
-0.10
0.23
NR
09.01.2007
WR
30.09.2005
SHISEIDO CO LTD
JPY
5649
2890
398
7.11
7246
7219
7200
7528
800
667
0.39
0.28
0.29
0.53
0.54
0.52
0.28
0.02
-0.02
-0.05
-0.01
0.10
10.03.2010
SMC CORP
JPY
13827
159
69
11.54
3630
3504
3370
3687
1065
942
9.05
8.63
8.70
9.80
0.24
0.24
0.23
0.21
0.05
0.06
0.09
0.00
0.29
NR
09.01.2007
SOFTBANK CORP
JPY
53993
23886
1099
23
11
76.40
34003
34539
35866
41093
10764
11431
2.57
2.57
3.13
3.39
0.19
0.15
0.14
0.07
0.03
0.11
0.15
0.35
BBB *-
12.10.2012
NR
04.06.2010
SONY CORP
JPY
17998
18503
1004
12
17
23.31
68945
69475
70633
73438
2679
2813
-4.81
-4.81
0.29
0.62
0.66
0.30
-0.10
-0.05
-0.55
-0.12
0.04
BBB
25.09.2012
Baa3
09.11.2012
SUMITOMO CORP
JPY
16014
7759
1250
38
48.68
34625
32634
80289
84801
3982
2956
2.00
1.94
2.00
2.03
0.07
0.07
0.07
0.06
-0.01
0.10
0.01
0.10
09.02.2006
A2
05.06.2006
SUMITOMO ELECTRIC INDUSTRIES
JPY
9703
2396
793
14.45
21866
22779
22453
23920
1756
1923
0.81
0.74
0.61
0.99
0.17
0.21
0.13
0.01
-0.01
-0.19
-0.07
0.09
14.02.2008
A1
13.01.2005
SUMITOMO METAL MINING CO LTD
JPY
8553
2946
562
10.21
9003
8623
8449
8985
1270
1186
1.31
1.04
1.33
1.44
0.15
0.12
0.11
-0.02
-0.06
-0.09
-0.09
0.15
NR
09.01.2007
WR
16.08.2006
SUMITOMO MITSUI FINANCIAL GR
JPY
58256
6830
1351
338
22
96
#VALUE!
31744
30902
28222
27896
4.18
5.13
4.06
0.10
0.09
0.11
0.05
0.00
18.06.2007
SUMITOMO MITSUI TRUST HOLDIN
JPY
18858
23927
4153
34
31
#VALUE!
9334
8793
6811
6833
0.43
0.23
0.35
0.36
0.22
0.20
0.15
0.14
1.78
0.26
SUMITOMO REALTY & DEVELOPMNT
JPY
18830
4038
474
28
45.60
7312
7381
7671
7995
1949
1949
1.13
1.26
1.35
1.43
0.33
0.31
0.29
-0.08
-0.02
0.14
0.04
0.28
NR
10.04.2009
NR
20.12.2011
SUZUKI MOTOR CORP
JPY
12689
2108
561
10.34
26674
26937
27334
29480
2362
2419
832
832
1.07
1.17
1.41
1.78
0.21
0.17
0.13
-0.04
-0.06
-0.10
-0.05
0.10
NR
10.04.2009
T&D HOLDINGS INC
JPY
7858
2974
674
2.15
20513
19211
23328
23228
0.29
0.64
0.68
0.42
0.19
0.18
0.03
-0.04
TAKEDA PHARMACEUTICAL CO LTD
JPY
43516
2142
789
45.43
16022
16918
16542
17213
4409
3745
986
986
1.79
1.46
3.30
2.79
0.40
0.18
0.21
0.07
0.03
-0.13
-0.03
0.24
AA-
03.10.2011
TOKIO MARINE HOLDINGS INC
JPY
22274
2788
767
15
20.25
35865
34341
36395
37414
-0.15
1.57
1.81
0.20
0.17
0.07
0.02
TOKYO ELECTRON LTD
JPY
7805
813
179
5.34
6722
6088
5224
5583
899
650
127
127
2.17
0.96
0.26
0.84
0.48
1.79
0.55
-0.06
0.01
-0.28
-0.13
0.11
NR
09.01.2007
TOKYO GAS CO LTD
JPY
13796
10124
2585
19.98
18627
19851
20552
21248
2352
2971
0.37
0.38
0.39
0.15
0.15
0.15
0.15
0.07
-0.18
-0.06
0.16
AA-
28.01.2011
Aa3
01.09.2011
TORAY INDUSTRIES INC
JPY
11087
3785
1629
16.30
16868
16379
17046
17874
1859
1577
0.43
0.29
0.32
0.39
0.25
0.22
0.18
0.03
0.00
0.03
0.00
0.10
NR
10.04.2009
WR
19.07.2011
TOSHIBA CORP
JPY
21372
28212
4235
13
40.12
64772
62367
63204
67145
4817
4585
2239
2239
0.18
0.19
0.28
0.41
0.28
0.19
0.13
-0.05
-0.06
-0.10
-0.04
0.08
BBB
07.08.2009
TOYOTA MOTOR CORP
JPY
179393
5652
3167
128
31
292.81
197321
232848
233681
253801
15114
22637
6140
6140
0.96
2.58
3.03
4.38
0.21
0.18
0.13
-0.02
-0.04
-0.14
-0.18
0.10
AA-
04.03.2011
Aa3
29.08.2011
UNICHARM CORP
JPY
12151
622
184
12.83
4549
4926
5184
5740
733
780
1.47
1.63
1.87
2.12
0.38
0.33
0.29
0.14
0.09
0.08
0.10
0.17
NR
09.01.2007
WEST JAPAN RAILWAY CO
JPY
9525
1609
194
12
20.21
13673
13793
13729
13815
2964
3050
1.55
2.11
3.23
3.49
0.24
0.16
0.15
0.06
0.00
0.14
0.03
0.23
NR
10.04.2009
YAMADA DENKI CO LTD
JPY
4495
1564
94
6.87
19489
17567
17685
19263
1160
724
6.67
3.53
3.82
4.21
0.14
0.13
0.12
-0.16
0.00
-0.25
0.11
0.04
NR
09.01.2007
YAMATO HOLDINGS CO LTD
JPY
8543
1271
430
7.57
13387
13428
13622
14035
1118
1061
0.48
0.54
0.90
0.98
0.36
0.22
0.20
0.02
0.01
0.01
0.00
0.08
NR
09.01.2007
WR
03.04.2009
A1
*-
01.02.2013
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
6.89
6.34
5.94
6.89
7.09
7.09
6.50
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
AEON CO LTD
1.02
0.96
0.91
0.87
0.92
0.19
0.18
0.17
0.17
0.16
4.79
4.28
4.32
3.88
7.64
7.52
7.01
6.62
15.23
14.41
13.85
12.81
13.04
1.83
1.96
2.08
2.23
2.69
1138.33
-7.2%
AJINOMOTO CO INC
1.54
1.46
1.38
1.30
1.19
0.73
0.74
0.75
0.73
0.71
10.11
9.08
8.64
8.33
6.90
7.17
6.80
6.45
6.22
24.05
18.34
18.19
16.36
13.86
1.17
1.16
1.20
1.26
1.30
1390.83
0.8%
ALL NIPPON AIRWAYS CO LTD
0.95
0.93
0.90
0.85
0.80
0.50
0.47
0.46
0.44
0.43
3.42
3.87
3.68
3.45
5.22
4.76
4.40
4.20
3.92
20.13
16.51
14.95
12.98
9.50
2.02
2.02
2.21
2.34
2.78
208.50
5.3%
ASAHI GLASS CO LTD
0.88
0.79
0.77
0.76
0.66
0.62
0.62
0.61
0.62
4.74
4.11
3.77
3.80
5.80
5.61
5.53
5.64
6.28
14.84
16.14
15.50
17.60
14.91
3.97
3.78
3.60
3.57
3.97
604.50
-7.7%
ASAHI GROUP HOLDINGS LTD
1.48
1.38
1.29
1.42
1.17
0.71
0.65
0.65
0.63
0.63
8.21
7.93
7.59
9.71
8.84
8.26
8.06
7.92
7.57
15.90
15.22
13.93
13.16
12.50
1.24
1.77
1.98
2.27
2.71
2384.62
6.6%
ASAHI KASEI CORP
1.27
1.20
1.15
1.08
0.99
0.54
0.53
0.50
0.49
0.47
6.44
8.44
5.76
5.17
6.47
6.92
6.09
5.71
5.04
16.25
17.59
13.66
12.12
10.75
2.20
2.22
2.24
2.35
2.53
607.14
-3.9%
ASTELLAS PHARMA INC
2.26
2.17
2.05
1.92
1.76
2.43
2.42
2.26
2.19
2.10
14.80
15.08
13.48
12.60
10.63
10.54
9.37
8.85
8.63
26.66
22.54
18.45
16.67
14.46
2.47
2.57
2.68
2.82
2.84
5650.00
11.2%
BANK OF YOKOHAMA LTD/THE
0.95
0.88
0.84
0.80
0.72
3.19
3.20
3.20
3.16
3.18
6.42
12.73
12.67
12.53
14.52
12.80
13.04
12.89
12.22
1.86
1.89
1.96
1.97
2.05
507.78
-5.4%
BRIDGESTONE CORP
1.92
1.59
1.40
1.24
1.21
0.84
0.74
0.70
0.67
0.74
7.38
6.35
5.75
5.24
5.27
6.37
5.37
5.02
4.66
4.74
14.06
10.36
9.61
8.96
9.92
1.03
1.70
1.89
2.12
2.03
3553.00
12.6%
CANON INC
1.61
1.46
1.37
1.28
1.15
1.33
1.22
1.19
1.18
1.18
8.95
7.02
6.53
6.36
5.86
6.86
5.67
5.29
5.27
5.34
18.09
13.51
12.04
11.53
11.39
3.57
3.63
3.69
3.82
3.88
3823.38
8.5%
CENTRAL JAPAN RAILWAY CO
1.50
1.32
1.16
1.06
0.98
1.37
1.29
1.27
1.26
1.26
4.95
4.31
3.94
3.81
3.82
7.67
7.16
6.77
6.81
7.09
14.98
10.11
9.51
10.47
9.35
0.90
1.00
1.03
1.05
1.04
8180.83
-17.9%
CHUBU ELECTRIC POWER CO INC
0.58
0.61
0.65
0.70
0.65
0.36
0.34
0.33
0.33
0.30
5.26
7.50
6.47
3.30
16.91
14.04
13.61
11.65
9.22
16.15
5.20
4.34
4.03
3.66
4.34
1140.00
-1.1%
DAI NIPPON PRINTING CO LTD
0.65
0.68
0.68
0.68
0.42
0.43
0.43
0.43
5.20
5.36
5.28
5.36
67.12
39.70
25.25
23.89
3.50
3.50
3.50
3.50
866.67
-5.3%
DAI-ICHI LIFE INSURANCE
1.54
1.12
1.08
1.04
0.26
0.27
0.27
0.27
0.26
55.16
41.28
30.64
23.90
1.26
1.31
1.35
1.39
151321.42
22.4%
DAIICHI SANKYO CO LTD
1.56
1.56
1.52
1.48
1.38
1.31
1.27
1.25
1.25
3.29
3.29
3.34
3.37
1576.00
-13.6%
DAIKIN INDUSTRIES LTD
2.11
2.02
1.85
1.67
0.88
0.86
0.72
0.68
0.98
0.96
1.09
1.18
DAITO TRUST CONSTRUCT CO LTD
4.29
3.77
3.26
2.84
2.45
0.63
0.58
0.54
0.51
DAIWA HOUSE INDUSTRY CO LTD
1.64
1.52
1.42
1.32
1.33
0.62
0.56
0.49
DAIWA SECURITIES GROUP INC
1.48
1.38
1.32
1.23
3.47
3.19
3.06
DENSO CORP
1.68
1.53
1.42
1.32
1.27
1.15
1.04
EAST JAPAN RAILWAY CO
1.64
1.53
1.42
1.32
1.26
1.22
1.15
EISAI CO LTD
2.85
2.81
2.75
2.70
2.49
1.93
FANUC CORP
2.96
2.74
2.54
2.36
FAST RETAILING CO LTD
7.87
6.70
5.84
5.10
FUJIFILM HOLDINGS CORP
0.53
0.52
0.50
0.49
FUJITSU LTD
0.99
1.12
1.14
HITACHI LTD
1.52
1.33
HONDA MOTOR CO LTD
1.49
HOYA CORP
2.03
INPEX CORP
1.43
7.87
6.83
11.88
4.98
17.72
11.81
12.13
11.57
8.20
8.42
7.91
7.68
69.12
25.17
18.97
18.79
13.87
17.66
12.05
9.43
10.74
13.28
12.67
9.49
8.44
27.65
36.27
16.86
14.39
0.47
12.63
13.94
13.67
12.67
7.03
6.84
6.33
5.92
13.59
13.16
12.07
11.16
10.27
3.65
3.79
4.11
4.42
0.48
0.48
14.38
7.46
8.76
8.30
29.90
16.63
14.10
13.47
14.44
1.32
1.64
1.92
2.98
2.71
32.57
21.10
18.35
11.73
1.00
0.98
1.09
0.97
0.93
0.90
12.07
9.39
8.15
7.64
7.40
1.14
1.12
1.11
6.39
5.45
5.31
4.99
5.15
2.19
2.21
2.24
2.25
10.82
13.12
11.99
12.02
10.97
6.55
7.28
7.47
6.84
5.53
17.94
20.94
21.34
3.44
2.97
2.63
2.36
2.01
30.64
28.14
24.86
0.44
0.44
0.43
0.42
0.40
4.29
4.72
1.06
0.19
0.19
0.19
0.19
0.20
3.86
1.20
1.08
0.28
0.30
0.29
0.28
0.28
1.41
1.28
1.17
1.09
0.82
0.67
0.60
0.57
1.89
1.79
1.70
1.29
2.08
2.11
2.02
1.95
0.87
0.83
0.79
0.76
0.70
1.67
1.60
1.46
ISUZU MOTORS LTD
2.48
1.95
1.68
1.47
0.69
0.60
ITOCHU CORP
1.41
1.16
1.02
0.90
0.16
0.15
JAPAN TOBACCO INC
3.26
3.22
2.83
2.54
2.20
3.00
JFE HOLDINGS INC
0.72
0.72
0.67
0.63
0.64
JGC CORP
2.10
1.90
1.71
1.55
JX HOLDINGS INC
0.77
0.72
0.68
0.63
0.57
KANSAI ELECTRIC POWER CO INC
0.51
0.64
0.66
0.63
KAO CORP
2.86
2.60
2.43
KDDI CORP
0.72
1.37
1.23
KEYENCE CORP
2.72
2.47
KIRIN HOLDINGS CO LTD
1.50
KOMATSU LTD
2.12
KUBOTA CORP
KYOCERA CORP
3796.15
2.3%
4.80
9355.00
11.9%
1.97
2.10
1915.45
3.1%
1.19
1.49
533.89
-20.6%
-0.2%
7.36
7.15
127.13
115.07
9.69
7.29
6.32
5.87
5.64
37.33
19.37
15.42
13.79
13.57
1.13
1.34
1.55
1.76
2.03
4077.50
8.98
8.45
8.12
7.90
7.98
28.50
16.73
15.34
14.41
13.69
1.42
1.57
1.75
1.91
1.97
7500.00
-3.5%
9.51
11.81
11.07
11.23
9.48
17.47
23.93
22.37
23.10
20.76
3.51
3.51
3.51
3.51
3.51
3568.18
-16.4%
19.28
11.67
14.34
14.47
12.83
19.92
24.31
24.75
21.84
1.49
1.26
1.24
1.41
12802.94
-13.1%
22.28
19.09
17.14
15.46
14.22
39.00
34.35
30.77
27.53
0.86
0.95
1.05
1.16
21985.71
-27.1%
4.31
4.14
4.15
4.37
4.06
3.94
4.08
30.26
18.56
13.42
11.91
12.37
1.84
2.13
2.24
2.39
2.67
1858.54
-0.9%
8.56
3.54
3.48
4.38
4.57
3.95
3.87
3.59
21.82
11.75
10.41
14.29
2.50
1.50
2.33
2.52
1.25
429.92
7.5%
3.50
5.35
4.28
3.97
6.37
6.66
5.83
5.45
5.50
9.13
16.20
10.15
9.10
11.48
1.41
1.67
1.75
1.88
1.81
630.38
14.4%
0.55
14.14
10.50
7.00
6.27
16.62
12.01
9.06
7.69
28.05
16.23
11.19
9.97
8.70
1.64
2.08
2.47
2.85
3.22
3952.94
8.0%
1.97
10.29
8.69
9.52
9.09
7.21
5.94
6.18
5.94
5.76
18.60
13.28
14.95
14.04
13.71
3.64
3.70
3.70
3.75
3.66
1836.50
3.4%
1.44
1.61
9.08
8.50
11.17
7.31
2.37
2.48
2.33
2.41
3.24
10.52
9.99
11.29
11.34
13.78
1.16
1.35
1.35
1.35
1.36
674250.00
31.2%
0.55
0.52
0.49
8.86
7.86
7.38
6.94
8.12
6.36
5.64
5.30
13.18
10.68
10.09
9.54
8.48
1.03
1.42
1.75
2.28
703.57
21.1%
0.14
0.14
5.19
5.80
5.38
5.29
11.84
12.14
11.17
10.87
7.91
6.59
6.62
6.35
6.12
5.43
3.42
3.43
3.62
3.82
4.16
1250.00
6.2%
2.85
2.66
2.59
2.49
11.82
12.44
11.19
10.63
8.43
10.68
9.83
8.72
8.14
7.61
19.95
17.08
14.39
13.18
12.18
1.47
2.15
2.79
3.34
3.98
3113.75
3.3%
0.36
0.36
0.32
0.31
0.31
4.81
4.42
3.48
3.03
3.46
9.51
11.06
7.04
6.56
8.05
27.72
8.55
7.50
11.31
1.08
0.85
2.51
2.85
2.19
2320.38
25.2%
1.18
1.03
0.93
0.90
12.49
14.21
12.46
10.24
5.59
5.24
4.73
4.70
15.02
13.30
12.29
11.88
1.67
1.86
1.98
2.07
2776.36
14.5%
0.13
0.12
0.12
0.12
0.11
3.46
4.59
4.63
3.42
7.92
8.37
8.14
7.81
6.38
7.47
7.68
7.41
6.65
6.23
2.94
2.94
3.04
3.03
650.00
19.5%
0.60
0.30
0.29
0.26
0.26
0.26
4.57
69.30
2.71
1.37
26.80
133.32
12.64
8.57
7.56
15.28
6.12
6.85
0.00
0.51
1.90
5.71
697.50
-20.4%
2.28
2.27
1.56
1.27
1.24
1.20
1.19
13.34
10.24
10.06
9.41
9.69
8.00
7.57
7.21
6.98
26.52
21.58
19.74
17.88
14.61
2.04
2.09
2.20
2.33
2.71
2969.58
-3.1%
1.10
1.00
0.98
0.94
0.86
0.84
0.83
2.30
4.34
3.73
3.51
4.89
4.75
4.19
3.95
3.91
6.52
12.58
9.36
8.31
7.60
3.90
2.21
2.66
2.99
3.64
3684.53
-4.3%
2.26
2.07
1.91
8.90
8.07
7.47
7.01
7.57
29.32
26.73
25.48
23.50
14.31
13.26
12.06
11.22
11.62
29.77
26.36
24.39
22.59
24.67
0.20
0.22
0.21
0.22
0.24
25091.67
-12.9%
1.35
1.32
1.29
1.34
0.66
0.64
0.63
0.62
0.61
6.82
6.44
6.98
7.15
8.49
8.29
8.15
8.05
7.82
26.71
15.29
18.33
17.28
15.69
1.83
2.35
2.48
2.73
3.16
1450.00
-2.9%
2.01
1.81
1.64
1.11
1.17
1.12
1.07
8.41
9.70
8.66
8.29
8.02
8.96
7.59
7.09
12.22
15.53
12.44
11.14
10.58
1.84
2.07
2.20
2.34
2.19
2726.11
19.5%
2.59
2.46
2.27
2.08
1.75
1.52
1.41
1.34
18.42
20.20
14.39
13.08
15.95
14.73
11.97
11.04
28.94
24.86
19.71
17.78
1.10
1.23
1.38
1.46
1198.46
-11.9%
1.11
1.08
1.03
0.98
1.43
1.32
1.24
1.20
11.36
13.38
9.95
9.91
7.82
8.94
6.66
6.00
5.82
20.48
26.32
17.01
15.83
14.84
1.38
1.36
1.39
1.44
1.36
9121.43
3.1%
MARUBENI CORP
1.49
1.21
1.03
0.90
0.13
0.12
0.11
0.11
4.93
4.90
4.50
4.30
13.30
13.01
10.83
10.46
7.68
7.25
6.49
6.06
5.73
5.80
2.71
3.20
3.40
3.61
3.50
781.07
5.1%
MITSUBISHI CHEMICAL HOLDINGS
0.89
0.88
0.86
0.83
0.21
0.22
0.21
0.20
3.42
3.91
3.69
3.44
7.02
8.37
7.27
6.77
5.73
24.13
29.51
16.40
12.72
9.46
2.21
2.56
2.59
2.62
4.37
440.91
-3.7%
MITSUBISHI CORP
0.86
0.77
0.72
0.67
0.15
0.15
0.14
0.14
5.04
7.41
5.75
5.53
13.69
20.35
16.57
15.67
10.07
6.34
8.41
7.31
6.88
6.55
3.72
2.91
3.43
3.63
3.39
2101.43
16.6%
MITSUBISHI ELECTRIC CORP
1.46
1.43
1.31
1.19
0.45
0.47
0.45
0.44
0.46
7.27
7.75
5.93
5.71
5.93
6.89
5.90
5.41
6.32
15.95
29.70
12.90
11.30
15.41
1.59
1.44
1.52
1.60
1.55
803.85
3.7%
MITSUBISHI ESTATE CO LTD
2.96
2.98
2.87
2.75
3.74
3.99
3.66
3.63
3.57
29.13
33.12
21.06
23.48
26.56
27.80
24.05
23.39
64.46
72.82
52.21
49.84
45.95
0.45
0.45
0.46
0.48
0.56
2714.29
1.2%
MITSUBISHI HEAVY INDUSTRIES
1.40
1.34
1.27
1.20
0.62
0.59
0.55
0.48
11.14
9.30
8.69
8.47
11.01
9.89
8.84
7.99
67.13
24.22
20.85
16.80
1.14
1.15
1.28
1.45
586.67
11.3%
0.93
0.77
2.70
1.15
0.19
9.89
10.02
7.50
9.23
23.39
7.08
3.45
7.69
4.97
8.68
17.53
170.51
0.43
8.03
7.87
%D to Spot
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
6.89
6.34
5.94
6.89
7.09
7.09
6.50
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
MITSUBISHI UFJ FINANCIAL GRO
0.84
0.78
0.74
0.70
0.69
2.26
2.25
2.33
2.29
2.58
5.31
11.04
11.94
11.67
8.38
11.34
11.30
10.62
9.93
2.13
2.14
2.29
2.39
2.72
600.60
6.5%
MITSUI & CO LTD
0.95
0.84
0.77
0.70
0.22
0.25
0.23
0.22
4.49
5.61
5.37
5.18
MITSUI FUDOSAN CO LTD
2.28
2.12
2.04
1.96
2.00
1.76
1.65
1.59
1.58
1.55
23.74
19.89
18.20
16.79
MIZUHO FINANCIAL GROUP INC
1.14
0.98
0.92
0.86
0.83
2.29
2.32
2.42
2.37
2.44
7.65
9.06
13.10
12.57
MS&AD INSURANCE GROUP HOLDIN
0.88
0.82
0.78
0.74
0.36
0.34
0.34
0.34
0.32
MURATA MANUFACTURING CO LTD
1.83
1.83
1.74
1.63
1.49
2.71
2.36
2.08
1.97
1.97
15.15
13.85
10.96
10.85
9.49
13.95
12.05
9.28
8.16
7.98
NIDEC CORP
2.08
2.10
1.90
1.70
1.32
1.18
1.18
1.08
1.01
0.98
9.21
16.49
8.40
7.14
6.21
9.51
18.14
9.04
7.90
NIKON CORP
2.05
1.94
1.76
1.60
1.32
0.97
0.90
0.82
0.81
0.72
9.38
11.29
9.05
8.08
6.14
7.83
10.02
6.61
6.07
NINTENDO CO LTD
1.11
1.11
1.08
1.05
2.16
2.13
1.54
1.45
1.89
51.94
26.34
17.35
47.73
5.99
4.47
NIPPON STEEL & SUMITOMO META
0.87
1.01
0.97
0.94
0.57
0.53
0.43
0.43
0.51
4.97
8.03
4.20
3.90
14.60
15.09
8.59
7.83
9.07
NIPPON TELEGRAPH & TELEPHONE
0.63
0.61
0.59
0.56
0.52
0.52
0.51
0.51
0.50
0.50
2.10
2.10
1.92
2.08
3.40
3.47
3.48
3.43
3.35
10.62
9.30
NISSAN MOTOR CO LTD
1.24
1.13
1.02
0.92
0.77
0.44
0.44
0.40
0.38
0.36
5.10
5.74
4.60
4.13
7.44
8.25
6.72
6.10
5.22
11.79
NITTO DENKO CORP
2.14
1.95
1.77
1.61
1.48
1.58
1.43
1.33
1.26
1.22
13.15
10.76
8.76
7.94
8.42
7.36
5.90
5.54
5.29
29.18
NKSJ HOLDINGS INC
0.86
0.79
0.76
0.75
0.69
0.30
0.30
0.30
0.30
0.29
NOMURA HOLDINGS INC
1.05
1.01
0.95
0.90
1.58
1.38
1.39
1.35
1.34
NTT DOCOMO INC
1.17
1.14
1.08
1.03
1.48
1.40
1.38
1.36
1.38
5.02
5.28
5.00
3.38
3.03
2.75
2.52
3.93
3.59
3.43
3.56
3.72
17.88
14.92
ORIX CORP
0.10
0.90
0.86
0.80
1.41
1.30
1.26
1.21
1.13
1.52
OSAKA GAS CO LTD
1.23
1.18
1.11
1.05
0.96
0.66
0.62
0.60
0.59
0.55
5.96
OTSUKA HOLDINGS CO LTD
1.48
1.39
1.28
1.19
1.14
1.57
1.50
1.41
1.41
1.75
13.57
12.22
PANASONIC CORP
0.83
1.27
1.15
1.07
0.22
0.24
0.23
0.23
RESONA HOLDINGS INC
1.29
1.06
0.99
0.92
0.90
1.77
2.00
2.02
2.01
1.98
6.17
RICOH CO LTD
0.84
0.85
0.81
0.77
0.70
0.40
0.40
0.38
0.37
0.37
SECOM CO LTD
1.71
1.64
1.53
1.44
1.69
1.52
1.48
1.43
1.41
SEKISUI HOUSE LTD
1.13
1.05
1.00
0.95
0.54
0.50
0.48
0.47
SEVEN & I HOLDINGS CO LTD
1.51
1.44
1.36
1.29
1.15
0.57
0.55
0.52
0.50
0.49
SHIN-ETSU CHEMICAL CO LTD
1.81
1.74
1.64
1.54
1.44
2.55
2.57
2.42
2.31
2.13
SHISEIDO CO LTD
1.71
1.84
1.83
1.75
1.76
0.78
0.78
0.75
0.73
0.71
SMC CORP
2.19
1.96
1.81
1.67
3.89
4.10
3.75
3.57
SOFTBANK CORP
4.94
3.75
3.03
2.45
1.57
1.51
1.31
1.25
SONY CORP
0.81
0.82
0.81
0.78
0.26
0.25
0.25
0.79
0.72
0.66
0.20
SUMITOMO CORP
0.98
1.96
15.29
7.23
10.71
11.12
9.87
9.73
8.52
5.70
7.66
6.47
6.14
6.41
4.08
3.23
3.85
4.01
3.53
1648.57
21.2%
25.70
22.68
21.12
20.08
18.74
49.30
40.30
36.72
33.67
29.63
0.81
0.81
0.83
0.85
0.92
2762.67
1.4%
11.85
9.54
11.48
10.75
10.44
2.91
2.91
2.91
2.91
2.91
218.27
6.0%
21.15
17.03
15.31
2.60
2.62
2.62
2.65
42.02
38.68
23.05
18.98
17.22
1.43
1.42
1.46
1.49
6.54
18.20
135.39
15.41
12.79
10.63
1.60
1.45
1.64
5.48
15.64
22.77
14.73
12.90
9.35
1.53
1.46
1.86
102.24
26.55
19.05
26.64
0.98
0.98
1.97
2.71
11.98
9.96
15.29
0.96
0.38
1.69
2.07
8.89
8.38
7.67
3.39
3.87
4.01
4.25
11.01
8.27
7.21
6.36
2.19
2.71
3.35
18.97
14.46
13.08
12.32
1.80
1.80
69.10
24.24
36.50
4.04
3.10
581.44
35.48
17.36
14.50
1.25
12.36
11.93
11.82
11.34
42.23
25.67
23.32
25.43
7.2%
1.42
6700.00
-4.8%
1.78
1.68
6090.00
8.0%
1.98
2.57
2348.82
5.1%
10100.00
-1.1%
1.45
271.54
12.2%
4.35
4503.57
8.9%
3.87
3.81
1076.88
16.8%
1.90
1.96
2.16
6113.64
10.0%
3.12
3.16
2264.38
14.5%
0.97
1.24
1.49
578.64
-1.8%
3.86
4.14
4.19
4.31
0.66
0.81
0.86
0.90
148.41
86.15
80.18
4.81
3.85
3.92
3.92
3.84
13.95
14.79
13.68
12.22
11.49
11.96
7.01
6.75
6.42
18.05
16.65
15.44
14.02
1.67
13.00
11.59
10.71
7.02
0.86
0.88
0.93
10.25
7.91
5.66
7.34
7.09
6.77
6.78
6.38
19.53
14.50
13.62
13.58
11.93
1.96
1.96
2.04
2.08
2.21
10.14
8.95
6.66
6.18
4.97
4.93
7.60
17.76
15.15
11.87
11.46
19.49
1.44
1.81
2.32
2.43
2.25
3.82
3.72
7.92
5.98
5.14
4.91
19.44
13.87
1.41
0.00
0.81
1.24
4.85
9.02
8.72
6.31
10.99
10.86
11.66
2.38
2.38
2.42
2.46
19.42
7.10
5.45
5.06
20.85
10.91
9.96
9.24
2.56
2.76
3.15
14.35
10.30
9.85
30.34
16.94
15.90
15.46
14.34
1.84
2.04
14.14
9.68
9.86
8.43
13.92
13.11
3.87
8.07
4.52
4.44
138800.00
-3.7%
13162.50
-15.0%
1043.08
-14.3%
400.00
-2.0%
3083.33
-5.4%
645.00
-8.9%
2.51
506.80
0.6%
3.20
3.05
1092.63
7.4%
2.12
2.21
2.45
4800.00
-1.9%
1357.50
4.6%
9.84
7.15
6.94
9.75
8.54
6.91
6.52
6.37
7.64
7.33
9.23
7.42
6.58
6.60
19.63
14.04
12.51
12.14
1.91
2.69
2.88
2.90
7.90
7.39
6.41
5.94
5.52
5.17
4.95
21.01
18.89
16.21
14.93
12.82
2.00
2.07
2.20
2.35
2.53
3177.14
3.0%
12.91
11.86
9.72
9.73
8.60
7.84
6.45
26.28
23.99
20.67
18.55
14.41
1.60
1.60
1.61
1.68
1.84
6168.13
-1.5%
8.35
28.19
48.64
26.74
21.94
18.35
3.76
3.76
3.70
3.71
3.76
21.73
22.12
19.64
18.16
0.67
0.78
0.82
0.86
16.52
14.47
13.34
11.53
0.16
0.95
1.01
1.09
62.06
28.68
24.38
1.49
1.49
1.49
1.40
6.41
6.29
5.86
3.90
4.01
4.29
9.76
10.68
9.25
8.21
8.79
10.25
8.77
8.00
17.94
16.57
14.59
8.08
10.64
12.13
10.41
9.36
7.26
6.04
5.44
4.93
7.29
6.40
5.67
5.17
0.24
4.50
4.44
4.53
9.30
4.27
4.11
4.07
0.19
0.18
4.16
3.94
3.79
12.73
11.25
10.78
6.32
11.36
27.33
17.89
1.33
2224.77
287.46
10.81
%D to Spot
4.90
9.19
9.48
5.97
1.17
3.98
1125.83
-15.4%
16256.33
-10.3%
3950.00
-7.4%
1639.17
-2.1%
1362.31
13.0%
1237.14
7.5%
SUMITOMO ELECTRIC INDUSTRIES
0.93
0.90
0.85
0.80
0.45
0.43
0.41
0.39
7.53
8.65
5.77
5.45
7.20
7.84
6.37
5.76
14.72
20.17
12.36
11.10
1.67
1.82
1.93
2.06
SUMITOMO METAL MINING CO LTD
1.19
1.06
0.96
0.89
0.86
0.97
1.01
0.95
0.94
0.86
7.64
6.78
6.25
5.65
8.34
8.33
7.52
7.03
14.06
11.08
10.24
9.71
10.20
1.97
2.02
2.23
2.27
2.53
1518.89
9.7%
SUMITOMO MITSUI FINANCIAL GR
1.07
0.91
0.85
0.80
0.78
2.15
2.06
2.09
2.05
2.10
5.03
6.72
10.14
9.77
10.47
8.03
10.15
9.80
10.57
2.68
2.58
2.67
2.80
2.58
4489.69
15.7%
SUMITOMO MITSUI TRUST HOLDIN
1.10
1.00
0.94
0.89
0.79
2.56
2.77
2.76
2.70
2.69
6.01
14.37
14.92
14.36
10.88
13.93
13.40
12.63
12.18
1.91
1.88
1.93
1.99
2.42
423.81
-6.9%
SUMITOMO REALTY & DEVELOPMNT
3.08
2.91
2.68
2.47
2.25
2.57
2.45
2.36
2.33
2.28
19.53
16.16
16.45
13.77
33.29
29.29
27.71
26.82
28.69
0.52
0.54
0.54
0.54
0.59
3460.77
-7.1%
SUZUKI MOTOR CORP
1.24
1.13
1.04
0.97
0.84
0.47
0.46
0.43
0.41
0.39
7.20
6.37
5.33
4.83
21.27
16.10
12.68
11.64
7.58
0.66
0.76
0.93
1.03
1.17
2460.00
15.5%
T&D HOLDINGS INC
1.13
0.95
0.90
0.85
0.36
0.34
0.34
0.33
36.81
18.08
16.86
15.36
2.07
2.08
2.12
2.14
1283.64
18.2%
TAKEDA PHARMACEUTICAL CO LTD
2.01
1.91
1.90
1.88
2.71
2.63
2.53
2.46
2.38
13.39
12.53
14.16
14.11
16.38
16.70
19.76
16.87
15.43
3.47
3.47
3.47
3.48
3.47
5145.45
-0.9%
TOKIO MARINE HOLDINGS INC
1.13
1.04
0.98
0.91
0.60
0.61
0.60
0.58
0.56
192.45
18.45
15.97
14.11
11.03
1.83
2.02
2.17
2.30
2.38
3036.62
11.4%
TOKYO ELECTRON LTD
1.22
1.25
1.24
1.19
1.07
1.17
1.49
1.40
1.25
1.08
10.44
15.58
22.84
19.29
5.89
14.35
11.18
6.88
3.78
17.87
168.22
51.47
24.32
10.72
2.05
1.25
0.93
1.59
3.22
3875.69
-4.8%
TOKYO GAS CO LTD
1.53
1.44
1.34
1.24
1.14
0.73
0.67
0.65
0.64
0.61
7.42
6.08
5.81
5.46
8.67
6.71
6.51
6.38
6.27
30.07
14.11
13.82
13.08
11.69
1.79
1.82
1.84
1.86
1.98
531.43
5.4%
1.64
1.58
1.48
1.40
1.30
0.65
0.65
0.62
0.60
0.56
7.75
8.54
7.70
7.26
8.45
9.63
8.66
7.98
6.71
16.46
20.98
17.24
15.38
13.50
1.56
1.56
1.64
1.68
2.19
577.50
-9.8%
TOSHIBA CORP
2.19
2.01
1.76
1.56
0.33
0.34
0.32
0.31
0.31
6.93
5.97
5.11
4.56
8.31
7.86
6.52
6.17
7.08
29.65
17.94
12.26
10.77
19.15
1.45
1.65
1.81
1.97
2.11
521.92
9.9%
TOYOTA MOTOR CORP
1.49
1.37
1.26
1.16
1.02
0.91
0.77
0.71
0.67
0.66
14.63
9.32
7.26
6.69
5.00
23.43
13.38
9.98
9.25
7.27
56.17
17.19
11.88
10.39
8.75
1.02
1.49
2.13
2.57
2.45
5563.13
13.5%
UNICHARM CORP
4.76
4.27
3.70
3.34
2.81
2.71
2.34
2.12
1.92
1.82
22.25
20.08
18.22
17.05
16.87
16.84
15.83
14.30
13.09
11.99
43.92
31.42
27.69
24.82
20.36
0.58
0.62
0.68
0.76
0.84
5201.67
-5.9%
WEST JAPAN RAILWAY CO
1.25
1.18
1.12
1.06
1.01
0.70
0.69
0.69
0.69
0.68
4.37
4.01
4.01
3.79
3.83
6.89
6.62
6.57
6.52
6.70
27.83
14.86
13.78
13.17
12.32
1.96
2.43
2.59
2.75
2.95
4104.55
-9.3%
YAMADA DENKI CO LTD
0.79
0.75
0.71
0.67
0.65
0.23
0.25
0.23
0.23
0.23
5.30
7.74
7.09
6.74
5.31
9.16
7.93
7.35
7.39
6.86
12.17
11.05
10.14
10.14
1.76
1.74
1.82
1.87
2.05
4320.00
-1.4%
YAMATO HOLDINGS CO LTD
1.43
1.36
1.29
1.22
1.15
0.63
0.63
0.61
0.59
0.57
11.87
9.92
9.01
8.07
6.83
6.70
6.20
5.82
5.76
33.21
20.27
18.67
17.10
16.43
1.28
1.32
1.40
1.49
1.28
1548.33
-9.9%
1.81
23.55
22.41
21.66
21.09
3.80
4.25
3.94
3.27
2.98
2.21
13.59
9.45
12.84
11.48
10.63
10.60
8.01
27.03.2013
Aeon Co Ltd
AEON CO., LTD. operates general merchandise stores, supermarkets, convenience
stores throughout Japan. The Company is also engaged in women's and casual
clothing store business and development business of commercial property, and
financing service through the subsidiaries.
Price/Volume
1400
1200
1000
800
Valuation Analysis
600
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2013)
52-Week Low (15.10.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
8267 JT EQUITY YTD Change
8267 JT EQUITY YTD % CHANGE
02/2012
11/yy
1'278.00
844.00
9'140'100.00
1226
-4.07%
45.26%
97.48%
800.4
981'347.06
1'335'183.00
0.0
345'015.0
186'510.00
2'570'828.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
0
m-12 a-12 m-12
28.02.2009
28.02.2010
4'706'069.0
4'542'599.0
0.36x
0.43x
272'878.0
279'661.0
6.17x
6.99x
(2'760.0)
31'123.0
22.47x
Profitability
LTM-4Q
28.02.2011
4'561'748.0
0.43x
313'409.0
6.24x
59'688.0
13.20x
29.02.2012
4'650'792.0
0.49x
338'885.0
6.75x
66'750.0
11.83x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
338'885.00
195'690.00
4.21%
2.97%
1.66%
7.23%
4.04%
1.19%
27.0%
7.0%
3.9%
1.4%
0.89
0.37
32.98%
142.49%
11.99
10.91
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
0.62
576.71
17.18%
25.65%
0.618
14
3.286
4'025'080
4'045'953
3'734'571
FY+2
FQ+1
FQ+2
11/yy
11/yy
02/13 Y
02/14 Y
02/13 Q4 05/13 Q1
4'568'802 4'992'589 5'601'651 5'787'574 1'511'139
1.78x
1.79x
0.44x
0.44x
320'758.0 336'743.0 341'815.2 366'732.5
6.84x
6.89x
7.52x
7.01x
47'102.0
67'797.0
68'907.9
71'897.6
27'347.3
17.02x
10.73x
14.41x
13.85x
S&P Issuer Ratings
Long-Term Rating Date
13.07.2004
Long-Term Rating
ALong-Term Outlook
NEG
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
32.79
(EBITDA-Capex)/Interest Exp.
2.61
Net Debt/EBITDA
3.37
Total Debt/EBITDA
3.88
Reference
Total Debt/Equity
142.5%
Total Debt/Capital
51.0%
Asset Turnover
1.19
Net Fixed Asset Turnover
2.87
Accounts receivable turnover-days
30.51
Inventory Days
33.53
Accounts Payable Turnover Day
71.30
Cash Conversion Cycle
-4.37
Sales/Revenue/Turnover
4.50
5'000'000.0
4.00
4'500'000.0
3.50
4'000'000.0
3'500'000.0
3.00
3'000'000.0
2.50
2'500'000.0
2.00
2'000'000.0
1.50
1'500'000.0
1.00
1'000'000.0
0.50
500'000.0
0.00
06.03.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

29.02.2008
4'650'088.0
0.47x
298'843.0
7.26x
43'932.0
23.77x
400
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
06.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Aeon Co Ltd
Holdings By:
All
Holder Name
MIZUHO FINANCIAL GRO
MITSUBISHI CORP
JAPAN TRUSTEE SERVIC
SUMITOMO MITSUI TRUS
MASTER TRUST BANK OF
AEON ENVIRONMENTAL F
OKADA BUNKA ZAIDAN
NORINCHUKIN BANK LTD
EMPLOYEES' STOCKHOLD
STATE STREET CUSTODI
COMPANY'S KYOEIKAI
AEON CO LTD
TOKIO MARINE & NICHI
ALLIANZ ASSET MANAGE
NOMURA
FMR LLC
RESONA HOLDINGS INC
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Analyst
Mizuho Securities
TOSHIO TAKAHASHI
Goldman Sachs
SHO KAWANO
Credit Suisse
TAKETO YAMATE
Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI
SMBC Nikko Securities Inc
JUN KAWAHARA
Macquarie
TOBY WILLIAMS
Daiwa Securities Co. Ltd.
KAZUNORI TSUDA
Nomura
MASAFUMI SHODA
EVA Dimensions
AUSTIN BURKETT
Ji Asia
MIKIHIKO YAMATO
JPMorgan
DAIRO MURATA
Recommendation
buy
neutral/neutral
outperform
neutral
neutral
underperform
outperform
neutral
hold
buy
neutral
Amt Held
56'184'143
40'422'000
40'177'000
33'999'400
27'806'000
21'228'000
21'128'000
21'128'000
20'181'000
18'133'000
15'114'000
14'715'000
11'582'000
10'420'000
9'527'408
8'183'234
7'935'100
6'438'552
6'000'000
5'747'617
% Out
7.02
5.05
5.02
4.25
3.47
2.65
2.64
2.64
2.52
2.27
1.89
1.84
1.45
1.3
1.19
1.02
0.99
0.8
0.75
0.72
Weighting
Change
5
3
5
3
3
1
5
3
3
5
3
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
1'014'694
(174)
1'137'000
(24'124'300)
32'000
100'000
503'000
686'000
522'000
(20'567'500)
3'868'300
291'400
2'692'552
5'700
Target Price
1'400
1'100
1'300
1'020
1'200
900
1'350
1'100
#N/A N/A
1'200
900
File Dt
31.08.2012
31.08.2012
31.08.2012
14.09.2012
31.08.2012
31.08.2012
31.08.2011
29.02.2012
31.08.2012
31.08.2012
31.08.2012
31.08.2012
31.08.2012
31.08.2012
31.03.2012
28.02.2013
28.02.2013
31.01.2013
31.03.2012
25.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Inst Type
Bank
Corporation
Bank
Bank
Bank
Other
Other
Other
Other
Investment Advisor
n/a
Other
n/a
Corporation
Insurance Company
Investment Advisor
Unclassified
Investment Advisor
Holding Company
Investment Advisor
Date
27.03.2013
21.03.2013
19.03.2013
13.03.2013
19.02.2013
18.02.2013
15.02.2013
15.01.2013
15.01.2013
09.01.2013
12.12.2012
27.03.2013
Ajinomoto Co Inc
Ajinomoto Co., Inc. produces and sells a variety of food products, including
seasonings, edible oils, processed foods, beverages, and dairy products. The
Company also develops and manufactures pharmaceuticals, amino acids, and
specialty chemicals.
Price/Volume
1600
9.0 M
1400
8.0 M
1200
7.0 M
6.0 M
1000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (27.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'390.00
994.00
2'116'000.00
1380
-0.72%
38.83%
96.97%
635.0
876'314.69
130'060.00
0.0
44'809.0
150'327.00
878'861.70
31.03.2008
1'216'572.0
0.66x
120'614.0
6.67x
28'229.0
24.08x
4.0 M
600
3.0 M
400
2.0 M
200
1.0 M
0
m-12
31.03.2009
31.03.2010
1'190'371.0
1'170'876.0
0.50x
0.63x
101'516.0
124'416.0
5.89x
5.96x
(10'227.0)
16'646.0
38.83x
Profitability
LTM-4Q
31.03.2011
1'207'695.0
0.53x
123'704.0
5.16x
30'400.0
19.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.16
0.43
617.75
37.51%
21.43%
0.430
16
4.063
2'670'400
2'814'733
2'621'086
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'197'313.0 ######### ######### ######### ######### 293'520.0
0.61x
2.26x
2.66x
0.71x
0.71x
120'804.0 118'738.0 112'626.0 122'504.2 129'272.2
23'000.0
6.02x
5.65x
6.45x
7.17x
6.80x
41'754.0
39'772.0
54'206.0
48'852.2
47'505.1
(7'600.0)
16.94x
15.83x
13.81x
18.34x
18.19x
S&P Issuer Ratings
120'804.00 Long-Term Rating Date
28.07.1997
72'584.00 Long-Term Rating
AA6.06% Long-Term Outlook
STABLE
6.02% Short-Term Rating Date
28.07.1997
5.55% Short-Term Rating
A-1+
9.85% Credit Ratios
8.66% EBITDA/Interest Exp.
55.75
1.16% (EBITDA-Capex)/Interest Exp.
34.80
Net Debt/EBITDA
0.26
33.7% Total Debt/EBITDA
1.05
9.6% Reference
5.6% Total Debt/Equity
21.5%
3.5% Total Debt/Capital
16.7%
Asset Turnover
1.16
2.27 Net Fixed Asset Turnover
3.19
1.49 Accounts receivable turnover-days
61.08
11.86% Inventory Days
66.91
21.49% Accounts Payable Turnover Day
49.45
5.99 Cash Conversion Cycle
77.26
5.47
Price/ Cash Flow
14.00
1'400'000.0
12.00
1'200'000.0
10.00
1'000'000.0
8.00
800'000.0
6.00
600'000.0
4.00
400'000.0
2.00
200'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
800
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Ajinomoto Co Inc
Holdings By:
All
Holder Name
MITSUBISHI UFJ FINAN
DAI ICHI LIFE INSURA
NIPPON LIFE INSURANC
NIPPONKOA INSURANCE
MEIJI YASUDA LIFE IN
NOMURA
SOMPO JAPAN INSURANC
SHIMIZU CORP
BLACKROCK
VANGUARD GROUP INC
JP MORGAN WHITEFRIAR
NIKKO ASSET MANAGEME
DAIWA SECURITIES GRO
AJINOMOTO CO INC
BANK OF NEW YORK MEL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Tokai Tokyo Securities

TOMONOBU TSUNOYAMA
Credit Suisse
SATSUKI KAWASAKI
Mizuho Securities
HIROSHI SAJI
Nomura
SATOSHI FUJIWARA
Barclays
TAKAYUKI HAYANO
YOSHIYASU OKIHIRA
Macquarie
TOBY WILLIAMS
TOKUSHI YAMASAKI
Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI
Morgan Stanley
TAIZO DEMURA
Goldman Sachs
KEIKO YAMAGUCHI
EVA Dimensions
AUSTIN BURKETT
JPMorgan
RITSUKO TSUNODA
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MOF-JP
MF-AGG
Recommendation
above average
neutral
buy
buy
overweight
outperform
outperform
outperform
neutral
Equalwt/In-Line
Buy/Neutral
hold
overweight
Amt Held
% Out
68'741'694 10.83
51'596'000
8.13
35'373'000
5.57
28'199'000
4.44
26'118'000
4.11
16'097'000
2.53
15'497'282
2.44
14'364'000
2.26
12'624'000
1.99
8'805'000
1.39
7'264'500
1.14
7'071'250
1.11
6'675'688
1.05
6'320'539
1
6'097'557
0.96
(5'992'025) -0.94
4'923'000
0.78
3'653'000
0.58
2'489'907
0.39
2'437'233
0.38
Weighting
Change
4
3
5
5
5
5
5
5
3
3
5
3
5
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
(13'473'398)
2'051'000
(4'330'000)
2'000'000
(994)
80'000
(628'000)
5'000
175'754
6'975
(1'000)
123'000
(43'958'418)
13'000
Target Price
#N/A N/A
1'300
1'470
1'400
1'510
1'570
1'400
1'440
1'200
1'250
1'500
#N/A N/A
1'340
File Dt
27.12.2012
30.09.2012
30.09.2012
30.09.2012
20.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
31.03.2012
31.03.2012
31.03.2012
25.03.2013
31.12.2012
19.03.2013
26.03.2013
28.02.2013
11.03.2013
26.03.2013
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Inst Type
Holding Company
Bank
Bank
Insurance Company
Insurance Company
Insurance Company
Bank
Other
Insurance Company
Unclassified
Insurance Company
Corporation
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Holding Company
Corporation
Investment Advisor
Date
11.03.2013
11.03.2013
07.03.2013
06.03.2013
06.03.2013
28.02.2013
12.02.2013
01.02.2013
01.02.2013
31.01.2013
24.01.2013
15.01.2013
26.12.2012
27.03.2013
All Nippon Airways Co Ltd

All Nippon Airways Co., Ltd (ANA) provides a variety of air transportationrelated services. The Company offers scheduled & unscheduled air passenger
services and air courier services. ANA sells aircraft parts and provides travel
arrangement & reservation services as well. The Company operates a number of
hotels in Japan through subsidiaries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (15.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
256.00
154.00
41'902'000.00
198
-22.66%
28.57%
48.04%
3'516.4
696'252.19
963'657.00
0.0
5'845.0
278'971.00
1'137'068.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
120.0 M
250
100.0 M
200
80.0 M
150
60.0 M
100
40.0 M
50
20.0 M
0
m-12 a-12 m-12
31.03.2009
31.03.2010
1'392'581.0
1'228'353.0
1.08x
1.05x
120'470.0
59'559.0
12.48x
21.64x
(4'260.0)
(57'387.0)
Profitability
LTM-4Q
31.03.2011
1'357'653.0
1.00x
186'248.0
7.28x
23'305.0
26.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.76
3'255.40
-19.51%
11.60%
0.759
16
3.500
34'383'400
29'844'200
27'629'980
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'411'504.0 ######### ######### ######### ######### 347'883.5
0.93x
3.76x
3.17x
0.82x
0.78x
216'290.0 200'422.0 235'818.0 238'887.8 258'599.6
6.10x
5.88x
4.56x
4.76x
4.40x
28'178.0
19'543.0
46'636.0
40'902.9
46'165.9 (10'424.0)
22.28x
27.64x
13.29x
16.51x
14.95x
S&P Issuer Ratings
10.04.2009
NR
6.87% Long-Term Outlook
6.78% Credit Ratios
11.05
1.79
Net Debt/EBITDA
1.83
3.84
16.7% Reference
175.5%
63.5%
Asset Turnover
0.69
1.24
28.35
17.71
53.38
-11.90
20.67
Price/ Cash Flow
10.00
1'600'000.0
9.00
1'400'000.0
8.00
1'200'000.0
7.00
1'000'000.0
6.00
5.00
800'000.0
4.00
600'000.0
3.00
400'000.0
2.00
200'000.0
1.00
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'487'827.0
0.97x
201'176.0
7.18x
64'143.0
13.33x
300
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
All Nippon Airways Co Ltd

Holdings By:
All
Holder Name
NAGOYA RAILROAD CO L
GOLDMAN SACHS INTERN
DEUTSCHE BANK AG/LON
GLG PARTNERS INVESTM
MORGAN STANLEY
MITSUI SUMITOMO INSU
AIOI NISSAY DOWA INS
SUMITOMO MITSUI FINA
NOMURA
TOYOTA MOTOR CORP
NOMURA INTERNATIONAL
NIHON UNISYS LTD
SOJITZ CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Macquarie
NICHOLAS CUNNINGHAM
OSUKE ITAZAKI
Morgan Stanley
TAKUYA OSAKA
Barclays
RYOTA HIMENO
Okasan Securities
SHINICHI YAMAZAKI
JPMorgan
HITOSHI HOSOYA
Mizuho Securities
SATORU KUNIEDA
Nomura
MASAHARU HIROKANE
EVA Dimensions
CRAIG STERLING
Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI
HAJIME HITOTSUYANAGI
Goldman Sachs
MOE ICHII
Source
Co File
MOF-JP
Co File
ULT-AGG
Short
Short
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Short
Co File
Co File
ULT-AGG
Recommendation
underperform
neutral
Underwt/In-Line
equalweight
neutral
neutral
buy
neutral
buy
outperform
neutral
Buy/Neutral
Amt Held
% Out
139'980'000
3.98
81'126'145
2.31
57'077'000
1.62
48'570'000
1.38
(44'275'887) -1.26
(42'959'958) -1.22
42'412'000
1.21
40'397'000
1.15
33'626'000
0.96
(31'417'000) -0.89
31'265'000
0.89
30'770'000
0.88
28'547'000
0.81
26'820'000
0.76
23'531'000
0.67
19'401'000
0.55
(18'454'173) -0.52
16'213'115
0.46
14'136'000
0.4
11'756'000
0.33
Weighting
Change
1
3
1
3
3
3
5
3
5
5
3
5
D
D
M
M
M
M
M
M
U
M
M
M
Latest Chg
83'250'000
644'145
15'480'000
16'628'000
(134'000)
420'000
6'694'000
(158)
2'065'000
126'000
(87'000)
1'181'000
57'000
(5'000)
Target Price
175
190
160
210
#N/A N/A
190
230
190
#N/A N/A
230
190
270
File Dt
Inst Type
30.09.2012
Bank
01.03.2013
Corporation
30.09.2012
Bank
30.09.2012
Other
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
30.09.2012
Insurance Company
30.09.2012
n/a
25.03.2013
Investment Advisor
30.09.2012
Insurance Company
30.09.2012
Insurance Company
31.03.2012
Insurance Company
31.03.2012
Bank
28.02.2013
Unclassified
07.08.2012
Corporation
25.03.2013
Investment Advisor
31.03.2012
Corporation
31.03.2012
Corporation
26.03.2013
Unclassified
Date
12 month
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
15.03.2013
27.02.2013
25.02.2013
25.02.2013
20.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
17.01.2013
11.12.2012
03.08.2012
27.03.2013
Asahi Glass Co Ltd

Asahi Glass Company, Limited manufactures and sells a variety of glass products.
Main products include glass for construction, glass for liquid crystal
display(LCD), and glass for automobiles. The Company also produces electronic
parts, fine chemicals, and new ceramics.
Price/Volume
800
25.0 M
700
20.0 M
600
500
Latest Fiscal Year:

LTM as of:
52-Week High (28.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
735.00
415.00
5'691'000.00
655
-10.88%
57.83%
72.81%
1'186.7
777'292.38
532'980.00
0.0
53'243.0
120'761.00
1'242'754.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
300
200
5.0 M
100
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'444'317.0
0.80x
291'301.0
3.99x
39'178.0
15.03x
15.0 M
400
Valuation Analysis
31.12.2009
31.12.2010
1'148'198.0
1'288'947.0
1.37x
1.16x
224'818.0
340'580.0
7.01x
4.39x
19'985.0
123'184.0
51.29x
8.99x
Profitability
LTM-4Q
31.12.2011
1'214'672.0
0.94x
277'292.0
4.14x
95'290.0
7.89x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.97
1.17
1'037.41
-3.20%
4.63%
1.165
19
3.211
6'732'400
7'752'800
8'441'500
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'189'956.0 ######### ######### ######### ######### 296'294.4 303'438.8
1.00x
4.55x
3.79x
0.98x
0.96x
212'664.0 277'291.0 212'664.0 221'613.8 224'721.1
51'539.0
53'591.0
5.59x
4.14x
5.59x
5.61x
5.53x
5.87x
43'790.0
95'289.0
43'790.0
48'430.6
50'589.7
14'443.7
16'954.3
16.53x
7.89x
16.52x
16.14x
15.50x
16.16x
15.19x
S&P Issuer Ratings
09.08.2012
A7.81% Long-Term Outlook
STABLE
09.08.2012
A-2
5.00% Credit Ratios
35.90
9.57
Net Debt/EBITDA
1.94
2.51
17.9% Reference
56.5%
34.8%
Asset Turnover
0.66
1.32
72.75
84.57
47.82
109.51
4.33
Price/ Cash Flow
7.00
1'800'000.0
6.00
1'600'000.0
1'400'000.0
5.00
1'200'000.0
4.00
1'000'000.0
3.00
800'000.0
600'000.0
2.00
400'000.0
1.00
0.00
01.01.2010
200'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Asahi Glass Co Ltd

Holdings By:
All
Holder Name
ASAHI GLASS CO LTD
ASAHI GLASS FOUNDATI
MITSUBISHI ESTATE CO
NOMURA
BLACKROCK
MITSUBISHI CORP
KIRIN HOLDINGS CO LT
TOYOTA MOTOR CORP
MITSUBISHI HEAVY IND
VANGUARD GROUP INC
ALLIANCE BERNSTEIN
Firm Name
Jefferies
Sanford C. Bernstein & Co
Mizuho Securities
Credit Suisse
Okasan Securities
Tachibana Securities
JPMorgan
Morgan Stanley
Goldman Sachs
Nomura
EVA Dimensions
Macquarie
BNP Paribas Equity Research
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
MASAHIRO WAKASUGI
ALBERTO MOEL
HIROYUKI OKASERI
HIROSHI MATSUDA
JUN YAMAGUCHI
NORITSUGU HIRAKAWA
TSUNENORI OHMAKI
NARCI CHANG
LALITA GUPTA
TAKASHI WATANABE
TAKAOMI KONO
CRAIG STERLING
GEORGE T CHANG
YUSUKE ANDO
KEI RAMEAU
Source
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
underperform
underperform
buy
neutral
neutral
outperform
neutral
Equalwt/Cautious
Sell/Neutral
neutral
underweight
outperform
outperform
hold
Amt Held
108'984'898
69'509'000
58'551'000
48'078'000
37'746'000
34'954'000
30'771'867
24'327'000
23'230'000
22'703'000
22'496'000
20'547'000
13'616'617
12'504'551
10'733'634
10'518'060
10'227'000
9'519'939
7'841'994
7'530'589
% Out
9.18
5.86
4.93
4.05
3.18
2.95
2.59
2.05
1.96
1.91
1.9
1.73
1.15
1.05
0.9
0.89
0.86
0.8
0.66
0.63
Weighting
Change
3
1
1
5
3
3
5
3
3
1
3
1
5
5
3
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
14'639'794
1'104'000
433'000
(919)
1'000
5'867
(30)
(17'000)
(593'000)
55'000
(301'000)
(1'079'568)
33'000
(81'265)
Target Price
650
410
380
750
630
#N/A N/A
#N/A N/A
550
500
470
630
#N/A N/A
925
720
520
File Dt
20.12.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
20.11.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
29.10.2012
31.12.2012
25.03.2013
31.03.2012
31.12.2011
17.12.2012
31.03.2012
31.12.2012
26.03.2013
31.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Holding Company
Bank
Bank
Insurance Company
Insurance Company
Insurance Company
Corporation
Other
Other
Corporation
Bank
Unclassified
Investment Advisor
Corporation
Corporation
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Date
28.02.2013
28.02.2013
27.02.2013
21.02.2013
20.02.2013
14.02.2013
12.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
15.01.2013
12.11.2012
07.11.2012
21.09.2012
27.03.2013
Asahi Group Holdings Ltd

Asahi Group Holdings, Ltd. produces beer and other beverages including
non-alcoholic drinks. The Company sells its products in Japan and overseas.
Price/Volume
2500
9.0 M
8.0 M
2000
7.0 M
6.0 M
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
2'356.00
1'625.00
967'100.00
2236
-5.09%
37.60%
82.76%
483.6
1'081'298.00
479'827.00
0.0
3'060.0
34'573.00
1'529'611.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'462'747.0
0.72x
145'867.0
7.24x
45'014.0
15.98x
5.0 M
1000
31.12.2009
31.12.2010
1'472'468.0
1'489'460.0
0.83x
0.73x
146'436.0
160'989.0
8.35x
6.75x
47'644.0
53'080.0
16.70x
13.79x
Profitability
LTM-4Q
31.12.2011
1'462'736.0
0.84x
172'120.0
7.10x
55'093.0
14.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.25
0.48
384.26
24.63%
21.72%
0.481
17
3.824
1'735'500
3'526'937
2'870'335
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'579'076.0 ######### ######### ######### #########
0.83x
2.99x
3.16x
0.84x
0.80x
178'354.0 172'118.0 178'354.0 185'087.4 189'861.1
7.31x
7.10x
7.31x
8.26x
8.06x
57'183.0
55'092.0
57'183.0
68'559.1
74'083.1
14.97x
14.28x
14.97x
15.22x
13.93x
S&P Issuer Ratings
10.04.2009
NR
8.38% Credit Ratios
44.11
35.40
Net Debt/EBITDA
2.50
2.69
11.3% Reference
66.3%
39.8%
Asset Turnover
0.97
2.82
68.19
40.58
41.28
67.49
9.02
Price/ Cash Flow
12.00
1'600'000.0
10.00
1'550'000.0
1'500'000.0
8.00
1'450'000.0
6.00
1'400'000.0
4.00
1'350'000.0
2.00
1'300'000.0
0.00
01.01.2010
1'250'000.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Asahi Group Holdings Ltd

Holdings By:
All
Holder Name
ASAHI GROUP HOLDINGS
ASAHI KASEI CORP
FUKOKU MUTUAL LIFE I
CAPITAL GROUP COMPAN
JP MORGAN CHASE BANK
NOMURA
STATE STREET
SUMITOMO CORP
TOYO SEIKAN KAISHA L
VANGUARD GROUP INC
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Mizuho Securities
HIROSHI SAJI
TOMONOBU TSUNOYAMA
YOSHIYASU OKIHIRA
Barclays
TAKAYUKI HAYANO
Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA
JPMorgan
RITSUKO TSUNODA
Credit Suisse
SATSUKI KAWASAKI
Nomura
SATOSHI FUJIWARA
TOKUSHI YAMASAKI
Morgan Stanley
TAIZO DEMURA
Goldman Sachs
KEIKO YAMAGUCHI
EVA Dimensions
AUSTIN BURKETT
Macquarie
TOBY WILLIAMS
Source
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
Co File
Recommendation
buy
neutral
outperform
overweight
neutral
neutral
outperform
buy
outperform
Overwt/In-Line
Sell/Neutral
underweight
outperform
Amt Held
30'467'745
24'578'000
20'264'000
19'996'500
18'785'000
16'920'000
16'883'000
13'662'200
11'003'000
9'586'000
9'028'000
8'989'700
6'889'000
6'702'202
4'911'900
4'626'500
3'824'341
3'728'722
3'566'922
3'331'404
% Out
6.3
5.08
4.19
4.14
3.88
3.5
3.49
2.83
2.28
1.98
1.87
1.86
1.42
1.39
1.02
0.96
0.79
0.77
0.74
0.69
Weighting
Change
5
3
5
5
3
3
5
5
5
5
1
1
5
M
M
M
M
M
M
U
U
M
M
M
M
M
Latest Chg
990'011
(115'000)
(8'087'000)
(21'448'300)
(300)
(878'800)
32'000
(266'000)
51'100
226'300
(799'800)
(72'000)
113'666
1'900
-
Target Price
2'430
#N/A N/A
3'000
2'550
2'300
2'260
2'600
2'600
2'420
2'100
1'750
#N/A N/A
2'100
File Dt
28.02.2013
30.06.2012
30.06.2012
15.03.2013
30.06.2012
30.06.2012
30.06.2012
31.12.2012
30.06.2012
30.06.2012
30.06.2012
28.02.2013
26.03.2013
26.03.2013
31.03.2012
15.03.2013
31.03.2012
31.12.2012
25.03.2013
31.03.2012
Date
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Corporation
Bank
Bank
Bank
Corporation
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Other
Bank
Unclassified
Investment Advisor
Investment Advisor
Corporation
Unclassified
Corporation
Investment Advisor
Investment Advisor
Insurance Company
Date
15.03.2013
13.03.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
25.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
15.01.2013
31.10.2012
27.03.2013
Asahi Kasei Corp

ASAHI KASEI CORPORATION produces synthetic fibers, industrial chemicals,
petrochemicals, plastics (resins), and synthetic rubber. The Company also
operates and sells real estates, pharmaceuticals, medical equipments,
electronics, construction materials, and consumer products.
Price/Volume
700
16.0 M
600
14.0 M
500
12.0 M
10.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
650.00
386.00
4'064'000.00
632
-2.77%
63.73%
94.70%
1'402.6
886'453.50
184'114.00
0.0
12'439.0
103'235.00
1'216'046.52
31.03.2008
1'696'789.0
0.51x
202'117.0
4.27x
69'945.0
10.40x
6.0 M
200
4.0 M
100
2.0 M
0
m-12
a-12 m-12
31.03.2009
31.03.2010
1'553'108.0
1'433'595.0
0.45x
0.60x
115'014.0
144'877.0
6.05x
5.97x
4'745.0
25'286.0
104.72x
27.82x
Profitability
LTM-4Q
31.03.2011
1'598'387.0
0.57x
208'092.0
4.37x
60'288.0
13.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.22
0.92
1'311.37
27.70%
26.04%
0.924
18
4.111
6'657'400
6'753'367
6'713'086
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'573'230.0 ######### ######### ######### ######### 467'619.0
0.51x
2.03x
2.30x
0.69x
0.63x
183'877.0 196'566.0 163'694.0 175'851.5 199'738.0 116'500.0
4.39x
3.92x
6.34x
6.92x
6.09x
55'766.0
58'097.0
43'317.0
50'208.8
64'470.9
12'900.0
12.81x
11.17x
16.36x
17.59x
13.66x
S&P Issuer Ratings
19.01.2011
NR
5.44% Credit Ratios
68.48
43.37
Net Debt/EBITDA
1.85
2.59
10.3% Reference
26.0%
20.4%
Asset Turnover
1.01
3.64
63.90
94.48
46.57
103.05
3.87
Price/ Cash Flow
10.00
1'800'000.0
9.00
1'600'000.0
8.00
1'400'000.0
7.00
1'200'000.0
6.00
1'000'000.0
5.00
800'000.0
4.00
600'000.0
3.00
400'000.0
2.00
200'000.0
1.00
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
300
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Asahi Kasei Corp

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
SUMITOMO LIFE INSURA
NOMURA
VANGUARD GROUP INC
DB PLATINUM ADVISORS
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Nomura
SHIGEKI OKAZAKI
Jefferies
YOSHIHIRO AZUMA
TAKATO WATABE
Mizuho Securities
ATSUSHI YOSHIDA
Iwai Cosmo Securities Co. Ltd
KAZUYOSHI SAITO
Goldman Sachs
HISAAKI YOKOO
Okasan Securities
TAKASHI NISHIHIRA
HIDEMITSU UMEBAYASHI
Barclays
MIKIYA YAMADA
TIW
TOSHIRO TAKAHASHI
Credit Suisse
MASAMI SAWATO
EVA Dimensions
CRAIG STERLING
Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA
Morgan Stanley
LALITA GUPTA
YUKIHIKO FUKUNAGA
Mito Securities
JUN IKEYAMA
Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
buy
hold
neutral
buy
Neutral Plus
Buy/Neutral
buy
outperform
overweight
neutral
outperform
hold
neutral
Overwt/In-Line
outperform
Neutral Plus
Amt Held
79'716'000
74'422'000
64'951'000
56'843'000
50'147'000
45'548'229
35'404'000
29'128'000
24'213'000
21'632'772
20'215'000
20'040'400
19'517'000
18'791'000
14'275'000
12'077'000
11'826'329
9'188'817
9'123'000
7'340'188
% Out
5.68
5.31
4.63
4.05
3.58
3.25
2.52
2.08
1.73
1.54
1.44
1.43
1.39
1.34
1.02
0.86
0.84
0.66
0.65
0.52
Weighting
Change
5
3
3
5
3
5
5
5
5
3
5
3
3
5
5
3
M
D
M
M
U
M
U
M
M
M
M
M
M
M
N
N
Latest Chg
3'101'000
(11'000)
(3'199'000)
(5'097'000)
2'004'000
676'000
(2'471'000)
3'736'624
(254'100)
315'000
272'049
33'000
Target Price
680
600
630
680
660
640
640
590
610
#N/A N/A
670
#N/A N/A
500
500
#N/A N/A
#N/A N/A
File Dt
30.09.2012
20.12.2012
13.04.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.01.2013
30.09.2012
25.03.2013
30.09.2012
30.09.2011
31.03.2012
28.02.2013
31.12.2012
28.02.2013
31.03.2012
26.03.2013
Date
12 month
12 month
12 month
12 month
6 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Bank
Insurance Company
Bank
Bank
n/a
Bank
Bank
Other
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Insurance Company
Insurance Company
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Date
26.03.2013
22.03.2013
21.03.2013
11.03.2013
07.03.2013
25.02.2013
18.02.2013
18.02.2013
06.02.2013
06.02.2013
05.02.2013
15.01.2013
08.01.2013
27.12.2012
14.02.2012
14.06.2010
27.03.2013
Astellas Pharma Inc

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic
fields of Urology, Immunology including Transplantation and Infectious Diseases,
Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over
17,000 global employees, Astellas researches, develops, manufactures, and
promotes its prescription drugs through subsidiaries in the US, Europe, and Asia
Price/Volume
7.0 M
5000
6.0 M
5.0 M
4000
4.0 M
3000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'270.00
3'020.00
1'412'100.00
5080
-3.61%
68.21%
93.78%
468.0
2'377'260.25
1'219.00
0.0
0.0
299'098.00
2'079'381.35
31.03.2008
972'586.0
1.42x
312'850.0
4.41x
177'437.0
11.03x
3.0 M
2000
2.0 M
1000
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6000
31.03.2009
31.03.2010
965'698.0
974'877.0
0.94x
1.05x
293'283.0
234'872.0
3.09x
4.37x
170'986.0
122'257.0
8.48x
12.93x
Profitability
LTM-4Q
31.03.2011
953'947.0
1.31x
184'853.0
6.74x
67'650.0
21.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
969'387.0
1.31x
197'019.0
6.46x
78'230.0
20.07x
197'019.00
131'519.00
13.57%
13.11%
6.37%
8.50%
0.73%
67.1%
20.6%
14.2%
8.1%
2.49
1.79
0.09%
0.12%
3.69
2.90
Price/ Cash Flow
LTM
FY+1
2.56
0.57
443.61
52.69%
32.77%
0.571
15
4.467
1'715'440
1'952'270
1'956'372
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
983'535.0 960'711.0 982'676.9 ######### 207'500.0
1.27x
1.32x
2.07x
1.87x
211'607.0 180'408.0 197'318.3 222'021.3
0.00x
0.00x
10.54x
9.37x
87'096.0
64'264.0 101'902.4 122'630.0
6'900.0
16.60x
27.78x
22.54x
18.45x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
1601.78
1214.15
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
0.1%
Total Debt/Capital
0.1%
Asset Turnover
0.73
4.95
99.14
Inventory Days
126.02
102.81
115.09
20.00
1'200'000.0
18.00
1'000'000.0
16.00
14.00
800'000.0
12.00
600'000.0
10.00
8.00
400'000.0
6.00
4.00
200'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Astellas Pharma Inc

Holdings By:
All
Holder Name
STATE STREET
VANGUARD GROUP INC
ASTELLAS PHARMA INC
FIRST EAGLE INVESTME
BARCLAYS CAPITAL SEC
NOMURA
INTERNATIONAL VALUE
BLACKROCK
FMR LLC
DAIICHI SANKYO CO LT
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst

AKITADA IWASA
Jefferies
NAOMI KUMAGAI
TAKASHI AKAHANE
YASUHIRO NAKAZAWA
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO
Morgan Stanley
MAYO MITA
Mizuho Securities
HIROSHI TANAKA
Barclays
ATSUSHI SEKI
Credit Suisse
FUMIYOSHI SAKAI
TIW
SEIHEI MORITA
JPMorgan
MASAYUKI ONOZUKA
EVA Dimensions
ANDREW S ZAMFOTIS
Nomura
RYOICHI URUSHIHARA
MP Advisors Pvt Ltd
DEVESH SINGH
Source
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
Co File
ULT-AGG
MOF-JP
ULT-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Recommendation
outperform
buy
strong buy
outperform
neutral
Overwt/In-Line
buy
overweight
outperform
Neutral Plus
neutral
overweight
neutral
market perform
Amt Held
35'324'000
33'461'781
28'147'000
21'662'189
16'522'700
14'365'000
14'105'800
13'809'724
13'311'682
12'455'280
11'504'000
7'460'000
7'381'700
7'067'900
6'126'160
5'246'770
3'842'500
3'166'278
3'165'501
3'150'696
% Out
7.55
7.15
6.01
4.63
3.53
3.07
3.01
2.95
2.84
2.66
2.46
1.59
1.58
1.51
1.31
1.12
0.82
0.68
0.68
0.67
Weighting
Change
5
5
5
5
3
5
5
5
5
3
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(296'000)
(1'151'000)
2'181'000
(191'534)
(6'100)
(12'547'800)
2'989'636
(162'059)
9'000
609'000
(241'000)
(233'700)
67'600
(37'727)
115'700
(1'458'095)
-
Target Price
6'300
6'100
#N/A N/A
5'800
3'900
5'800
6'000
4'900
5'300
#N/A N/A
4'500
#N/A N/A
4'000
3'200
File Dt
Inst Type
30.09.2012
Bank
26.03.2013
Investment Advisor
30.09.2012
Bank
31.12.2012
Investment Advisor
20.12.2012
Insurance Company
30.09.2012
Investment Advisor
15.03.2013
Bank
28.02.2013
Corporation
07.11.2012
Holding Company
30.09.2012 Hedge Fund Manager
30.09.2012
Other
30.09.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
15.03.2013
Unclassified
25.03.2013
Investment Advisor
28.02.2013
Holding Company
31.01.2013
Investment Advisor
31.03.2012
Insurance Company
31.03.2012
Corporation
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
Date
15.03.2013
14.03.2013
13.03.2013
12.03.2013
27.02.2013
26.02.2013
22.02.2013
22.02.2013
13.02.2013
12.02.2013
02.02.2013
17.01.2013
02.11.2012
11.11.2011
27.03.2013
Bank of Yokohama Ltd/The

The Bank of Yokohama, Ltd. is a regional bank based in Yokohama City, Kanagawa.
The Bank provides banking services including deposits, loans, and foreign
exchange transactions. The Bank of Yokohama also provides information and
financial services such as securities brokerage, leasing, credit cards, and
letter of credit.
Price/Volume
14.0 M
500
12.0 M
10.0 M
400
8.0 M
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
560.00
344.00
4'243'000.00
537
-4.11%
56.10%
90.74%
1'310.1
703'508.13
410'552.00
0.0
53'606.0
920'420.00
-
31.03.2008
291'237.0
68'270.0
13.67x
6.0 M
200
4.0 M
100
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
600
31.03.2009
31.03.2010
263'241.0
264'730.0
7'344.0
30'946.0
77.70x
20.13x
Profitability
LTM-4Q
31.03.2011
252'227.0
47'089.0
11.41x
31.03.2012
252'050.0
51'190.0
10.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
40.12%
39.95%
0.40%
6.63%
3.80%
0.02%
21.3%
3.21%
52.69%
-
Price/ Cash Flow
LTM
FY+1
1.86
0.80
1'132.87
31.72%
35.50%
0.804
11
3.818
7'063'600
7'575'800
7'081'397
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
248'046.0 252'426.0 219'996.9 219'542.8
54'039.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
48'808.0
58'980.0
56'121.6
54'495.5
10.12x
9.07x
12.80x
13.04x
S&P Issuer Ratings
16.12.2005
Long-Term Rating
Au
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
52.7%
Total Debt/Capital
33.0%
Asset Turnover
0.02
1.95
Inventory Days
16.00
350'000.0
14.00
300'000.0
12.00
250'000.0
10.00
200'000.0
8.00
150'000.0
6.00
100'000.0
4.00
50'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bank of Yokohama Ltd/The

Holdings By:
All
Holder Name
NORTHERN TRUST CORPO
BANK OF YOKOHAMA LTD
NOMURA
BLACKROCK
VANGUARD GROUP INC
YOKOHAMA MARUUO CO L
ABERDEEN
ODAKYU ELECTRIC RAIL
KEIKYU CORP
CI INVESTMENTS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst

MAOKI MATSUNO
EVA Dimensions
AUSTIN BURKETT
SHINICHIRO NAKAMURA
Deutsche Bank
YOSHINOBU YAMADA
TATSUO MAJIMA
TOYOKI SAMESHIMA
Nomura
MASAHIKO SATO
Barclays
SHIN TAMURA
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI
Macquarie
ALASTAIR MACDONALD
Keefe, Bruyette & Woods
JUN OISHI
Goldman Sachs
KATSUNORI TANAKA
Source
Co File
Co File
Co File
Co File
ULT-AGG
MOF-JP
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
Recommendation
outperform
hold
neutral
hold
above average
buy
buy
equalweight
neutral
neutral
suspended coverage
neutral/neutral
Amt Held
137'515'000
72'988'000
64'332'000
55'599'000
51'334'000
39'643'342
28'643'000
21'994'000
14'970'000
14'738'000
13'101'223
12'151'085
11'652'504
11'140'000
10'017'000
9'555'000
9'261'000
9'051'987
8'632'000
7'486'977
% Out
10.5
5.57
4.91
4.24
3.92
3.03
2.19
1.68
1.14
1.12
1
0.93
0.89
0.85
0.76
0.73
0.71
0.69
0.66
0.57
Weighting
Change
5
3
3
3
4
5
5
3
3
3
#N/A N/A
3
M
D
D
M
M
M
M
M
M
D
M
M
Latest Chg
(2'733'000)
(2'427'000)
5'426'000
(28'263'000)
7'617'119
(794'000)
549'000
(326'000)
322'835
(1'000'000)
(124'000)
1'037'000
(111'994)
Target Price
600
#N/A N/A
495
545
#N/A N/A
500
520
450
450
475
#N/A N/A
430
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
31.01.2013
20.12.2012
30.09.2012
28.02.2013
30.09.2012
31.03.2012
25.03.2013
31.12.2012
31.03.2012
31.03.2012
28.02.2013
31.12.2012
31.03.2012
31.03.2012
30.06.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Bank
Insurance Company
Bank
Investment Advisor
Bank
Bank
Insurance Company
Insurance Company
Unclassified
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Corporation
Insurance Company
Unclassified
Unclassified
Corporation
Corporation
Investment Advisor
Date
27.03.2013
22.03.2013
28.02.2013
13.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
28.01.2013
06.01.2012
20.10.2011
27.03.2013
Bridgestone Corp
BRIDGESTONE CORPORATION designs, produces, and sells automobile tires.
The Company also produces and markets scales to weigh racing cars and jumbo
aircrafts and sporting goods including golf equipment, tennis rackets, and
bicycles. Bridgestone operates its businesses worldwide.
Price/Volume
4000
3500
3000
2500
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
3'340.00
1'602.00
3'759'400.00
3155
-5.54%
96.94%
85.04%
813.1
2'565'337.75
620'089.00
0.0
43'955.0
350'172.00
2'879'209.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1000
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'234'405.0
0.53x
318'969.0
5.42x
10'412.0
99.55x
1500
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
2'597'002.0
2'861'615.0
0.71x
0.57x
256'257.0
337'112.0
7.23x
4.83x
1'043.0
98'913.0
1222.56x
12.43x
Profitability
LTM-4Q
31.12.2011
3'024'355.0
0.59x
350'987.0
5.08x
102'970.0
13.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.01
1.14
635.29
58.39%
41.86%
1.144
16
4.438
3'858'700
4'892'897
4'109'531
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'039'738.0 ######### ######### ######### ######### 853'179.0 900'565.0
0.68x
2.46x
2.54x
0.83x
0.77x
442'505.0 350'986.0 441'307.0 535'806.5 574'016.5
4.64x
5.08x
4.66x
5.37x
5.02x
171'605.0 102'969.0 171'605.0 236'205.7 256'086.8
10.14x
13.26x
10.14x
10.36x
9.61x
9.86x
S&P Issuer Ratings
30.03.2012
NR
30.03.2012
NR
13.69% Credit Ratios
26.88
12.29
Net Debt/EBITDA
0.61
1.41
14.5% Reference
45.1%
30.4%
Asset Turnover
1.06
2.89
52.21
94.46
33.14
113.53
3.87
Price/ Cash Flow
12.00
4'000'000.0
3'500'000.0
10.00
3'000'000.0
8.00
2'500'000.0
2'000'000.0
6.00
1'500'000.0
4.00
1'000'000.0
2.00
0.00
01.01.2010
500'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bridgestone Corp
Holdings By:
All
Holder Name
ISHIBASHI ZAIDAN
BRIDGESTONE CORP
ISHIBASHI HIROSHI
NAGASAKA SANGYO
JA ZENKYOREN
BLACKROCK
NOMURA
VANGUARD GROUP INC
FMR LLC
JSR CORP
Firm Name
Portfolio Name
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
n/a
n/a
n/a
#N/A N/A
n/a
#N/A N/A
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI

Mizuho Securities
SEIJI SUGIURA
Morgan Stanley
SHINJI KAKIUCHI
TAKAO OSHITARI
EVA Dimensions
CRAIG STERLING
TIW
SATORU TAKADA
Goldman Sachs
KOTA YUZAWA
Credit Suisse
MASAHIRO AKITA
Nomura
HISAHIRO YAMAOKA
KOICHI SUGIMOTO
Deutsche Bank
KURT SANGER
SHIRO SAKAMAKI
KENTARO HAYASHI
Source
Co File
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
Recommendation
outperform
buy
Overwt/In-Line
outperform
hold
Positive
neutral/neutral
outperform
neutral
hold
buy
outperform
Strong Outperform
Amt Held
76'693'000
44'902'000
39'411'000
30'436'200
24'300'000
20'952'300
18'000'000
16'325'000
15'719'000
12'556'000
11'640'000
11'251'217
10'947'600
10'015'500
8'258'930
5'967'724
5'106'533
4'842'003
4'575'300
4'239'400
% Out
9.43
5.52
4.85
3.74
2.99
2.58
2.21
2.01
1.93
1.54
1.43
1.38
1.35
1.23
1.02
0.73
0.63
0.6
0.56
0.52
Weighting
Change
5
5
5
5
3
4
3
5
3
3
5
5
5
M
M
M
M
D
U
M
M
M
D
M
M
M
Latest Chg
(1'662'000)
544'000
1'000
6'200
(1'103'000)
(848'068)
(16'600)
506'400
422'814
(789'454)
505'100
100'800
Target Price
3'900
4'000
3'400
3'810
#N/A N/A
#N/A N/A
3'000
3'200
2'900
2'100
2'600
2'100
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
29.10.2012
28.02.2013
31.12.2012
31.01.2013
31.03.2012
31.03.2012
13.04.2012
28.02.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Other
Bank
Bank
Corporation
n/a
Insurance Company
Bank
Corporation
Other
Investment Advisor
Bank
Investment Advisor
Bank
Unclassified
Investment Advisor
Investment Advisor
Corporation
Corporation
Unclassified
Holding Company
Date
26.03.2013
15.03.2013
05.03.2013
21.02.2013
20.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
12.12.2012
06.12.2012
08.11.2012
08.08.2012
27.03.2013
Canon Inc
CANON INC. is a professional and consumer imaging solutions company and
patent-holder of digital imaging technologies. The Company's products include
networked multifunction devices, digital and analog copiers, computer
peripherals, facsimile machines, image filing systems, camcorders, cameras and
lenses, semiconductor, and broadcast and medical equipment.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25.0 M
3000
12/2012
12/yy
4'003.10
2'301.16
3'315'800.00
3525
-11.94%
53.18%
70.15%
1'333.8
4'701'516.00
3'983.00
0.0
156'276.0
695'000.00
4'166'775.21
2500
20.0 M
2000
15.0 M
1500
10.0 M
1000
5.0 M
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'094'161.0
0.72x
837'411.0
3.51x
309'148.0
11.25x
35.0 M
4000
3500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
4500
31.12.2009
31.12.2010
3'209'201.0
3'706'901.0
1.31x
1.19x
532'448.0
663'745.0
7.91x
6.64x
131'647.0
246'603.0
36.67x
21.08x
Profitability
LTM-4Q
31.12.2011
3'557'433.0
0.95x
639'414.0
5.27x
248'630.0
16.68x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.69
0.97
1'123.55
-8.60%
5.54%
0.975
24
4.167
5'565'640
6'835'114
7'142'740
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'479'788.0 ######### ######### ######### ######### 842'680.0 950'450.0
0.95x
4.09x
3.71x
1.03x
0.97x
581'989.0 639'414.0 581'989.0 734'586.1 788'409.9
5.70x
5.27x
5.70x
5.67x
5.29x
224'564.0 248'630.0 224'564.0 302'844.1 337'215.4
51'400.0
72'050.0
17.46x
16.66x
17.45x
13.51x
12.04x
11.51x
S&P Issuer Ratings
03.03.2004
AA
STABLE
13.03.2002
A-1+
8.72% Credit Ratios
569.46
260.06
Net Debt/EBITDA
-1.19
0.01
16.7% Reference
0.2%
0.1%
Asset Turnover
0.88
2.84
58.19
102.84
67.81
93.23
3.56
Price/ Cash Flow
14.00
5'000'000.0
4'500'000.0
12.00
4'000'000.0
10.00
3'500'000.0
3'000'000.0
8.00
2'500'000.0
2'000'000.0
6.00
1'500'000.0
4.00
1'000'000.0
2.00
0.00
01.01.2010
500'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Canon Inc
Holdings By:
All
Holder Name
CANON INC
STATE STREET
MOXLEY & CO
NOMURA
DEUTSCHE SECURITIES
OBAYASHI CORP
BLACKROCK
VANGUARD GROUP INC
HARRIS ASSOCIATES LP
HARBOR CAPITAL ADVIS
SUN LIFE FINANCIAL I
ABERDEEN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Credit Suisse
YU YOSHIDA
Jefferies
YOSHIHIRO AZUMA
Nomura
TETSUYA WADAKI
JPMorgan
HISASHI MORIYAMA
Mito Securities
KEITA WAKABAYASHI
KAZUHARU MIURA
Mizuho Securities
EISAKU OHMORI
Morgan Stanley
MASAHIRO ONO
Barclays
MASAHIRO NAKANOMYO
Macquarie
DAMIAN THONG
Okasan Securities
KAZUMASA KUBOTA
KUNIHIKO KANNO
YUKIHIKO FUKUNAGA
KAZUYOSHI SAITO
JUNYA AYADA
Goldman Sachs
TOSHIYA HARI
EVA Dimensions
ANDREW S ZAMFOTIS
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA
Ji Asia
STEVE MYERS
ACE Research Institute
HIDEKI YASUDA
Marusan Securities
HIROSHI UBUKATA
Source
MOF-JP
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
buy
buy
overweight
Neutral Plus
neutral
buy
Equalwt/In-Line
overweight
outperform
neutral
buy
Strong Outperform
outperform
outperform
neutral/neutral
overweight
outperform
buy
underperform
outperform
Amt Held
180'971'487
73'988'200
73'509'500
63'520'822
56'068'380
34'300'511
29'320'200
26'639'674
25'679'604
20'189'987
16'527'607
15'105'650
13'022'617
12'754'264
12'678'379
11'226'700
10'641'100
9'508'300
8'952'106
8'910'762
% Out
13.57
5.55
5.51
4.76
4.2
2.57
2.2
2
1.93
1.51
1.24
1.13
0.98
0.96
0.95
0.84
0.8
0.71
0.67
0.67
Weighting
Change
5
5
5
5
3
3
5
3
5
5
3
5
5
5
5
3
5
5
5
1
5
M
M
M
M
U
D
M
M
M
M
U
M
U
M
M
M
U
M
M
M
U
Latest Chg
(124)
1'611'800
4'307'500
13'941'741
(10'131'300)
(3'480'981)
862'100
478'500
192'399
44'776
21'700
(1'288'200)
(279'600)
1'335'600
79'500
(500'850)
Target Price
4'000
4'300
4'204
4'500
#N/A N/A
3'800
4'000
3'400
3'800
4'330
#N/A N/A
4'000
#N/A N/A
4'900
3'900
3'390
#N/A N/A
3'950
3'433
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.06.2012
30.06.2012
26.03.2013
30.06.2012
30.06.2012
30.06.2012
13.07.2012
30.06.2012
30.06.2012
31.03.2012
25.03.2013
31.12.2012
28.02.2013
31.03.2012
31.12.2012
31.12.2012
31.01.2013
26.03.2013
28.02.2013
Date
Not Provided
12 month
12 month
9 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Corporation
Bank
Bank
Investment Advisor
Insurance Company
Investment Advisor
Other
Unclassified
Bank
Insurance Company
Corporation
Investment Advisor
Investment Advisor
Holding Company
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
22.03.2013
21.03.2013
18.03.2013
16.03.2013
12.03.2013
07.03.2013
04.03.2013
27.02.2013
27.02.2013
22.02.2013
12.02.2013
05.02.2013
01.02.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
28.09.2012
26.07.2012
10.08.2010
27.03.2013
Central Japan Railway Co

Central Japan Railway Company provides rail transportation services between
Tokyo and Osaka, including the Tokai region. The Company, through its
subsidiaries, also provides bus transportation services, leases real estate, and
operates department stores, hotels, restaurants, and construction businesses.
Price/Volume
12000
1.8 M
1.6 M
10000
1.4 M
8000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
10'260.00
6'100.00
262'900.00
9970
-2.83%
63.44%
94.23%
206.0
2'053'820.00
2'897'251.00
0.0
41'597.0
81'151.00
4'780'690.00
31.03.2008
1'559'467.0
3.45x
662'923.0
8.12x
159'774.0
12.70x
31.03.2009
31.03.2010
1'570'253.0
1'486'632.0
2.79x
3.09x
640'660.0
561'693.0
6.83x
8.18x
126'052.0
91'764.0
8.65x
15.29x
Profitability
.8 M
.6 M
.4 M
2000
.2 M
0
m-12 a-12 m-12
LTM-4Q
31.03.2011
1'503'083.0
2.86x
607'946.0
7.07x
133'807.0
9.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.00
0.58
163.91
45.13%
43.14%
0.580
17
2.765
491'360
576'873
544'295
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'508'328.0 ######### ######### ######### ######### 389'979.5
2.78x
11.52x
10.41x
2.88x
2.78x
629'584.0 465'624.0 666'160.0 667'559.0 706'536.1
6.67x
0.00x
6.16x
7.16x
6.77x
132'781.0 124'010.0 192'733.0 194'134.7 206'267.9
10'440.0
10.11x
10.32x
7.15x
10.11x
9.51x
S&P Issuer Ratings
10.04.2009
NR
13.55
7.41
Net Debt/EBITDA
4.02
4.12
42.5% Reference
219.2%
68.0%
Asset Turnover
0.30
0.34
15.72
14.43
19.34
5.97
25.36
Price/ Cash Flow
4.00
1'600'000.0
3.50
1'550'000.0
3.00
1'500'000.0
2.50
1'450'000.0
2.00
1'400'000.0
1.50
1'350'000.0
1.00
1'300'000.0
0.50
1'250'000.0
0.00
03.04.2009
1.0 M
4000
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
6000
1'200'000.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Central Japan Railway Co

Holdings By:
All
Holder Name
CENTRAL JAPAN RAILWA
TOYOTA MOTOR CORP
MITSUBISHI CORP
SHINKIN CENTRAL BANK
FMR LLC
BLACKROCK
VANGUARD GROUP INC
NOMURA
TAISEI CORP
NIPPON STEEL & SUMIT
SHIZUOKA BANK LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
JPMorgan
HITOSHI HOSOYA
Macquarie
NICHOLAS CUNNINGHAM
EVA Dimensions
CRAIG STERLING
Morgan Stanley
TAKUYA OSAKA
Goldman Sachs
HIROYUKI SAKAIDA
Barclays
RYOTA HIMENO
OSUKE ITAZAKI
Okasan Securities
SHINICHI YAMAZAKI
MASASHI YAZAKI
Mizuho Securities
SATORU KUNIEDA
Nomura
MASAHARU HIROKANE
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Recommendation
neutral
underperform
buy
Underwt/In-Line
Buy/Neutral
equalweight
outperform
buy
neutral
underperform
neutral
neutral
neutral
Amt Held
13'287'000
9'673'000
8'999'000
8'867'700
7'722'800
5'286'400
5'164'300
4'037'400
3'973'300
3'000'000
2'000'000
1'691'048
1'500'000
1'443'000
1'441'595
1'266'100
1'242'000
1'110'500
1'050'000
1'003'900
% Out
6.45
4.7
4.37
4.3
3.75
2.57
2.51
1.96
1.93
1.46
0.97
0.82
0.73
0.7
0.7
0.61
0.6
0.54
0.51
0.49
Weighting
Change
3
1
5
1
5
3
5
5
3
1
3
3
3
M
D
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'100)
(15'100)
80'100
451'100
100'000
14'900
123'200
533'521
(64'300)
39'995
(2'100)
-
Target Price
12'000
8'500
#N/A N/A
8'400
9'900
9'100
9'300
9'800
#N/A N/A
6'700
8'400
7'600
6'800
File Dt
29.10.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
20.11.2012
16.10.2012
30.09.2012
31.03.2012
31.03.2012
31.01.2013
31.03.2012
25.03.2013
31.12.2012
28.02.2013
31.03.2012
31.03.2012
31.03.2012
31.03.2012
Date
9 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Bank
Bank
Corporation
Bank
Holding Company
n/a
Insurance Company
Corporation
Other
Corporation
Bank
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Unclassified
Corporation
Corporation
Insurance Company
Bank
Date
18.03.2013
18.03.2013
11.03.2013
08.03.2013
01.03.2013
22.02.2013
15.02.2013
12.02.2013
30.01.2013
29.01.2013
29.01.2013
17.01.2013
10.12.2012
27.03.2013
Chubu Electric Power Co Inc

Chubu Electric Power Company, Incorporated generates, transmits, distributes,
and sells electricity in Chubu area. The Company's service area includes Aichi,
Gifu, Mie, Nagano, and part of Shizuoka Prefecture.
Price/Volume
1600
12.0 M
1400
10.0 M
1200
8.0 M
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (31.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'560.00
804.00
3'657'100.00
1153
-26.09%
43.41%
46.96%
758.0
873'974.00
2'974'732.00
0.0
37'087.0
482'387.00
3'516'239.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
400
2.0 M
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'432'865.0
1.97x
520'963.0
9.19x
70'618.0
27.49x
6.0 M
600
31.03.2009
31.03.2010
2'509'982.0
2'238'551.0
1.75x
1.91x
528'467.0
504'570.0
8.29x
8.47x
(18'968.0)
108'558.0
16.64x
Profitability
LTM-4Q
31.03.2011
2'330'891.0
1.64x
465'485.0
8.22x
84'598.0
16.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
4.77
0.86
718.02
-21.00%
2.43%
0.864
11
2.091
4'098'100
3'107'790
2'799'079
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'449'283.0 ######### ######### ######### ######### 611'428.0
1.49x
6.28x
5.33x
1.45x
1.46x
252'964.0 267'671.0 227'024.0 250'448.1 258'305.3
14.47x
0.00x
0.00x
14.04x
13.61x
(92'195.0) (86'255.0) (23'720.0) (46'239.4) (46'686.0)
0.00x
0.00x
S&P Issuer Ratings
26.03.2013
-37'667.00 Long-Term Rating
NR
-1.54% Long-Term Outlook
-3.45% Short-Term Rating Date
26.03.2013
-1.30% Short-Term Rating
NR
-4.77% Credit Ratios
- EBITDA/Interest Exp.
7.02
-0.39
Net Debt/EBITDA
10.04
12.38
9.9% Reference
-1.1% Total Debt/Equity
196.8%
-3.8% Total Debt/Capital
65.8%
Asset Turnover
0.46
25.99
40.90
39.45
12.95
8.95
Price/ Cash Flow
7.00
2'600'000.0
6.00
2'500'000.0
2'400'000.0
5.00
2'300'000.0
4.00
2'200'000.0
3.00
2'100'000.0
2.00
2'000'000.0
1.00
1'900'000.0
0.00
03.04.2009
1'800'000.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Chubu Electric Power Co Inc

Holdings By:
All
Holder Name
COMPANY'S INVESTMENT
KOCHI SHINKIN BANK
BLACKROCK
VANGUARD GROUP INC
NOMURA
BNP PARIBAS ARBITRAG
JUROKU BANK LTD/THE
BANK OF NAGOYA LTD/T
SOCIETE GENERALE
CHUO MITSUI TRUST &
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Okasan Securities
SHINICHI YAMAZAKI
Mizuho Securities
NORIMASA SHINYA
Nomura
SHIGEKI MATSUMOTO
Morgan Stanley
YUKA MATAYOSHI
EVA Dimensions
AUSTIN BURKETT
HIDETOSHI SHIODA
Goldman Sachs
HIROYUKI SAKAIDA
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
Short
Co File
Co File
Short
Co File
ULT-AGG
Recommendation
neutral
neutral
neutral
Equalwt/In-Line
sell
underperform
neutral/neutral
neutral
Amt Held
% Out
69'050'000
9.11
49'957'000
6.59
42'662'000
5.63
34'558'800
4.56
17'163'300
2.26
17'073'000
2.25
14'943'000
1.97
14'498'000
1.91
12'071'000
1.59
10'720'200
1.41
10'000'000
1.32
6'943'925
0.92
6'109'313
0.81
3'686'300
0.49
(3'235'408) -0.43
2'546'426
0.34
2'500'096
0.33
(2'217'012) -0.29
2'072'400
0.27
2'061'700
0.27
Weighting
Change
3
3
3
3
1
1
3
3
M
M
M
M
M
M
M
M
Latest Chg
(2'193'000)
728'000
(41'900)
25'600
1'349'000
(121'000)
(1'600)
525'000
174'116
(180'500)
(34'100)
(2'217'012)
111'400
Target Price
#N/A N/A
1'200
1'190
960
#N/A N/A
800
1'250
1'100
File Dt
30.09.2012
30.09.2012
30.09.2012
20.11.2012
28.02.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
29.10.2012
31.03.2012
25.03.2013
31.12.2012
28.02.2013
26.03.2013
31.03.2012
31.03.2012
25.03.2013
31.03.2012
26.03.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Bank
Bank
Insurance Company
Insurance Company
Holding Company
n/a
Bank
Other
Bank
Bank
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Bank
Bank
Bank
Unclassified
Date
28.02.2013
27.02.2013
04.02.2013
31.01.2013
15.01.2013
12.12.2012
30.11.2012
29.11.2012
27.03.2013
Dai Nippon Printing Co Ltd

DAI NIPPON PRINTING CO., LTD. offers printing services for commercial and
industrial use. The printing items include information media such as books,
periodicals, and text books, wrapping paper and containers, stationeries, and
advertising medium. The Company provides design and production services as
well. Dai Nippon Printing also produces soft drinks including Coca Cola.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
950.00
503.00
3'391'000.00
915
-3.68%
81.91%
94.63%
700.5
640'939.81
256'487.00
0.0
42'967.0
217'518.00
675'384.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'616'053.0
0.63x
199'055.0
5.15x
45'171.0
23.64x
1000
900
800
700
600
500
400
300
200
100
0
m-12 a-12 m-12
31.03.2009
31.03.2010
1'584'844.0
1'583'382.0
0.40x
0.56x
153'059.0
158'207.0
4.12x
5.63x
(20'933.0)
23'278.0
34.97x
Profitability
LTM-4Q
31.03.2011
1'589'373.0
0.46x
168'348.0
4.32x
25'032.0
26.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.50
1.09
559.46
16.42%
38.34%
1.086
4
3.500
3'564'600
3'509'533
3'395'259
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'507'227.0 ######### ######### ######### ######### 376'709.0
0.42x
1.60x
1.32x
133'179.0 135'610.0 123'907.0 126'000.0 128'000.0
4.71x
4.01x
3.78x
5.36x
5.28x
(16'356.0)
3'278.0 (10'526.0) 14'833.3
23'333.3
2'604.0
145.47x
0.00x
39.70x
25.25x
S&P Issuer Ratings
09.01.2007
NR
38.90
17.09
Net Debt/EBITDA
-0.14
1.38
8.3% Reference
29.4%
21.9%
Asset Turnover
0.93
2.56
91.66
43.91
79.67
56.84
8.34
Price/ Cash Flow
7.00
1'800'000.0
6.00
1'600'000.0
1'400'000.0
5.00
1'200'000.0
4.00
1'000'000.0
3.00
800'000.0
600'000.0
2.00
400'000.0
1.00
0.00
03.04.2009
200'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Dai Nippon Printing Co Ltd

Holdings By:
All
Holder Name
DAI NIPPON PRINTING
VANGUARD GROUP INC
NOMURA INTERNATIONAL
STATE STREET
NOMURA
KITAJIMA YOSHITOSHI
BLACKROCK
TAISEI CORP
Firm Name
Nomura
Mizuho Securities
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
HIROYUKI IBA
TAKAOMI KONO
TOSHIO TAKAHASHI
CRAIG STERLING
Source
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Recommendation
outperform
neutral
neutral
hold
Amt Held
% Out
55'914'000
7.98
42'704'441
6.1
38'972'000
5.56
32'692'000
4.67
30'882'000
4.41
28'711'000
4.1
14'969'000
2.14
14'480'000
2.07
13'166'000
1.88
12'478'000
1.78
11'946'320
1.71
(7'786'832) -1.11
7'499'739
1.07
7'453'000
1.06
5'724'000
0.82
5'302'000
0.76
4'956'000
0.71
4'904'602
0.7
4'159'649
0.59
3'670'000
0.52
Weighting
Change
5
3
3
3
M
M
M
M
Latest Chg
20'000
(1'151'000)
(5'989'000)
(21'000)
(11'819'000)
834'000
323'000
(2'232'000)
1'514'289
(9'000)
(247'000)
(46'000)
108'000
30'000
2'000
-
Target Price
1'000
800
800
#N/A N/A
File Dt
Inst Type
30.09.2012
Corporation
24.12.2012
Holding Company
30.09.2012
Bank
30.09.2012
Bank
30.09.2012
Insurance Company
29.10.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
n/a
30.09.2012
Other
20.11.2012
Insurance Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
28.02.2013
Unclassified
28.06.2012
n/a
26.03.2013
Unclassified
25.03.2013
Investment Advisor
31.03.2012
Insurance Company
31.03.2012
Corporation
Date
12 month
12 month
12 month
Not Provided
Date
12.03.2013
18.02.2013
13.02.2013
15.01.2013
27.03.2013
Dai-ichi Life Insurance Co Ltd/The

The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and
annuity insurance to groups and individuals. The Company offers a wide variety
of insurance products to suit different needs, ranging from children's school
tuition to emergency funds for the elderly.
Price/Volume
160000
.1 M
140000
.1 M
120000
.1 M
100000
Latest Fiscal Year:

LTM as of:
52-Week High (15.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
139'400.00
74'300.00
47'422.00
123600
-11.33%
66.35%
78.34%
10.0
1'236'020.50
530'660.00
0.0
9'091.0
315'101.00
1'024'655.52
31.03.2008
3'745'976.0
131'242.0
-
.1 M
60000
40000
.0 M
20000
.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
80000
Valuation Analysis
31.03.2009
31.03.2010
3'771'283.0
3'772'095.0
0.42x
86'813.0
55'665.0
25.15x
Profitability
LTM-4Q
31.03.2011
3'673'463.0
0.41x
19'139.0
65.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13 m-13
1.63
9.31
7.95%
4.42%
1.629
16
3.875
53'186
60'878
62'321
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'852'827.0 ######### ######### ######### ######### #########
0.35x
1.00x
0.95x
0.17x
0.17x
0.0
0.0
0.00x
0.00x
20'357.0
16'149.0
32'324.0
29'642.4
39'783.1
55.44x
46.26x
36.69x
41.28x
30.64x
S&P Issuer Ratings
- Long-Term Rating Date
23.03.2006
- Long-Term Rating
A
STABLE
4.67% Credit Ratios
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
54.0%
34.9%
Asset Turnover
0.12
- Net Fixed Asset Turnover
- Accounts receivable turnover-days
- Cash Conversion Cycle
-
Price/ Cash Flow
2.50
4'500'000.0
4'000'000.0
2.00
3'500'000.0
3'000'000.0
1.50
2'500'000.0
2'000'000.0
1.00
1'500'000.0
1'000'000.0
0.50
500'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Dai-ichi Life Insurance Co Ltd/The

Holdings By:
All
Holder Name
STATE STREET
DODGE & COX
RESONA HOLDINGS INC
OPPENHEIMERFUNDS INC
VANGUARD GROUP INC
BLACKROCK
DAI NIPPON PRINTING
NOMURA
CANON INC
MARUBENI CORP
SHIMIZU CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Macquarie
SCOTT G RUSSELL
Morgan Stanley
HIDEYASU BAN
DAVID THREADGOLD
EVA Dimensions
AUSTIN BURKETT
Nomura
WATARU OHTSUKA
KOUICHI NIWA
JPMorgan
NATSUMU TSUJINO
Jefferies
MAKARIM SALMAN
JUN SHIOTA
Credit Suisse
TAKEHITO YAMANAKA
Mizuho Securities
RIE NISHIHARA
Barclays
AZUMA OHNO
Deutsche Bank
MASAO MURAKI
Goldman Sachs
TAKANORI MIYOSHI
Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Recommendation
underperform
Equalwt/Attractive
outperform
sell
neutral
neutral
overweight
buy
neutral
outperform
buy
equalweight
outperform
buy
Buy/Neutral
Amt Held
540'912
506'701
478'217
418'494
371'544
344'834
300'000
191'233
162'993
130'000
105'554
98'631
86'647
78'182
66'066
64'560
63'000
48'015
46'364
42'217
% Out
5.41
5.07
4.78
4.18
3.72
3.45
3
1.91
1.63
1.3
1.06
0.99
0.87
0.78
0.66
0.65
0.63
0.48
0.46
0.42
Weighting
Change
1
3
5
1
3
3
5
5
3
5
5
3
5
5
5
M
M
M
D
M
M
M
U
M
M
M
M
M
M
U
Latest Chg
(29)
17'808
102'797
(77'178)
19'495
(5'120)
3'937
17
375
(4'384)
-
Target Price
85'000
158'000
230'000
#N/A N/A
135'000
140'000
207'000
159'300
140'000
147'500
150'000
120'000
152'000
148'700
190'000
File Dt
29.10.2012
07.11.2012
30.09.2012
26.03.2013
31.01.2013
30.09.2012
30.09.2012
30.09.2012
29.01.2013
30.09.2012
30.09.2012
31.01.2013
31.12.2012
25.03.2013
31.03.2012
28.02.2013
31.12.2011
13.01.2013
31.03.2012
31.03.2012
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Bank
Holding Company
Bank
Investment Advisor
Bank
Bank
Insurance Company
Other
Investment Advisor
Bank
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Unclassified
Corporation
Unclassified
Corporation
Corporation
Date
22.03.2013
21.03.2013
07.03.2013
26.02.2013
25.02.2013
22.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
27.03.2013
Daiichi Sankyo Co Ltd

DAIICHI SANKYO COMPANY, LIMITED is a holding company established through merger
of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals
for human/veterinary use and medical tools and equipment. It also researches
and promotes products through related companies throughout the world. The Group
also produces food, food additives, livestock feeds, and agrochemicals.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'896.00
1'168.00
2'723'100.00
1824
-3.80%
56.16%
93.68%
709.0
1'293'236.75
275'892.00
0.0
24'312.0
320'262.00
1'272'818.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
880'120.0
1.75x
199'158.0
7.75x
97'660.0
21.76x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12
31.03.2009
31.03.2010
842'147.0
952'105.0
1.42x
1.28x
129'452.0
150'333.0
9.27x
8.10x
(215'499.0)
41'852.0
29.45x
Profitability
LTM-4Q
31.03.2011
967'365.0
1.13x
175'236.0
6.23x
70'121.0
16.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
938'677.0
1.11x
155'583.0
6.69x
10'383.0
102.24x
155'583.00
98'202.00
10.46%
3.61%
-0.16%
-0.28%
-2.09%
0.65%
71.4%
15.4%
9.6%
1.1%
2.18
1.38
18.17%
34.13%
4.60
1.73
Price/ Cash Flow
LTM
FY+1
3.29
0.83
663.86
23.03%
40.24%
0.832
14
2.857
3'118'360
2'944'160
2'844'574
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
915'712.0 987'906.0 983'800.0 ######### 241'000.0
4.74x
3.82x
1.24x
1.17x
149'034.0 154'066.0 151'084.9 160'911.3
35'600.0
7.29x
5.91x
8.42x
7.91x
8'000.0
44'341.0
50'126.9
65'644.0
5'852.0
134.27x
20.99x
25.17x
18.97x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
41.91
27.21
Net Debt/EBITDA
-0.28
Total Debt/EBITDA
1.81
Reference
Total Debt/Equity
34.1%
Total Debt/Capital
24.9%
Asset Turnover
0.65
3.69
79.56
Inventory Days
211.76
83.74
222.16
18.00
1'200'000.0
16.00
1'000'000.0
14.00
800'000.0
12.00
10.00
600'000.0
8.00
400'000.0
6.00
4.00
200'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Daiichi Sankyo Co Ltd

Holdings By:
All
Holder Name
WELLINGTON MANAGEMEN
VANGUARD GROUP INC
DEUTSCHE SECURITIES
NOMURA
BLACKROCK
SHIZUOKA BANK LTD
KUREHA CORP
DAIICHI SANKYO CO LT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Morgan Stanley
MAYO MITA
JPMorgan
MASAYUKI ONOZUKA
Jefferies
NAOMI KUMAGAI
Mizuho Securities
HIROSHI TANAKA
Barclays
ATSUSHI SEKI
AKITADA IWASA
YASUHIRO NAKAZAWA
Credit Suisse
FUMIYOSHI SAKAI
TIW
SEIHEI MORITA
EVA Dimensions
ANDREW S ZAMFOTIS
Nomura
RYOICHI URUSHIHARA
MP Advisors Pvt Ltd
DEVESH SINGH
Mito Securities
JUN IKEYAMA
First Global Stockbroking
HITESH KUVELKAR
Source
Co File
Co File
ULT-AGG
MOF-JP
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
Recommendation
Equalwt/In-Line
underweight
buy
buy
underweight
neutral
underperform
neutral
neutral
neutral
buy
neutral
outperform
Neutral Plus
outperform
Amt Held
48'217'000
45'175'000
38'006'200
35'881'551
24'194'719
18'235'000
17'995'800
13'413'000
10'624'000
9'926'000
8'395'000
8'109'778
7'466'300
6'464'153
6'390'930
6'000'958
5'704'423
5'440'054
5'076'100
4'888'500
% Out
6.8
6.37
5.36
5.06
3.41
2.57
2.54
1.89
1.5
1.4
1.18
1.14
1.05
0.91
0.9
0.85
0.8
0.77
0.72
0.69
Weighting
Change
3
1
5
5
1
3
1
3
3
3
5
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
1'968'000
(800'000)
(200)
(7'159'764)
(176'514)
359'000
8'479'700
1'548'000
711'000
(309)
(13'400)
9'100
46'400
10
(17'000)
27'700
Target Price
1'600
1'300
2'000
1'900
1'250
1'710
1'200
1'300
1'600
#N/A N/A
#N/A N/A
1'300
1'850
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
31.05.2012
31.12.2012
30.09.2012
29.10.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.03.2012
28.02.2013
25.03.2013
31.03.2012
31.03.2012
26.03.2013
28.02.2013
30.09.2012
26.03.2013
Date
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Insurance Company
Investment Advisor
Investment Advisor
Other
Bank
Bank
Bank
n/a
Insurance Company
Insurance Company
Unclassified
Investment Advisor
Bank
Corporation
Investment Advisor
Investment Advisor
Corporation
Unclassified
Date
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
15.03.2013
28.02.2013
27.02.2013
19.02.2013
05.02.2013
17.01.2013
02.11.2012
07.03.2012
13.04.2010
31.08.2009
27.03.2013
Daikin Industries Ltd

DAIKIN INDUSTRIES, LTD. manufactures air conditioning equipment for household
and commercial use. The Company also produces fluorine chemical products such
as fluorinated hydrocarbon gas and shells and warheads for defense industry.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'140.00
1'836.00
1'813'400.00
3710
-10.39%
102.07%
82.86%
293.1
1'087'452.88
389'888.00
0.0
12'110.0
135'339.00
1'635'681.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
4000
8.0 M
3500
7.0 M
3000
6.0 M
2500
5.0 M
2000
4.0 M
1500
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
31.03.2009
31.03.2010
1'202'419.0
1'023'964.0
0.92x
1.32x
118'324.0
96'460.0
9.36x
14.01x
21'755.0
19'390.0
35.97x
57.57x
Profitability
LTM-4Q
31.03.2011
1'160'330.0
0.81x
127'166.0
7.42x
19'872.0
36.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.97
1.26
245.44
69.39%
26.72%
1.259
18
3.333
2'279'240
2'148'047
2'201'085
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'218'700.0 ######### ######### ######### ######### 314'492.3
0.76x
3.11x
3.27x
1.26x
1.05x
131'717.0 129'723.0 132'981.0 129'069.2 172'303.2
7.00x
6.73x
10.56x
12.67x
9.49x
41'171.0
39'330.0
29'434.0
28'178.2
63'963.2
15.94x
15.62x
29.09x
36.27x
16.86x
S&P Issuer Ratings
09.01.2007
NR
4.54% Credit Ratios
21.47
14.55
Net Debt/EBITDA
1.73
3.03
10.8% Reference
77.4%
43.0%
Asset Turnover
1.07
5.72
58.99
98.67
48.36
104.73
3.71
Price/ Cash Flow
18.00
1'400'000.0
16.00
1'200'000.0
14.00
1'000'000.0
12.00
10.00
800'000.0
8.00
600'000.0
6.00
400'000.0
4.00
200'000.0
2.00
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'290'893.0
1.17x
179'866.0
8.41x
75'223.0
16.27x
4500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Daikin Industries Ltd

Holdings By:
All
Holder Name
NOMURA
SUMITOMO METAL INDUS
PANASONIC CORP
NORINCHUKIN BANK LTD
SENSHU IKEDA HOLDING
BLACKROCK
FMR LLC
VANGUARD GROUP INC
NEC CORP
DAIKIN INDUSTRIES LT
TAKASHIMAYA CO LTD
SUMITOMO REALTY & DE
Firm Name
Credit Suisse
Morgan Stanley
Macquarie
Mizuho Securities
Nomura
Goldman Sachs
EVA Dimensions
Barclays
JPMorgan
Mito Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
SHINJI KURODA
TAKU OUCHI
YOSHINAO IBARA
DAMIAN THONG
HITOSHI OHNISHI
JUNJI SAKURADA
RYO TAZAKI
YOSHIKAZU SHIMADA
HIROSUKE TAI
YUICHIRO ISAYAMA
CHRISTOPHER CINTAVEY
CRAIG STERLING
KUNIO SAKAIDA
TORU NAKAHASHI
YOICHIRO WATANABE
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Co File
Recommendation
underperform
neutral
Equalwt/Attractive
outperform
Neutral Plus
buy
neutral
outperform
neutral
buy/attractive
buy
underweight
equalweight
neutral
neutral
Amt Held
32'022'000
19'312'000
16'425'300
14'877'186
11'169'600
9'200'000
7'500'000
6'525'300
6'243'000
4'999'000
3'962'000
3'250'000
2'830'800
2'496'200
2'263'034
2'242'164
2'228'000
2'024'300
1'715'000
1'656'400
% Out
10.92
6.59
5.6
5.08
3.81
3.14
2.56
2.23
2.13
1.71
1.35
1.11
0.97
0.85
0.77
0.76
0.76
0.69
0.59
0.57
Weighting
Change
1
3
3
5
3
5
3
5
3
5
5
1
3
3
3
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
4'554'000
1'003'000
(8'402'600)
306'400
(544'500)
(117'000)
(500'000)
131'500
87'000
28'819
61'819
(40)
-
Target Price
3'300
3'800
3'300
4'150
4'200
4'300
3'350
#N/A N/A
3'500
3'900
4'400
#N/A N/A
2'450
2'400
#N/A N/A
File Dt
30.09.2012
30.09.2012
31.01.2013
07.11.2012
14.12.2012
30.09.2012
30.09.2012
31.01.2013
30.09.2012
30.09.2012
31.03.2012
31.03.2012
28.02.2013
25.03.2013
31.01.2013
31.12.2012
31.03.2012
30.09.2012
29.02.2012
31.03.2012
Date
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
Inst Type
Bank
Bank
Bank
Holding Company
Unclassified
Corporation
Corporation
Unclassified
Other
Investment Advisor
Insurance Company
Holding Company
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Corporation
Corporation
Corporation
Date
19.03.2013
14.03.2013
05.03.2013
04.03.2013
26.02.2013
22.02.2013
21.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
15.01.2013
05.12.2012
08.11.2012
13.10.2010
27.03.2013
Daito Trust Construction Co Ltd

DAITO TRUST CONSTRUCTION CO., LTD. operates building construction and real
estate businesses. The Company plans and constructs apartment and commercial
buildings mainly for land owners. Daito Trust Construction provides brokerage
and maintenance services as well.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
9'060.00
6'640.00
675'900.00
8360
-7.73%
25.90%
71.49%
80.6
673'901.94
125'770.00
0.0
1'501.0
226'162.00
594'432.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
641'045.0
0.60x
69'749.0
5.51x
44'478.0
13.99x
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
m-12 a-12 m-12
31.03.2009
31.03.2010
954'881.0
972'616.0
0.20x
0.33x
72'916.0
73'701.0
2.61x
4.40x
42'129.0
45'353.0
9.45x
11.67x
Profitability
LTM-4Q
31.03.2011
1'001'169.0
0.39x
76'651.0
5.15x
43'151.0
14.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.68
0.63
74.27
19.85%
4.53%
0.632
12
4.000
650'880
603'153
550'719
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'087'128.0 ######### ######### ######### #########
0.45x
1.79x
1.89x
0.48x
0.43x
85'087.0
86'450.0
85'101.0
86'884.2
93'903.3
5.78x
5.66x
6.70x
6.84x
6.33x
47'103.0
46'079.0
49'943.0
50'814.7
55'373.8
12.50x
12.24x
12.99x
13.16x
12.07x
S&P Issuer Ratings
09.01.2007
NR
64.61
62.22
Net Debt/EBITDA
-1.17
1.42
7.4% Reference
83.6%
45.3%
Asset Turnover
2.05
13.93
12.63
5.94
14.23
2.61
61.64
Price/ Cash Flow
18.00
1'200'000.0
16.00
1'000'000.0
14.00
800'000.0
12.00
10.00
600'000.0
8.00
400'000.0
6.00
4.00
200'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Daito Trust Construction Co Ltd

Holdings By:
All
Holder Name
ABERDEEN
STATE STREET
BLACKROCK
MELLON BANK NA
DEUTSCHE SECURITIES
DAITO TRUST CONSTRUC
CO'S COOP MOCHIKABUK
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
ING INVESTMENT MANAG
SOCIETE GENERALE
FMR LLC
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
Barclays
TAKASHI HASHIMOTO
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
MASAHIRO MOCHIZUKI
HIROKI KAWASHIMA
Nomura
DAISUKE FUKUSHIMA
TIW
YOSHITANE HORIBE
HIDEAKI TERAOKA
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYA MIZUTANI
Deutsche Bank
YOJI OTANI
Morgan Stanley
TOMOYOSHI OMURO
Ji Asia
MARK S BROWN
Mizuho Securities
HIROSHI OKUBO
Source
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
MOF-JP
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
Co File
13F
ULT-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
Recommendation
equalweight
buy
outperform
neutral
buy
Neutral Minus
outperform
outperform
hold
not rated
buy
suspended coverage
Amt Held
% Out
9'437'684 11.71
3'839'519
4.76
3'749'000
4.65
3'105'000
3.85
2'948'646
3.66
2'662'000
3.3
1'887'000
2.34
1'824'303
2.26
1'662'000
2.06
1'606'000
1.99
1'474'000
1.83
1'408'597
1.75
1'353'000
1.68
1'279'000
1.59
1'112'300
1.38
897'700
1.11
773'890
0.96
(681'026) -0.84
649'393
0.81
560'800
0.7
Weighting
3
5
5
3
5
3
5
5
3
#N/A N/A
5
#N/A N/A
Change
M
U
M
M
M
D
M
M
M
M
M
M
Latest Chg
(259'800)
300
(173'000)
(794'889)
930'403
119'837
93'000
12'000
4'400
(681'026)
116'247
49'800
Target Price
9'400
#N/A N/A
8'800
8'240
9'400
#N/A N/A
9'500
11'500
8'400
#N/A N/A
9'600
#N/A N/A
File Dt
28.02.2013
26.03.2013
30.09.2012
30.09.2012
25.03.2013
30.09.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
31.03.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.01.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Unclassified
Investment Advisor
Bank
Bank
Investment Advisor
Investment Advisor
Bank
Corporation
n/a
Corporation
Bank
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Unclassified
Date
27.03.2013
22.03.2013
13.03.2013
05.03.2013
04.03.2013
19.02.2013
07.02.2013
04.02.2013
29.10.2012
04.09.2012
02.08.2012
01.02.2012
27.03.2013
Daiwa House Industry Co Ltd

DAIWA HOUSE INDUSTRY CO., LTD. designs and builds residential, commercial, and
institutional buildings. The Company constructs single-family houses,
collective housings, condominiums, stores, office buildings, factories, and
hospitals. DAIWA HOUSE INDUSTRY also operates real estate businesses.
The Company, through its subsidiaries, manages hotels and golf country clubs.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'899.00
967.00
2'260'000.00
1858
-2.16%
92.14%
95.39%
599.9
1'114'654.75
408'802.00
0.0
779.0
249'727.00
1'377'629.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'709'254.0
0.42x
124'741.0
5.75x
13'079.0
43.94x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12
31.03.2009
31.03.2010
1'690'956.0
1'609'883.0
0.41x
0.56x
112'898.0
106'631.0
6.19x
8.42x
4'170.0
19'113.0
110.00x
31.97x
Profitability
LTM-4Q
31.03.2011
1'690'151.0
0.51x
132'310.0
6.47x
27'267.0
21.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.85
522.19
71.18%
27.65%
0.855
14
4.286
2'656'800
2'944'500
2'664'810
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'848'797.0 ######### ######### ######### #########
0.43x
1.84x
1.83x
0.64x
0.56x
158'745.0
64'152.0 160'545.0 179'074.0 187'216.6
5.00x
0.00x
6.97x
7.69x
7.36x
33'200.0
14'314.0
52'858.0
65'319.1
77'191.7
19.07x
37.12x
16.19x
16.63x
14.10x
S&P Issuer Ratings
09.01.2007
NR
5.53% Credit Ratios
24.93
9.41
Net Debt/EBITDA
1.00
2.39
8.4% Reference
62.2%
38.3%
Asset Turnover
0.93
2.49
16.70
86.37
41.76
63.30
4.24
Price/ Cash Flow
6.00
2'000'000.0
1'800'000.0
5.00
1'600'000.0
1'400'000.0
4.00
1'200'000.0
3.00
1'000'000.0
800'000.0
2.00
600'000.0
400'000.0
1.00
0.00
03.04.2009
200'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Daiwa House Industry Co Ltd

Holdings By:
All
Holder Name
DAIWA HOUSE INDUSTRY
EUROPEAN INVESTORS I
NOMURA
VANGUARD GROUP INC
SUMITOMO WAREHOUSE C
DAIDO LIFE INSURANCE
BLACKROCK
NANTO BANK LTD/THE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
Nomura
DAISUKE FUKUSHIMA
Credit Suisse
MASAHIRO MOCHIZUKI
HIROKI KAWASHIMA
Deutsche Bank
YOJI OTANI
Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA
Ji Asia
MARK S BROWN
Morgan Stanley
TOMOYOSHI OMURO
JPMorgan
HIROKAZU ANAI
Barclays
TAKASHI HASHIMOTO
EVA Dimensions
AUSTIN BURKETT
HIDEAKI TERAOKA
Mizuho Securities
HIROSHI OKUBO
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
Co File
ULT-AGG
MF-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
Recommendation
neutral
outperform
neutral
buy
outperform
buy
Overwt/In-Line
overweight
equalweight
buy
neutral
suspended coverage
Amt Held
37'707'000
33'228'000
21'227'000
19'148'849
16'382'000
16'117'000
13'901'000
11'868'000
11'801'000
9'863'000
9'024'200
8'626'000
7'462'000
5'949'348
5'369'000
5'003'000
5'000'000
4'907'860
3'669'000
3'276'304
% Out
6.29
5.54
3.54
3.19
2.73
2.69
2.32
1.98
1.97
1.64
1.5
1.44
1.24
0.99
0.89
0.83
0.83
0.82
0.61
0.55
Weighting
Change
3
5
3
5
5
5
5
5
3
5
3
#N/A N/A
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
(1'023'076)
5'000
(24'571'000)
487'000
275'000
467'000
401'136
(1'717'550)
121'000
-
Target Price
1'950
2'400
1'760
2'000
1'930
2'200
1'620
2'000
1'610
#N/A N/A
1'220
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
20.12.2012
20.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
13.04.2012
31.12.2012
30.09.2012
28.02.2013
31.12.2012
31.03.2012
31.03.2012
31.03.2012
25.03.2013
28.02.2013
31.03.2012
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Bank
Corporation
Holding Company
Insurance Company
Bank
n/a
Other
Bank
Unclassified
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Insurance Company
Corporation
Insurance Company
Investment Advisor
Holding Company
Bank
Date
19.03.2013
18.03.2013
14.03.2013
27.02.2013
20.02.2013
13.02.2013
08.02.2013
08.02.2013
08.02.2013
15.01.2013
28.11.2012
01.02.2012
27.03.2013
Daiwa Securities Group Inc

Daiwa Securities Group Inc. is a holding company. The Group provides a
comprehensive financial services including dealing, brokerage, underwriting,
and distribution of securities. Other services are research & systems
development, custody service, and asset management. Daiwa has subsidiaries in
US, Europe, Asia, and Middle East.
Price/Volume
45.0 M
700
40.0 M
600
35.0 M
30.0 M
500
25.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
692.00
235.00
12'569'000.00
672
-2.89%
185.96%
93.44%
1'749.4
1'175'582.50
13'883'379.00
0.0
163'774.0
1'050'468.00
12'072'076.53
31.03.2008
782'406.0
19.33x
450'119.0
33.60x
46'411.0
25.65x
20.0 M
300
15.0 M
200
10.0 M
100
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
800
31.03.2009
31.03.2010
355'630.0
506'993.0
30.47x
27.78x
57'648.0
189'025.0
187.95x
74.52x
(85'039.0)
43'429.0
18.63x
Profitability
LTM-4Q
31.03.2011
380'575.0
34.82x
61'711.0
214.71x
(37'331.0)
-
31.03.2012
395'614.0
34.25x
78'846.0
171.85x
(39'434.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
78'846.00
-7.16%
-4.27%
0.00%
-0.08%
0.01%
0.02%
26.7%
-10.0%
73.36%
1762.01%
-
Price/ Cash Flow
LTM
FY+1
0.89
1.49
1'639.87
97.90%
41.47%
1.489
12
3.083
20'001'800
21'545'130
21'659'340
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
363'818.0 433'173.0 368'738.3 383'673.2 105'670.5
86'200.0
135.56x
114.67x
5.34x
4.88x
28'564.0
0.0
70'799.7
94'962.0
0.00x
0.00x
170.51x
127.13x
(83'484.0) 35'057.0
38'035.5
59'733.2
14'302.0
5'300.0
0.00x
22.96x
32.57x
21.10x
S&P Issuer Ratings
11.09.2009
Long-Term Rating
BBB
Long-Term Outlook
NEG
29.09.2004
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
108.33
Total Debt/EBITDA
118.40
Reference
Total Debt/Equity
1762.0%
Total Debt/Capital
93.6%
Asset Turnover
0.02
1.53
Inventory Days
3.00
1'000'000.0
900'000.0
2.50
800'000.0
700'000.0
2.00
600'000.0
1.50
500'000.0
400'000.0
1.00
300'000.0
200'000.0
0.50
0.00
03.04.2009
100'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Daiwa Securities Group Inc

Holdings By:
All
Holder Name
COMPANY'S MOCHIKABUK
THIRD AVENUE MANAGEM
TAIYO LIFE INSURANCE
VANGUARD GROUP INC
BLACKROCK
NOMURA
LITMAN/GREGORY FUND
TOYO SEIKAN KAISHA L
FRANK RUSSELL TRUST
Firm Name
Morgan Stanley
Macquarie
Jefferies
Goldman Sachs
Credit Suisse
JPMorgan
Barclays
EVA Dimensions
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
HIDEYASU BAN
KOUICHI NIWA
ALASTAIR MACDONALD
MAKARIM SALMAN
TATSUO MAJIMA
KATSUNORI TANAKA
TAKEHITO YAMANAKA
NATSUMU TSUJINO
AZUMA OHNO
AUSTIN BURKETT
YOHEI OHAMA
JUN OISHI
Source
MOF-JP
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
Recommendation
Equalwt/In-Line
outperform
outperform
buy
above average
Sell/Neutral
neutral
neutral
underweight
sell
neutral
suspended coverage
Amt Held
172'494'920
114'953'000
75'520'000
61'518'000
43'941'000
35'734'000
30'328'000
27'670'000
23'146'000
22'782'000
22'489'000
21'140'000
16'119'487
15'226'588
13'916'000
12'425'000
7'978'000
7'546'454
6'794'000
6'693'000
% Out
9.86
6.57
4.32
3.52
2.51
2.04
1.73
1.58
1.32
1.3
1.29
1.21
0.92
0.87
0.8
0.71
0.46
0.43
0.39
0.38
Weighting
Change
3
5
5
5
4
1
3
3
1
1
3
#N/A N/A
M
U
U
U
M
M
M
M
M
M
M
M
Latest Chg
(18'915'000)
(36'152'000)
9'993'000
1'970'000
(213'000)
(36'000)
11'970'000
(1'699'000)
(10'000'000)
345'078
136'000
(212'000)
109'000
6'669'500
81'000
Target Price
750
650
720
625
#N/A N/A
370
540
490
330
#N/A N/A
320
#N/A N/A
File Dt
Inst Type
15.03.2013
Investment Advisor
30.11.2012
Bank
30.09.2012
Bank
30.09.2012
Bank
30.09.2012
Other
30.09.2012
Holding Company
30.09.2012
Bank
30.11.2012
Unclassified
30.09.2012
n/a
31.01.2013
Investment Advisor
31.03.2012
Insurance Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.03.2012
Corporation
28.02.2013
Holding Company
31.05.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Date
21.03.2013
25.02.2013
14.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
15.01.2013
09.01.2013
06.01.2012
27.03.2013
Denso Corp
DENSO CORPORATION manufactures electronic parts for automobiles. The Company's
products include automobile air conditioners, air bags, ignition systems,
generators, power steering systems, and spark plugs with iridium electrode.
The Company also produces communication equipment for mobile navigation system.
Price/Volume
4500
8.0 M
4000
7.0 M
3500
6.0 M
3000
5.0 M
2500
Latest Fiscal Year:

LTM as of:
52-Week High (08.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'210.00
2'242.00
1'126'800.00
4085
-2.97%
82.20%
94.16%
884.1
3'611'420.75
523'545.00
0.0
104'627.0
1'022'142.00
3'202'050.69
31.03.2008
4'025'076.0
0.62x
612'171.0
4.08x
244'417.0
10.73x
3.0 M
1500
1000
2.0 M
500
1.0 M
0
m-12
31.03.2009
31.03.2010
3'142'665.0
2'976'709.0
0.49x
0.67x
239'315.0
374'584.0
6.46x
5.30x
(84'085.0)
73'427.0
30.57x
Profitability
LTM-4Q
31.03.2011
3'131'460.0
0.57x
381'413.0
4.71x
143'033.0
15.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.22
1.24
456.88
48.57%
38.31%
1.239
20
4.450
1'933'240
2'394'180
2'380'478
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'154'630.0 ######### ######### ######### ######### 907'563.4 919'058.0
0.58x
2.31x
2.00x
0.95x
0.85x
3.54x
341'380.0 283'143.0 445'412.0 439'458.1 506'798.5 124'325.0 119'816.0
5.37x
4.91x
4.39x
7.29x
6.32x
6.54x
89'298.0
50'052.0 183'735.0 167'063.9 210'704.2
37'367.3
54'550.0
24.95x
34.23x
13.01x
19.37x
15.42x
16.69x
S&P Issuer Ratings
04.03.2011
NEG
05.06.1998
A-1+
7.43% Credit Ratios
51.76
25.46
Net Debt/EBITDA
-1.28
1.06
12.7% Reference
26.0%
19.8%
Asset Turnover
1.00
4.37
56.24
39.18
50.78
48.66
9.34
Price/ Cash Flow
20.00
4'500'000.0
18.00
4'000'000.0
16.00
3'500'000.0
14.00
3'000'000.0
12.00
2'500'000.0
10.00
2'000'000.0
8.00
1'500'000.0
6.00
1'000'000.0
4.00
500'000.0
2.00
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2000
Valuation Analysis
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Denso Corp
Holdings By:
All
Holder Name
TOYOTA MOTOR CORP
DENSO CORP
ROBERT BOSCH INVESTM
STATE STREET
FMR LLC
NOMURA
BLACKROCK
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

YUSUKE MIURA
Macquarie
CLIVE WIGGINS
Morgan Stanley
SHINJI KAKIUCHI
Credit Suisse
MASAHIRO AKITA
JPMorgan
KOHEI TAKAHASHI
TAKAO OSHITARI
Mizuho Securities
TAIRIKU SAKAGUCHI
KENTARO HAYASHI
Goldman Sachs
KOTA YUZAWA
TIW
SATORU TAKADA
Nomura
HISAHIRO YAMAOKA
Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI
EVA Dimensions
CRAIG STERLING
Deutsche Bank
KURT SANGER
Marusan Securities
SHOGO OKI
SHIRO SAKAMAKI
Source
ULT-AGG
MOF-JP
MOF-JP
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
Recommendation
above average
outperform
Overwt/In-Line
outperform
neutral
neutral
neutral
Strong Outperform
Buy/Neutral
Neutral Plus
buy
outperform
overweight
buy
outperform
outperform
Amt Held
274'217'583
89'138'087
35'438'900
32'375'000
31'485'000
24'743'500
20'101'000
15'148'000
11'126'000
10'398'357
9'829'042
7'569'400
6'338'136
5'721'000
4'664'600
4'582'245
4'393'314
3'821'900
3'343'100
2'832'949
% Out
31.02
10.08
4.01
3.66
3.56
2.8
2.27
1.71
1.26
1.18
1.11
0.86
0.72
0.65
0.53
0.52
0.5
0.43
0.38
0.32
Weighting
Change
4
5
5
5
3
3
3
5
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
307
(11'000'100)
1'264'000
306'000
3'000
673'000
400
136'000
322'500
(941'972)
115'600
94'876
131'200
(2'900)
85'640
7'200
123'700
(100)
-
Target Price
#N/A N/A
5'000
4'400
4'050
3'700
3'630
3'800
#N/A N/A
4'100
#N/A N/A
4'050
3'600
#N/A N/A
3'000
#N/A N/A
2'800
File Dt
14.12.2012
31.12.2012
01.11.2012
30.09.2012
30.09.2012
20.11.2012
30.09.2012
30.09.2012
30.09.2012
26.03.2013
31.01.2013
28.02.2013
25.03.2013
31.01.2013
26.03.2013
31.12.2012
26.03.2013
28.02.2013
28.02.2013
31.03.2012
Date
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Bank
Bank
Insurance Company
n/a
Insurance Company
Other
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Holding Company
Holding Company
Insurance Company
Date
22.03.2013
21.03.2013
08.03.2013
25.02.2013
22.02.2013
15.02.2013
14.02.2013
12.02.2013
07.02.2013
05.02.2013
01.02.2013
18.01.2013
17.01.2013
06.12.2012
14.11.2012
05.11.2012
27.03.2013
East Japan Railway Co

East Japan Railway Company provides rail transportation services in the Kanto
and Tohoku regions, including Tokyo. The Company's services include the
shinkansen (bullet train) network and the Tokyo metropolitan network. East
Japan Railway also leases real estate and operates hotel, travel, and restaurant
businesses.
Price/Volume
9000
3.0 M
8000
2.5 M
7000
6000
2.0 M
5000
03/2012
12/yy
8'060.00
4'480.00
1'025'700.00
7770
-3.60%
73.44%
92.74%
396.0
3'076'920.00
3'397'586.00
0.0
16'229.0
105'772.00
6'443'068.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3000
1.0 M
2000
.5 M
1000
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'703'563.0
2.51x
780'745.0
8.70x
189'672.0
17.47x
1.5 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.03.2009
31.03.2010
2'696'999.0
2'573'723.0
2.00x
2.30x
775'655.0
701'212.0
6.96x
8.44x
187'291.0
120'214.0
10.95x
21.43x
Profitability
LTM-4Q
31.03.2011
2'537'353.0
2.04x
711'500.0
7.26x
76'224.0
24.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.48
0.60
357.60
47.89%
40.32%
0.598
17
4.294
1'424'940
1'555'350
1'368'316
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'532'173.0 ######### ######### ######### ######### 661'772.3
2.12x
8.47x
8.16x
2.33x
2.28x
718'728.0 685'853.0 752'112.0 762'288.6 793'844.7
7.47x
7.74x
7.41x
8.45x
8.12x
108'737.0
40'302.0 187'374.0 183'698.2 199'495.9
8'346.0
18.95x
48.10x
11.77x
16.73x
15.34x
S&P Issuer Ratings
17.03.1998
NEG
8.33% Credit Ratios
7.11
3.08
Net Debt/EBITDA
4.31
4.45
29.2% Reference
181.3%
64.2%
Asset Turnover
0.38
0.45
44.80
14.47
9.11
47.80
25.30
Price/ Cash Flow
6.00
2'750'000.0
5.00
2'700'000.0
2'650'000.0
4.00
2'600'000.0
3.00
2'550'000.0
2.00
2'500'000.0
1.00
2'450'000.0
0.00
03.04.2009
2'400'000.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
East Japan Railway Co

Holdings By:
All
Holder Name
BLACKROCK
EAST JAPAN RAILWAY C
VANGUARD GROUP INC
NOMURA
MITSUBISHI ELECTRIC
TEKKEN CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JPMorgan
HITOSHI HOSOYA
Macquarie
NICHOLAS CUNNINGHAM
EVA Dimensions
CRAIG STERLING
Morgan Stanley
TAKUYA OSAKA
Goldman Sachs
HIROYUKI SAKAIDA
Barclays
RYOTA HIMENO
OSUKE ITAZAKI
Mito Securities
KEITA WAKABAYASHI
Okasan Securities
SHINICHI YAMAZAKI
Mizuho Securities
SATORU KUNIEDA
Nomura
MASAHARU HIROKANE
Source
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Recommendation
overweight
outperform
underweight
Overwt/In-Line
neutral/neutral
overweight
neutral
Neutral Plus
buy
neutral
buy
outperform
outperform
Amt Held
21'428'800
20'206'700
16'129'000
13'595'900
13'433'400
10'530'300
9'363'700
8'362'700
8'000'000
5'566'729
4'315'300
3'321'817
3'051'260
2'956'800
2'350'000
1'501'400
1'318'000
1'221'200
1'200'000
1'113'400
% Out
5.41
5.1
4.07
3.43
3.39
2.66
2.36
2.11
2.02
1.41
1.09
0.84
0.77
0.75
0.59
0.38
0.33
0.31
0.3
0.28
Weighting
Change
5
5
1
5
3
5
3
3
5
3
5
5
5
M
M
U
U
M
M
M
M
M
M
M
M
M
Latest Chg
1'177'900
(14'200)
(534'900)
12'300
254'100
78'200
700
(123'712)
600
124'383
(247'500)
49'500
-
Target Price
10'500
9'000
#N/A N/A
8'000
6'600
7'600
6'300
#N/A N/A
7'500
6'400
7'500
6'800
6'100
File Dt
30.09.2012
29.10.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
30.09.2012
20.12.2012
30.09.2012
25.03.2013
30.09.2012
31.12.2012
31.03.2012
28.02.2013
31.03.2012
26.03.2013
31.03.2012
31.03.2012
31.03.2012
31.03.2012
Date
9 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Inst Type
Bank
Bank
Bank
Holding Company
n/a
Bank
Other
Insurance Company
Insurance Company
Investment Advisor
Corporation
Investment Advisor
Insurance Company
Unclassified
Insurance Company
Unclassified
Corporation
Insurance Company
Corporation
Corporation
Date
18.03.2013
18.03.2013
11.03.2013
08.03.2013
04.03.2013
22.02.2013
15.02.2013
12.02.2013
04.02.2013
31.01.2013
28.01.2013
17.01.2013
10.12.2012
27.03.2013
Eisai Co Ltd
Eisai Co., Ltd. produces prescription drugs and medical equipment and sells
mainly to sales agents and subsidiaries. Through its subsidiary, Sanko Junyaku,
the Company produces and sells diagnostic drugs. Eisai also markets its
products through related companies in the US, Europe, and Asia. The Company
also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (09.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'405.00
3'070.00
927'400.00
4270
-3.06%
39.09%
94.38%
296.6
1'266'340.88
350'142.00
0.0
5'643.0
188'181.00
1'420'232.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
734'419.0
1.72x
52'308.0
24.17x
(17'012.0)
-
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
m-12
31.03.2009
31.03.2010
781'708.0
803'138.0
1.41x
1.52x
150'439.0
143'776.0
7.30x
8.46x
47'678.0
40'338.0
17.21x
23.56x
Profitability
LTM-4Q
31.03.2011
768'925.0
1.38x
164'381.0
6.44x
67'394.0
12.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
647'925.0
1.71x
144'442.0
7.65x
58'511.0
16.02x
144'442.00
95'748.00
14.78%
14.61%
5.33%
12.56%
7.54%
0.65%
73.2%
21.7%
13.6%
9.0%
2.53
1.85
34.85%
83.81%
3.26
2.31
Price/ Cash Flow
LTM
FY+1
3.51
0.55
262.90
34.28%
20.83%
0.549
15
2.733
1'231'380
1'359'170
1'406'410
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
659'785.0 574'776.0 578'892.3 574'221.4 138'900.0
6.60x
8.00x
2.30x
2.26x
134'770.0 117'450.0 120'283.1 128'342.8
32'700.0
8.17x
10.05x
11.81x
11.07x
49'213.0
43'331.0
49'060.8
52'585.7
10'268.0
18.44x
23.68x
23.93x
22.37x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
20.96
19.30
Net Debt/EBITDA
1.15
Total Debt/EBITDA
2.30
Reference
Total Debt/Equity
83.8%
Total Debt/Capital
45.3%
Asset Turnover
0.65
4.39
112.18
Inventory Days
158.13
46.79
215.25
14.00
900'000.0
12.00
800'000.0
700'000.0
10.00
600'000.0
8.00
500'000.0
6.00
400'000.0
300'000.0
4.00
200'000.0
2.00
0.00
03.04.2009
100'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Eisai Co Ltd
Holdings By:
All
Holder Name
WELLINGTON MANAGEMEN
EISAI CO LTD
RESONA HOLDINGS INC
VANGUARD GROUP INC
NOMURA
NAITO FOUNDATION
BLACKROCK
TRUST & CUSTODY SERV
JOYO BANK LTD/THE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst

AKITADA IWASA
Jefferies
NAOMI KUMAGAI
TAKASHI AKAHANE
Credit Suisse
FUMIYOSHI SAKAI
Morgan Stanley
MAYO MITA
YASUHIRO NAKAZAWA
Barclays
ATSUSHI SEKI
Mizuho Securities
HIROSHI TANAKA
TIW
SEIHEI MORITA
JPMorgan
MASAYUKI ONOZUKA
Nomura
RYOICHI URUSHIHARA
EVA Dimensions
ANDREW S ZAMFOTIS
Source
Co File
Co File
ULT-AGG
MOF-JP
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Short
Recommendation
neutral
underperform
strong buy
neutral
Underwt/In-Line
neutral
neutral
equalweight
neutral
Neutral Minus
underweight
neutral
overweight
Amt Held
% Out
21'283'000
7.18
17'064'000
5.75
15'571'100
5.25
15'062'695
5.08
11'562'900
3.9
11'153'000
3.76
9'990'206
3.37
7'590'000
2.56
7'427'569
2.5
7'193'000
2.43
5'594'500
1.89
5'333'000
1.8
4'207'000
1.42
3'998'800
1.35
3'376'000
1.14
3'186'100
1.07
2'974'000
1
2'660'796
0.9
2'484'100
0.84
(2'400'100) -0.81
Weighting
Change
3
1
5
3
1
3
3
3
3
3
1
3
5
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
2'857'000
1'888'000
(9'800)
(23'000)
80'318
303'000
(2'899'772)
76'000
(160'000)
1'615'000
(5'100)
7'200
34'600
400
Target Price
4'400
2'800
#N/A N/A
3'700
3'100
3'800
3'000
3'000
3'800
#N/A N/A
2'900
3'900
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
31.05.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
26.03.2013
25.03.2013
28.02.2013
30.09.2012
31.03.2012
31.03.2012
01.03.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
Inst Type
Bank
Bank
Insurance Company
Investment Advisor
Corporation
Holding Company
Investment Advisor
Other
Bank
n/a
Unclassified
Investment Advisor
Other
Unclassified
Investment Advisor
Holding Company
Bank
Insurance Company
Bank
Investment Advisor
Date
15.03.2013
14.03.2013
11.03.2013
11.03.2013
08.03.2013
05.03.2013
27.02.2013
22.02.2013
18.02.2013
06.02.2013
01.02.2013
01.02.2013
15.01.2013
27.03.2013
FANUC Corp
FANUC CORPORATION manufactures factory automation (FA) systems and equipments,
and robots. The Company's products include computerized numerically-controlled
(CNC) equipment, servo motors, laser systems, industrial robots, wire-cut
electric discharge machines, and CNC drill. Fanuc participates in a joint
venture with General Electric in the FA field.
Price/Volume
18000
6.0 M
16000
5.0 M
14000
12000
4.0 M
10000
03/2012
12/yy
17'130.00
11'240.00
1'046'500.00
14740
-13.95%
31.14%
60.10%
239.5
3'530'352.50
0.00
0.0
3'999.0
637'076.00
2'860'502.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6000
2.0 M
4000
1.0 M
2000
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
468'399.0
3.07x
202'007.0
7.11x
127'030.0
15.51x
3.0 M
8000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.01.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.03.2009
31.03.2010
388'271.0
253'393.0
2.18x
5.71x
148'961.0
68'858.0
5.69x
21.00x
97'162.0
37'511.0
14.18x
52.84x
Profitability
LTM-4Q
31.03.2011
446'201.0
4.22x
203'078.0
9.28x
120'155.0
20.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
538'492.0
4.16x
237'300.0
9.44x
138'819.0
20.70x
237'300.00
221'834.00
41.20%
42.45%
11.87%
13.54%
13.55%
0.48%
51.3%
41.9%
38.7%
25.8%
7.36
6.37
0.00%
0.00%
6.20
3.30
Price/ Cash Flow
LTM
FY+1
1.37
1.19
194.21
-3.57%
-7.41%
1.194
21
2.476
1'622'580
1'467'050
1'644'345
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
521'989.0 520'422.0 484'752.2 472'779.7
94'533.3
13.79x
16.14x
5.86x
5.84x
238'210.0 217'488.0 199'430.5 197'668.8
7.25x
11.25x
14.34x
14.47x
139'542.0 128'039.0 117'925.9 116'586.3
22'331.0
16.52x
24.34x
24.31x
24.75x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
-2.98
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.48
2.29
59.06
Inventory Days
111.05
35.37
135.53
35.00
600'000.0
30.00
500'000.0
25.00
400'000.0
20.00
300'000.0
15.00
200'000.0
10.00
100'000.0
5.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
FANUC Corp
Holdings By:
All
Holder Name
FANUC CORP
STATE STREET
NOMURA
JANUS CAPITAL MANAGE
JP MORGAN SECURITIES
MELLON BANK NA
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst

TAKU OUCHI
Deutsche Bank
TAKESHI KITAURA
Jefferies
YUKIHIRO KUMAGAI
Goldman Sachs
YUICHIRO ISAYAMA
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA
Mizuho Securities
JUNJI SAKURADA
Credit Suisse
SHINJI KURODA
Macquarie
KENJIN HOTTA
JPMorgan
TORU NAKAHASHI
HIROKAZU MIYAGI
Nomura
KATSUSHI SAITO
Morgan Stanley
YOSHINAO IBARA
Ji Asia
TONY MOYER
EVA Dimensions
CRAIG STERLING
Barclays
KUNIO SAKAIDA
Mito Securities
YOICHIRO WATANABE
Source
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
underperform
hold
underperform
neutral/attractive
outperform
underperform
neutral
neutral
neutral
neutral
neutral
Equalwt/Attractive
reduce
sell
underweight
equalweight
Neutral Plus
Amt Held
43'785'800
22'856'935
14'343'000
14'314'000
5'947'905
5'394'200
5'208'249
4'806'400
4'283'000
4'275'220
3'951'300
3'313'000
3'235'000
3'144'000
2'853'500
2'667'557
2'557'000
2'145'010
2'117'300
1'998'457
% Out
18.28
9.54
5.99
5.98
2.48
2.25
2.17
2.01
1.79
1.78
1.65
1.38
1.35
1.31
1.19
1.11
1.07
0.9
0.88
0.83
Weighting
Change
1
3
1
3
5
1
3
3
3
3
3
3
2
1
1
3
3
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
6'300
(1'133'000)
895'000
840'000
(6'488'200)
35'800
89'500
(52'200)
(446'000)
104'100
435'000
(68'000)
380'000
99'400
31'966
(8'232)
(21'500)
(922'373)
Target Price
10'900
14'600
11'200
15'500
17'000
11'100
12'500
12'000
10'500
13'500
13'200
14'000
11'800
11'150
#N/A N/A
12'000
18'700
File Dt
Inst Type
30.09.2012
Corporation
26.03.2013
Investment Advisor
30.09.2012
Bank
30.09.2012
Bank
15.03.2013
Bank
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Other
15.03.2013
Unclassified
30.09.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
28.02.2013
Holding Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Holding Company
31.01.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Date
14.03.2013
12.03.2013
12.03.2013
08.03.2013
27.02.2013
22.02.2013
04.02.2013
29.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
17.01.2013
05.12.2012
27.07.2012
27.03.2013
Fast Retailing Co Ltd

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout
Japan and in other markets overseas including UK, China, Hong Kong, South Korea,
US, France, Singapore and Russia. The Company designs, manufactures, and
retails its own line of casual clothing.
Price/Volume
35000
6.0 M
30000
5.0 M
25000
4.0 M
20000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (12.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
10000
1.0 M
5000
0
m-12 a-12 m-12
31.08.2009
31.08.2010
685'043.0
814'811.0
1.46x
1.24x
124'854.0
152'141.0
8.03x
6.63x
49'797.0
61'681.0
22.80x
19.11x
Profitability
LTM-4Q
31.08.2011
820'349.0
1.59x
141'716.0
9.21x
54'354.0
27.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.08.2012
928'669.0
1.75x
150'687.0
10.79x
71'654.0
25.97x
150'687.00
126'450.00
13.62%
13.29%
12.69%
20.39%
19.52%
1.65%
51.2%
16.2%
13.6%
7.7%
2.45
1.65
3.90%
5.98%
50.01
4.73
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.86
0.79
53.09
65.40%
38.82%
0.786
22
2.727
664'000
909'350
848'824
FY+2
FQ+1
FQ+2
11/yy
11/yy
08/13 Y
08/14 Y
02/13 Q2 05/13 Q3
842'051.0 974'123.0 ######### ######### 283'905.3 250'376.0
5.27x
6.39x
2.71x
2.35x
136'900.0 158'839.0 170'171.5 188'672.4
7.65x
10.23x
17.14x
15.46x
62'796.0
78'979.0
89'963.9 100'643.5
25'763.5
21'000.0
19.97x
24.14x
34.35x
30.77x
35.89x
34.26x
S&P Issuer Ratings
12.06.2008
Long-Term Rating
A
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
265.29
223.08
Net Debt/EBITDA
-1.61
Total Debt/EBITDA
0.15
Reference
Total Debt/Equity
6.0%
Total Debt/Capital
5.5%
Asset Turnover
1.65
14.60
7.32
Inventory Days
77.41
52.00
32.73
50.00
1'000'000.0
45.00
900'000.0
40.00
800'000.0
35.00
700'000.0
30.00
600'000.0
25.00
20.00
500'000.0
400'000.0
15.00
300'000.0
10.00
200'000.0
5.00
100'000.0
0.00
04.09.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2008
586'451.0
1.68x
101'331.0
9.73x
43'529.0
26.04x
3.0 M
15000
08/2012
11/yy
31'600.00
15'140.00
484'400.00
30150
-4.59%
99.14%
91.19%
106.1
3'198'120.75
23'185.00
0.0
7'392.0
266'026.00
2'916'862.73
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
04.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fast Retailing Co Ltd

Holdings By:
All
Holder Name
YANAI TADASHI
TTY MANAGEMENT BV
NOMURA
YANAI KAZUMI
YANAI KOJI
FIGHT & STEP YK
FAST RETAILING CO LT
MASTERMIND YK
YANAI TERUYO
FMR LLC
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Goldman Sachs
SHO KAWANO
YOSHIMASA IKAZAKI
Mizuho Securities
TOSHIO TAKAHASHI
AKIHIRO CHIBA
Deutsche Bank
TAKAHIRO KAZAHAYA
MIHO ASABA
Credit Suisse
TAKETO YAMATE
Nomura
MASAFUMI SHODA
JPMorgan
DAIRO MURATA
JUN KAWAHARA
TIW
MASAKAZU ITOI
Okasan Securities
KIYOSHI MORI
EVA Dimensions
CRAIG STERLING
Macquarie
TOBY WILLIAMS
AKIRA IWASAKI
JAMES MOON
ISI Group
OMAR SAAD
Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA
Ji Asia
MIKIHIKO YAMATO
Source
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Short
ULT-AGG
ULT-AGG
Recommendation
neutral/neutral
neutral
neutral
neutral
hold
neutral
underperform
neutral
neutral
underperform
Neutral Plus
neutral
sell
underperform
neutral
hold
neutral
neutral
buy
Amt Held
% Out
22'987'000 21.67
9'088'000
8.57
8'250'000
7.78
5'310'000
5.01
4'991'300
4.71
4'781'000
4.51
4'780'000
4.51
4'750'000
4.48
4'219'400
3.98
3'708'900
3.5
3'610'000
3.4
2'861'000
2.7
2'327'000
2.19
2'249'000
2.12
1'698'900
1.6
1'600'900
1.51
1'436'866
1.35
(1'028'945) -0.97
751'100
0.71
543'100
0.51
Weighting
Change
3
3
3
3
3
3
1
3
3
1
3
3
1
1
3
3
3
3
5
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(284)
888'000
(545'000)
(808)
(600)
(11'300)
(13'800)
161'000
(848)
124'000
(1'414'800)
(41'200)
(67'958)
20'500
(16'000)
200
Target Price
27'500
19'000
26'800
#N/A N/A
25'000
#N/A N/A
13'600
22'800
23'000
25'000
#N/A N/A
#N/A N/A
#N/A N/A
18'000
24'000
20'100
20'000
19'400
27'000
File Dt
26.11.2012
31.08.2012
31.08.2012
31.08.2012
15.11.2012
31.08.2012
31.08.2012
31.08.2012
31.08.2012
15.10.2012
31.08.2012
31.08.2012
31.08.2012
28.02.2013
15.10.2012
28.02.2013
31.01.2013
25.03.2013
12.11.2012
25.03.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Inst Type
n/a
Bank
Bank
Investment Advisor
Unclassified
n/a
n/a
Corporation
Corporation
Unclassified
Corporation
Bank
n/a
Holding Company
Bank
Holding Company
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Date
21.03.2013
12.03.2013
08.03.2013
07.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
21.02.2013
19.02.2013
23.01.2013
18.01.2013
17.01.2013
16.01.2013
15.01.2013
10.01.2013
10.01.2013
10.01.2013
19.12.2012
27.03.2013
FUJIFILM Holdings Corp

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information,
and Document Solutions. Its products include color films, digital cameras,
photofinishing products and equipment. The Group also manufactures medical and
graphic art use equipment and materials, FPD materials, and optical devices,
and provides services on office copy machines, printers, and related equipment.
Price/Volume
2500
8.0 M
2000
7.0 M
6.0 M
1500
Valuation Analysis
5.0 M
4.0 M
1000
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'013.00
1'240.00
2'533'200.00
1876
-6.81%
51.29%
85.38%
514.6
965'437.88
198'870.00
0.0
134'715.0
247'468.00
1'093'945.87
31.03.2008
2'846'828.0
0.69x
434'095.0
4.53x
104'431.0
17.18x
3.0 M
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
31.03.2009
31.03.2010
2'434'344.0
2'181'693.0
0.49x
0.70x
249'851.0
152'971.0
4.75x
9.98x
10'524.0
(38'441.0)
100.71x
Profitability
LTM-4Q
31.03.2011
2'217'084.0
0.55x
293'450.0
4.17x
63'852.0
19.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.00
1.21
461.97
-3.07%
10.04%
1.210
19
3.316
3'696'240
3'668'947
3'943'802
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'195'293.0 ######### ######### ######### ######### 574'703.9
0.47x
1.93x
1.60x
0.45x
0.42x
1.77x
260'723.0 249'407.0 235'245.0 250'076.2 269'763.9 125'709.0
3.92x
3.71x
4.07x
4.37x
4.06x
43'758.0
29'143.0
48'910.0
47'599.9
66'976.9
18'140.6
21.37x
30.13x
16.97x
18.56x
13.42x
S&P Issuer Ratings
05.02.2009
STABLE
30.11.1998
A-1+
2.33% Credit Ratios
76.23
46.77
Net Debt/EBITDA
-0.20
1.14
11.1% Reference
11.6%
9.7%
Asset Turnover
0.82
3.99
76.98
102.39
54.81
120.17
3.57
Price/ Cash Flow
8.00
3'000'000.0
7.00
2'500'000.0
6.00
2'000'000.0
5.00
4.00
1'500'000.0
3.00
1'000'000.0
2.00
500'000.0
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
FUJIFILM Holdings Corp

Holdings By:
All
Holder Name
FUJIFILM HOLDINGS CO
STATE STREET
DODGE & COX
MOXLEY & CO
NOMURA
DAICEL CORP
VANGUARD GROUP INC
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Credit Suisse
YU YOSHIDA
Nomura
TETSUYA WADAKI
Okasan Securities
KAZUMASA KUBOTA
KAZUHARU MIURA
KUNIHIKO KANNO
Barclays
MASAHIRO NAKANOMYO
KAZUYOSHI SAITO
JPMorgan
HISASHI MORIYAMA
JUNYA AYADA
Goldman Sachs
TOSHIYA HARI
Jefferies
YOSHIHIRO AZUMA
EVA Dimensions
ANDREW S ZAMFOTIS
Mizuho Securities
FUMIHIDE GOTO
YUKIHIKO FUKUNAGA
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
neutral
neutral
underperform
neutral
buy
equalweight
neutral
neutral
neutral
neutral/neutral
underperform
hold
buy
outperform
Amt Held
46'659'000
32'916'300
29'923'000
23'384'400
20'840'200
11'413'785
10'750'000
10'544'400
10'478'000
9'541'000
8'600'000
8'571'400
7'420'949
7'160'300
5'102'379
4'519'000
4'468'554
4'291'100
3'369'700
3'076'800
% Out
9.07
6.4
5.81
4.54
4.05
2.22
2.09
2.05
2.04
1.85
1.67
1.67
1.44
1.39
0.99
0.88
0.87
0.83
0.65
0.6
Weighting
Change
3
3
3
1
3
5
3
3
3
3
3
1
3
5
5
M
M
D
D
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
(3'985'000)
(3'900)
(1'566'000)
4'357'700
180'500
(4'471'100)
(25'000)
(765'000)
(300)
3'000'949
212'300
65'300
239'250
3'200
74'600
(12'300)
Target Price
1'800
2'071
#N/A N/A
1'650
1'680
2'300
1'800
1'800
1'800
1'700
1'560
1'400
#N/A N/A
2'000
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Corporation
30.09.2012
Bank
15.02.2013
Bank
20.11.2012
Insurance Company
26.03.2013
Investment Advisor
30.09.2012
Other
29.01.2013
Investment Advisor
30.09.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Insurance Company
15.03.2013
Unclassified
31.03.2012
Corporation
31.03.2012
Insurance Company
15.02.2013
Unclassified
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Holding Company
28.02.2013
Holding Company
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
13.03.2013
07.03.2013
21.02.2013
12.02.2013
01.02.2013
31.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
15.01.2013
26.12.2012
07.08.2012
27.03.2013
Fujitsu Ltd
FUJITSU LIMITED manufactures semiconductor, computer, and communication
equipment. The Company provides comprehensive information technology, network
and telecommunication solutions, and internet services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.02.2013)
52-Week Low (13.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
446.00
269.00
10'101'000.00
400
-10.31%
48.70%
71.19%
2'070.0
828'007.31
424'677.00
0.0
125'481.0
273'925.00
1'220'914.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12 m-12
31.03.2009
31.03.2010
4'692'991.0
4'679'519.0
0.29x
0.35x
367'175.0
349'431.0
3.72x
4.67x
(112'388.0)
93'085.0
13.54x
Profitability
LTM-4Q
31.03.2011
4'528'405.0
0.28x
355'971.0
3.55x
55'092.0
17.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.50
1.27
1'739.57
-6.93%
11.11%
1.275
19
3.316
11'278'800
15'141'830
16'632'980
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'467'574.0 ######### ######### ######### ######### ######### 958'936.0
0.26x
1.10x
1.00x
0.27x
0.26x
314'852.0 286'073.0 298'693.0 267'205.7 309'404.5 154'288.0
33'852.0
3.74x
4.38x
3.81x
4.57x
3.95x
3.56x
42'707.0
20'894.0 (48'860.0) (96'697.5) 70'515.9
(9'275.0) (10'280.0)
21.12x
39.61x
0.00x
11.75x
57.47x
S&P Issuer Ratings
22.02.2013
BBB+
STABLE
3.24% Credit Ratios
33.92
19.07
Net Debt/EBITDA
0.61
1.52
6.9% Reference
50.5%
30.5%
Asset Turnover
1.58
7.05
59.08
41.31
60.44
40.62
8.86
Price/ Cash Flow
6.00
6'000'000.0
5.00
5'000'000.0
4.00
4'000'000.0
3.00
3'000'000.0
2.00
2'000'000.0
1.00
1'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
5'330'865.0
0.37x
484'287.0
4.07x
48'107.0
27.93x
500
450
400
350
300
250
200
150
100
50
0
m-12
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fujitsu Ltd
Holdings By:
All
Holder Name
FUJI ELECTRIC CO LTD
STATE STREET
DODGE & COX
ASAHI MUTUAL LIFE IN
VANGUARD GROUP INC
FMR LLC
BLACKROCK
NOMURA
FUJI ELEC RETAIL SYS
ALLIANCE BERNSTEIN
FURUKAWA ELECTRIC CO
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
Mizuho Securities
YUSUKE HORI
Credit Suisse
HIDEYUKI MAEKAWA
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN
Macquarie
DAMIAN THONG
YUKIHIKO SHIMADA
HARUO SATO
TIW
TAKAO HATTORI
Morgan Stanley
MASAHARU MIYACHI
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
HISASHI MORIYAMA
MAKOTO UENO
Goldman Sachs
IKUO MATSUHASHI
Nomura
MASAYA YAMASAKI
Ji Asia
STEVE MYERS
Source
Co File
ULT-AGG
Co File
MF-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MOF-JP
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
Recommendation
buy
neutral
outperform
outperform
neutral
neutral
Neutral Plus
Equalwt/In-Line
hold
neutral
outperform
neutral/neutral
neutral
buy
Amt Held
231'874'000
132'893'795
121'001'000
100'723'000
92'541'000
51'561'000
45'177'000
41'389'000
34'326'029
34'091'000
26'295'502
17'703'269
17'634'000
15'642'000
13'574'982
12'137'862
9'349'800
9'150'865
9'034'000
8'549'000
% Out
11.2
6.42
5.85
4.87
4.47
2.49
2.18
2
1.66
1.65
1.27
0.86
0.85
0.76
0.66
0.59
0.45
0.44
0.44
0.41
Weighting
Change
5
3
5
5
3
3
3
3
3
3
5
3
3
5
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
17'058'000
1'159'000
(10'146'000)
(2'457'000)
5'241'000
(511'000)
5'583'580
(19'000)
2'846'122
17'697'269
103'000
(791'000)
275'625
(21'000)
143'000
-
Target Price
520
390
475
525
400
#N/A N/A
#N/A N/A
380
#N/A N/A
350
534
375
410
381
File Dt
30.09.2012
26.03.2013
30.09.2012
29.01.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
29.10.2012
31.01.2013
28.02.2013
25.03.2013
28.02.2013
01.04.2011
31.01.2013
26.03.2013
31.03.2012
28.02.2013
26.03.2013
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Inst Type
Corporation
Investment Advisor
Bank
Investment Advisor
Bank
n/a
Other
Insurance Company
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Investment Advisor
Investment Advisor
Corporation
Holding Company
Unclassified
Date
05.03.2013
27.02.2013
27.02.2013
26.02.2013
22.02.2013
21.02.2013
20.02.2013
19.02.2013
11.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
30.08.2012
27.03.2013
Hitachi Ltd
Hitachi, Ltd. manufactures communications and electronic equipment, heavy
electrical and industrial machinery, and consumer electronics. The Company's
diverse product line ranges from nuclear power systems to kitchen appliances.
Hitachi also operates subsidiaries in the wire and cable, metal, and chemical
industries.
Price/Volume
600
500
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (15.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
578.00
401.00
15'441'000.00
551
-4.67%
37.41%
87.57%
4'833.5
2'663'238.25
2'164'407.00
0.0
1'002'213.0
717'210.00
5'282'624.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
0
m-12 a-12 m-12
31.03.2009
31.03.2010
10'000'369.0
8'968'546.0
0.40x
0.48x
784'069.0
759'921.0
5.12x
5.63x
(787'337.0)
(106'961.0)
Profitability
LTM-4Q
31.03.2011
9'315'807.0
0.46x
942'277.0
4.58x
238'869.0
8.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
1.81
1.14
4'674.87
7.28%
10.32%
1.136
22
4.364
30'285'200
32'211'070
35'244'690
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
9'665'883.0 ######### ######### ######### ######### ######### #########
0.51x
1.94x
2.09x
0.62x
0.58x
891'946.0 849'932.0 815'580.0 792'939.9 906'518.2 331'842.0 170'658.0
5.51x
5.52x
6.14x
6.66x
5.83x
347'179.0 103'958.0 312'308.0 160'408.7 253'549.9 103'145.0
19'578.0
6.91x
17.55x
7.34x
16.20x
10.15x
S&P Issuer Ratings
09.06.2009
BBB+
POS
21.02.2007
A-2
31.70
19.70
Net Debt/EBITDA
1.84
2.55
9.1% Reference
122.2%
43.8%
Asset Turnover
1.03
4.50
89.89
77.46
63.27
97.70
4.73
Price/ Cash Flow
6.00
12'000'000.0
5.00
10'000'000.0
4.00
8'000'000.0
3.00
6'000'000.0
2.00
4'000'000.0
1.00
2'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
11'226'735.0
0.43x
1'033'122.0
4.66x
(58'125.0)
-
200
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13 m-13
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hitachi Ltd
Holdings By:
All
Holder Name
STATE STREET
ONTARIO TEACHERS PEN
FMR LLC
MELLON BANK NA
BLACKROCK
VANGUARD GROUP INC
NOMURA
CREDIT SUISSE HONG K
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Mizuho Securities
TAKESHI TANAKA
Marusan Securities
YUTA KENMEI
Credit Suisse
HIDEYUKI MAEKAWA
YUKIHIKO SHIMADA
TIW
TAKAO HATTORI
HARUO SATO
Okasan Securities
TAKANOBU MURAKAMI
HIROYASU NISHIKAWA
JPMorgan
HISASHI MORIYAMA
HIROSUKE TAI
Morgan Stanley
YOSHINAO IBARA
Goldman Sachs
IKUO MATSUHASHI
Nomura
MASAYA YAMASAKI
Macquarie
DAMIAN THONG
EVA Dimensions
ANDREW S ZAMFOTIS
Mito Securities
KEITA WAKABAYASHI
TSUNENORI OHMAKI
Source
Co File
Co File
ULT-AGG
ULT-AGG
Research
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
Short
Recommendation
buy
outperform
neutral
neutral
outperform
Neutral Plus
strong buy
buy
outperform
overweight
neutral
Equalwt/Attractive
Buy/Neutral
buy
outperform
sell
outperform
outperform
Amt Held
% Out
395'651'000
8.19
322'934'000
6.68
202'934'000
4.2
193'940'858
4.01
131'600'000
2.72
130'656'288
2.7
124'093'384
2.57
103'292'195
2.14
98'113'601
2.03
71'361'222
1.48
66'709'998
1.38
51'199'150
1.06
46'445'371
0.96
43'892'000
0.91
33'067'899
0.68
31'195'914
0.65
25'459'718
0.53
21'627'000
0.45
16'686'032
0.35
(15'233'142) -0.32
Weighting
Change
5
5
3
3
5
3
5
5
5
5
3
3
5
5
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(6'206'000)
(134'132'000)
(15'625'377)
(1'846'752)
(4'643'000)
22'000
6'740'051
(1'219'900)
1'173'288
472'000
(1'127'491)
(2'073'086)
7'255'100
154'000
(6'820'958)
Target Price
680
#N/A N/A
510
630
640
#N/A N/A
#N/A N/A
620
650
700
550
470
705
680
590
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Bank
31.12.2012
Bank
26.03.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
30.09.2012
Other
30.09.2012
n/a
20.12.2012
Insurance Company
31.01.2013
Investment Advisor
30.09.2012
Insurance Company
30.09.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2011
Holding Company
31.12.2012
Unclassified
28.02.2013
Investment Advisor
28.02.2013
Holding Company
31.03.2012
Insurance Company
17.10.2011
Bank
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
6 month
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
01.03.2013
28.02.2013
27.02.2013
27.02.2013
26.02.2013
21.02.2013
18.02.2013
15.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
04.02.2013
04.02.2013
15.01.2013
15.01.2013
08.01.2013
31.10.2012
27.03.2013
Honda Motor Co Ltd

HONDA MOTOR CO., LTD. develops, manufactures, and distributes motorcycles,
automobiles, and power products such as generators and farm machinery.
The Company also operates a financial credit business. Honda Motor has
manufacturing facilities in the US, Canada, the UK, France, Italy, Spain,
Brazil, Mexico, India, and Thailand.
Price/Volume
4000
3500
3000
2500
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
3'830.00
2'294.00
4'128'800.00
3660
-4.44%
59.55%
87.63%
1'811.4
6'629'828.00
4'111'244.00
0.0
125'676.0
1'250'848.00
10'178'219.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1000
500
0
m-12 a-12 m-12
31.03.2009
31.03.2010
10'011'241.0
8'579'174.0
0.82x
1.13x
827'287.0
993'449.0
9.97x
9.80x
137'005.0
268'400.0
30.66x
22.31x
Profitability
LTM-4Q
31.03.2011
8'936'867.0
0.96x
1'133'414.0
7.57x
534'088.0
10.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
1.97
1.39
1'631.05
15.45%
16.98%
1.395
23
4.130
5'523'220
6'635'880
7'201'047
FY+2
FQ+1
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
7'948'095.0 ######### ######### ######### ######### #########
1.09x
3.97x
3.49x
1.01x
0.93x
762'122.0 689'448.0 ######### 847'752.1 ######### 234'338.5
11.36x
10.21x
8.61x
12.01x
9.06x
9.78x
211'482.0 184'442.0 362'991.0 406'085.2 590'487.6 109'971.2
26.80x
22.94x
15.61x
16.23x
11.19x
11.82x
S&P Issuer Ratings
8.12% Credit Ratios
Net Debt/EBITDA
11.2% Reference
Asset Turnover
6.77
Price/ Cash Flow
FQ+2
06/13 Q1
#########
274'623.5
9.27x
152'807.7
12.50x
13.02.2002
A+
STABLE
03.03.1998
A-1
73.44
35.16
3.18
4.28
93.4%
47.6%
0.82
2.70
68.95
54.07
36.74
96.13
14.00
14'000'000.0
12.00
12'000'000.0
10.00
10'000'000.0
8.00
8'000'000.0
6.00
6'000'000.0
4.00
4'000'000.0
2.00
2'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
12'002'834.0
0.72x
1'471'534.0
5.88x
600'039.0
8.61x
1500
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
f-13 m-13
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Honda Motor Co Ltd

Holdings By:
All
Holder Name
MOXLEY & CO
FMR LLC
BLACKROCK
NOMURA
VANGUARD GROUP INC
ARTISAN PARTNERS HOL
PANASONIC CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Jyske Bank
ROBERT JAKOBSEN
Macquarie
CLIVE WIGGINS
SHOTARO NOGUCHI
Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA
Morgan Stanley
RYOSUKE HOSHINO
Mizuho Securities
SEIJI SUGIURA
JPMorgan
KOHEI TAKAHASHI
Deutsche Bank
KURT SANGER
Credit Suisse
ISSEI TAKAHASHI
Ji Asia
STEPHEN USHER
Goldman Sachs
KOTA YUZAWA
TIW
SATORU TAKADA
Okasan Securities
YASUAKI IWAMOTO
KENTARO HAYASHI
EIJI HAKOMORI
Nomura
MASATAKA KUNUGIMOTO
EVA Dimensions
CRAIG STERLING
KOICHI SUGIMOTO
Mito Securities
YOICHIRO WATANABE
Advanced Research Japan
KOJI ENDO
Source
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Recommendation
strong buy
outperform
neutral
outperform
Overwt/Attractive
buy
overweight
hold
neutral
neutral
Buy/Neutral
Neutral Plus
neutral
neutral
outperform
buy
underweight
buy
Neutral Plus
buy
Amt Held
136'984'000
87'885'356
87'139'000
51'799'894
51'199'000
49'451'000
48'537'000
48'069'000
42'980'650
39'139'000
35'889'200
32'539'000
29'228'703
20'467'629
20'160'000
19'011'500
17'732'931
13'202'500
11'825'983
11'272'900
% Out
7.56
4.85
4.81
2.86
2.83
2.73
2.68
2.65
2.37
2.16
1.98
1.8
1.61
1.13
1.11
1.05
0.98
0.73
0.65
0.62
Weighting
Change
5
5
3
5
5
5
5
3
3
3
5
3
3
3
5
5
1
5
3
5
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
N
Latest Chg
721'000
6'430'956
3'741'000
45'279
(11'688'000)
334'000
(1'576'900)
(7'799'900)
(1'244'000)
13'400
(2'500'700)
1'404'638
663'174
10'080'000
(82'500)
(733'557)
(221'800)
3'988'500
-
Target Price
4'600
4'300
3'800
3'800
4'350
4'320
4'000
3'600
3'570
#N/A N/A
4'300
#N/A N/A
3'400
#N/A N/A
3'700
4'100
#N/A N/A
3'050
#N/A N/A
3'500
File Dt
30.09.2012
13.04.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
20.12.2012
30.09.2012
31.01.2013
25.03.2013
31.03.2012
28.02.2013
31.12.2012
13.04.2012
31.12.2012
31.03.2012
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Bank
Holding Company
Insurance Company
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Other
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Corporation
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Corporation
Date
18.03.2013
12.03.2013
08.03.2013
06.03.2013
03.03.2013
28.02.2013
26.02.2013
21.02.2013
21.02.2013
19.02.2013
07.02.2013
06.02.2013
05.02.2013
01.02.2013
01.02.2013
31.01.2013
15.01.2013
11.01.2013
25.09.2012
30.01.2012
27.03.2013
Hoya Corp
HOYA manufactures electro-optics products such as mask blanks for
semiconductors, photomasks for LCD panels, optical glasses, glass memory disks
for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The
Company also provides information system architecture.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (08.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'942.00
1'517.00
2'047'800.00
1776
-8.55%
17.07%
66.12%
435.0
772'590.25
102'045.00
0.0
(149.0)
204'772.00
619'693.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
481'631.0
2.01x
139'949.0
6.92x
81'725.0
12.38x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12
31.03.2009
31.03.2010
454'194.0
402'430.0
1.72x
2.61x
109'124.0
139'843.0
7.17x
7.50x
25'109.0
41'214.0
33.27x
27.62x
Profitability
LTM-4Q
31.03.2011
373'586.0
1.98x
137'943.0
5.36x
59'744.0
16.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
360'673.0
1.94x
132'189.0
5.29x
43'219.0
19.89x
132'189.00
104'262.00
28.91%
14.98%
9.62%
14.03%
0.65%
78.4%
35.9%
28.0%
12.0%
3.34
2.32
17.74%
26.52%
4.63
1.24
Price/ Cash Flow
LTM
FY+1
3.66
0.86
420.89
-5.02%
5.03%
0.862
16
3.250
2'076'620
2'136'087
2'119'885
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
364'691.0 363'925.0 366'468.9 382'997.8
91'808.3
5.46x
7.04x
1.83x
1.71x
126'506.0 132'246.0 104'384.1 100'249.2
25'386.0
0.00x
4.41x
5.94x
6.18x
39'843.0
60'040.0
57'509.5
51'098.7
7'238.0
17.99x
12.15x
13.28x
14.95x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
77.99
59.59
Net Debt/EBITDA
-1.06
Total Debt/EBITDA
0.49
Reference
Total Debt/Equity
26.5%
Total Debt/Capital
21.0%
Asset Turnover
0.65
3.09
78.97
Inventory Days
295.08
203.97
157.97
14.00
600'000.0
12.00
500'000.0
10.00
400'000.0
8.00
300'000.0
6.00
200'000.0
4.00
100'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hoya Corp
Holdings By:
All
Holder Name
MELLON BANK NA
YAMANAKA MAMORU
FMR LLC
BLACKROCK
UNION INVESTMENT GMB
VANGUARD GROUP INC
HOYA CORP
NOMURA
NEW JERSEY DIVISION
MFS FINANCIAL SERVIC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Goldman Sachs
TOSHIYA HARI
Barclays
MASAHIRO NAKANOMYO
JPMorgan
HISASHI MORIYAMA
KUNIHIKO KANNO
EVA Dimensions
ANDREW S ZAMFOTIS
Okasan Securities
KAZUMASA KUBOTA
Macquarie
CLAUDIO ARITOMI
HIROKAZU MITSUDA
Nomura
TETSUYA WADAKI
Morgan Stanley
KAZUO YOSHIKAWA
Mizuho Securities
FUMIHIDE GOTO
YUKIHIKO FUKUNAGA
Source
ULT-AGG
Co File
ULT-AGG
MOF-JP
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
Sell/Neutral
equalweight
neutral
hold
buy
neutral
outperform
neutral
buy
Equalwt/In-Line
neutral
neutral
Strong Outperform
Amt Held
32'404'000
29'742'200
24'621'300
22'716'551
21'266'100
15'580'200
10'541'300
9'371'000
9'020'400
8'292'270
7'855'524
7'382'219
7'322'900
4'265'200
4'186'584
3'521'300
3'037'400
3'000'000
1'626'200
1'587'497
% Out
7.45
6.84
5.66
5.22
4.89
3.58
2.42
2.15
2.07
1.91
1.81
1.7
1.68
0.98
0.96
0.81
0.7
0.69
0.37
0.36
Weighting
Change
1
3
3
3
5
3
5
3
5
3
3
3
5
M
M
M
M
U
M
M
M
M
M
N
M
M
Latest Chg
(15'281'900)
(856'500)
(228'800)
1'478'500
130'200
(719'800)
(153'709)
(135'178)
281'900
415'100
233'700
(1'318'465)
(70'300)
(45'700)
750'042
(79'300)
50'600
Target Price
1'660
1'550
1'900
1'800
#N/A N/A
#N/A N/A
2'150
1'900
2'118
1'800
1'660
1'900
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
30.09.2012
Bank
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Bank
30.09.2012
Other
30.09.2012
Investment Advisor
30.09.2012
n/a
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Corporation
28.02.2013
Unclassified
28.02.2013
Holding Company
31.01.2013
Investment Advisor
Date
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
04.03.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
09.01.2013
26.12.2012
01.08.2011
27.03.2013
Inpex Corp
INPEX CORPORATION is a holding company established through the reorganization of
INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores,
produces, and sells oil and natural gas.
Price/Volume
600000
.0 M
.0 M
500000
.0 M
400000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
582'000.00
418'500.00
13'683.00
514000
-11.68%
22.82%
49.85%
3.7
1'879'085.88
318'922.00
0.0
134'941.0
675'285.00
1'790'443.83
.0 M
31.03.2008
1'202'965.0
2.14x
757'008.0
3.40x
173'245.0
15.10x
.0 M
200000
.0 M
.0 M
100000
.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
300000
31.03.2009
31.03.2010
1'076'164.0
840'427.0
1.48x
1.93x
712'992.0
508'780.0
2.24x
3.19x
145'062.0
107'210.0
11.09x
15.06x
Profitability
LTM-4Q
31.03.2011
943'080.0
2.50x
590'747.0
3.99x
128'699.0
15.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13 m-13
1.46
1.20
2.18
-9.79%
13.11%
1.202
18
4.778
11'759
14'867
15'536
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'186'731.0 ######### ######### ######### ######### 317'682.0
1.53x
7.14x
5.29x
1.63x
1.68x
764'143.0 519'682.0 774'823.0 722'534.2 769'133.3
2.38x
0.00x
2.04x
2.48x
2.33x
194'000.0 154'447.0 215'441.0 187'114.1 167'462.8
46'510.5
10.52x
11.43x
7.75x
9.99x
11.29x
S&P Issuer Ratings
01.10.2008
A
STABLE
01.10.2008
A-1
622.77
567.10
Net Debt/EBITDA
-0.35
0.42
65.1% Reference
14.6%
12.1%
Asset Turnover
0.41
2.78
25.80
13.00
26.57
15.41
28.15
Price/ Cash Flow
16.00
1'400'000.0
14.00
1'200'000.0
12.00
1'000'000.0
10.00
800'000.0
8.00
600'000.0
6.00
400'000.0
4.00
200'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Inpex Corp
Holdings By:
All
Holder Name
MINISTER OF ECON TRA
JAPAN PETROLEUM EXPL
MITSUI OIL EXPLORATI
MITSUBISHI CORP
JX HOLDINGS INC
VANGUARD GROUP INC
ORBIS INVESTMENT MAN
BLACKROCK
OKAYAMA PAPER INDUST
T ROWE PRICE ASSOCIA
FMR LLC
MARUBENI CORP
NOMURA
JFE HOLDINGS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst

HIDETOSHI SHIODA
Credit Suisse
DAVID HEWITT
Mizuho Securities
NORIMASA SHINYA
Morgan Stanley
LALITA GUPTA
Barclays
KAZUHISA MORI
TAKAHIRO YANO
Okasan Securities
SHINICHI YAMAZAKI
Nomura
SHIGEKI MATSUMOTO
JPMorgan
BRYNJAR EIRIK BUSTNES
Macquarie
POLINA DIYACHKINA
EVA Dimensions
CRAIG STERLING
Goldman Sachs
HISAAKI YOKOO
HISAYUKI SHIMOKAWA
Source
Co File
Co File
Co File
Co File
Co File
Co File
MOF-JP
Co File
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
outperform
buy
Overwt/In-Line
overweight
outperform
neutral
buy
buy
overweight
outperform
buy
Buy/Neutral
Strong Outperform
Amt Held
692'307
267'233
164'760
147'118
132'323
124'985
114'500
109'527
105'150
102'568
59'597
58'062
57'793
55'000
47'905
27'830
23'386
23'223
18'840
11'453
% Out
18.94
7.31
4.51
4.02
3.62
3.42
3.13
3
2.88
2.81
1.63
1.59
1.58
1.5
1.31
0.76
0.64
0.64
0.52
0.31
Weighting
Change
5
5
5
5
5
5
3
5
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'491
16'530
(20'000)
(11'357)
(77)
(2'025)
2'528
1'138
3'758
(23'223)
19
-
Target Price
700'000
705'000
790'000
642'000
823'000
690'000
550'000
790'000
677'000
750'000
670'000
#N/A N/A
690'000
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
12.02.2013
30.09.2012
30.09.2012
31.12.2012
31.12.2012
30.09.2012
25.03.2013
31.05.2012
31.01.2013
31.12.2012
31.01.2013
31.03.2012
28.02.2013
31.03.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Government
Corporation
Corporation
Bank
Investment Advisor
Bank
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Unclassified
Corporation
Date
14.03.2013
13.03.2013
04.03.2013
01.03.2013
01.03.2013
21.02.2013
15.02.2013
14.02.2013
12.02.2013
06.02.2013
06.02.2013
17.01.2013
17.10.2012
17.05.2012
27.03.2013
Isuzu Motors Ltd

ISUZU MOTORS LIMITED manufactures and markets trucks and automobile parts.
The Company's products include pickup trucks, light/heavy duty trucks, medium
and large-sized buses, recreational vehicles, and sport utility vehicles.
Price/Volume
700
30.0 M
600
25.0 M
500
20.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.02.2013)
52-Week Low (03.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
200
5.0 M
100
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'924'833.0
0.53x
151'110.0
6.69x
76'021.0
11.17x
15.0 M
300
03/2012
12/yy
643.00
366.00
6'337'000.00
581
-9.64%
58.74%
76.90%
1'696.8
985'867.13
203'086.00
0.0
64'155.0
160'492.00
1'077'464.14
31.03.2009
31.03.2010
1'424'708.0
1'080'928.0
0.33x
0.60x
61'247.0
50'539.0
7.63x
12.76x
(26'858.0)
8'401.0
51.01x
Profitability
LTM-4Q
31.03.2011
1'415'544.0
0.49x
124'611.0
5.54x
51'599.0
10.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.07
1'155.90
23.40%
14.48%
1.066
13
4.308
8'544'800
10'946'570
11'681'880
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'400'074.0 ######### ######### ######### ######### 453'883.0
0.66x
2.24x
2.10x
0.63x
0.56x
133'420.0 119'005.0 158'823.0 169'457.3 190'908.2
6.96x
6.27x
6.03x
6.36x
5.64x
91'256.0
53'201.0 107'284.0
92'047.6
97'180.9
9.00x
11.34x
8.07x
10.68x
10.09x
S&P Issuer Ratings
Net Debt/EBITDA
9.8% Reference
Asset Turnover
8.19
Price/ Cash Flow
35.16
28.07
0.08
1.03
48.9%
29.7%
1.37
3.38
42.49
44.71
71.71
10.64
14.00
2'500'000.0
12.00
2'000'000.0
10.00
1'500'000.0
8.00
6.00
1'000'000.0
4.00
500'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Isuzu Motors Ltd

Holdings By:
All
Holder Name
MITSUBISHI CORP
ITOCHU CORP
TOYOTA MOTOR CORP
JFE HOLDINGS INC
DEVELOPMENT BANK OF
SUMITOMO CORP
NOMURA
BLACKROCK
VANGUARD GROUP INC
AKEBONO BRAKE INDUST
Firm Name
Credit Suisse
TIW
Morgan Stanley
Goldman Sachs
Deutsche Bank
EVA Dimensions
Mito Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
SHOTARO NOGUCHI
ISSEI TAKAHASHI
EIJI HAKOMORI
SATORU TAKADA
RYOSUKE HOSHINO
KOTA YUZAWA
TAKESHI KITAURA
CRAIG STERLING
KOICHI SUGIMOTO
YOICHIRO WATANABE
AKIRA IWASAKI
KENTARO HAYASHI
Source
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Recommendation
outperform
outperform
outperform
Positive
Overwt/Attractive
neutral/neutral
buy
hold
buy
Neutral Plus
Neutral Plus
Strong Outperform
Amt Held
206'903'000
156'487'000
135'098'000
100'322'000
86'617'000
77'100'000
36'633'000
32'829'000
28'869'000
26'622'000
26'366'000
17'076'000
14'669'000
12'470'000
12'241'000
11'520'770
10'296'000
10'190'000
10'177'000
9'747'315
% Out
12.19
9.22
7.96
5.91
5.1
4.54
2.16
1.93
1.7
1.57
1.55
1.01
0.86
0.73
0.72
0.68
0.61
0.6
0.6
0.57
Weighting
Change
5
5
5
4
5
3
5
3
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
7'032'000
11'797'000
(57'379'000)
115'000
(16'000)
(488'000)
(994'000)
315'000
268'333
(5'098'000)
(2'867'000)
4'443'418
Target Price
700
770
670
#N/A N/A
665
600
780
#N/A N/A
500
#N/A N/A
530
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
14.12.2012
30.09.2012
15.08.2012
30.09.2012
29.10.2012
30.09.2012
30.09.2012
30.09.2012
31.03.2012
31.03.2012
28.02.2013
25.03.2013
31.12.2012
31.03.2012
31.12.2012
15.08.2012
31.03.2012
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Inst Type
Bank
Corporation
Corporation
Corporation
Bank
Bank
Other
Bank
Corporation
Bank
Government
Corporation
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Corporation
Date
04.03.2013
21.02.2013
12.02.2013
12.02.2013
08.02.2013
07.02.2013
05.02.2013
15.01.2013
12.12.2012
13.11.2012
09.11.2012
08.11.2012
27.03.2013
ITOCHU Corp
ITOCHU Corporation is a general trading firm handling textiles, wood,
machinery, metals, food, chemicals, construction materials, commodities, and
energy related products such as oil and gas. The Company operates around the
world. Itochu diversifies by operating in satellite communication and data
communication businesses.
Price/Volume
1400
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'241.00
755.00
5'798'500.00
1177
-5.16%
55.89%
91.98%
1'584.9
1'865'415.00
2'749'053.00
0.0
332'344.0
521'175.00
4'621'049.95
800
15.0 M
600
10.0 M
400
5.0 M
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
3'419'061.0
3'416'637.0
0.87x
1.01x
340'652.0
223'791.0
8.71x
15.38x
165'390.0
128'153.0
4.57x
10.10x
Profitability
LTM-4Q
31.03.2011
3'649'671.0
0.95x
331'520.0
10.43x
160'975.0
8.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
4.04
1.07
1'555.98
30.87%
31.97%
1.073
18
4.111
6'760'580
7'995'287
8'143'021
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'271'052.0 ######### ######### ######### ######### #########
0.93x
3.68x
3.53x
0.36x
0.35x
1.47x
349'791.0 359'141.0 315'083.0 380'584.0 413'854.9
11.40x
10.71x
13.30x
12.14x
11.17x
300'505.0 232'357.0 291'920.0 281'220.1 295'860.4
73'866.7
4.75x
5.20x
4.91x
6.62x
6.35x
S&P Issuer Ratings
28.03.2008
A6.38% Long-Term Outlook
STABLE
09.02.2006
A-2
15.22
8.77
Net Debt/EBITDA
6.99
8.45
7.3% Reference
201.6%
61.8%
Asset Turnover
0.73
6.39
121.29
63.93
138.26
45.41
5.72
Price/ Cash Flow
7.00
14'000'000.0
6.00
12'000'000.0
5.00
10'000'000.0
4.00
8'000'000.0
3.00
6'000'000.0
2.00
4'000'000.0
1.00
2'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
1000
Valuation Analysis
31.03.2008
2'859'853.0
1.23x
342'713.0
10.27x
217'301.0
7.16x
25.0 M
1200
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ITOCHU Corp
Holdings By:
All
Holder Name
NIPPONKOA INSURANCE
STATE STREET
HARTFORD INVESTMENT
FRANKLIN RESOURCES
VANGUARD GROUP INC
MATTHEWS INTERNATION
NOMURA
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
HISAYUKI SHIMOKAWA
Mizuho Securities
AKIFUMI HAYASHI
JIRO IOKIBE
Barclays
KAZUHISA MORI
Jefferies
THANH HA PHAM
TAKASHI MURAKAMI
TOSHIYUKI JOHNO
HIDEAKI KURIBARA
JPMorgan
AKIRA KISHIMOTO
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA
Nomura
YASUHIRO NARITA
Morgan Stanley
HARUNOBU GOROH
EVA Dimensions
CRAIG STERLING
Macquarie
POLINA DIYACHKINA
Okasan Securities
KIYOSHI MORI
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
Strong Outperform
buy
neutral
overweight
hold
neutral
buy
strong buy
neutral
outperform
buy
Overwt/In-Line
underweight
neutral
buy
Amt Held
112'559'000
84'194'000
65'066'300
37'750'000
36'776'000
34'758'200
27'556'000
27'530'000
27'169'416
24'491'393
23'962'000
23'878'000
23'031'260
19'667'000
17'353'000
14'567'001
14'517'600
13'881'400
13'633'423
11'240'900
% Out
7.1
5.31
4.11
2.38
2.32
2.19
1.74
1.74
1.71
1.55
1.51
1.51
1.45
1.24
1.09
0.92
0.92
0.88
0.86
0.71
Weighting
Change
5
5
3
5
3
3
5
5
3
5
5
5
1
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
9'289'000
11'222'000
(18'101'200)
800'000
(6'100)
(2'548'714)
(19'097'700)
(173'800)
(3'549'000)
(884)
2'356'200
574'904
2'049'800
316'800
18'400
(1'196'100)
Target Price
#N/A N/A
1'450
1'150
1'270
1'150
1'230
1'300
#N/A N/A
1'200
1'400
1'230
1'120
#N/A N/A
1'000
1'220
File Dt
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
20.12.2012
30.09.2012
30.09.2012
26.03.2013
28.02.2013
30.09.2012
30.09.2012
31.12.2012
31.03.2012
31.03.2012
31.12.2012
31.12.2012
28.02.2013
25.03.2013
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
6 month
Inst Type
Bank
Bank
Bank
Insurance Company
Other
Insurance Company
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Bank
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Date
25.03.2013
22.03.2013
21.03.2013
18.03.2013
13.03.2013
08.03.2013
04.03.2013
22.02.2013
22.02.2013
15.02.2013
05.02.2013
29.01.2013
15.01.2013
10.01.2013
15.02.2012
27.03.2013
Japan Tobacco Inc

JAPAN TOBACCO INC. mainly manufactures, markets and sells cigarettes and other
tobacco products internationally. The Company is also engaged in
pharmaceuticals and foods businesses.
Price/Volume
3500
40.0 M
3000
35.0 M
2500
30.0 M
25.0 M
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
3'240.00
2'032.50
6'053'000.00
3015
-6.94%
48.34%
82.19%
2'000.0
6'030'000.00
491'516.00
0.0
80'576.0
404'740.00
6'114'754.00
31.03.2008
2'068'367.0
2.95x
602'094.0
10.14x
238'702.0
20.03x
15.0 M
1000
10.0 M
500
5.0 M
0
m-12 a-12 m-12
31.03.2009
31.03.2010
2'243'146.0
1'980'970.0
1.52x
2.08x
646'175.0
526'668.0
5.27x
7.81x
123'400.0
138'448.0
20.33x
24.08x
Profitability
LTM-4Q
31.03.2011
2'059'365.0
1.65x
519'275.0
6.53x
243'315.0
11.82x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.99
0.58
1'141.62
30.54%
25.00%
0.578
19
4.474
6'227'960
8'498'210
6'343'986
FY+2
FQ+1
FQ+2
31.03.2012
09/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'033'825.0 ######### ######### ######### ######### 500'182.8
2.26x
6.54x
7.82x
2.93x
2.64x
578'025.0 506'536.0 667'562.0 622'150.0 701'372.4 125'750.0
7.97x
7.16x
0.00x
9.83x
8.72x
320'883.0 206'644.0 328'250.0 333'749.8 390'692.7
67'432.7
13.83x
16.77x
0.00x
17.08x
14.39x
S&P Issuer Ratings
19.04.2007
A+
POS
41.40
34.55
Net Debt/EBITDA
-0.01
0.54
30.1% Reference
30.1%
22.3%
Asset Turnover
0.57
3.37
58.80
182.09
118.21
117.93
2.01
Price/ Cash Flow
18.00
5'000'000.0
16.00
4'500'000.0
14.00
4'000'000.0
3'500'000.0
12.00
3'000'000.0
10.00
8.00
2'500'000.0
2'000'000.0
6.00
1'500'000.0
4.00
1'000'000.0
2.00
500'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
1500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Japan Tobacco Inc

Holdings By:
All
Holder Name
MINISTER OF FINANCE
JAPAN TOBACCO INC
STATE STREET
FMR LLC
GOVT OF SINGAPORE IN
GOLDMAN SACHS & CO
MELLON BANK NA
VANGUARD GROUP INC
BLACKROCK
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
JPMorgan
RITSUKO TSUNODA
Barclays
TAKAYUKI HAYANO
Berenberg Bank
ERIK BLOOMQUIST
Ji Asia
MIKIHIKO YAMATO
Macquarie
TOBY WILLIAMS
JAMES MOON
Mizuho Securities
HIROSHI SAJI
YOSHIYASU OKIHIRA
TOMONOBU TSUNOYAMA
TOKUSHI YAMASAKI
Morgan Stanley
TAIZO DEMURA
Credit Suisse
SATSUKI KAWASAKI
Nomura
SATOSHI FUJIWARA
Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI
Goldman Sachs
KEIKO YAMAGUCHI
EVA Dimensions
AUSTIN BURKETT
Source
MOF-JP
MOF-JP
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
overweight
equalweight
buy
buy
outperform
reduce
buy
neutral
above average
outperform
Overwt/In-Line
outperform
buy
outperform
Buy/Neutral
hold
Amt Held
666'666'800
182'510'100
71'979'942
49'421'900
41'424'200
34'616'400
29'600'956
24'927'000
24'508'000
23'688'375
18'391'926
16'746'900
16'550'265
15'999'942
15'477'500
14'958'663
14'667'000
14'238'391
10'287'651
9'846'700
% Out
33.33
9.13
3.6
2.47
2.07
1.73
1.48
1.25
1.23
1.18
0.92
0.84
0.83
0.8
0.77
0.75
0.73
0.71
0.51
0.49
Weighting
Change
5
3
5
5
5
2
5
3
4
5
5
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
43'841'142
4'183'500
2'629'800
(17'800)
883'479
846'800
(182'225)
709'126
1'154'900
(1'238'535)
330'942
225'700
323'800
(25'900)
70'805
39'300
427'000
Target Price
3'800
2'830
3'350
3'500
3'250
2'500
3'100
2'550
2'650
3'200
3'100
2'700
3'340
3'200
3'300
#N/A N/A
File Dt
15.03.2013
15.03.2013
26.03.2013
30.09.2012
30.09.2012
29.10.2012
31.01.2013
31.12.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
26.03.2013
25.03.2013
28.02.2013
Date
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Government
Government
Investment Advisor
Bank
Bank
Bank
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Unclassified
Date
22.03.2013
19.03.2013
18.03.2013
11.03.2013
20.02.2013
19.02.2013
18.02.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
24.01.2013
15.01.2013
27.03.2013
JFE Holdings Inc

JFE Holdings, Inc. is a holding company which was established through the
merger of NKK Corp and Kawasaki Steel Corp. The Company manages and
conducts its subsidiaries' business, which is steel production and integrated
engineering services.
Price/Volume
2500
14.0 M
12.0 M
2000
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'275.00
941.00
5'872'000.00
1854
-18.51%
97.02%
63.57%
614.4
1'139'168.75
1'632'525.00
0.0
42'084.0
50'382.00
2'784'016.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
1000
6.0 M
4.0 M
500
2.0 M
0
m-12 a-12 m-12
31.03.2009
31.03.2010
3'908'282.0
2'844'356.0
0.71x
1.22x
655'580.0
337'149.0
4.22x
10.32x
194'229.0
45'659.0
6.03x
43.60x
Profitability
LTM-4Q
31.03.2011
3'195'560.0
0.88x
429'476.0
6.56x
58'608.0
21.98x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.54
1.60
508.30
1.80%
16.67%
1.602
20
3.800
4'694'440
6'131'687
6'150'712
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'166'511.0 ######### ######### ######### ######### 801'350.0 870'300.0
0.82x
3.24x
3.03x
0.85x
0.74x
283'095.0 263'366.0 205'796.0 251'755.9 395'397.2
9.12x
0.00x
12.48x
11.06x
7.04x
(36'633.0) (43'180.0) 22'536.0
37'724.2 122'858.1
16'600.0
0.00x
40.11x
27.72x
8.55x
S&P Issuer Ratings
10.04.2009
NR
18.75
5.94
Net Debt/EBITDA
6.71
6.87
7.2% Reference
115.4%
52.9%
Asset Turnover
0.78
1.85
59.69
94.15
43.56
109.75
3.89
Price/ Cash Flow
9.00
4'500'000.0
8.00
4'000'000.0
7.00
3'500'000.0
6.00
3'000'000.0
5.00
2'500'000.0
4.00
2'000'000.0
3.00
1'500'000.0
2.00
1'000'000.0
1.00
500'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
3'539'802.0
1.08x
730'977.0
5.23x
261'845.0
9.81x
1500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
JFE Holdings Inc

Holdings By:
All
Holder Name
JFE HOLDINGS INC
ISUZU MOTORS LTD
KAWASAKI KISEN KAISH
TAIYO NIPPON SANSO C
BLACKROCK
VANGUARD GROUP INC
KAWASAKI HEAVY INDUS
NOMURA
MITSUBISHI CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
Nomura
YUJI MATSUMOTO
JPMorgan
AKIRA KISHIMOTO
YOSHIYUKI TAKANO
Jefferies
THANH HA PHAM
KAZUHIRO HARADA
Okasan Securities
MANAMI ONO
Mizuho Securities
HIROYUKI SUZUKI
Goldman Sachs
YUYA TAKEMOTO
TOSHIYUKI JOHNO
AKIRA IWASAKI
Morgan Stanley
HARUNOBU GOROH
TAKESHI IRISAWA
Macquarie
POLINA DIYACHKINA
JIRO IOKIBE
Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA
EVA Dimensions
CRAIG STERLING
Credit Suisse
SHINYA YAMADA
VTB Capital
WIKTOR BIELSKI
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Recommendation
neutral
overweight
neutral
hold
outperform
neutral
buy
Buy/Neutral
buy
Neutral Plus
Overwt/In-Line
outperform
underperform
buy
outperform
sell
outperform
buy
Amt Held
42'840'000
39'346'000
39'341'053
35'070'495
28'003'658
22'859'200
12'788'000
11'129'000
9'975'000
7'434'000
7'366'000
5'287'363
4'975'570
4'844'735
4'638'936
4'357'452
4'214'000
3'466'115
3'400'000
3'313'787
% Out
6.97
6.4
6.4
5.71
4.56
3.72
2.08
1.81
1.62
1.21
1.2
0.86
0.81
0.79
0.75
0.71
0.69
0.56
0.55
0.54
Weighting
Change
3
5
3
3
5
3
5
5
5
3
5
5
1
5
5
1
5
5
M
M
M
M
M
D
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(15'000)
(739'000)
2'566'661
(27'853'053)
2'275'725
(93'800)
(178'000)
(900)
(525)
500'000
130'500
48'500
102'950
(48'500)
(600'000)
-
Target Price
2'315
2'200
#N/A N/A
2'200
2'300
2'170
3'100
2'450
2'800
2'400
1'800
#N/A N/A
1'000
3'000
2'300
#N/A N/A
2'750
1'338
File Dt
30.09.2012
30.09.2012
11.02.2013
28.02.2013
31.01.2013
20.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.03.2012
31.03.2012
25.03.2013
31.12.2012
31.03.2012
31.03.2012
28.02.2013
31.12.2012
31.03.2012
Date
12 month
9 month
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Bank
Bank
Holding Company
Corporation
Bank
Insurance Company
Insurance Company
Other
Insurance Company
Corporation
Insurance Company
Corporation
Corporation
Investment Advisor
Investment Advisor
Corporation
Corporation
Unclassified
Investment Advisor
Corporation
Date
22.03.2013
15.03.2013
14.03.2013
13.03.2013
05.03.2013
01.03.2013
21.02.2013
18.02.2013
13.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
15.01.2013
09.01.2013
15.10.2012
27.03.2013
JGC Corp
JGC CORPORATION designs, constructs, and maintains plants and industrial
facilities globally. The Company's services include petroleum, petrochemical,
gas, nuclear power, biochemical, food, pharmaceutical, and communication
facilities. JGC, through its subsidiaries, manufactures and sells catalyzers
and chemical products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'858.00
2'050.00
2'709'000.00
2425
-15.15%
18.29%
54.95%
259.1
628'203.38
9'487.00
0.0
626.0
222'556.00
403'174.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
2500
5.0 M
2000
4.0 M
1500
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
551'062.0
0.43x
51'783.0
4.61x
30'019.0
12.86x
3000
31.03.2009
31.03.2010
450'911.0
414'257.0
0.29x
0.78x
59'789.0
51'455.0
2.22x
6.25x
31'543.0
27'112.0
8.95x
15.55x
Profitability
LTM-4Q
31.03.2011
447'222.0
0.79x
71'076.0
4.95x
25'477.0
19.31x
31.03.2012
556'966.0
0.78x
74'848.0
5.81x
39'111.0
16.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
74'848.00
67'053.00
12.04%
12.83%
8.22%
15.04%
14.43%
1.12%
15.6%
13.0%
11.6%
7.0%
1.83
1.51
1.80%
3.27%
6.56
11.74
Price/ Cash Flow
LTM
FY+1
0.98
220.71
-5.01%
-7.75%
0.976
15
4.200
1'731'800
2'448'000
2'250'104
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
551'264.0 609'148.0 611'693.4 675'770.3
2.54x
2.74x
0.67x
0.56x
83'039.0
75'548.0
76'937.3
85'211.2
3.47x
5.96x
5.24x
4.73x
45'782.0
44'418.0
46'230.3
50'042.6
10.19x
15.21x
13.30x
12.29x
S&P Issuer Ratings
15.07.2008
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
149.10
133.05
Net Debt/EBITDA
-2.96
Total Debt/EBITDA
0.11
Reference
Total Debt/Equity
3.3%
Total Debt/Capital
3.2%
Asset Turnover
1.12
8.98
55.81
Inventory Days
31.17
54.24
30.12
40.00
700'000.0
35.00
600'000.0
30.00
500'000.0
25.00
400'000.0
20.00
300'000.0
15.00
200'000.0
10.00
100'000.0
5.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
JGC Corp
Holdings By:
All
Holder Name
BLACKROCK
NIKKI SHOJI CO LTD
SANEYOSHI SCHOLARSHI
STATE STREET
JGC CORP
NOMURA
MELLON BANK NA
UMB BANK N A
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Morgan Stanley
YUKA MATAYOSHI
Mizuho Securities
MASANORI WAKAE
Okasan Securities
NORITSUGU HIRAKAWA
TAKU OUCHI
JPMorgan
LEE SOKJE
HIROSUKE TAI
Barclays
KUNIO SAKAIDA
Ji Asia
TONY MOYER
EVA Dimensions
CRAIG STERLING
Nomura
RYO TAZAKI
YOSHIKAZU SHIMADA
Mito Securities
YOICHIRO WATANABE
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
Overwt/Attractive
buy
neutral
neutral
neutral
overweight
neutral
overweight
buy
buy
buy
Strong Outperform
outperform
Amt Held
18'928'000
17'514'000
16'253'198
12'112'000
11'000'000
8'781'000
8'433'000
7'721'760
6'588'000
6'462'000
5'512'000
4'720'375
3'887'000
3'868'000
3'861'000
3'636'000
2'899'000
2'683'022
2'119'000
1'996'637
% Out
7.31
6.76
6.27
4.68
4.25
3.39
3.26
2.98
2.54
2.49
2.13
1.82
1.5
1.49
1.49
1.4
1.12
1.04
0.82
0.77
Weighting
Change
5
5
3
3
3
5
3
5
5
5
5
5
5
M
M
N
M
M
M
M
M
M
U
M
M
M
Latest Chg
(720'000)
478'000
(4'000)
(7'793'000)
(17'000)
(42'000)
(470'000)
380'000
216'000
131'000
(27'000)
50'378
Target Price
2'900
3'100
#N/A N/A
2'500
2'550
4'600
2'500
3'000
3'100
#N/A N/A
3'100
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.09.2012
25.03.2013
30.09.2012
30.09.2012
15.03.2013
30.09.2012
26.03.2013
30.09.2012
29.10.2012
28.02.2013
31.01.2013
30.09.2012
30.09.2012
15.03.2013
31.03.2012
28.02.2013
31.01.2013
28.02.2013
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Investment Advisor
Corporation
Bank
Bank
Other
Investment Advisor
Corporation
Bank
Unclassified
Investment Advisor
Investment Advisor
Other
Unclassified
Investment Advisor
Holding Company
Investment Advisor
Holding Company
Investment Advisor
Date
14.03.2013
14.03.2013
05.03.2013
04.03.2013
27.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
24.01.2013
08.01.2013
07.12.2012
23.03.2012
27.03.2013
JX Holdings Inc
JX Holdings, Inc. is a holding company which was established through the
integration of Nippon Oil Corporation and Nippon Mining Holdings, Inc. Through
subsidiaries, the company explores, produces, refines and distributes petroleum
and petro chemical products. JX Holdings also provides non-ferrous metals and
electronic materials.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
570.00
346.00
7'361'700.00
544
-4.56%
57.23%
87.50%
2'495.5
1'357'544.38
2'300'997.00
0.0
300'549.0
218'958.00
3'981'383.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
-
30.0 M
500
25.0 M
400
20.0 M
300
15.0 M
200
10.0 M
100
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
600
31.03.2010
Profitability
LTM-4Q
31.03.2011
9'634'396.0
0.38x
545'515.0
6.79x
311'736.0
4.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.94
1.10
2'288.14
7.15%
14.29%
1.096
12
4.500
11'181'640
11'051'750
11'103'760
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
10'723'889.0 ######### ######### ######### #########
0.34x
1.35x
1.30x
0.31x
0.31x
529'385.0 604'037.0 417'722.0 475'911.0 489'080.1
6.91x
5.88x
9.16x
8.37x
8.14x
170'595.0 143'166.0 103'725.0 173'154.1 182'438.2
7.48x
8.08x
11.58x
7.68x
7.41x
S&P Issuer Ratings
4.09% Credit Ratios
Net Debt/EBITDA
3.4% Reference
Asset Turnover
6.36
Price/ Cash Flow
19.66
13.83
5.62
6.37
131.9%
52.9%
1.68
5.47
36.06
57.52
26.16
69.24
9.00
12'000'000.0
8.00
10'000'000.0
7.00
8'000'000.0
6.00
5.00
6'000'000.0
4.00
4'000'000.0
3.00
2.00
2'000'000.0
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
JX Holdings Inc
Holdings By:
All
Holder Name
MITSUBISHI CORP
INPEX CORP
VANGUARD GROUP INC
FMR LLC
HARTFORD INVESTMENT
BLACKROCK
NOMURA
NIPPONKOA INSURANCE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst

HIDETOSHI SHIODA
Mizuho Securities
NORIMASA SHINYA
TAKAHIRO YANO
Nomura
SHIGEKI MATSUMOTO
Okasan Securities
SHINICHI YAMAZAKI
Macquarie
POLINA DIYACHKINA
EVA Dimensions
CRAIG STERLING
Morgan Stanley
LALITA GUPTA
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Recommendation
outperform
buy
outperform
buy
buy
outperform
neutral
underweight
Overwt/In-Line
Amt Held
236'675'000
168'175'000
148'049'260
68'019'800
65'398'000
51'895'000
50'592'500
48'616'000
33'265'000
32'690'813
32'117'000
31'863'128
28'965'808
27'920'156
26'849'980
21'974'280
21'594'035
20'419'400
17'091'839
10'251'645
% Out
9.48
6.74
5.93
2.73
2.62
2.08
2.03
1.95
1.33
1.31
1.29
1.28
1.16
1.12
1.08
0.88
0.87
0.82
0.68
0.41
Weighting
Change
5
5
5
5
5
5
3
1
5
M
M
M
M
U
M
D
M
M
Latest Chg
7'738'000
19'085'000
14'757'810
(17'800)
(5'338'000)
(138'000)
208
6'664'117
7'745'419
5'697'400
(1'420'200)
92'900
148'100
-
Target Price
670
670
650
680
650
700
600
#N/A N/A
600
File Dt
30.09.2012
30.09.2012
13.04.2012
29.10.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
31.12.2012
30.09.2012
31.01.2013
28.02.2013
31.03.2012
31.03.2012
13.04.2012
25.03.2013
28.02.2013
31.03.2012
31.03.2012
Date
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
Inst Type
Bank
Bank
Bank
Bank
Bank
Other
Holding Company
Corporation
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Insurance Company
Insurance Company
Unclassified
Investment Advisor
Unclassified
Insurance Company
Insurance Company
Date
14.03.2013
20.02.2013
19.02.2013
18.02.2013
15.02.2013
14.02.2013
13.02.2013
17.01.2013
05.11.2012
27.03.2013
Kansai Electric Power Co Inc/The

The Kansai Electric Power Company, Incorporated generates electricity from
hydroelectric, thermal, geothermal, and nuclear power sources. The Company
distributes electricity to Osaka and the surrounding Kansai area. Kansai
Electric also constructs and maintains electrical power facilities.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.04.2012)
52-Week Low (12.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'383.00
482.00
13'686'700.00
876
-36.66%
81.74%
38.40%
938.7
822'330.13
3'892'894.00
0.0
19'998.0
129'234.00
4'868'683.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
1400
35.0 M
1200
30.0 M
1000
25.0 M
800
20.0 M
600
15.0 M
400
10.0 M
200
5.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'689'317.0
1.99x
613'279.0
8.74x
85'265.0
26.84x
1600
31.03.2009
31.03.2010
2'789'575.0
2'606'592.0
1.92x
2.06x
453'233.0
670'239.0
11.82x
8.01x
(8'796.0)
127'170.0
15.27x
Profitability
LTM-4Q
31.03.2011
2'769'783.0
1.80x
736'836.0
6.76x
123'143.0
13.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.94
737.79
-32.34%
-3.42%
0.939
11
2.545
7'985'480
5'854'277
6'683'097
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'811'424.0 ######### ######### ######### ######### 699'608.0
1.75x
6.88x
6.74x
1.73x
1.52x
191'808.0 415'664.0
85'014.0
36'520.0 385'041.6
25.70x
0.00x
0.00x
133.32x
12.64x
(242'257.0) (102'748.0) (276'120.0) (267'605.1) (44'474.8)
0.00x
0.00x
S&P Issuer Ratings
10.04.2009
NR
3.74
-4.26
Net Debt/EBITDA
-96.42
-1.5% Reference
257.8%
71.8%
Asset Turnover
0.38
24.25
42.20
38.11
25.28
8.67
Price/ Cash Flow
30.00
2'850'000.0
2'800'000.0
25.00
2'750'000.0
2'700'000.0
20.00
2'650'000.0
15.00
2'600'000.0
2'550'000.0
10.00
2'500'000.0
5.00
0.00
03.04.2009
2'450'000.0
2'400'000.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kansai Electric Power Co Inc/The

Holdings By:
All
Holder Name
CITY OF OSAKA
KANSAI ELECTRIC POWE
CITY OF KOBE
KOCHI SHINKIN BANK
BLACKROCK
VANGUARD GROUP INC
FMR LLC
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Okasan Securities
SHINICHI YAMAZAKI
Mizuho Securities
NORIMASA SHINYA
Nomura
SHIGEKI MATSUMOTO
Morgan Stanley
YUKA MATAYOSHI
EVA Dimensions
AUSTIN BURKETT
HIDETOSHI SHIODA
Goldman Sachs
HIROYUKI SAKAIDA
Source
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Recommendation
neutral
neutral
reduce
Equalwt/In-Line
sell
neutral
neutral
neutral/neutral
Amt Held
83'748'000
44'873'600
43'734'800
30'760'000
27'351'000
20'693'000
20'143'000
16'718'000
14'976'000
13'189'100
11'745'000
11'128'000
8'499'209
7'128'881
5'995'000
5'314'300
4'740'037
4'642'400
3'833'700
3'782'090
% Out
8.92
4.78
4.66
3.28
2.91
2.2
2.15
1.78
1.6
1.4
1.25
1.19
0.91
0.76
0.64
0.57
0.5
0.49
0.41
0.4
Weighting
Change
3
3
2
3
1
3
3
3
M
M
M
M
M
M
U
D
Latest Chg
11'000
(1'300)
(4'813'000)
1'518'000
(1'605'000)
(209'000)
(2'600)
32'700
49'200
181'435
7'600
(1'337'553)
(301'400)
-
Target Price
#N/A N/A
780
660
630
#N/A N/A
900
820
900
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
29.10.2012
28.02.2013
30.09.2012
25.03.2013
31.12.2012
31.03.2012
10.12.2012
31.01.2013
28.02.2013
31.03.2012
31.03.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Other
Corporation
Insurance Company
Bank
Other
n/a
Bank
Other
Bank
Bank
Holding Company
Bank
Investment Advisor
Investment Advisor
Corporation
Bank
Investment Advisor
Unclassified
Insurance Company
Insurance Company
Date
28.02.2013
26.02.2013
12.02.2013
31.01.2013
15.01.2013
12.12.2012
03.12.2012
30.11.2012
27.03.2013
Kao Corp
Kao Corporation is a manufacturer of household and chemical products. The
company produces cosmetics, laundry and cleaning products, hygiene products,
fatty chemicals, edible oils, and specialty chemicals.
Price/Volume
3500
8.0 M
3000
7.0 M
2500
6.0 M
5.0 M
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
3'260.00
1'997.00
1'590'400.00
3065
-5.98%
53.48%
87.73%
526.2
1'612'841.38
121'968.00
0.0
10'437.0
132'279.00
1'571'342.32
31.03.2009
1'276'316.0
0.96x
184'262.0
6.65x
64'462.0
15.96x
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
31.03.2010
31.03.2011
1'184'384.0
1'186'831.0
1.15x
0.95x
178'810.0
185'971.0
7.65x
6.04x
40'506.0
46'737.0
31.36x
23.66x
Profitability
LTM-4Q
31.03.2012
1'216'095.0
0.93x
188'387.0
6.02x
52'434.0
21.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.02
0.56
497.39
46.26%
36.28%
0.556
16
3.500
1'775'880
2'028'823
2'007'966
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'216'095.0 ######### ######### ######### #########
0.93x
3.74x
3.54x
1.18x
1.12x
188'387.0 178'331.0 196'373.0 196'384.8 207'557.3
6.02x
6.26x
5.77x
8.00x
7.57x
52'434.0
44'902.0
65'444.0
72'156.7
82'188.3
21.62x
24.43x
17.93x
21.58x
19.74x
S&P Issuer Ratings
10.04.2009
NR
85.51
66.59
Net Debt/EBITDA
-0.22
0.57
15.1% Reference
22.6%
18.2%
Asset Turnover
1.20
5.00
41.09
89.25
79.97
46.33
4.10
Price/ Cash Flow
14.00
1'400'000.0
12.00
1'200'000.0
10.00
1'000'000.0
8.00
800'000.0
6.00
600'000.0
4.00
400'000.0
2.00
200'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
1500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kao Corp
Holdings By:
All
Holder Name
STATE STREET
ARTISAN INVESTMENTS
MELLON BANK NA
KAO CORP
NOMURA
BLACKROCK
VANGUARD GROUP INC
RUFFER LLP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

KUNI KANAMORI
Barclays
MITSUKO MIYASAKO
Mizuho Securities
WAKAKO SATO
JPMorgan
RITSUKO TSUNODA
Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO
KATSURO HIROZUMI
TIW
TOSHIRO TAKAHASHI
Morgan Stanley
TAIZO DEMURA
Goldman Sachs
KEIKO YAMAGUCHI
Credit Suisse
SATSUKI KAWASAKI
JAMES MOON
EVA Dimensions
AUSTIN BURKETT
KAZUYOSHI SAITO
Nomura
SATOSHI FUJIWARA
Source
Co File
Co File
ULT-AGG
Co File
MOF-JP
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
MOF-JP
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
equalweight
buy
neutral
outperform
neutral
Neutral Plus
Equalwt/In-Line
neutral/neutral
neutral
hold
hold
neutral
suspended coverage
Amt Held
36'012'000
29'276'000
27'777'113
25'077'000
21'808'148
21'741'600
13'233'000
11'710'000
10'442'000
9'101'000
8'921'600
8'103'200
7'437'630
7'164'700
5'949'854
5'175'357
4'675'300
3'306'000
3'235'000
3'072'500
% Out
6.84
5.56
5.28
4.77
4.14
4.13
2.51
2.23
1.98
1.73
1.7
1.54
1.41
1.36
1.13
0.98
0.89
0.63
0.61
0.58
Weighting
Change
3
3
5
3
5
3
3
3
3
3
3
3
3
#N/A N/A
M
M
M
D
M
M
M
M
M
M
M
M
N
M
Latest Chg
590'000
(3'056'000)
267'600
3'585'000
(352'000)
(311'000)
286'000
786'500
(4'781'726)
3'625'977
(163'100)
(49'300)
152'248
120'300
(85'900)
Target Price
2'840
3'200
3'600
3'000
3'500
2'710
#N/A N/A
2'400
2'700
2'650
2'800
#N/A N/A
2'200
#N/A N/A
File Dt
Inst Type
30.09.2012
Investment Advisor
30.09.2012
Bank
26.03.2013
Investment Advisor
30.09.2012
Bank
30.11.2012
Investment Advisor
31.05.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Other
30.09.2012
Insurance Company
30.09.2012
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Corporation
28.02.2013
Unclassified
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Unclassified
28.02.2013
Holding Company
28.02.2013
Holding Company
Date
12 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Date
11.03.2013
07.03.2013
04.03.2013
26.02.2013
26.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
15.01.2013
24.10.2012
02.07.2012
27.03.2013
KDDI Corp
KDDI CORPORATION provides mobile communication services and sells mobile
devices. The Company also is a broadband provider.
Price/Volume
4500
4000
3500
3000
2500
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
3'915.00
2'410.00
2'587'500.00
3850
-1.66%
59.75%
95.90%
897.0
3'453'309.75
1'046'750.00
0.0
66'749.0
179'348.00
4'492'707.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1000
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
3'596'283.0
0.90x
759'975.0
4.27x
217'786.0
12.48x
1500
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
31.03.2009
31.03.2010
3'497'508.0
3'442'146.0
0.79x
0.91x
887'565.0
913'840.0
3.12x
3.44x
222'736.0
212'764.0
9.25x
10.13x
Profitability
LTM-4Q
31.03.2011
3'434'545.0
0.89x
932'602.0
3.29x
255'122.0
8.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.21
0.54
703.16
44.77%
27.13%
0.541
20
4.650
2'777'200
2'743'247
2'932'904
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'572'097.0 ######### ######### ######### ######### 930'506.0
0.84x
3.47x
3.48x
1.18x
1.03x
909'808.0 924'558.0 915'586.0 946'592.1 #########
3.28x
3.04x
3.68x
4.75x
4.19x
238'604.0 246'835.0 224'497.0 246'838.3 329'873.6
9.22x
8.45x
10.37x
12.58x
9.36x
S&P Issuer Ratings
10.04.2009
NR
8.24% Credit Ratios
70.58
45.84
Net Debt/EBITDA
1.04
- Total Debt/EBITDA
1.19
24.4% Reference
50.8%
33.0%
Asset Turnover
0.91
1.94
71.54
-
Price/ Cash Flow
6.00
4'000'000.0
3'500'000.0
5.00
3'000'000.0
4.00
2'500'000.0
2'000'000.0
3.00
1'500'000.0
2.00
1'000'000.0
1.00
0.00
03.04.2009
500'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
KDDI Corp
Holdings By:
All
Holder Name
KDDI CORP
KYOCERA CORP
TOYOTA MOTOR CORP
STATE STREET
NOMURA
MELLON BANK NA
NIPPON YUSEI KYOSAI
BLACKROCK
THORNBURG INVESTMENT
FMR LLC
VANGUARD GROUP INC
USHIO INC
CHUBU ELECTRIC POWER
Firm Name
Portfolio Name
#N/A N/A
#N/A N/A
n/a
#N/A N/A
n/a
#N/A N/A
Multiple Portfolios
n/a
n/a
#N/A N/A
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
#N/A N/A
#N/A N/A
Analyst
Goldman Sachs
IKUO MATSUHASHI
HSBC
NEALE ANDERSON
Barclays
KEIICHI YONESHIMA
YUSUKE TSUNODA
SHINJI MORIYUKI
New Street Research
KIRK BOODRY
Macquarie
NATHAN RAMLER
EVA Dimensions
ANDREW S ZAMFOTIS
Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA
Ji Asia
NEIL JUGGINS
Mizuho Securities
KEI TAKAHASHI
JPMorgan
HITOSHI HOSOYA
Credit Suisse
HITOSHI HAYAKAWA
Nomura
DAISAKU MASUNO
HIROSHI YAMASHINA
TOMOAKI KAWASAKI
Morgan Stanley
TETSURO TSUSAKA
MAKOTO UENO
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
Recommendation
neutral/neutral
overweight
equalweight
above average
neutral
buy
outperform
overweight
outperform
buy
buy
restricted
outperform
buy
buy
outperform
Overwt/Attractive
outperform
Amt Held
132'600'600
114'535'400
99'508'400
54'794'200
45'166'862
43'094'000
15'527'400
12'425'928
11'587'200
8'955'400
8'667'000
8'622'800
7'725'562
6'958'980
6'932'360
5'339'638
4'851'000
4'564'180
4'216'600
3'801'800
% Out
14.78
12.77
11.09
6.11
5.04
4.8
1.73
1.39
1.29
1
0.97
0.96
0.86
0.78
0.77
0.6
0.54
0.51
0.47
0.42
Weighting
Change
3
5
3
4
3
5
5
5
5
5
5
#N/A N/A
5
5
5
5
5
5
M
M
M
M
M
M
U
U
M
N
M
M
M
M
M
M
M
M
Latest Chg
(600)
(400'800)
3'403'000
3'483'800
(45'400)
(23'400)
35'600
178'200
(3'000)
(2'202'800)
(294'600)
(3'835'568)
1'954'640
165'838
1'800
272'380
(466'800)
-
Target Price
1'713
4'350
3'800
4'200
3'650
3'735
4'250
#N/A N/A
4'100
4'525
4'525
#N/A N/A
3'900
4'055
3'650
4'000
3'750
3'150
File Dt
Inst Type
30.09.2012
Corporation
30.09.2012
Corporation
30.09.2012
Corporation
30.09.2012
Bank
26.03.2013
Investment Advisor
30.09.2012
Bank
31.01.2013
Investment Advisor
28.02.2013
Unclassified
30.09.2012
Investment Advisor
26.03.2013
Unclassified
30.09.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Holding Company
31.01.2013
Investment Advisor
31.03.2012
Corporation
31.03.2012
Corporation
Date
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
05.03.2013
05.03.2013
27.02.2013
26.02.2013
20.02.2013
20.02.2013
05.02.2013
29.01.2013
28.01.2013
25.10.2012
27.03.2013
Keyence Corp
KEYENCE CORPORATION develops, manufactures, and sells sensors and measuring
instruments used for factory automation (FA) and high technology hobby products.
The Company's products include fiber optic sensors, photoelectric sensors,
programmable logic controllers (PLC), laser scan micrometers, bar code readers,
and radio-controlled model cars.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
29'160.00
17'120.00
86'500.00
28810
-1.20%
68.28%
95.68%
60.8
1'751'703.38
0.00
0.0
0.0
377'349.00
1'339'484.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
30000
.3 M
25000
.3 M
20000
.2 M
15000
.2 M
10000
.1 M
5000
.1 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
200'666.0
4.81x
104'838.0
9.21x
63'208.0
18.12x
35000
31.03.2009
31.03.2010
165'328.0
136'177.0
4.17x
6.47x
76'021.0
57'976.0
9.07x
15.20x
41'996.0
37'695.0
21.93x
30.83x
Profitability
LTM-4Q
31.03.2011
184'802.0
4.42x
88'839.0
9.20x
55'345.0
20.70x
31.03.2012
199'334.0
3.97x
94'070.0
8.41x
58'162.0
20.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
94'070.00
91'145.00
45.72%
47.28%
8.98%
9.47%
9.47%
0.30%
76.1%
46.6%
45.0%
29.2%
13.62
12.99
0.00%
0.00%
3.33
2.97
Price/ Cash Flow
LTM
FY+1
.0 M
f-13 m-13
0.94
44.61
50.49%
20.88%
0.936
14
2.786
134'760
134'417
136'910
FY+2
FQ+1
FQ+2
09/yy
12/yy
03/13 Y
03/14 Y
12/12 Q3 03/13 Q4
194'730.0 207'408.0 217'135.6 234'500.7
51'522.0
58'104.6
17.58x
15.87x
6.60x
5.88x
31.77x
28.26x
93'848.0
96'696.0 101'042.4 111'047.6
23'014.0
21'875.0
8.22x
10.34x
13.26x
12.06x
56'802.0
62'074.0
65'155.7
71'247.8
14'848.3
17'055.0
19.73x
22.76x
26.36x
24.39x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
-4.26
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.30
11.71
137.10
Inventory Days
154.00
39.96
185.27
40.00
250'000.0
35.00
200'000.0
30.00
25.00
150'000.0
20.00
100'000.0
15.00
10.00
50'000.0
5.00
0.00
20.03.2009
0.0
20.09.2009
20.03.2010
20.09.2010
20.03.2011
20.09.2011
20.03.2012
20.09.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Keyence Corp
Holdings By:
All
Holder Name
TT KK
TAKIZAKI TAKEMITSU
FMR LLC
MELLON BANK NA
INVESCO LTD
VANGUARD GROUP INC
HIKARI TSUSHIN INC
BLACKROCK
NOMURA
MORGAN STANLEY
ABERDEEN
BESSEMER GROUP INCOR
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
JPMorgan
TORU NAKAHASHI
Credit Suisse
SHINJI KURODA
EVA Dimensions
ANDREW S ZAMFOTIS
Morgan Stanley
YOSHINAO IBARA
Goldman Sachs
YUICHIRO ISAYAMA
Mizuho Securities
TAKESHI TANAKA
Nomura
MASAYASU NOGUCHI
Deutsche Bank
TAKESHI KITAURA
Macquarie
DAMIAN THONG
Source
Co File
Co File
Co File
MF-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
neutral
sell
Underwt/Attractive
neutral/attractive
neutral
reduce
buy
neutral
buy
neutral
Amt Held
10'867'000
4'724'000
4'688'618
2'692'500
1'891'577
1'695'000
1'153'000
1'023'000
964'000
898'000
887'941
447'206
439'579
411'288
397'703
376'920
286'640
261'584
247'625
246'810
% Out
17.87
7.77
7.71
4.43
3.11
2.79
1.9
1.68
1.59
1.48
1.46
0.74
0.72
0.68
0.65
0.62
0.47
0.43
0.41
0.41
Weighting
Change
3
3
1
1
3
3
2
5
3
5
3
M
M
D
M
M
M
M
M
M
N
M
Latest Chg
988'000
367'000
(7'664)
159'000
73'000
103'000
67'000
82'000
23'400
90'727
12'907
500
329'800
(19'640)
8'517
600
78'200
Target Price
25'000
26'000
#N/A N/A
20'000
26'000
25'000
21'300
30'000
23'700
29'600
22'000
File Dt
Inst Type
20.06.2012
Corporation
20.06.2012
Bank
13.09.2012
n/a
31.01.2013
Investment Advisor
20.06.2012
Bank
20.06.2012
Investment Advisor
20.06.2012
Investment Advisor
20.06.2012
Other
20.06.2012
Insurance Company
31.01.2013
Investment Advisor
21.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.10.2012
Investment Advisor
Date
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Date
14.03.2013
04.03.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
24.01.2013
09.01.2013
27.03.2013
Kirin Holdings Co Ltd

Kirin Holdings Company, Limited produces beer, soft drinks, food products,
whisky, and pharmaceuticals. The Company sells its products in Japan and
overseas.
Price/Volume
1600
1400
1200
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
1'520.00
864.00
2'797'000.00
1494
-1.71%
72.92%
96.65%
965.0
1'441'710.00
963'624.00
0.0
204'754.0
83'916.00
2'526'172.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'303'569.0
0.87x
264'301.0
7.55x
80'182.0
14.00x
600
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
2'278'473.0
2'177'802.0
1.09x
0.96x
255'936.0
291'599.0
9.67x
7.20x
49'172.0
11'394.0
28.91x
95.31x
Profitability
LTM-4Q
31.12.2011
2'071'774.0
1.04x
285'626.0
7.57x
7'407.0
121.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.94
0.86
865.19
42.77%
47.63%
0.857
16
3.750
5'103'800
5'165'300
4'474'328
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'186'177.0 ######### ######### ######### #########
0.94x
3.92x
3.88x
1.04x
0.99x
299'384.0 285'625.0 299'384.0 304'581.3 310'031.7
6.87x
7.57x
6.87x
8.29x
8.15x
56'198.0
7'407.0
56'198.0
88'592.7
71'765.9
(3'135.0) 16'684.0
17.32x
121.72x
17.31x
15.29x
18.33x
S&P Issuer Ratings
10.04.2009
NR
6.24% Credit Ratios
13.12
8.78
Net Debt/EBITDA
2.94
3.22
13.7% Reference
101.5%
45.5%
Asset Turnover
0.75
2.86
67.74
57.36
42.36
82.74
6.38
Price/ Cash Flow
8.00
2'500'000.0
7.00
2'000'000.0
6.00
5.00
1'500'000.0
4.00
1'000'000.0
3.00
2.00
500'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kirin Holdings Co Ltd

Holdings By:
All
Holder Name
STATE STREET
ISONO SHOKAI KK
BLACKROCK
NOMURA
VANGUARD GROUP INC
MITSUBISHI LOGISTICS
ASAHI GLASS CO LTD
MITSUBISHI CORP
TERUMO CORP
NIKON CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JPMorgan
RITSUKO TSUNODA
Mizuho Securities
HIROSHI SAJI
TOMONOBU TSUNOYAMA
Goldman Sachs
KEIKO YAMAGUCHI
Credit Suisse
SATSUKI KAWASAKI
Nomura
SATOSHI FUJIWARA
YOSHIYASU OKIHIRA
Barclays
TAKAYUKI HAYANO
Morgan Stanley
TAIZO DEMURA
Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA
TOKUSHI YAMASAKI
EVA Dimensions
AUSTIN BURKETT
Macquarie
TOBY WILLIAMS
Ji Asia
MIKIHIKO YAMATO
Source
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
Recommendation
overweight
buy
neutral
neutral/neutral
outperform
neutral
neutral
underweight
Overwt/In-Line
suspended coverage
buy
sell
outperform
buy
Amt Held
73'681'571
65'345'000
48'988'000
46'351'000
35'046'000
28'531'946
23'272'000
19'739'000
13'246'307
11'621'000
9'212'956
8'479'640
7'240'720
7'018'539
6'710'473
6'477'000
6'227'000
5'219'000
5'044'338
4'915'488
% Out
7.64
6.77
5.08
4.8
3.63
2.96
2.41
2.05
1.37
1.2
0.95
0.88
0.75
0.73
0.7
0.67
0.65
0.54
0.52
0.51
Weighting
Change
5
5
3
3
5
3
3
1
5
#N/A N/A
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(15'015'744)
(2'697'000)
432'000
(1'093'000)
(3'590'000)
674'000
(168'689)
331'865
(980'000)
(4'470'000)
373'000
-
Target Price
1'750
1'610
1'000
1'400
1'600
1'320
1'340
1'260
1'650
#N/A N/A
1'520
#N/A N/A
1'450
1'200
File Dt
20.12.2012
30.06.2012
30.06.2012
13.04.2012
30.06.2012
26.03.2013
30.06.2012
30.06.2012
25.03.2013
30.06.2012
31.03.2012
31.12.2012
31.03.2012
31.12.2011
31.03.2012
31.03.2012
31.03.2012
13.04.2012
31.03.2012
31.03.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Holding Company
Bank
Bank
Bank
Insurance Company
Investment Advisor
Corporation
Other
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Corporation
Corporation
Corporation
Corporation
Corporation
Unclassified
Corporation
Corporation
Date
26.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
06.03.2013
28.02.2013
18.02.2013
15.01.2013
17.08.2012
09.03.2012
27.03.2013
Komatsu Ltd
KOMATSU LTD. manufactures and sells construction and mining machinery, including
excavators, bulldozers, and wheel loaders. The Company, operating on a global
scale, also produces forklift trucks and engineering equipment such as press
system.
Price/Volume
3000
25.0 M
2500
20.0 M
2000
Latest Fiscal Year:

LTM as of:
52-Week High (06.02.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'507.00
1'439.00
3'676'100.00
2282
-8.97%
58.58%
81.18%
983.1
2'243'503.25
647'800.00
0.0
47'761.0
83'986.00
2'904'025.25
31.03.2008
2'243'023.0
1.40x
408'514.0
7.67x
208'793.0
13.50x
10.0 M
1000
5.0 M
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
1500
Valuation Analysis
31.03.2009
31.03.2010
2'021'743.0
1'431'564.0
0.78x
1.71x
250'302.0
158'354.0
6.31x
15.43x
78'797.0
33'559.0
13.38x
56.53x
Profitability
LTM-4Q
31.03.2011
1'843'127.0
1.76x
312'396.0
10.38x
150'752.0
18.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.97
1.48
931.14
-2.11%
5.59%
1.483
26
4.038
7'561'840
7'953'800
8'198'938
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0
1.44x
5.38x
5.33x
1.45x
1.34x
346'449.0 343'430.0 301'628.0 323'962.8 382'483.8
8.25x
6.75x
9.09x
8.96x
7.59x
167'041.0 179'506.0 128'761.0 139'957.3 174'484.5
42'719.0
13.60x
9.69x
16.15x
15.53x
12.44x
S&P Issuer Ratings
26.10.2007
A
STABLE
44.51
28.31
Net Debt/EBITDA
1.67
1.92
16.8% Reference
64.2%
38.0%
Asset Turnover
0.89
3.70
91.23
146.53
61.69
171.36
2.50
Price/ Cash Flow
30.00
2'500'000.0
25.00
2'000'000.0
20.00
1'500'000.0
15.00
1'000'000.0
10.00
500'000.0
5.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Komatsu Ltd
Holdings By:
All
Holder Name
STATE STREET
KOMATSU LTD
NIPPONKOA INSURANCE
VANGUARD GROUP INC
NOMURA
BLACKROCK
HOKKOKU BANK LTD/THE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst

TAKU OUCHI
Morgan Stanley
YOSHINAO IBARA
Nomura
KATSUSHI SAITO
Ji Asia
TONY MOYER
Credit Suisse
SHINJI KURODA
Mizuho Securities
JUNJI SAKURADA
Macquarie
KENJIN HOTTA
Deutsche Bank
TAKESHI KITAURA
Jefferies
YUKIHIRO KUMAGAI
TIW
MASAKAZU ITOI
HIROYASU NISHIKAWA
Mito Securities
YOICHIRO WATANABE
MITSUYUKI ODAIRA
JPMorgan
TORU NAKAHASHI
YOSHIKAZU SHIMADA
HIROKAZU MIYAGI
MASUNORI ISHITOBI
Goldman Sachs
YUICHIRO ISAYAMA
EVA Dimensions
CRAIG STERLING
Barclays
KUNIO SAKAIDA
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
Recommendation
buy
outperform
Overwt/Attractive
buy
buy
outperform
outperform
neutral
underperform
buy
buy
Neutral Plus
Neutral Plus
neutral
above average
overweight
outperform
outperform
neutral
buy/attractive
underweight
overweight
Amt Held
57'355'000
41'698'000
40'903'800
38'391'644
34'310'300
34'000'000
31'311'000
25'828'000
24'500'000
22'262'200
19'274'050
17'835'000
12'893'700
10'462'448
10'121'401
9'513'600
8'944'505
8'340'000
7'549'916
5'655'600
% Out
5.83
4.24
4.16
3.91
3.49
3.46
3.18
2.63
2.49
2.26
1.96
1.81
1.31
1.06
1.03
0.97
0.91
0.85
0.77
0.58
Weighting
Change
5
5
5
5
5
5
5
3
1
5
5
3
3
3
4
5
5
5
3
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
Latest Chg
6'141'000
(1'587'000)
14'227'300
(24'700)
(4'000'716)
(64'800)
1'651'000
(7'978'000)
(2'604'500)
(1'084'726)
117'200
426'549
(579'200)
13'700
16'900
Target Price
2'800
3'300
3'000
3'020
3'010
2'700
2'740
2'500
1'850
3'300
2'800
#N/A N/A
2'700
2'500
#N/A N/A
1'900
#N/A N/A
2'700
2'350
3'100
#N/A N/A
2'400
File Dt
30.09.2012
30.09.2012
15.06.2012
26.03.2013
20.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
31.01.2013
30.09.2012
31.12.2012
31.03.2012
31.12.2012
28.02.2013
25.03.2013
15.06.2012
31.03.2012
28.02.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
6 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Bank
Investment Advisor
Insurance Company
Insurance Company
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Bank
Holding Company
Date
26.03.2013
22.03.2013
21.03.2013
12.03.2013
12.03.2013
04.03.2013
27.02.2013
22.02.2013
14.02.2013
08.02.2013
08.02.2013
04.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
15.01.2013
05.12.2012
27.03.2013
Kubota Corp
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's products include ductile iron pipes,
engines, tractors, combine harvesters, reaper binders, rice planters, and
excavators. Kubota also produces forged iron products, housing equipment, and
environmental control plants.
Price/Volume
1600
1400
1200
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'390.00
630.00
6'983'000.00
1360
-2.16%
115.87%
98.41%
1'285.9
1'748'850.13
355'235.00
0.0
53'931.0
100'559.00
2'109'103.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
1'107'482.0
930'644.0
0.76x
1.53x
134'057.0
98'873.0
6.28x
14.37x
48'064.0
42'326.0
14.20x
25.60x
Profitability
LTM-4Q
31.03.2011
933'685.0
1.38x
113'104.0
11.42x
54'822.0
18.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
1'008'019.0
1.30x
129'588.0
10.09x
61'552.0
16.31x
129'588.00
105'680.00
10.48%
10.18%
4.55%
10.08%
6.73%
0.74%
27.0%
12.7%
10.3%
6.1%
1.62
1.12
23.88%
54.38%
2.27
3.75
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
1.18
1.17
1'215.77
69.87%
38.84%
1.167
20
3.700
5'896'000
6'208'334
5'349'586
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
984'263.0 ######### ######### ######### 333'273.7
4.80x
4.99x
1.79x
1.65x
118'294.0 134'470.0 143'141.5 176'199.0
9.34x
11.89x
14.73x
11.97x
53'550.0
68'410.0
69'033.9
86'944.7
15.24x
18.10x
24.86x
19.71x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
68.49
54.24
Net Debt/EBITDA
2.04
Total Debt/EBITDA
2.83
Reference
Total Debt/Equity
54.4%
Total Debt/Capital
33.4%
Asset Turnover
0.74
4.87
161.31
Inventory Days
97.70
90.55
175.09
45.00
1'400'000.0
40.00
1'200'000.0
35.00
1'000'000.0
30.00
25.00
800'000.0
20.00
600'000.0
15.00
400'000.0
10.00
200'000.0
5.00
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'154'574.0
0.96x
167'440.0
6.63x
68'026.0
11.76x
600
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
f-13 m-13
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kubota Corp
Holdings By:
All
Holder Name
MOXLEY & CO
KUBOTA CORP
BLACKROCK
FMR LLC
NOMURA
VANGUARD GROUP INC
SARASIN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst

TAKU OUCHI
Marusan Securities
KOSUKE SAHARA
Credit Suisse
SHINJI KURODA
Morgan Stanley
YOSHINAO IBARA
HITOSHI OHNISHI
Mizuho Securities
JUNJI SAKURADA
Nomura
RYO TAZAKI
Macquarie
KENJIN HOTTA
Goldman Sachs
YUICHIRO ISAYAMA
TIW
MASAKAZU ITOI
EVA Dimensions
CRAIG STERLING
Barclays
KUNIO SAKAIDA
YOSHIKAZU SHIMADA
HIROSUKE TAI
Mito Securities
YOICHIRO WATANABE
Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Recommendation
neutral
outperform
outperform
neutral
Equalwt/Attractive
Neutral Plus
buy
buy
neutral
neutral/attractive
hold
Neutral Plus
underweight
overweight
Strong Outperform
neutral
Neutral Plus
Amt Held
119'924'000
106'709'439
81'633'000
66'382'000
59'929'000
45'006'000
42'043'000
30'503'000
29'565'000
28'101'000
26'125'000
25'412'786
23'203'000
22'742'000
20'595'411
14'893'000
12'392'000
10'041'188
6'899'902
4'919'000
% Out
9.33
8.3
6.35
5.16
4.66
3.5
3.27
2.37
2.3
2.19
2.03
1.98
1.8
1.77
1.6
1.16
0.96
0.78
0.54
0.38
Weighting
Change
3
5
5
3
3
3
5
5
3
3
3
3
1
5
5
3
3
M
M
N
M
M
M
M
M
D
M
M
U
M
M
U
M
N
Latest Chg
12'606'000
937'986
(4'464'265)
6'733'000
(128'000)
(1'255'000)
12'000
948'000
(37'544'000)
(581'609)
(375'000)
(22'642'000)
(2'647'135)
(1'257'000)
1'094'000
246'995
(586'000)
Target Price
1'210
1'350
#N/A N/A
1'100
1'200
1'300
1'300
1'250
1'100
1'150
1'070
#N/A N/A
#N/A N/A
1'070
#N/A N/A
800
#N/A N/A
File Dt
30.09.2012
31.12.2011
30.09.2012
30.09.2012
30.09.2012
30.09.2012
29.10.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
25.03.2013
31.12.2012
30.09.2012
31.01.2013
13.04.2012
28.02.2013
31.12.2012
31.03.2012
31.01.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Holding Company
Insurance Company
Bank
Insurance Company
Bank
Bank
Investment Advisor
Corporation
Other
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Insurance Company
Unclassified
Date
19.03.2013
14.03.2013
08.03.2013
08.03.2013
07.03.2013
28.02.2013
22.02.2013
21.02.2013
12.02.2013
06.02.2013
06.02.2013
16.01.2013
15.01.2013
05.12.2012
13.11.2012
05.11.2012
17.11.2010
27.03.2013
Kyocera Corp
KYOCERA CORPORATION manufacturers electronic equipment and components. The
Company's products include telecommunication equipment, information equipment,
optical equipment, ceramic products, semiconductor parts, chips, hybrid
integrated circuits, thermal printheads, image sensors, liquid crystal displays,
and connectors. Kyocera operates worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
9'130.00
6'000.00
634'600.00
8850
-3.07%
47.50%
92.97%
191.3
1'693'087.25
35'869.00
0.0
64'736.0
479'228.00
1'291'427.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
1'128'586.0
1'073'805.0
0.72x
1.17x
140'996.0
136'689.0
5.79x
9.18x
29'506.0
40'095.0
41.20x
41.70x
Profitability
LTM-4Q
31.03.2011
1'266'924.0
0.90x
227'468.0
4.98x
122'448.0
12.63x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.36
0.95
167.74
15.68%
13.90%
0.948
20
3.750
778'580
944'673
908'252
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'190'870.0 ######### ######### ######### ######### 348'818.8 331'510.0
0.85x
3.19x
3.05x
1.03x
0.93x
170'795.0 197'536.0 133'174.0 144'490.4 193'987.7
5.92x
3.89x
7.69x
8.94x
6.66x
79'357.0 100'841.0
52'217.0
62'034.9
96'397.6
13'162.0
21'508.0
17.52x
11.26x
27.30x
26.32x
17.01x
19.90x
18.12x
S&P Issuer Ratings
09.01.2007
NR
3.97% Credit Ratios
83.64
50.46
Net Debt/EBITDA
-3.53
0.26
10.7% Reference
2.4%
2.3%
Asset Turnover
0.60
4.70
69.31
108.46
39.90
135.93
3.37
Price/ Cash Flow
18.00
1'400'000.0
16.00
1'200'000.0
14.00
1'000'000.0
12.00
10.00
800'000.0
8.00
600'000.0
6.00
400'000.0
4.00
200'000.0
2.00
0.00
03.04.2009
4.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'290'436.0
0.83x
239'465.0
4.49x
107'244.0
14.77x
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
m-12 a-12 m-12
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kyocera Corp
Holdings By:
All
Holder Name
KYOCERA CORP
BANK OF KYOTO LTD/TH
INAMORI KAZUO
STATE STREET
NOMURA
DODGE & COX
INAMORI FOUNDATION
K I KOSAN KK
VANGUARD GROUP INC
BLACKROCK
KAGOSHIMA BANK LTD/T
SKAGEN AS
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Okasan Securities
KOICHI AKIYAMA
Morgan Stanley
SHOJI SATO
Mizuho Securities
FUMIHIDE GOTO
Macquarie
GEORGE T CHANG
JPMorgan
MASASHI ITAYA
Credit Suisse
AKINORI KANEMOTO
Jefferies
MASAHIRO WAKASUGI
HIROHARU WATANABE
TIW
TAKAO HATTORI
KOUICHIROU HAGIWARA
Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO
Nomura
MANABU AKIZUKI
Goldman Sachs
DAIKI TAKAYAMA
TAKUMI SADO
EVA Dimensions
ANDREW S ZAMFOTIS
TSUNENORI OHMAKI
Source
Co File
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
Recommendation
neutral
Overwt/In-Line
buy
outperform
neutral
neutral
buy
underperform
neutral
above average
outperform
buy
neutral/attractive
outperform
underweight
Strong Outperform
Amt Held
14'438'000
13'840'000
10'705'698
7'867'200
7'218'000
5'606'000
5'536'900
5'320'631
5'261'000
5'133'900
4'680'000
3'975'600
3'690'000
3'550'000
2'844'000
2'021'126
1'561'170
1'024'000
985'768
937'878
% Out
7.55
7.23
5.6
4.11
3.77
2.93
2.89
2.78
2.75
2.68
2.45
2.08
1.93
1.86
1.49
1.06
0.82
0.54
0.52
0.49
Weighting
Change
3
5
5
5
3
3
5
1
3
4
5
5
3
5
1
5
M
M
M
M
D
D
M
D
M
M
M
M
M
M
M
M
Latest Chg
1'439'000
1'026'000
(2'488'702)
1'900
(5'333'500)
(1'550'000)
21'700
217'500
(63'000)
(188'000)
91'636
1'900
351'936
Target Price
#N/A N/A
10'500
9'100
8'800
9'000
8'400
9'500
8'900
#N/A N/A
#N/A N/A
9'500
10'200
7'600
9'700
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Bank
30.01.2012
Holding Company
30.09.2012
Corporation
30.09.2012
Bank
30.09.2012
n/a
28.02.2013
Bank
26.03.2013
Investment Advisor
28.02.2013
Unclassified
29.01.2013
Investment Advisor
30.09.2012
Other
28.02.2013
Unclassified
30.09.2012
Other
30.09.2012
Corporation
30.09.2012
Bank
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.03.2012
Bank
31.01.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
21.03.2013
19.03.2013
04.03.2013
01.03.2013
25.02.2013
21.02.2013
20.02.2013
20.02.2013
13.02.2013
06.02.2013
04.02.2013
01.02.2013
31.01.2013
17.01.2013
15.01.2013
01.05.2012
27.03.2013
Marubeni Corp
Marubeni Corporation is a trading company with business divisions in iron &
steel, information technology, utility & infrastructure, energy, food, metals &
mineral resources, development & construction, and chemicals. The Company
markets its products globally through a network of sales offices and
representative firms.
Price/Volume
35.0 M
700
30.0 M
600
25.0 M
500
20.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
768.00
463.00
10'323'000.00
743
-3.26%
60.48%
95.41%
1'737.9
1'291'290.13
2'638'218.00
0.0
63'598.0
722'850.00
3'522'963.09
31.03.2008
4'166'226.0
0.87x
296'523.0
12.25x
147'249.0
8.55x
15.0 M
300
200
10.0 M
100
5.0 M
0
m-12
a-12 m-12
31.03.2009
31.03.2010
4'002'299.0
3'279'969.0
0.69x
0.90x
328'059.0
193'299.0
8.38x
15.31x
111'208.0
95'312.0
4.76x
10.58x
Profitability
LTM-4Q
31.03.2011
3'683'849.0
0.79x
217'916.0
13.36x
136'541.0
7.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.96
1.26
1'648.24
26.08%
22.96%
1.262
18
4.222
12'722'200
12'363'030
12'112'290
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'390'353.0 ######### ######### ######### ######### #########
0.69x
2.75x
2.61x
0.34x
0.32x
1.33x
229'826.0 240'768.0 204'316.0 270'769.0 325'443.1
13.12x
12.01x
16.14x
13.01x
10.83x
172'125.0 170'884.0 183'322.0 198'422.0 212'796.4
49'466.7
0.0
6.02x
4.77x
5.81x
6.49x
6.06x
27.52x
S&P Issuer Ratings
01.09.2009
BBB
NEG
25.08.2003
NR
7.47
2.83
Net Debt/EBITDA
10.17
13.92
4.6% Reference
309.6%
74.2%
Asset Turnover
0.88
6.62
82.04
40.05
88.60
31.93
9.14
Price/ Cash Flow
9.00
10'000'000.0
8.00
9'000'000.0
7.00
8'000'000.0
7'000'000.0
6.00
6'000'000.0
5.00
4.00
5'000'000.0
4'000'000.0
3.00
3'000'000.0
2.00
2'000'000.0
1.00
1'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
800
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Marubeni Corp
Holdings By:
All
Holder Name
BLACKROCK
AEON CO LTD
VANGUARD GROUP INC
NOMURA
BLACKROCK ADVISORS U
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Mizuho Securities
AKIFUMI HAYASHI
Barclays
KAZUHISA MORI
Jefferies
THANH HA PHAM
TAKASHI MURAKAMI
TOSHIYUKI JOHNO
JIRO IOKIBE
HIDEAKI KURIBARA
JPMorgan
AKIRA KISHIMOTO
Nomura
YASUHIRO NARITA
Morgan Stanley
HARUNOBU GOROH
EVA Dimensions
CRAIG STERLING
Macquarie
POLINA DIYACHKINA
Marusan Securities
SATOSHI EBISAWA
Okasan Securities
KIYOSHI MORI
Source
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MOF-JP
MF-AGG
ULT-AGG
Recommendation
buy
overweight
underperform
neutral
buy
outperform
strong buy
overweight
outperform
buy
Overwt/In-Line
sell
neutral
outperform
buy
Amt Held
174'355'000
87'883'000
76'182'000
62'167'350
56'110'000
47'685'000
41'818'000
39'409'000
39'177'000
34'902'000
31'342'000
27'572'000
21'997'000
16'736'000
15'678'830
14'148'000
9'271'000
8'335'586
8'281'278
7'474'000
% Out
10.03
5.06
4.38
3.58
3.23
2.74
2.41
2.27
2.25
2.01
1.8
1.59
1.27
0.96
0.9
0.81
0.53
0.48
0.48
0.43
Weighting
Change
5
5
1
3
5
5
5
5
5
5
5
1
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'486'000
1'381'000
(57'375'000)
(15'921'185)
1'144'000
(679'000)
(110)
(16'000)
48'000
398'000
(782'731)
160'000
(505'000)
(1'782'038)
39'000
4'000
Target Price
960
870
400
810
850
750
#N/A N/A
760
870
805
780
#N/A N/A
600
#N/A N/A
700
File Dt
30.09.2012
30.09.2012
31.12.2012
25.03.2013
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
29.10.2012
20.12.2012
29.02.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
15.08.2011
26.03.2013
28.02.2013
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Inst Type
Bank
Bank
Bank
Investment Advisor
Insurance Company
Investment Advisor
Insurance Company
Other
Investment Advisor
Insurance Company
Bank
Insurance Company
Corporation
Unclassified
Investment Advisor
Unclassified
Holding Company
Investment Advisor
Investment Advisor
Holding Company
Date
22.03.2013
18.03.2013
13.03.2013
08.03.2013
04.03.2013
28.02.2013
25.02.2013
22.02.2013
14.02.2013
04.02.2013
29.01.2013
15.01.2013
10.01.2013
14.06.2012
09.11.2011
27.03.2013
Mitsubishi Chemical Holdings Corp

Mitsubishi Chemical Holdings Corporation is a holding company established
through the merger of Mitsubishi Chemical and Mitsubishi Pharma. The Company
manages operation of its subsidiaries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
487.00
275.00
7'472'500.00
458
-5.95%
66.55%
89.62%
1'506.3
689'879.94
1'166'899.00
0.0
373'563.0
161'133.00
2'020'398.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'929'810.0
0.62x
234'463.0
7.78x
164'064.0
5.51x
500
450
400
350
300
250
200
150
100
50
0
m-12
31.03.2009
31.03.2010
2'909'030.0
2'515'079.0
0.52x
0.91x
135'224.0
199'746.0
11.21x
11.48x
(67'178.0)
12'833.0
51.29x
Profitability
LTM-4Q
31.03.2011
3'166'771.0
0.70x
384'898.0
5.76x
83'581.0
8.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.40
1.35
1'338.93
5.82%
8.92%
1.348
17
3.000
6'733'800
9'697'733
9'846'819
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'208'168.0 ######### ######### ######### ######### 851'207.2
0.63x
2.74x
2.38x
0.64x
0.61x
288'558.0 325'350.0 226'198.0 241'437.3 277'919.3
20'000.0
7.04x
6.09x
8.72x
8.37x
7.27x
35'486.0
35'396.0
12'625.0
23'071.9
40'960.3
0.0
18.37x
17.67x
50.88x
29.51x
16.40x
S&P Issuer Ratings
15.07.2008
NR
0.17% Credit Ratios
18.30
11.13
Net Debt/EBITDA
4.02
4.70
7.2% Reference
151.3%
50.5%
Asset Turnover
1.00
3.03
66.10
77.15
58.92
83.76
4.74
Price/ Cash Flow
12.00
3'500'000.0
10.00
3'000'000.0
2'500'000.0
8.00
2'000'000.0
6.00
1'500'000.0
4.00
1'000'000.0
2.00
500'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsubishi Chemical Holdings Corp

Holdings By:
All
Holder Name
TAKEDA PHARMACEUTICA
MITSUBISHI CHEMICAL
JA ZENKYOREN
MITSUBISHI MATERIALS
BLACKROCK
VANGUARD GROUP INC
NOMURA
TAIYO NIPPON SANSO C
MITSUBISHI CORP
JOYO BANK LTD/THE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst

TAKATO WATABE
Credit Suisse
MASAMI SAWATO
Mizuho Securities
ATSUSHI YOSHIDA
Nomura
SHIGEKI OKAZAKI
TIW
TOSHIRO TAKAHASHI
Barclays
MIKIYA YAMADA
KAZUYOSHI SAITO
Goldman Sachs
HISAAKI YOKOO
EVA Dimensions
CRAIG STERLING
Morgan Stanley
LALITA GUPTA
JPMorgan
NOBUHITO OWAKI
Jefferies
YOSHIHIRO AZUMA
Mito Securities
JUN IKEYAMA
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
Recommendation
underperform
neutral
buy
neutral
Neutral Minus
equalweight
neutral
Neutral Plus
neutral/neutral
underweight
Overwt/In-Line
neutral
hold
neutral
Neutral Plus
Amt Held
96'436'000
77'549'000
64'538'000
64'388'000
54'693'648
52'343'000
51'730'000
34'184'000
31'415'000
30'166'000
29'338'000
21'633'000
14'999'214
12'858'000
12'798'221
12'755'582
11'927'000
10'421'509
8'270'500
8'042'500
% Out
6.4
5.15
4.28
4.27
3.63
3.47
3.43
2.27
2.09
2
1.95
1.44
1
0.85
0.85
0.85
0.79
0.69
0.55
0.53
Weighting
Change
1
3
5
3
3
3
3
3
3
1
5
3
3
3
3
M
M
M
M
M
M
M
U
M
M
M
M
D
M
N
Latest Chg
6'889'000
4'357'000
(67'084'500)
(1'135'904)
28'500
1'472'000
(51'500)
10'499'628
1'211'500
(42'000)
334'352
7'000
-
Target Price
380
500
490
460
#N/A N/A
440
440
480
470
#N/A N/A
360
380
360
350
#N/A N/A
File Dt
30.09.2012
30.09.2012
15.08.2012
30.09.2012
07.11.2012
20.11.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.03.2012
31.03.2012
15.08.2012
25.03.2013
31.12.2012
28.02.2013
31.03.2012
31.03.2012
31.03.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Inst Type
Bank
Bank
Bank
Insurance Company
Holding Company
Insurance Company
Corporation
Insurance Company
Other
Corporation
Insurance Company
Bank
Corporation
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Corporation
Corporation
Bank
Date
21.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
05.03.2013
26.02.2013
22.02.2013
17.01.2013
17.01.2013
10.01.2013
20.12.2012
27.11.2012
01.11.2012
22.06.2010
27.03.2013
Mitsubishi Corp
Mitsubishi Corporation is a general trading company. The Company has business
groups such as New Business Initiatives, IT & Electronics, Fuels, Metals,
Machinery, Chemicals, Living Essentials, and Professional Services. Mitsubishi
diversifies by satellite communications through a joint venture.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (15.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'017.00
1'330.00
8'105'500.00
1802
-10.66%
35.49%
72.49%
1'653.5
2'979'617.25
5'322'755.00
0.0
318'959.0
1'388'302.00
7'678'471.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
2000
20.0 M
1500
15.0 M
1000
10.0 M
500
5.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
6'030'806.0
1.45x
509'382.0
17.22x
470'859.0
10.52x
2500
31.03.2009
31.03.2010
6'146'406.0
4'540'793.0
0.99x
1.65x
738'480.0
321'030.0
8.27x
23.32x
369'936.0
274'846.0
5.78x
14.65x
Profitability
LTM-4Q
31.03.2011
5'206'873.0
1.42x
459'960.0
16.06x
463'188.0
8.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.22
1.16
1'464.19
-6.24%
10.93%
1.155
18
4.000
7'173'740
8'345'350
9'354'726
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
5'565'832.0 ######### ######### ######### #########
1.33x
4.91x
4.93x
0.37x
0.36x
416'550.0 442'051.0 282'111.0 377'378.3 463'286.5
17.80x
14.86x
26.27x
20.35x
16.57x
453'849.0 472'761.0 364'987.0 353'554.0 408'875.6
73'333.3
6.96x
5.41x
7.43x
8.41x
7.31x
S&P Issuer Ratings
28.03.2008
A+
STABLE
09.02.2006
A-1
9.96
0.09
Net Debt/EBITDA
14.09
18.67
5.1% Reference
151.7%
58.2%
Asset Turnover
0.48
2.94
158.15
75.72
165.36
67.54
4.83
Price/ Cash Flow
14.00
16'000'000.0
12.00
14'000'000.0
12'000'000.0
10.00
10'000'000.0
8.00
8'000'000.0
6.00
6'000'000.0
4.00
4'000'000.0
2.00
2'000'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsubishi Corp
Holdings By:
All
Holder Name
BLACKROCK
MITSUBISHI ELECTRIC
NOMURA
VANGUARD GROUP INC
ASAHI GLASS CO LTD
FMR LLC
MITSUBISHI LOGISTICS
JFE HOLDINGS INC
MITSUBISHI CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
Mizuho Securities
AKIFUMI HAYASHI
JIRO IOKIBE
HIDEAKI KURIBARA
Jefferies
THANH HA PHAM
TOSHIYUKI JOHNO
JPMorgan
AKIRA KISHIMOTO
TAKASHI MURAKAMI
Barclays
KAZUHISA MORI
AKIRA IWASAKI
Nomura
YASUHIRO NARITA
Morgan Stanley
HARUNOBU GOROH
EVA Dimensions
CRAIG STERLING
Macquarie
POLINA DIYACHKINA
Okasan Securities
KIYOSHI MORI
Source
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
Co File
Recommendation
buy
neutral
strong buy
hold
hold
overweight
neutral
equalweight
outperform
outperform
buy
Equalwt/In-Line
sell
neutral
buy
Amt Held
132'303'000
74'534'000
66'103'000
64'846'000
55'463'600
54'748'200
48'920'000
34'510'000
18'709'799
17'768'000
16'747'200
16'076'387
14'492'305
13'718'000
13'088'457
12'717'343
9'410'381
8'196'500
7'631'400
6'701'500
% Out
8
4.51
4
3.92
3.35
3.31
2.96
2.09
1.13
1.07
1.01
0.97
0.88
0.83
0.79
0.77
0.57
0.5
0.46
0.41
Weighting
Change
5
3
5
3
3
5
3
3
5
5
5
3
1
3
5
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(8'011'000)
(3'290'000)
(29'044'100)
(13'865'905)
(2'460'000)
(1'333'313)
(22'700)
(3'817'654)
1'684'900
(252'025)
1'067'400
(363'700)
Target Price
2'310
1'910
#N/A N/A
1'900
1'700
2'200
2'170
2'120
2'210
2'250
2'600
1'950
#N/A N/A
1'600
2'300
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
28.02.2013
30.09.2012
30.09.2012
25.03.2013
30.09.2012
28.02.2013
31.12.2012
31.12.2011
28.02.2013
31.03.2012
31.01.2013
31.03.2012
31.03.2012
28.02.2013
30.09.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
6 month
Inst Type
Bank
Insurance Company
Bank
Insurance Company
Bank
Holding Company
Corporation
Other
Investment Advisor
Corporation
Unclassified
Investment Advisor
Corporation
Unclassified
Corporation
Investment Advisor
Corporation
Corporation
Holding Company
Corporation
Date
22.03.2013
21.03.2013
14.03.2013
13.03.2013
04.03.2013
22.02.2013
22.02.2013
21.02.2013
18.02.2013
04.02.2013
01.02.2013
29.01.2013
17.01.2013
10.01.2013
03.02.2012
27.03.2013
Mitsubishi Electric Corp

Mitsubishi Electric Corporation develops, manufactures, and markets electronic
equipment. The Company's products include industrial machinery, heavy electric
machinery, data communications systems, electronic devices, and consumer
electronics.
Price/Volume
900
25.0 M
800
20.0 M
700
600
15.0 M
500
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (13.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
849.00
557.00
6'245'000.00
775
-8.72%
39.14%
69.52%
2'147.2
1'664'081.25
571'538.00
0.0
58'555.0
395'176.00
2'069'362.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
5.0 M
100
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
4'049'818.0
0.53x
403'488.0
5.37x
157'977.0
11.71x
10.0 M
300
31.03.2009
31.03.2010
3'665'119.0
3'353'298.0
0.40x
0.62x
287'746.0
214'064.0
5.14x
9.65x
12'167.0
28'278.0
77.78x
65.17x
Profitability
LTM-4Q
31.03.2011
3'645'331.0
0.60x
339'041.0
6.40x
124'525.0
16.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.42
1.36
1'933.72
9.21%
6.84%
1.355
18
3.611
10'200'600
8'156'267
8'733'086
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'639'468.0 ######### ######### ######### ######### #########
0.50x
2.18x
1.98x
0.52x
0.48x
352'688.0 318'011.0 305'205.0 300'476.2 350'609.6
5.12x
5.60x
6.47x
6.89x
5.90x
112'063.0
89'686.0
79'137.0
56'022.9 128'372.1
2'456.0
14.02x
17.67x
19.84x
29.70x
12.90x
S&P Issuer Ratings
09.04.2008
A
STABLE
09.02.2007
A-1
7.90% Credit Ratios
51.73
28.36
Net Debt/EBITDA
0.62
1.94
9.2% Reference
50.5%
32.4%
Asset Turnover
1.08
6.41
80.13
83.97
85.86
68.86
4.36
Price/ Cash Flow
120.00
4'500'000.0
4'000'000.0
100.00
3'500'000.0
3'000'000.0
80.00
2'500'000.0
60.00
2'000'000.0
1'500'000.0
40.00
1'000'000.0
20.00
0.00
03.04.2009
500'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsubishi Electric Corp

Holdings By:
All
Holder Name
DODGE & COX
NOMURA
MITSUBISHI CORP
VANGUARD GROUP INC
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
Mito Securities
KEITA WAKABAYASHI
JPMorgan
HISASHI MORIYAMA
Mizuho Securities
TAKESHI TANAKA
Credit Suisse
HIDEYUKI MAEKAWA
HARUO SATO
YUKIHIKO SHIMADA
TIW
TAKAO HATTORI
Macquarie
DAMIAN THONG
HIROSUKE TAI
Morgan Stanley
YOSHINAO IBARA
Nomura
MASAYA YAMASAKI
Goldman Sachs
IKUO MATSUHASHI
EVA Dimensions
CRAIG STERLING
TSUNENORI OHMAKI
Source
Co File
Co File
MOF-JP
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
Co File
Co File
MF-AGG
Recommendation
Neutral Plus
overweight
neutral
neutral
neutral
above average
neutral
neutral
outperform
neutral
Overwt/Attractive
buy
neutral/neutral
underweight
Strong Outperform
Amt Held
168'652'000
168'150'000
107'742'500
96'947'000
81'862'000
73'244'000
51'072'000
47'050'000
44'445'000
38'721'000
30'088'000
21'112'145
20'977'000
20'564'000
19'000'000
18'204'422
17'995'665
16'233'294
14'350'000
12'472'000
% Out
7.85
7.83
5.02
4.52
3.81
3.41
2.38
2.19
2.07
1.8
1.4
0.98
0.98
0.96
0.88
0.85
0.84
0.76
0.67
0.58
Weighting
Change
3
5
3
3
3
4
3
3
5
3
5
5
3
1
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
11'999'000
3'283'000
(24'105'000)
(18'000)
769'000
(1'855'000)
(7'937'571)
4'822'000
1'000
1'069'000
1'162'000
500'373
15'000
(137'000)
Target Price
#N/A N/A
900
750
810
750
#N/A N/A
740
#N/A N/A
940
800
880
900
770
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.09.2012
15.01.2013
31.12.2012
30.09.2012
20.11.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
31.03.2012
31.03.2012
31.12.2012
28.02.2013
31.03.2012
31.12.2012
25.03.2013
31.03.2012
31.03.2012
31.12.2012
Date
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Investment Advisor
Bank
Insurance Company
Insurance Company
n/a
Other
Holding Company
Investment Advisor
Corporation
Insurance Company
Unclassified
Unclassified
Corporation
Investment Advisor
Investment Advisor
Corporation
Insurance Company
Investment Advisor
Date
21.03.2013
19.03.2013
01.03.2013
27.02.2013
27.02.2013
15.02.2013
15.02.2013
14.02.2013
05.02.2013
05.02.2013
04.02.2013
04.02.2013
28.01.2013
17.01.2013
01.08.2011
27.03.2013
Mitsubishi Estate Co Ltd

Mitsubishi Estate Company Ltd. invests in real estate properties in Japan. The
Company leases, manages, and develops commercial buildings in central Tokyo.
Mitsubishi Estate also develops and sells residential properties and parking
lots and manages recreational facilities including golf courses and tennis
clubs.
Price/Volume
3000
16.0 M
14.0 M
2000
12.0 M
10.0 M
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'829.00
1'174.00
8'056'000.00
2681
-5.23%
128.36%
85.92%
1'390.4
3'727'654.50
1'716'887.00
0.0
116'672.0
214'699.00
5'789'836.62
31.03.2008
787'652.0
6.20x
235'347.0
20.74x
86'963.0
38.42x
8.0 M
1000
6.0 M
4.0 M
500
2.0 M
0
m-12 a-12 m-12
31.03.2009
31.03.2010
942'626.0
1'013'415.0
3.50x
3.78x
198'931.0
222'898.0
16.60x
17.21x
45'423.0
11'900.0
33.50x
178.32x
Profitability
LTM-4Q
31.03.2011
988'447.0
3.52x
228'886.0
15.20x
64'219.0
30.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.45
1.30
1'217.74
82.89%
31.14%
1.302
25
3.960
9'329'000
8'429'000
7'515'776
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'013'069.0 ######### 996'014.0 934'709.2 ######### 278'073.0 245'808.0
3.62x
13.57x
16.83x
6.13x
5.65x
213'764.0 216'454.0 202'881.0 208'299.9 240'781.9 (28'000.0)
17.16x
15.36x
24.18x
27.80x
24.05x
56'512.0
71'626.0
38'558.0
52'017.5
71'247.1 (28'000.0)
36.25x
22.29x
73.73x
72.82x
52.21x
59.92x
S&P Issuer Ratings
30.07.2007
A+
STABLE
15.09.2006
A-1
6.15% Credit Ratios
9.28
-2.97
Net Debt/EBITDA
8.50
9.61
21.7% Reference
136.6%
55.5%
Asset Turnover
0.23
0.35
12.65
266.02
15.46
211.20
1.38
Price/ Cash Flow
60.00
1'200'000.0
50.00
1'000'000.0
40.00
800'000.0
30.00
600'000.0
20.00
400'000.0
10.00
200'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
2500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsubishi Estate Co Ltd

Holdings By:
All
Holder Name
STATE STREET
MELLON BANK NA
CITIGROUP GLOBAL MAR
ASAHI GLASS CO LTD
TAISEI CORP
OBAYASHI CORP
BLACKROCK
SHIMIZU CORP
VANGUARD GROUP INC
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Morgan Stanley
TOMOYOSHI OMURO
Jefferies
YUKI OGAWA
HIROKI KAWASHIMA
Barclays
TAKASHI HASHIMOTO
Okasan Securities
TOMOTAKA OSHIO
Credit Suisse
MASAHIRO MOCHIZUKI
Mizuho Securities
HIROSHI OKUBO
Marusan Securities
AKIRA OGINO
Deutsche Bank
YOJI OTANI
MASARU KIMURA
HIRONOBU NAKAYAMA
Goldman Sachs
SACHIKO OKADA
JPMorgan
HIROKAZU ANAI
Nomura
DAISUKE FUKUSHIMA
EVA Dimensions
AUSTIN BURKETT
HIDEAKI TERAOKA
HISAYUKI SHIMOKAWA
Macquarie
NORIHIKO SAWANO
Ji Asia
MARK S BROWN
TIW
YOSHITANE HORIBE
Source
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
Co File
Co File
MF-AGG
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
Recommendation
Equalwt/In-Line
buy
outperform
equalweight
neutral
neutral
buy
outperform
buy
outperform
Neutral Plus
neutral
neutral/neutral
overweight
neutral
sell
outperform
Strong Outperform
underperform
buy
neutral
Amt Held
99'253'000
60'661'654
56'089'000
50'142'000
32'478'000
31'960'000
29'114'000
25'266'000
23'575'000
22'714'000
20'455'590
18'268'000
17'979'796
17'006'000
16'694'220
16'231'000
15'409'000
13'289'969
12'457'977
11'741'542
% Out
7.14
4.36
4.03
3.61
2.34
2.3
2.09
1.82
1.7
1.63
1.47
1.31
1.29
1.22
1.2
1.17
1.11
0.96
0.9
0.84
Weighting
Change
3
5
5
3
3
3
5
5
5
5
3
3
3
5
3
1
5
5
1
5
3
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
Latest Chg
2'601'000
31'988'000
(1'398'000)
(10'985'360)
182'000
(1'063'000)
(922'000)
(72)
9'100'000
(1'516'608)
420'000
626'220
(213'509)
828'000
Target Price
2'400
3'100
3'300
2'700
#N/A N/A
2'500
3'000
#N/A N/A
2'350
2'900
2'500
#N/A N/A
2'010
2'400
2'140
#N/A N/A
1'800
#N/A N/A
1'300
1'800
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
26.03.2013
Investment Advisor
30.09.2012
Bank
30.09.2012
Insurance Company
30.09.2012
Insurance Company
28.02.2013
Holding Company
30.09.2012
Other
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
31.03.2012
Corporation
31.03.2012
Corporation
31.03.2012
Corporation
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.03.2012
Corporation
31.03.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
25.03.2013
21.03.2013
18.03.2013
18.03.2013
12.03.2013
07.03.2013
07.03.2013
26.02.2013
26.02.2013
07.02.2013
05.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
17.01.2013
12.11.2012
08.11.2012
31.10.2012
25.09.2012
30.07.2012
27.03.2013
Mitsubishi Heavy Industries Ltd

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker.
The Company manufactures machinery, ships, turbines and engines, prime movers,
aircrafts, and machine parts for military and commercial use. Mitsubishi Heavy
Industries also researches and develops nuclear power plants.
Price/Volume
600
140.0 M
500
120.0 M
100.0 M
400
Latest Fiscal Year:

LTM as of:
52-Week High (06.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
560.00
288.00
9'460'000.00
527
-5.89%
82.99%
87.13%
3'373.6
1'777'912.38
1'167'541.00
0.0
49'409.0
262'288.00
2'742'324.40
31.03.2008
3'203'085.0
0.79x
264'290.0
9.60x
61'332.0
23.30x
60.0 M
200
40.0 M
100
20.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
300
Valuation Analysis
31.03.2009
31.03.2010
3'375'674.0
2'940'887.0
0.66x
0.88x
258'848.0
203'705.0
8.59x
12.63x
24'217.0
14'163.0
41.27x
91.71x
Profitability
LTM-4Q
31.03.2011
2'903'770.0
0.82x
233'378.0
10.14x
30'117.0
42.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.14
0.98
3'076.05
31.68%
27.71%
0.978
19
4.158
15'868'600
17'081'970
23'813'660
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'820'932.0 ######### ######### ######### ######### #########
0.82x
3.20x
3.01x
0.87x
0.79x
235'925.0 245'884.0 210'728.0 277'212.5 310'066.7
9.75x
8.86x
11.18x
9.89x
8.84x
24'540.0
44'875.0
41'716.0
73'166.7
84'292.6
54.86x
24.53x
33.38x
24.22x
20.85x
S&P Issuer Ratings
12.10.2010
BBB+
STABLE
0.30% Credit Ratios
11.50
5.77
Net Debt/EBITDA
3.88
5.84
7.2% Reference
92.9%
47.2%
Asset Turnover
0.73
3.54
101.19
163.95
93.28
183.78
2.23
Price/ Cash Flow
25.00
4'000'000.0
3'500'000.0
20.00
3'000'000.0
2'500'000.0
15.00
2'000'000.0
10.00
1'500'000.0
1'000'000.0
5.00
0.00
03.04.2009
500'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsubishi Heavy Industries Ltd

Holdings By:
All
Holder Name
NOMURA
COMPANY'S MOCHIKABU
MITSUBISHI ELECTRIC
VANGUARD GROUP INC
BLACKROCK
JFE HOLDINGS INC
SAWAKAMI ASSET MANAG
HYAKUJUSHI BANK LTD/
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
Credit Suisse
SHINJI KURODA
HIROSUKE TAI
Morgan Stanley
YOSHINAO IBARA
TAKU OUCHI
Jefferies
YUKIHIRO KUMAGAI
Nomura
RYO TAZAKI
Mizuho Securities
MASANORI WAKAE
HIROYASU NISHIKAWA
Barclays
KUNIO SAKAIDA
EVA Dimensions
CRAIG STERLING
TIW
MASAKAZU ITOI
Marusan Securities
SHOGO OKI
YOSHIKAZU SHIMADA
JPMorgan
TORU NAKAHASHI
Mito Securities
YOICHIRO WATANABE
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
Co File
Co File
Co File
Recommendation
outperform
buy
Overwt/Attractive
outperform
buy
neutral
outperform
buy
Neutral Plus
equalweight
sell
Neutral Plus
outperform
outperform
neutral
neutral
Amt Held
232'699'000
185'318'000
169'473'000
122'126'900
82'974'000
80'022'000
50'400'000
46'286'000
39'255'000
38'022'000
33'343'000
29'801'823
28'513'861
28'056'000
23'469'976
18'417'000
18'397'000
18'087'000
12'600'000
12'554'000
% Out
6.9
5.49
5.02
3.62
2.46
2.37
1.49
1.37
1.16
1.13
0.99
0.88
0.85
0.83
0.7
0.55
0.55
0.54
0.37
0.37
Weighting
Change
5
5
5
5
5
3
5
5
3
3
1
3
5
5
3
3
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
D
Latest Chg
(8'823'000)
138'000
11'601'000
(115'530'000)
2'450'000
3'932'000
983'000
9'208'000
967'185
32'000
(52'000)
-
Target Price
700
600
670
580
580
570
620
610
620
490
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
360
#N/A N/A
File Dt
30.09.2012
28.02.2013
30.09.2012
15.03.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.03.2012
15.03.2013
31.12.2012
25.03.2013
31.03.2012
31.03.2012
23.08.2012
30.09.2012
31.03.2012
31.03.2012
31.03.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Inst Type
Bank
Holding Company
Bank
Bank
Other
Insurance Company
Insurance Company
Unclassified
n/a
Corporation
Unclassified
Investment Advisor
Investment Advisor
Corporation
Corporation
Investment Advisor
Corporation
Corporation
Bank
Corporation
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
12.03.2013
04.03.2013
28.02.2013
25.02.2013
07.02.2013
06.02.2013
17.01.2013
08.01.2013
25.12.2012
05.11.2012
10.08.2012
02.09.2010
27.03.2013
Mitsubishi UFJ Financial Group Inc

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established
through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a
financial group, the Company provides a variety of financial and investment
services including commercial banking, trust banking, international finance,
and assets management services.
Price/Volume
700
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
592.00
328.00
48'808'100.00
564
-4.73%
71.95%
88.64%
14'158.6
7'985'442.50
53'760'773.00
390'001.0
1'674'821.0
9'384'046.00
-
400
150.0 M
300
100.0 M
200
50.0 M
100
0
m-12 a-12 m-12
31.03.2009
31.03.2010
4'615'952.0
4'695'328.0
(256'952.0)
388'734.0
16.58x
Profitability
LTM-4Q
31.03.2011
4'355'750.0
583'079.0
9.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.13
1.18
12'106.30
32.88%
23.64%
1.180
18
4.500
75'610'020
#########
#########
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'536'724.0 ######### ######### ######### ######### 928'253.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
981'331.0 847'052.0 697'985.0 713'273.9 713'284.3
6.05x
5.52x
9.47x
11.34x
11.30x
S&P Issuer Ratings
30.09.2008
- Long-Term Rating
A
STABLE
5.86% Credit Ratios
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
559.4%
82.2%
Asset Turnover
0.02
3.13
-
Price/ Cash Flow
7.00
7'000'000.0
6.00
6'000'000.0
5.00
5'000'000.0
4.00
4'000'000.0
3.00
3'000'000.0
2.00
2'000'000.0
1.00
1'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
500
Valuation Analysis
31.03.2008
5'967'305.0
636'624.0
14.10x
250.0 M
600
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsubishi UFJ Financial Group Inc

Holdings By:
All
Holder Name
STATE STREET
TOYOTA MOTOR CORP
VANGUARD GROUP INC
FMR LLC
BLACKROCK
NOMURA
MITSUBISHI ELECTRIC
DODGE & COX
Firm Name
Jefferies
Macquarie
JPMorgan
Mizuho Securities
Deutsche Bank
Nomura
Barclays
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
DAVID THREADGOLD
MAKARIM SALMAN
ALASTAIR MACDONALD
SHINICHIRO NAKAMURA
NATSUMU TSUJINO
RIE NISHIHARA
YOSHINOBU YAMADA
AKIRA TAKAI
TATSUO MAJIMA
TOYOKI SAMESHIMA
KEN TAKAMIYA
SHIN TAMURA
KATSUNORI TANAKA
AUSTIN BURKETT
Source
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
Recommendation
outperform
buy
outperform
outperform
overweight
buy
buy
outperform
above average
buy
buy
equalweight
buy/attractive
sell
Amt Held
1'145'494'200
658'402'500
545'131'300
375'815'350
306'185'671
280'365'053
230'233'706
178'199'403
171'725'472
166'065'641
165'793'698
136'417'458
128'071'870
122'364'110
121'660'000
120'915'000
74'754'800
64'168'770
62'487'000
60'297'100
% Out
8.09
4.65
3.85
2.65
2.16
1.98
1.63
1.26
1.21
1.17
1.17
0.96
0.9
0.86
0.86
0.85
0.53
0.45
0.44
0.43
Weighting
Change
5
5
5
5
5
5
5
5
4
5
5
3
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(30'488'000)
33'706'600
(452'586'600)
(532'700)
106'100
(53)
(5'670'306)
3'466'345
2'030'310
687'700
402'000
5'790'000
672'200
Target Price
614
630
600
600
690
610
655
700
#N/A N/A
570
660
420
570
#N/A N/A
File Dt
30.09.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
20.12.2012
26.03.2013
17.12.2012
30.09.2012
30.09.2012
31.12.2012
31.01.2013
31.01.2013
25.03.2013
28.02.2013
31.03.2012
28.02.2013
31.03.2012
31.03.2012
29.01.2013
Date
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Bank
Bank
Bank
Other
Insurance Company
Insurance Company
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Unclassified
Insurance Company
Corporation
Investment Advisor
Date
11.03.2013
08.03.2013
04.03.2013
28.02.2013
20.02.2013
06.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
28.01.2013
17.01.2013
27.03.2013
Mitsui & Co Ltd

MITSUI & CO., LTD. is a general trading company. The Company has operating
groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals,
Foods, Energy, Textiles, and General Merchandise. Mitsui also operates real
estate and overseas development projects.
Price/Volume
1600
25.0 M
1400
20.0 M
1200
1000
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'463.00
1'041.00
9'093'800.00
1360
-7.04%
30.64%
80.81%
1'829.2
2'487'648.75
3'613'807.00
0.0
219'492.0
1'436'329.00
5'554'386.80
31.03.2008
5'738'878.0
1.18x
522'229.0
12.98x
410'061.0
10.75x
10.0 M
600
400
5.0 M
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
800
Valuation Analysis
31.03.2009
31.03.2010
5'504'789.0
4'096'445.0
0.84x
1.26x
522'051.0
281'464.0
8.83x
18.38x
177'607.0
149'719.0
10.20x
19.05x
Profitability
LTM-4Q
31.03.2011
4'679'443.0
1.05x
473'621.0
10.39x
306'659.0
8.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.68
1.08
1'742.70
0.45%
7.64%
1.082
18
4.444
9'846'960
10'406'250
10'403'410
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
5'251'602.0 ######### ######### ######### #########
0.93x
3.59x
3.98x
0.51x
0.49x
501'859.0 511'930.0 437'014.0 499'552.2 562'827.3
9.71x
9.01x
12.38x
11.12x
9.87x
434'497.0 371'085.0 348'158.0 325'378.7 387'586.8
77'228.6
5.70x
5.89x
6.73x
7.66x
6.47x
S&P Issuer Ratings
28.03.2008
A+
STABLE
09.02.2006
A-1
11.78
3.23
Net Debt/EBITDA
5.23
8.00
9.4% Reference
136.8%
55.8%
Asset Turnover
0.58
4.17
127.05
47.84
118.36
46.75
7.65
Price/ Cash Flow
8.00
7'000'000.0
7.00
6'000'000.0
6.00
5'000'000.0
5.00
4'000'000.0
4.00
3'000'000.0
3.00
2'000'000.0
2.00
1'000'000.0
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsui & Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
DEUTSCHE SECURITIES
FMR LLC
NOMURA
VANGUARD GROUP INC
MITSUI & CO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
Mizuho Securities
AKIFUMI HAYASHI
EVA Dimensions
CRAIG STERLING
Jefferies
THANH HA PHAM
TOSHIYUKI JOHNO
JIRO IOKIBE
JPMorgan
AKIRA KISHIMOTO
TAKASHI MURAKAMI
Barclays
KAZUHISA MORI
HIDEAKI KURIBARA
AKIRA IWASAKI
Nomura
YASUHIRO NARITA
Morgan Stanley
HARUNOBU GOROH
Macquarie
POLINA DIYACHKINA
Okasan Securities
KIYOSHI MORI
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
Recommendation
buy
underweight
buy
hold
outperform
overweight
outperform
overweight
strong buy
outperform
outperform
buy
Equalwt/In-Line
outperform
buy
Amt Held
161'402'000
161'268'000
93'254'300
90'244'461
41'119'000
38'500'000
35'926'800
27'972'400
24'726'000
22'327'000
20'850'000
20'444'000
18'516'473
17'265'600
16'444'500
16'252'579
12'770'818
10'658'100
10'626'060
10'497'483
% Out
8.82
8.82
5.1
4.93
2.25
2.1
1.96
1.53
1.35
1.22
1.14
1.12
1.01
0.94
0.9
0.89
0.7
0.58
0.58
0.57
Weighting
Change
5
1
5
3
5
5
5
5
5
5
5
5
3
5
5
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
(12'687'000)
(470'000)
(43'604'900)
(1'222'598)
(1'868'000)
4'600
(120'100)
5'367'777
(14'200)
3'166'600
421'466
56'200
(418'400)
2'500
Target Price
1'930
#N/A N/A
1'600
1'500
1'580
1'750
1'810
1'660
#N/A N/A
1'890
1'800
2'050
1'260
1'500
1'800
File Dt
30.09.2012
30.09.2012
30.11.2012
25.03.2013
30.09.2012
30.09.2012
20.11.2012
28.02.2013
30.09.2012
30.09.2012
30.09.2012
31.03.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2012
26.03.2013
30.11.2012
31.03.2012
30.09.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
6 month
Inst Type
Bank
Bank
Bank
Investment Advisor
Other
Bank
Insurance Company
Holding Company
Insurance Company
Bank
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Corporation
Date
22.03.2013
21.03.2013
18.03.2013
04.03.2013
28.02.2013
22.02.2013
22.02.2013
21.02.2013
19.02.2013
18.02.2013
05.02.2013
04.02.2013
29.01.2013
10.01.2013
06.02.2012
27.03.2013
Mitsui Fudosan Co Ltd

Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing,
subdivision, construction, sales, and maintenance of office buildings and
residential houses. The Company also manufactures building materials, operates
commercial facilities including hotels and golf places, and provides financial
services such as securitization of real estate properties.
Price/Volume
3000
14.0 M
12.0 M
2000
10.0 M
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'824.00
1'204.00
6'323'000.00
2724
-3.54%
126.25%
88.09%
881.4
2'401'001.00
1'762'324.00
0.0
21'636.0
62'057.00
4'590'091.96
31.03.2008
1'360'023.0
2.43x
223'594.0
14.76x
87'378.0
19.91x
8.0 M
6.0 M
1000
4.0 M
500
2.0 M
0
m-12 a-12 m-12
31.03.2009
31.03.2010
1'418'945.0
1'384'806.0
1.88x
2.26x
220'437.0
170'871.0
12.10x
18.30x
83'572.0
60'084.0
11.22x
23.21x
Profitability
LTM-4Q
31.03.2011
1'405'269.0
2.09x
173'046.0
16.98x
49'909.0
24.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.81
1.28
817.20
72.77%
30.86%
1.278
25
4.200
7'226'400
7'270'200
6'674'414
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'338'102.0 ######### ######### ######### ######### 510'957.0 323'538.0
2.33x
8.83x
10.21x
3.07x
2.96x
179'269.0 163'579.0 204'434.0 202'359.3 217'292.5
17.36x
16.94x
19.69x
22.68x
21.12x
50'129.0
43'868.0
69'337.0
59'554.5
65'363.0
27.74x
22.46x
26.48x
40.30x
36.72x
49.95x
S&P Issuer Ratings
01.03.2007
BBB+
STABLE
21.12.2004
A-2
5.70% Credit Ratios
6.70
2.76
Net Debt/EBITDA
10.78
11.18
14.3% Reference
163.4%
61.6%
Asset Turnover
0.34
0.58
5.99
262.81
17.03
197.62
1.39
Price/ Cash Flow
20.00
1'600'000.0
18.00
1'400'000.0
16.00
1'200'000.0
14.00
1'000'000.0
12.00
10.00
800'000.0
8.00
600'000.0
6.00
400'000.0
4.00
200'000.0
2.00
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
2500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mitsui Fudosan Co Ltd

Holdings By:
All
Holder Name
STATE STREET
MELLON BANK NA
BLACKROCK
KAJIMA CORP
NOMURA
EUROPEAN INVESTORS I
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Jefferies
YUKI OGAWA
Morgan Stanley
TOMOYOSHI OMURO
Ji Asia
MARK S BROWN
HIROKI KAWASHIMA
Barclays
TAKASHI HASHIMOTO
Okasan Securities
TOMOTAKA OSHIO
Credit Suisse
MASAHIRO MOCHIZUKI
Mizuho Securities
HIROSHI OKUBO
Deutsche Bank
YOJI OTANI
MASARU KIMURA
Goldman Sachs
SACHIKO OKADA
HIRONOBU NAKAYAMA
JPMorgan
HIROKAZU ANAI
Nomura
DAISUKE FUKUSHIMA
Marusan Securities
AKIRA OGINO
EVA Dimensions
AUSTIN BURKETT
HIDEAKI TERAOKA
HISAYUKI SHIMOKAWA
Macquarie
NORIHIKO SAWANO
TIW
YOSHITANE HORIBE
Source
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
Co File
Recommendation
buy
Equalwt/In-Line
buy
neutral
equalweight
neutral
outperform
buy
buy
outperform
Neutral Plus
Buy/Neutral
neutral
overweight
buy
outperform
sell
buy
Strong Outperform
neutral
neutral
Amt Held
79'787'000
60'193'000
25'724'000
23'819'923
20'999'000
20'352'000
19'722'000
18'546'000
16'449'000
14'875'000
13'695'416
13'362'746
12'727'000
12'505'000
10'486'000
9'798'000
9'293'718
9'213'800
8'951'648
8'096'575
% Out
9.05
6.83
2.92
2.7
2.38
2.31
2.24
2.1
1.87
1.69
1.55
1.52
1.44
1.42
1.19
1.11
1.05
1.05
1.02
0.92
Weighting
Change
5
3
5
3
3
3
5
5
5
5
3
5
3
5
5
5
1
5
5
3
3
M
D
U
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
D
Latest Chg
6'184'000
2'920'000
69'000
(3'999'000)
1'012'000
217'000
(64'329'232)
6'000
(321'000)
(895'800)
746
(280'000)
(302'000)
(514'000)
457'503
329'000
336'424
-
Target Price
3'100
2'400
3'250
3'200
2'800
#N/A N/A
2'700
2'900
2'400
2'650
2'400
2'270
#N/A N/A
2'400
2'420
#N/A N/A
#N/A N/A
2'000
#N/A N/A
1'500
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
26.03.2013
30.09.2012
30.09.2012
10.12.2012
30.09.2012
30.09.2012
30.09.2012
25.03.2013
31.03.2012
31.03.2012
13.04.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2012
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Bank
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Other
Bank
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Insurance Company
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Date
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
12.03.2013
07.03.2013
07.03.2013
25.02.2013
12.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
17.01.2013
17.01.2013
27.11.2012
06.11.2012
01.11.2012
14.08.2012
27.03.2013
Mizuho Financial Group Inc

Mizuho Financial Group, Inc. provides comprehensive financial services through
its subsidiaries. The Group provides variety of financial services such as
general banking, securities brokerage, trust banking, and assets management.
Price/Volume
250
200
150
Valuation Analysis
100
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
221.00
110.00
137'924'400.00
206
-6.79%
87.27%
87.39%
24'137.7
4'972'355.00
54'752'099.00
410'368.0
1'957'699.0
7'527'509.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
m-12 a-12 m-12
31.03.2009
31.03.2010
2'737'162.0
2'602'506.0
(588'814.0)
239'404.0
11.36x
Profitability
LTM-4Q
31.03.2011
2'449'767.0
413'228.0
6.74x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
2.91
1.12
21'687.60
50.68%
33.12%
1.118
19
3.684
#########
#########
#########
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'453'016.0 ######### ######### ######### ######### 530'457.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
484'519.0 262'119.0 605'323.0 534'008.2 442'129.8
6.55x
9.55x
6.36x
9.54x
11.48x
S&P Issuer Ratings
18.06.2007
- Long-Term Rating
A
NEG
9.31% Credit Ratios
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
1216.4%
88.9%
Asset Turnover
0.01
2.66
-
Price/ Cash Flow
2.00
4'500'000.0
1.80
4'000'000.0
1.60
3'500'000.0
1.40
3'000'000.0
1.20
2'500'000.0
1.00
2'000'000.0
0.80
1'500'000.0
0.60
1'000'000.0
0.40
500'000.0
0.20
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
3'869'926.0
311'224.0
14.39x
50
1000.0 M
900.0 M
800.0 M
700.0 M
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
.0 M
f-13 m-13
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mizuho Financial Group Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
NOMURA
STATE STREET
FMR LLC
MARUBENI CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst

AKIRA TAKAI
DAVID THREADGOLD
Macquarie
ALASTAIR MACDONALD
JPMorgan
NATSUMU TSUJINO
Nomura
KEN TAKAMIYA
SHINICHIRO NAKAMURA
Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI
Jefferies
MAKARIM SALMAN
TOYOKI SAMESHIMA
Barclays
SHIN TAMURA
Morgan Stanley
TAKAAKI NISHINO
Deutsche Bank
YOSHINOBU YAMADA
TATSUO MAJIMA
Goldman Sachs
KATSUNORI TANAKA
EVA Dimensions
AUSTIN BURKETT
Source
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
Short
Recommendation
outperform
market perform
neutral
overweight
buy
neutral
outperform
buy
buy
overweight
Equalwt/In-Line
hold
above average
neutral/attractive
underweight
Amt Held
% Out
2'650'122'000 10.98
1'068'578'600
4.43
1'034'000'100
4.28
598'698'633
2.48
382'687'100
1.59
255'691'025
1.06
219'431'171
0.91
211'003'024
0.87
187'587'100
0.78
180'220'953
0.75
144'017'300
0.6
117'550'765
0.49
114'400'000
0.47
105'369'800
0.44
91'254'700
0.38
87'880'990
0.36
79'926'519
0.33
65'685'300
0.27
63'656'533
0.26
(63'029'361) -0.26
Weighting
Change
5
3
3
5
5
3
5
5
5
5
3
3
4
3
1
M
M
M
M
M
D
U
M
M
M
U
M
M
M
D
Latest Chg
245'075'100
(667'847'500)
152'280'800
(8'528'800)
5'439'361
319'500
14'164'500
86'100
18'413'100
37'614'799
33'560'000
12'787'600
4'081'100
35'382'600
(3'017'300)
13'905'223
1'032'100
Target Price
250
219
210
230
240
220
240
240
250
160
200
215
#N/A N/A
155
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
15.03.2013
Bank
30.09.2012
Bank
30.09.2012
Other
30.09.2012
Investment Advisor
30.09.2012
Insurance Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Unclassified
25.03.2013
Investment Advisor
15.03.2013
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Holding Company
28.02.2013
Holding Company
31.03.2012
Insurance Company
28.02.2013
Investment Advisor
31.03.2012
Corporation
26.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
25.03.2013
11.03.2013
04.03.2013
02.03.2013
01.03.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
19.02.2013
04.02.2013
01.02.2013
28.01.2013
21.01.2013
27.03.2013
MS&AD Insurance Group Holdings

MS&AD Insurance Group Holdings, Inc. is a holding company established through
reorganization of Mitsui Sumitomo Insurance Company, Limited. The Group writes
marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD
Insurance Group also operates financial services and agencies.
Price/Volume
2500
7.0 M
6.0 M
2000
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'205.00
1'144.00
1'541'600.00
2076
-5.85%
81.47%
91.80%
633.3
1'314'713.63
276'104.00
0.0
19'268.0
647'463.00
1'138'992.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
1000
3.0 M
2.0 M
500
1.0 M
0
m-12
31.03.2009
31.03.2010
1'869'917.0
1'865'792.0
0.33x
0.47x
8'192.0
37'640.0
116.97x
28.88x
Profitability
LTM-4Q
31.03.2011
3'343'946.0
0.22x
5'420.0
218.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.60
1.32
512.11
24.00%
23.34%
1.316
16
3.875
1'849'580
2'496'013
2'486'955
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'692'094.0 ######### ######### ######### ######### 957'500.0
0.19x
0.79x
0.75x
0.28x
0.25x
0.0
0.0
0.00x
0.00x
(169'469.0) (255'916.0) 127'880.0
60'928.4
76'553.1
0.00x
8.29x
21.15x
17.03x
S&P Issuer Ratings
- Long-Term Rating
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
Asset Turnover
-
Price/ Cash Flow
18.5%
15.4%
0.25
-
80.00
4'000'000.0
70.00
3'500'000.0
60.00
3'000'000.0
50.00
2'500'000.0
40.00
2'000'000.0
30.00
1'500'000.0
20.00
1'000'000.0
10.00
500'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
MS&AD Insurance Group Holdings

Holdings By:
All
Holder Name
TOYOTA MOTOR CORP
STATE STREET
MS&AD INSURANCE GROU
FMR LLC
MELLON BANK NA
BLACKROCK
NATS CUMCO
VANGUARD GROUP INC
SUMITOMO CORP
MITSUI & CO LTD
NOMURA
MITSUI FUDOSAN CO LT
Firm Name
Macquarie
Morgan Stanley
Mizuho Securities
Nomura
JPMorgan
Credit Suisse
Jefferies
Barclays
Deutsche Bank
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
SCOTT G RUSSELL
HIDEYASU BAN
DAVID THREADGOLD
RIE NISHIHARA
TATSUO MAJIMA
KOUICHI NIWA
WATARU OHTSUKA
NATSUMU TSUJINO
JUN SHIOTA
TAKEHITO YAMANAKA
MAKARIM SALMAN
AZUMA OHNO
MASAO MURAKI
TAKANORI MIYOSHI
AUSTIN BURKETT
Source
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Recommendation
underperform
Overwt/Attractive
market perform
buy
neutral
neutral
buy
overweight
outperform
outperform
hold
equalweight
hold
neutral/neutral
overweight
Amt Held
53'451'324
37'100'800
33'188'000
33'082'000
32'499'421
22'213'700
21'784'060
11'742'000
11'394'400
11'356'000
10'242'345
9'199'000
8'861'178
8'096'000
5'154'410
5'114'900
5'106'300
5'040'700
3'473'869
2'521'100
% Out
8.44
5.86
5.24
5.22
5.13
3.51
3.44
1.85
1.8
1.79
1.62
1.45
1.4
1.28
0.81
0.81
0.81
0.8
0.55
0.4
Weighting
Change
1
5
3
5
3
3
5
5
5
5
3
3
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
34'700
3'170'000
5'336'000
(1'555'600)
(7'206'800)
645'260
(684'000)
5'100
816'000
1'528'993
499'000
(138'085)
(827'000)
216'875
127'200
(160'900)
Target Price
1'800
2'700
3'025
2'390
#N/A N/A
2'300
2'300
3'100
2'200
2'100
2'147
1'650
1'980
2'080
#N/A N/A
File Dt
Inst Type
30.09.2012
Corporation
20.11.2012
Insurance Company
30.09.2012
Bank
30.09.2012
Bank
26.03.2013
Investment Advisor
28.02.2013
Bank
30.09.2012
Other
30.09.2012
Corporation
30.09.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Investment Advisor
25.03.2013
Investment Advisor
30.09.2012
Other
31.12.2012
Investment Advisor
31.03.2012
Corporation
31.03.2012
Corporation
28.02.2013
Unclassified
31.03.2012
Corporation
28.02.2013
Unclassified
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
22.03.2013
21.03.2013
07.03.2013
28.02.2013
26.02.2013
22.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
12.02.2013
17.01.2013
27.03.2013
Murata Manufacturing Co Ltd

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied
electronic components. The Company's products include filters, capacitors,
thermistors, resistors, noise suppression components, coils, piezoelectric sound
components, power supplies, sensors, hybrid integrated circuit (IC), and
microwave components.
Price/Volume
8000
.4 M
5000
4000
03/2012
12/yy
7'130.00
3'605.00
61'300.00
7040
-1.26%
95.28%
93.19%
225.3
1'585'855.75
37'196.00
0.0
0.0
144'066.00
1'513'743.69
.3 M
3000
.2 M
2000
.1 M
1000
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.5 M
6000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (01.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.03.2008
631'655.0
1.19x
180'886.0
4.14x
77'413.0
14.18x
.6 M
7000
31.03.2009
31.03.2010
523'946.0
530'819.0
0.98x
1.85x
64'691.0
96'626.0
7.96x
10.16x
3'588.0
24'757.0
229.37x
46.03x
Profitability
LTM-4Q
31.03.2011
617'954.0
1.85x
139'280.0
8.21x
53'492.0
24.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
584'662.0
1.59x
105'981.0
8.76x
30'807.0
33.98x
105'981.00
44'973.00
7.69%
8.76%
2.24%
2.74%
2.66%
0.61%
29.2%
17.2%
6.3%
5.3%
3.56
2.19
3.72%
4.60%
4.52
3.17
Price/ Cash Flow
LTM
FY+1
.0 M
f-13 m-13
1.42
1.12
203.33
41.26%
41.80%
1.122
21
3.905
73'860
62'517
52'557
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
589'959.0 646'957.0 671'479.6 761'780.1 164'306.3 175'923.3
6.27x
5.44x
2.25x
1.97x
115'472.0 116'566.0 126'390.5 164'134.7
6.28x
8.53x
12.05x
9.28x
41'115.0
30'785.0
38'690.9
65'501.8
6'397.5
20.62x
34.62x
38.68x
23.05x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
1009.34
357.49
Net Debt/EBITDA
-0.75
Total Debt/EBITDA
0.46
Reference
Total Debt/Equity
4.6%
Total Debt/Capital
4.4%
Asset Turnover
0.61
1.99
81.04
Inventory Days
115.62
27.61
154.48
30.00
700'000.0
25.00
600'000.0
500'000.0
20.00
400'000.0
15.00
300'000.0
10.00
200'000.0
5.00
100'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Murata Manufacturing Co Ltd

Holdings By:
All
Holder Name
MURATA MANUFACTURING
STATE STREET
SHIGA BANK LTD/THE
BLACKROCK
VANGUARD GROUP INC
TODA CORP
MURATA TSUNEO
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
Macquarie
GEORGE T CHANG
Morgan Stanley
SHOJI SATO
KOUICHIROU HAGIWARA
HIDEKI YASUDA
Mizuho Securities
FUMIHIDE GOTO
Jefferies
MASAHIRO WAKASUGI
Credit Suisse
AKINORI KANEMOTO
HIROHARU WATANABE
SHOICHI ARISAWA
JPMorgan
MASASHI ITAYA
Okasan Securities
KOICHI AKIYAMA
Nomura
MANABU AKIZUKI
Goldman Sachs
DAIKI TAKAYAMA
TAKUMI SADO
EVA Dimensions
ANDREW S ZAMFOTIS
TSUNENORI OHMAKI
Mito Securities
KEITA WAKABAYASHI
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
Co File
Recommendation
neutral
Overwt/In-Line
outperform
above average
neutral
buy
buy
outperform
underperform
Neutral Plus
overweight
buy
buy
buy/attractive
outperform
sell
outperform
Neutral Plus
Amt Held
55'886'699
14'187'200
11'827'000
11'353'000
11'036'200
9'254'800
8'490'000
5'657'407
5'260'000
5'240'000
4'382'000
3'551'000
3'057'616
3'031'700
2'589'200
2'531'604
2'415'924
1'983'734
1'803'512
1'545'000
% Out
24.81
6.3
5.25
5.04
4.9
4.11
3.77
2.51
2.34
2.33
1.95
1.58
1.36
1.35
1.15
1.12
1.07
0.88
0.8
0.69
Weighting
Change
3
5
5
4
3
5
5
5
1
3
5
5
5
5
5
1
5
3
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
6'410'922
900
(737'000)
1'448'000
(487'200)
1'200
(858'000)
(125'700)
(19'000)
(35'452)
(400)
(599'076)
66'166
(360'000)
Target Price
7'000
8'400
8'000
#N/A N/A
6'300
7'000
7'000
6'900
6'100
6'300
7'000
6'800
6'300
6'100
6'500
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
07.03.2013
30.09.2012
30.09.2012
30.09.2012
13.04.2012
20.11.2012
30.09.2012
26.03.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
25.03.2013
30.09.2012
31.03.2012
31.01.2013
31.03.2012
31.12.2012
31.03.2012
28.06.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
9 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
Bank
Investment Advisor
Bank
Insurance Company
Bank
Investment Advisor
Bank
Insurance Company
Other
Bank
Investment Advisor
Bank
Insurance Company
Investment Advisor
Insurance Company
Investment Advisor
Corporation
n/a
Date
21.03.2013
19.03.2013
19.03.2013
08.03.2013
08.03.2013
05.03.2013
27.02.2013
22.02.2013
20.02.2013
15.02.2013
14.02.2013
12.02.2013
01.02.2013
31.01.2013
17.01.2013
17.01.2013
27.12.2012
15.03.2012
27.03.2013
Nidec Corp
NIDEC CORPORATION is the world's leading manufacturer of small precision motors
mainly used in HDD and optical disk drives. The company has extended its focus
to the home appliance and automotive markets. NIDEC is active in M&A and its
subsidiaries include the world's leading manufacturers of LCD panel handling
robots and camera shutters.
Price/Volume
8000
.2 M
5000
4000
03/2012
12/yy
7'650.00
4'555.00
36'800.00
5640
-26.27%
23.82%
34.09%
145.1
818'223.44
189'826.00
0.0
55'429.0
130'290.00
1'019'695.45
.2 M
3000
.1 M
2000
.1 M
1000
0
m-12
31.03.2009
31.03.2010
613'458.0
587'459.0
1.14x
2.48x
83'953.0
107'527.0
8.36x
13.53x
28'353.0
51'961.0
20.56x
26.21x
Profitability
LTM-4Q
31.03.2011
688'530.0
1.62x
123'508.0
9.03x
52'333.0
17.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
682'320.0
1.68x
104'581.0
10.96x
40'731.0
21.38x
104'581.00
73'070.00
10.71%
10.38%
5.67%
13.15%
7.89%
0.85%
23.2%
16.0%
11.3%
6.0%
1.74
1.24
23.72%
51.28%
3.88
5.51
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13 m-13
1.60
0.90
103.72
-24.39%
13.61%
0.904
23
4.043
34'760
40'357
46'288
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
687'624.0 685'840.0 694'249.9 758'959.8 172'856.5 182'715.0
4.75x
5.78x
1.42x
1.29x
104'220.0
98'620.0
56'548.1 113'406.8
0.00x
8.94x
18.14x
9.04x
43'514.0
37'697.0
5'820.3
50'427.2 (23'344.0)
21.05x
17.96x
135.39x
15.41x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
349.77
211.15
Net Debt/EBITDA
1.24
Total Debt/EBITDA
2.34
Reference
Total Debt/Equity
51.3%
Total Debt/Capital
30.8%
Asset Turnover
0.85
2.88
94.33
Inventory Days
66.40
75.44
80.13
20.00
800'000.0
18.00
700'000.0
16.00
600'000.0
14.00
500'000.0
12.00
10.00
400'000.0
8.00
300'000.0
6.00
200'000.0
4.00
100'000.0
2.00
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
6000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2012)
52-Week Low (19.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.03.2008
742'126.0
1.29x
113'167.0
8.48x
41'156.0
21.58x
.3 M
7000
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nidec Corp
Holdings By:
All
Holder Name
NAGAMORI SHIGENOBU
NIDEC CORP
SN KOSAN YK
DODGE & COX
MORGAN STANLEY
SHIGA BANK LTD/THE
FMR LLC
VANGUARD GROUP INC
BLACKROCK
AQR CAPITAL MANAGEME
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst

KOUICHIROU HAGIWARA
Morgan Stanley
SHOJI SATO
Mito Securities
KEITA WAKABAYASHI
Mizuho Securities
FUMIHIDE GOTO
Credit Suisse
AKINORI KANEMOTO
HIROHARU WATANABE
Jefferies
MASAHIRO WAKASUGI
JPMorgan
MASASHI ITAYA
HITOSHI OHNISHI
TIW
TAKAO HATTORI
Okasan Securities
KOICHI AKIYAMA
TSUNENORI OHMAKI
TAKUMI SADO
HIDEKI YASUDA
Goldman Sachs
DAIKI TAKAYAMA
Nomura
MANABU AKIZUKI
EVA Dimensions
CRAIG STERLING
Macquarie
GEORGE T CHANG
Source
13G
MOF-JP
Co File
Co File
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
Short
Recommendation
above average
Overwt/In-Line
neutral
neutral
outperform
outperform
buy
neutral
neutral
Positive
outperform
buy
outperform
buy
neutral
buy/attractive
buy
underweight
outperform
Amt Held
% Out
20'295'180 13.99
10'033'722
6.92
8'657'000
5.97
7'540'000
5.2
7'392'510
5.1
5'927'000
4.09
5'511'000
3.8
5'204'100
3.59
5'010'648
3.45
3'974'000
2.74
3'416'000
2.35
3'188'000
2.2
(2'659'492) -1.83
2'119'000
1.46
1'910'693
1.32
1'817'217
1.25
(1'380'907) -0.95
1'049'929
0.72
985'100
0.68
(984'975) -0.68
Weighting
Change
4
5
3
3
5
5
5
3
3
4
5
5
5
5
3
5
5
1
5
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
726'892
(1'433'000)
(1'146'000)
(50'100)
133'700
(3'930'952)
4'300
1'504
23'800
82'782
200
24'224
(11'300)
(7'100)
Target Price
6'300
7'300
#N/A N/A
5'400
6'400
7'900
6'100
5'500
5'700
#N/A N/A
6'300
6'600
#N/A N/A
6'300
5'150
6'100
6'300
#N/A N/A
6'200
File Dt
Inst Type
31.12.2012
n/a
28.02.2013
Corporation
30.09.2012
Bank
30.09.2012
Bank
30.09.2012
Holding Company
30.09.2012
Bank
30.09.2012
Corporation
29.01.2013
Investment Advisor
14.12.2012
Bank
30.09.2012
Insurance Company
20.11.2012
Insurance Company
30.09.2012
Insurance Company
25.03.2013
Investment Advisor
31.03.2012
Bank
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
6 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Date
26.03.2013
19.03.2013
01.03.2013
25.02.2013
22.02.2013
20.02.2013
04.02.2013
29.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
17.01.2013
10.01.2013
27.03.2013
Nikon Corp
NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related
equipment, eyeglasses, microscopes, and measuring instruments.
Price/Volume
3000
35.0 M
2500
30.0 M
25.0 M
2000
Latest Fiscal Year:

LTM as of:
52-Week High (15.01.2013)
52-Week Low (14.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'750.00
1'786.00
3'477'200.00
2235
-18.73%
25.14%
48.03%
400.9
895'964.38
86'366.00
0.0
0.0
132'404.00
892'864.39
31.03.2008
955'791.0
1.02x
160'716.0
6.06x
75'483.0
14.05x
15.0 M
1000
10.0 M
500
5.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
1500
Valuation Analysis
31.03.2009
31.03.2010
879'719.0
785'498.0
0.54x
1.02x
81'076.0
21'316.0
5.83x
37.71x
28'055.0
(12'615.0)
15.63x
Profitability
LTM-4Q
31.03.2011
887'512.0
0.66x
88'085.0
6.66x
27'312.0
24.89x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
918'651.0
1.03x
112'650.0
8.43x
59'305.0
16.79x
112'650.00
80'080.00
8.72%
9.38%
4.71%
9.44%
8.07%
1.07%
38.3%
9.6%
6.0%
6.5%
1.78
0.78
10.04%
19.92%
8.02
2.07
Price/ Cash Flow
LTM
FY+1
1.79
0.84
356.39
-9.35%
-11.05%
0.838
23
3.304
3'886'320
4'815'290
4'542'524
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
937'400.0 980'260.0 995'633.1 ######### 245'624.1 216'996.0
2.65x
3.75x
0.86x
0.74x
3.46x
122'433.0
84'896.0
89'139.0 135'070.9
26'495.0
4.99x
11.76x
10.02x
6.61x
53'761.0
44'886.0
38'672.7
60'007.0
5'033.8
5'800.0
12.64x
22.31x
22.77x
14.73x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
108.63
74.13
Net Debt/EBITDA
-0.42
Total Debt/EBITDA
0.91
Reference
Total Debt/Equity
19.9%
Total Debt/Capital
16.6%
Asset Turnover
1.07
7.00
45.65
Inventory Days
177.23
103.48
109.88
80.00
1'200'000.0
70.00
1'000'000.0
60.00
800'000.0
50.00
40.00
600'000.0
30.00
400'000.0
20.00
200'000.0
10.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nikon Corp
Holdings By:
All
Holder Name
STATE STREET
JOYO BANK LTD/THE
NOMURA
SHIZUOKA BANK LTD
NIKON CORP
KIRIN HOLDINGS CO LT
MITSUBISHI CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Analyst
Credit Suisse
YU YOSHIDA
Morgan Stanley
KAZUO YOSHIKAWA
Ji Asia
STEVE MYERS
JPMorgan
HISASHI MORIYAMA
Jefferies
YOSHIHIRO AZUMA
HIROKAZU MITSUDA
Mizuho Securities
EISAKU OHMORI
TIW
TAKAO HATTORI
YUKIHIKO SHIMADA
KUNIHIKO KANNO
Okasan Securities
KAZUMASA KUBOTA
Barclays
MASAHIRO NAKANOMYO
EVA Dimensions
CRAIG STERLING
KAZUYOSHI SAITO
Macquarie
DAMIAN THONG
Nomura
TETSUYA WADAKI
Goldman Sachs
TOSHIYA HARI
YUKIHIKO FUKUNAGA
Recommendation
underperform
Equalwt/In-Line
buy
neutral
buy
neutral
neutral
Neutral Plus
neutral
outperform
reduce
neutral
equalweight
underweight
neutral
outperform
neutral
neutral/neutral
outperform
Amt Held
83'583'600
33'682'000
28'816'000
22'505'000
20'565'000
19'421'340
17'735'600
12'120'027
8'155'200
8'054'000
7'661'000
6'801'000
6'219'300
4'996'112
4'828'000
4'312'400
4'140'800
3'760'865
3'716'000
3'510'000
% Out
20.85
8.4
7.19
5.61
5.13
4.84
4.42
3.02
2.03
2.01
1.91
1.7
1.55
1.25
1.2
1.08
1.03
0.94
0.93
0.88
Weighting
Change
1
3
5
3
5
3
3
3
3
5
2
3
3
1
3
5
3
3
5
M
M
U
M
M
M
D
M
D
M
M
D
M
U
D
M
M
M
M
Latest Chg
8'353'400
3'619'000
(1'035'000)
(1'320'000)
173'600
(14'106'600)
(1'552'957)
19'200
(45'000)
(85'000)
88'200
(29'700)
(1'867'600)
-
Target Price
2'000
2'300
2'707
2'100
2'650
2'100
1'900
#N/A N/A
2'000
2'810
1'800
#N/A N/A
2'300
#N/A N/A
2'500
2'800
2'033
2'330
#N/A N/A
File Dt
31.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
26.03.2013
15.02.2013
28.02.2013
20.11.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
31.03.2012
31.03.2012
30.09.2012
15.02.2013
31.12.2011
31.03.2012
31.03.2012
Date
Not Provided
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Bank
Investment Advisor
Insurance Company
Investment Advisor
Bank
Holding Company
Insurance Company
Insurance Company
Other
Bank
Unclassified
Bank
Corporation
Corporation
Unclassified
Corporation
Corporation
Corporation
Date
26.03.2013
18.03.2013
13.03.2013
12.03.2013
08.03.2013
06.03.2013
05.03.2013
28.02.2013
25.02.2013
21.02.2013
13.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
05.11.2012
27.03.2013
Nintendo Co Ltd
Nintendo Co., Ltd. globally develops, manufactures and sells home-use video
game hardware and software in home entertainment business. The company also
produces home-game products including cards.
Price/Volume
14000
.4 M
12000
.4 M
.3 M
10000
.3 M
8000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
12'800.00
8'060.00
35'900.00
10210
-20.23%
26.67%
49.58%
141.7
1'446'440.50
126.00
0.0
81.0
958'322.00
488'325.49
31.03.2008
1'672'423.0
3.18x
494'583.0
10.76x
257'342.0
25.55x
.2 M
4000
.1 M
2000
.1 M
0
m-12
31.03.2009
31.03.2010
1'838'622.0
1'434'365.0
1.32x
1.92x
563'365.0
363'665.0
4.29x
7.56x
279'089.0
228'635.0
13.04x
17.51x
Profitability
LTM-4Q
31.03.2011
1'014'345.0
1.68x
177'870.0
9.57x
77'621.0
37.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
647'652.0
0.98x
(24'797.0)
(43'204.0)
-24'797.00
-37'320.00
-5.76%
-9.40%
-0.07%
-0.08%
0.45%
23.7%
0.7%
-1.4%
-6.7%
7.34
6.43
0.01%
0.01%
13.46
4.14
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13 m-13
0.93
112.70
-18.44%
13.67%
0.931
20
3.150
42'820
44'363
47'957
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
762'521.0 634'519.0 678'849.6 939'429.6 113'955.7 104'800.0
2.23x
1.00x
0.99x
0.66x
5'739.0 (12'999.0) 10'379.9
82'651.9
0.00x
0.00x
47.73x
5.99x
(20'287.0) 19'693.0
12'822.1
50'657.8
(7'715.0)
(2'200.0)
0.00x
59.55x
102.24x
26.55x
94.54x
94.54x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.45
7.54
27.18
Inventory Days
88.50
123.62
-1.77
90.00
2'000'000.0
80.00
1'800'000.0
70.00
1'600'000.0
1'400'000.0
60.00
1'200'000.0
50.00
40.00
1'000'000.0
800'000.0
30.00
600'000.0
20.00
400'000.0
10.00
200'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
6000
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nintendo Co Ltd
Holdings By:
All
Holder Name
YAMAUCHI HIROSHI
NINTENDO CO LTD
STATE STREET
DODGE & COX
FMR LLC
JANUS CAPITAL MANAGE
MELLON BANK NA
BLACKROCK
FRANKLIN RESOURCES
MOXLEY & CO
VANGUARD GROUP INC
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst

YUSUKE TSUNODA
EVA Dimensions
ANDREW S ZAMFOTIS
HIROSHI YAMASHINA
Macquarie
DAVID GIBSON
Wedbush
MICHAEL PACHTER
Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI
TOMOAKI KAWASAKI
YOSHIKAZU SHIMADA
TIW
TAKASHI OKA
Okasan Securities
MASASHI MORITA
Morgan Stanley
MIA NAGASAKA
HIDEKI YASUDA
Credit Suisse
SHUNSUKE TSUCHIYA
Mizuho Securities
TAKESHI KOYAMA
EIJI MAEDA
SATOSHI TANAKA
Nomura
YOSHITAKA NAGAO
Mito Securities
YOICHIRO WATANABE
Source
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Recommendation
strong buy
sell
reduce
neutral
neutral
neutral
neutral
neutral
Neutral Plus
buy
Equalwt/In-Line
neutral
neutral
buy
neutral
neutral
suspended coverage
Neutral Plus
Amt Held
14'165'000
14'052'400
13'791'700
9'977'092
6'380'200
5'819'400
5'366'000
5'045'400
4'582'400
4'419'400
3'609'117
3'386'242
2'501'400
2'045'400
1'577'189
1'502'534
1'322'800
1'290'700
895'777
773'000
% Out
10
9.92
9.74
7.04
4.5
4.11
3.79
3.56
3.23
3.12
2.55
2.39
1.77
1.44
1.11
1.06
0.93
0.91
0.63
0.55
Weighting
Change
5
1
2
3
3
3
3
3
3
5
3
3
3
5
3
3
#N/A N/A
3
M
D
M
U
M
M
M
N
M
M
M
D
M
M
M
N
M
U
Latest Chg
(81'200)
500
346'900
200
1'050'100
(786'500)
(805'400)
94'500
(202'400)
281'147
(244'100)
(87'400)
51'700
(112'462)
187'100
(654'300)
(94'050)
(44'700)
Target Price
12'200
#N/A N/A
7'900
9'000
10'000
9'000
9'500
#N/A N/A
#N/A N/A
11'600
9'100
9'500
12'500
12'000
10'500
9'100
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.09.2012
n/a
15.03.2013
Investment Advisor
30.09.2012
Corporation
26.03.2013
Investment Advisor
30.09.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Bank
28.02.2013
Holding Company
29.01.2013
Investment Advisor
30.09.2012
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Other
30.09.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
Date
6 month
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
26.03.2013
14.03.2013
20.02.2013
15.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
07.12.2012
29.10.2012
27.03.2013
Nippon Steel & Sumitomo Metal Corp

Nippon Steel Sumitomo Metal is an integrated steel maker. The Company produces
various types of steel products used for industrial machinery & equipment and
exports them worldwide. Nippon Steel provides plant construction and urban
development and also develops new businesses such as chemicals, ceramics,
electronic equipment and information & communication systems.
Price/Volume
300
140.0 M
120.0 M
200
100.0 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
281.00
143.00
33'762'000.00
242
-13.88%
69.23%
69.57%
9'503.2
2'299'777.75
1'284'502.00
0.0
518'440.0
65'340.00
5'301'729.79
31.03.2008
4'826'974.0
0.98x
792'625.0
5.94x
354'989.0
8.97x
80.0 M
60.0 M
100
40.0 M
50
20.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
160.0 M
250
31.03.2009
31.03.2010
4'769'821.0
3'487'714.0
0.73x
1.17x
617'777.0
319'728.0
5.63x
12.80x
155'077.0
(11'529.0)
10.69x
Profitability
LTM-4Q
31.03.2011
4'109'774.0
0.84x
458'815.0
7.52x
93'199.0
17.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.40
8'090.04
0.00
4.29%
15.71%
1.403
20
3.600
31'163'800
51'830'030
54'390'190
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'090'936.0 ######### ######### ######### ######### #########
0.77x
3.16x
3.38x
1.22x
0.98x
363'795.0 383'979.0 272'572.0 351'313.2 617'257.3
8.70x
7.93x
18.01x
15.09x
8.59x
58'471.0
(12'537.0) (92'224.0) (146'329.7) 186'780.4
15'450.0
24.43x
0.00x
0.00x
11.98x
S&P Issuer Ratings
17.10.2012
BBB
STABLE
20.40
5.93
Net Debt/EBITDA
4.62
4.91
7.0% Reference
70.2%
35.4%
Asset Turnover
0.83
2.25
38.47
94.47
47.43
86.68
3.87
Price/ Cash Flow
20.00
6'000'000.0
18.00
5'000'000.0
16.00
14.00
4'000'000.0
12.00
3'000'000.0
10.00
8.00
2'000'000.0
6.00
4.00
1'000'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nippon Steel & Sumitomo Metal Corp

Holdings By:
All
Holder Name
KOREA SECURITIES COR
BLACKROCK
VANGUARD GROUP INC
MITSUI & CO LTD
NITTETSU MINING CO L
KOBE STEEL LTD
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
Marusan Securities
AKIRA OGINO
YOSHIYUKI TAKANO
Nomura
YUJI MATSUMOTO
AKIRA IWASAKI
JPMorgan
AKIRA KISHIMOTO
TAKESHI IRISAWA
Morgan Stanley
HARUNOBU GOROH
Jefferies
THANH HA PHAM
TOSHIYUKI JOHNO
KAZUHIRO HARADA
Okasan Securities
MANAMI ONO
Goldman Sachs
YUYA TAKEMOTO
JIRO IOKIBE
Mizuho Securities
HIROYUKI SUZUKI
Macquarie
POLINA DIYACHKINA
EVA Dimensions
CRAIG STERLING
Credit Suisse
SHINYA YAMADA
VTB Capital
WIKTOR BIELSKI
TIW
YASUSHI MIZOUE
Source
Co File
MOF-JP
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Recommendation
outperform
neutral
neutral
Neutral Plus
neutral
outperform
Overwt/In-Line
hold
buy
outperform
neutral
Buy/Neutral
outperform
suspended coverage
underperform
outperform
sell
outperform
not rated
Neutral Minus
Amt Held
638'700'000
412'813'904
385'805'405
320'974'155
287'613'000
238'352'000
231'015'000
214'340'000
198'143'000
191'229'000
140'037'000
117'993'000
98'150'967
93'474'480
78'280'975
71'831'965
61'748'544
52'882'000
52'147'000
49'676'545
% Out
6.72
4.34
4.06
3.38
3.03
2.51
2.43
2.26
2.09
2.01
1.47
1.24
1.03
0.98
0.82
0.76
0.65
0.56
0.55
0.52
Weighting
Change
5
3
3
3
3
5
5
3
5
5
3
5
5
#N/A N/A
1
5
1
5
#N/A N/A
3
U
M
M
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(91'270'507)
47'449'226
41'616'180
47'000
342'000
707'000
3'493'468
1'309'772
1'836'000
Target Price
#N/A N/A
#N/A N/A
280
300
250
#N/A N/A
250
235
300
300
230
340
320
#N/A N/A
170
265
#N/A N/A
300
#N/A N/A
#N/A N/A
File Dt
30.09.2012
01.10.2012
14.01.2013
13.04.2012
30.09.2012
30.09.2012
20.11.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.03.2012
31.03.2012
25.03.2013
31.12.2012
31.03.2012
31.03.2012
31.03.2012
28.02.2013
Date
Not Provided
Not Provided
12 month
6 month
9 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Corporation
Holding Company
Bank
Corporation
Investment Advisor
Insurance Company
Bank
Bank
Bank
Insurance Company
Other
Insurance Company
Bank
Investment Advisor
Investment Advisor
Corporation
Corporation
Corporation
Unclassified
Date
26.03.2013
26.03.2013
22.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
04.03.2013
18.02.2013
15.02.2013
06.02.2013
24.01.2013
22.01.2013
17.01.2013
09.01.2013
15.10.2012
31.01.2012
27.03.2013
Nippon Telegraph & Telephone Corp

NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT) provides a variety of
telecommunication services, including telephone, telegraph, leased circuits,
data communication, terminal equipment sales, and related services. The Company
provides both local and long distance telephone services within Japan.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.02.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'430.00
3'270.00
3'019'400.00
4135
-6.66%
26.45%
79.31%
1'323.2
5'471'420.50
4'361'546.00
0.0
2'165'142.0
1'327'064.00
10'985'969.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
10'680'891.0
1.05x
3'469'375.0
3.25x
635'156.0
9.33x
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
m-12 a-12 m-12
31.03.2009
31.03.2010
10'416'305.0
10'181'376.0
1.00x
1.03x
3'258'131.0
3'133'673.0
3.21x
3.33x
538'679.0
492'266.0
9.32x
10.59x
Profitability
LTM-4Q
31.03.2011
10'305'003.0
0.97x
3'180'216.0
3.14x
509'629.0
9.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.63
0.63
739.60
14.17%
16.12%
0.630
19
3.947
3'267'860
3'506'020
3'347'793
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
10'507'362.0 ######### ######### ######### ######### #########
0.93x
3.84x
3.71x
0.99x
0.94x
3'139'134.0 ######### ######### ######### #########
3.12x
3.35x
3.16x
3.47x
3.48x
467'701.0 410'495.0 555'827.0 540'366.6 554'870.3
10.24x
12.42x
7.99x
9.30x
8.89x
S&P Issuer Ratings
3'139'134.00 Long-Term Rating Date
21.05.2007
1'222'966.00 Long-Term Rating
AA
NEG
18.03.1992
A-1+
5.77% Credit Ratios
55.73
30.96
Net Debt/EBITDA
1.00
1.39
29.4% Reference
55.3%
30.3%
Asset Turnover
0.55
1.09
66.63
32.56
88.33
-18.03
11.24
Price/ Cash Flow
2.50
12'000'000.0
11'500'000.0
2.00
11'000'000.0
1.50
10'500'000.0
1.00
10'000'000.0
0.50
0.00
03.04.2009
9'500'000.0
9'000'000.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nippon Telegraph & Telephone Corp

Holdings By:
All
Holder Name
MINISTER OF FINANCE
NIPPON TELEGRAPH & T
STATE STREET
MOXLEY & CO
ONTARIO TEACHERS PEN
NOMURA
BLACKROCK
VANGUARD GROUP INC
FMR LLC
ALLIANCE BERNSTEIN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
HSBC
NEALE ANDERSON
Barclays
KEIICHI YONESHIMA
New Street Research
KIRK BOODRY
EVA Dimensions
ANDREW S ZAMFOTIS
SHINJI MORIYUKI
Mizuho Securities
KEI TAKAHASHI
Morgan Stanley
TETSURO TSUSAKA
JPMorgan
HITOSHI HOSOYA
Macquarie
NATHAN RAMLER
Nomura
DAISAKU MASUNO
Credit Suisse
HITOSHI HAYAKAWA
Goldman Sachs
IKUO MATSUHASHI
MAKOTO UENO
HIROSHI YAMASHINA
YUSUKE TSUNODA
Source
13G
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
equalweight
neutral
overweight
neutral
neutral
buy
Overwt/Attractive
neutral
outperform
neutral
outperform
neutral/neutral
outperform
buy
neutral
Amt Held
431'065'800
136'247'473
76'098'000
40'937'000
19'889'281
16'835'000
16'807'000
15'128'000
11'326'000
8'200'000
6'938'100
6'457'836
6'125'369
5'052'400
2'967'400
2'761'323
2'741'100
2'690'500
2'685'065
2'543'354
% Out
32.58
10.3
5.75
3.09
1.5
1.27
1.27
1.14
0.86
0.62
0.52
0.49
0.46
0.38
0.22
0.21
0.21
0.2
0.2
0.19
Weighting
Change
3
3
3
5
3
3
5
5
3
5
3
5
3
5
5
3
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
9'351'118
2'672'000
2'742'000
(2'395'300)
(144'000)
(6'754'000)
(3'411'000)
(722'000)
334'500
(406'400)
(601'297)
1'421'200
172'600
(486'639)
16'300
(137'200)
362'800
(49'769)
Target Price
4'300
4'400
4'200
#N/A N/A
4'200
4'100
4'850
5'000
4'200
4'700
4'400
4'700
4'300
4'000
4'300
#N/A N/A
File Dt
Inst Type
31.12.2012
Government
28.02.2013
Corporation
30.09.2012
Bank
30.09.2012
Bank
26.03.2013
Investment Advisor
30.09.2012
Other
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
n/a
28.02.2013
Unclassified
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Holding Company
31.01.2013
Investment Advisor
28.02.2013
Holding Company
26.03.2013
Unclassified
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
25.03.2013
25.03.2013
18.03.2013
11.03.2013
07.03.2013
05.03.2013
04.03.2013
03.03.2013
02.03.2013
01.03.2013
01.03.2013
06.02.2013
16.01.2013
09.11.2012
19.09.2012
11.05.2012
27.03.2013
Nissan Motor Co Ltd

NISSAN MOTOR CO., LTD. manufactures and markets automobiles, light trucks,
and its related parts. The Company has overseas production bases in the US,
the UK, and Mexico. Nissan Motor also provides financing services and produces
industrial motor vehicles such as towing tractors and forklifts.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'034.00
639.00
14'917'100.00
922
-10.83%
44.29%
72.91%
4'520.7
4'168'099.25
3'828'218.00
0.0
300'883.0
842'899.00
8'566'835.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
1000
50.0 M
800
40.0 M
600
30.0 M
400
20.0 M
200
10.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
10'824'238.0
0.73x
1'595'258.0
4.92x
482'261.0
7.00x
1200
31.03.2009
31.03.2010
8'436'974.0
7'517'277.0
0.68x
0.92x
628'441.0
972'623.0
9.11x
7.08x
(233'709.0)
42'390.0
77.02x
Profitability
LTM-4Q
31.03.2011
8'773'093.0
0.72x
1'169'915.0
5.42x
319'221.0
9.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.12
2'287.18
7.69%
15.23%
1.124
26
4.000
15'892'060
16'929'470
19'200'260
FY+2
FQ+1
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
9'409'026.0 ######### ######### ######### ######### #########
0.74x
2.82x
2.95x
0.84x
0.78x
3.18x
1'126'183.0 ######### ######### ######### ######### 310'397.0
6.20x
5.66x
7.45x
8.25x
6.72x
7.52x
341'433.0 296'870.0 307'724.0 346'491.8 463'727.2 116'813.2
10.79x
9.75x
11.04x
11.01x
8.27x
8.11x
S&P Issuer Ratings
9.80% Credit Ratios
Net Debt/EBITDA
11.1% Reference
Asset Turnover
6.23
Price/ Cash Flow
FQ+2
06/13 Q1
#########
267'052.5
7.55x
101'750.8
7.57x
15.11.2010
BBB+
STABLE
05.08.2009
A-2
34.24
22.06
3.90
4.66
121.6%
52.6%
0.84
2.52
151.99
58.73
59.00
130.67
16.00
12'000'000.0
14.00
10'000'000.0
12.00
8'000'000.0
10.00
8.00
6'000'000.0
6.00
4'000'000.0
4.00
2'000'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nissan Motor Co Ltd

Holdings By:
All
Holder Name
RENAULT SA
DAIMLER AG
NISSAN MOTOR CO LTD
BLACKROCK
FMR LLC
NOMURA
FRANKLIN RESOURCES
VANGUARD GROUP INC
ALLIANCE BERNSTEIN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
Sanford C. Bernstein & Co

MAX WARBURTON
Mizuho Securities
SEIJI SUGIURA
Morgan Stanley
RYOSUKE HOSHINO
Macquarie
CLIVE WIGGINS
SHOTARO NOGUCHI
JPMorgan
KOHEI TAKAHASHI
Okasan Securities
YASUAKI IWAMOTO
Deutsche Bank
KURT SANGER
Credit Suisse
ISSEI TAKAHASHI
EIJI HAKOMORI
TIW
SATORU TAKADA
Oddo & Cie
FRANCOIS MAURY
Nomura
MASATAKA KUNUGIMOTO
Goldman Sachs
KOTA YUZAWA
EVA Dimensions
CRAIG STERLING
Marusan Securities
SHOGO OKI
KOICHI SUGIMOTO
Ji Asia
STEPHEN USHER
Mito Securities
YOICHIRO WATANABE
AKIRA IWASAKI
KENTARO HAYASHI
Source
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
ULT-AGG
Recommendation
market perform
buy
Overwt/Attractive
outperform
outperform
outperform
neutral
neutral
buy
outperform
buy
neutral
neutral
neutral
Buy/Neutral
sell
outperform
buy
neutral
Neutral Plus
Neutral Plus
Strong Outperform
Amt Held
% Out
1'962'037'000
43.4
225'684'000
4.99
140'142'000
3.1
135'054'000
2.99
94'456'700
2.09
63'998'000
1.42
63'698'000
1.41
54'234'500
1.2
53'928'000
1.19
42'046'000
0.93
30'923'500
0.68
28'232'421
0.62
25'538'234
0.56
23'909'900
0.53
23'570'480
0.52
23'514'089
0.52
17'083'700
0.38
13'619'800
0.3
(12'753'639) -0.28
12'360'126
0.27
Weighting
Change
3
5
5
5
5
5
3
3
5
5
5
3
3
3
5
1
5
5
3
3
3
5
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
N
D
M
Latest Chg
(18'634'000)
(2'778'000)
19'800
(983'000)
13'494'800
4'700
798'900
3'853'811
666'300
(370'400)
548'945
48'100
(242'300)
(618'600)
(206'104)
Target Price
850
1'180
1'140
1'200
1'000
1'000
900
890
1'200
1'130
1'100
#N/A N/A
750
1'040
1'250
#N/A N/A
#N/A N/A
910
#N/A N/A
#N/A N/A
850
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
20.12.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
25.03.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
26.03.2013
26.03.2013
19.11.2012
31.01.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
9 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
24 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Corporation
Bank
Corporation
Bank
Insurance Company
Other
Government
Investment Advisor
Insurance Company
Insurance Company
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
19.03.2013
18.03.2013
12.03.2013
05.03.2013
04.03.2013
26.02.2013
21.02.2013
21.02.2013
21.02.2013
12.02.2013
12.02.2013
11.02.2013
08.02.2013
07.02.2013
17.01.2013
15.01.2013
11.01.2013
18.10.2012
03.08.2012
27.07.2012
27.07.2012
27.03.2013
Nitto Denko Corp

NITTO DENKO CORPORATION manufactures and markets a wide range of chemical
products which are used as materials for industrial and electronic components.
The Company's products include materials for sealants, semiconductors, and
wrappings. Nitto Denko has a network of sales/manufacturing subsidiaries
worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'930.00
2'954.00
849'100.00
5560
-6.24%
88.22%
86.22%
173.8
966'096.88
58'998.00
0.0
1'430.0
209'855.00
817'519.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
6000
3.0 M
5000
2.5 M
4000
2.0 M
3000
1.5 M
2000
1.0 M
1000
.5 M
0
m-12
31.03.2009
31.03.2010
577'922.0
601'859.0
0.51x
0.85x
64'394.0
100'896.0
4.61x
5.04x
267.0
37'570.0
1245.34x
16.10x
Profitability
LTM-4Q
31.03.2011
638'556.0
0.91x
125'185.0
4.65x
55'743.0
13.07x
31.03.2012
607'639.0
0.66x
93'297.0
4.28x
31'066.0
17.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
93'297.00
56'491.00
9.30%
8.20%
4.61%
7.09%
6.35%
0.94%
27.6%
14.2%
8.5%
5.1%
3.05
2.43
9.05%
13.58%
4.44
6.75
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.80
1.19
161.85
71.44%
32.94%
1.190
19
4.053
1'316'400
1'394'867
1'421'359
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
617'111.0 651'266.0 675'150.0 726'611.2 171'620.7 174'000.0
2.92x
2.83x
1.20x
1.08x
102'789.0
98'896.0 111'027.2 138'617.6
3.09x
5.52x
7.36x
5.90x
40'690.0
37'003.0
48'430.4
63'626.8
12'800.0
11.13x
18.76x
18.97x
14.46x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
102.86
64.00
Net Debt/EBITDA
-1.54
Total Debt/EBITDA
0.69
Reference
Total Debt/Equity
13.6%
Total Debt/Capital
11.9%
Asset Turnover
0.94
3.22
82.41
Inventory Days
54.24
68.04
66.22
18.00
800'000.0
16.00
700'000.0
14.00
600'000.0
12.00
500'000.0
10.00
400'000.0
8.00
300'000.0
6.00
200'000.0
4.00
100'000.0
2.00
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
745'259.0
0.86x
127'571.0
5.01x
46'634.0
15.03x
7000
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nitto Denko Corp

Holdings By:
All
Holder Name
FMR LLC
NITTO DENKO CORP
STATE STREET
BLACKROCK
CITIBANK NA
GOLDMAN SACHS & CO
UMB BANK N A
VANGUARD GROUP INC
UNION INVESTMENT GMB
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
JPMorgan
MASASHI ITAYA
Jefferies
MASAHIRO WAKASUGI
HIROHARU WATANABE
KEI RAMEAU
Barclays
MIKIYA YAMADA
TSUNENORI OHMAKI
Okasan Securities
TAKASHI NISHIHIRA
TIW
TOSHIRO TAKAHASHI
KAZUYOSHI SAITO
Goldman Sachs
DAIKI TAKAYAMA
EVA Dimensions
CRAIG STERLING
TAKUMI SADO
Nomura
SHIGEKI OKAZAKI
Macquarie
GEORGE T CHANG
Source
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
overweight
buy
outperform
buy
underweight
outperform
buy
neutral
outperform
outperform
buy/attractive
underweight
outperform
buy
underperform
Amt Held
29'367'800
15'220'000
11'916'126
11'885'000
9'846'000
9'221'100
8'471'400
4'406'460
4'078'000
3'774'646
2'627'100
2'566'000
2'184'000
2'072'000
1'902'493
1'560'013
1'413'100
1'275'400
948'500
921'300
% Out
16.9
8.76
6.86
6.84
5.67
5.31
4.88
2.54
2.35
2.17
1.51
1.48
1.26
1.19
1.09
0.9
0.81
0.73
0.55
0.53
Weighting
Change
5
5
5
5
1
5
5
3
5
5
5
1
5
5
1
U
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
1'606'800
2'137'000
654'672
3'106'000
(1'279'000)
(62'200)
(1'811'400)
107'000
(2'477'530)
(800)
(428'000)
47'228
264'700
30'400
3'800
52'900
Target Price
7'000
6'200
6'500
8'000
4'300
#N/A N/A
6'200
#N/A N/A
6'200
6'450
5'900
#N/A N/A
5'500
5'550
3'000
File Dt
15.03.2013
30.09.2012
31.01.2013
30.09.2012
30.09.2012
30.09.2012
29.06.2012
26.03.2013
30.09.2012
25.03.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.01.2013
31.12.2012
28.09.2012
28.02.2013
28.02.2013
28.02.2013
Date
9 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Corporation
Bank
Investment Advisor
Other
Investment Advisor
Insurance Company
Insurance Company
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Holding Company
Holding Company
Date
25.02.2013
25.02.2013
20.02.2013
15.02.2013
12.02.2013
05.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
17.01.2013
15.01.2013
12.11.2012
27.03.2013
NKSJ Holdings Inc

NKSJ Holdings, Inc. is a holding company established through the integration of
Sompo Japan Insurance Inc. and NIPPONKOA Insurance Company, Limited. Through
subsidiaries, the Company provides non-life insurance including marine, fire,
and automobile as well as life insurance. NKSJ Holdings also operates other
financial services such as mutual fund and investment advisory.
Price/Volume
2500
4.0 M
2000
03/2012
12/yy
2'214.00
1'391.00
1'607'800.00
1978
-10.66%
42.20%
80.68%
415.4
821'566.81
139'174.00
0.0
4'624.0
330'093.00
630'493.84
2.5 M
2.0 M
31.03.2009
-
1.5 M
1.0 M
500
.5 M
0
m-12
31.03.2010
Profitability
LTM-4Q
31.03.2011
2'556'510.0
0.28x
(12'918.0)
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.29
363.43
12.12%
11.06%
1.290
16
3.563
2'190'140
2'040'883
1'891'676
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'718'025.0 ######### ######### ######### ######### 707'600.0
0.21x
0.91x
0.77x
0.24x
0.24x
0.0
0.0
0.00x
0.00x
(92'262.0) (184'699.0) 59'854.0
9'148.5
36'044.4
0.00x
12.72x
69.10x
24.24x
S&P Issuer Ratings
- Long-Term Rating
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
Asset Turnover
-
14.0%
12.2%
0.31
-
1.20
3'000'000.0
1.00
2'500'000.0
0.80
2'000'000.0
0.60
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
Price/ Cash Flow
3.0 M
1000
Latest Fiscal Year:

LTM as of:
52-Week High (11.03.2013)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
3.5 M
1500
Valuation Analysis
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
1'500'000.0
1'000'000.0
0.40
500'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
NKSJ Holdings Inc

Holdings By:
All
Holder Name
NIPPON EXPRESS CO LT
JOYO BANK LTD/THE
FRANKLIN RESOURCES
CHIBA BANK LTD
VANGUARD GROUP INC
NOMURA
BLACKROCK
Firm Name
Macquarie
Morgan Stanley
Mizuho Securities
Nomura
JPMorgan
Credit Suisse
Jefferies
Barclays
Deutsche Bank
Goldman Sachs
EVA Dimensions
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
SCOTT G RUSSELL
HIDEYASU BAN
DAVID THREADGOLD
TATSUO MAJIMA
RIE NISHIHARA
KOUICHI NIWA
WATARU OHTSUKA
NATSUMU TSUJINO
JUN SHIOTA
TAKEHITO YAMANAKA
MAKARIM SALMAN
AZUMA OHNO
MASAO MURAKI
TAKANORI MIYOSHI
AUSTIN BURKETT
Source
MF-AGG
ULT-AGG
MOF-JP
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
MOF-JP
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
neutral
Equalwt/Attractive
outperform
above average
neutral
neutral
buy
neutral
neutral
neutral
hold
overweight
hold
Sell/Neutral
buy
Amt Held
22'709'700
21'336'081
20'787'155
17'183'100
17'030'047
16'024'000
13'533'000
12'652'000
10'227'000
9'788'000
9'237'963
8'634'000
8'001'221
4'497'750
4'095'820
4'033'492
3'831'230
3'672'374
3'452'100
3'174'425
% Out
5.47
5.14
5
4.14
4.1
3.86
3.26
3.05
2.46
2.36
2.22
2.08
1.93
1.08
0.99
0.97
0.92
0.88
0.83
0.76
Weighting
Change
3
3
5
4
3
3
5
3
3
3
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
14'700
118
10'648'155
(1'002'500)
(714'013)
(3'289'000)
(1'214'000)
845'000
(3'188'037)
(33'000)
221
(208'300)
139'602
(39'700)
3'800
Target Price
2'100
2'600
3'600
#N/A N/A
2'020
2'400
2'300
3'150
2'100
1'900
2'007
2'000
2'160
1'950
#N/A N/A
File Dt
Inst Type
15.02.2013
Bank
31.01.2013
Investment Advisor
13.04.2012
Bank
13.03.2013
Holding Company
30.09.2012
Bank
30.09.2012
Bank
30.09.2012
n/a
30.09.2012
Insurance Company
30.09.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Other
31.03.2012
Corporation
31.03.2012
Bank
31.03.2012
Insurance Company
31.12.2012
Investment Advisor
31.03.2012
Bank
31.12.2012
Investment Advisor
28.02.2013
Unclassified
25.03.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
22.03.2013
21.03.2013
07.03.2013
04.03.2013
28.02.2013
22.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
12.02.2013
17.01.2013
27.03.2013
Nomura Holdings Inc

Nomura Holdings, Inc. is a holding company which manages financial operations
for its subsidiaries. As a group, the Company provides a variety of financial
services such as dealing, brokerage, underwriting, and asset management.
Nomura Securities Co., a registered member of the New York and London Stock
Exchanges, has branches around the world.
Price/Volume
700
600
500
400
Valuation Analysis
300
Latest Fiscal Year:

LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
608.00
241.00
35'030'800.00
589
-3.13%
144.40%
93.73%
3'822.6
2'251'489.25
31'238'237.00
0.0
281'896.0
1'070'520.00
35'739'937.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'593'722.0
16.09x
805'340.0
31.85x
(67'847.0)
-
200
200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
f-13 m-13
31.03.2009
31.03.2010
664'511.0
1'356'751.0
34.69x
22.60x
(351'382.0)
384'257.0
79.81x
(708'192.0)
67'798.0
31.78x
Profitability
LTM-4Q
31.03.2011
1'385'492.0
23.99x
423'636.0
78.47x
28'661.0
55.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.68
1.69
3'523.52
56.52%
17.10%
1.688
14
3.643
69'996'320
78'747'010
84'778'980
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'851'760.0 ######### ######### ######### ######### 509'673.3
17.17x
80.20x
67.61x
3.61x
3.65x
501'430.0 469'417.0 490'214.0 240'817.7 414'855.0
63.40x
62.44x
72.11x
148.41x
86.15x
11'583.0
1'400.0
46'894.0
60'800.2 126'302.8
26'556.0
115.09x
504.33x
39.48x
35.48x
17.36x
S&P Issuer Ratings
27.01.2009
- Long-Term Rating
BBB+
STABLE
27.09.2001
A-2
2.16% Credit Ratios
Net Debt/EBITDA
57.73
- Total Debt/EBITDA
59.11
26.8% Reference
- Total Debt/Equity
1482.4%
92.9%
Asset Turnover
0.05
1.84
-
Price/ Cash Flow
12.00
2'500'000.0
10.00
2'000'000.0
8.00
1'500'000.0
6.00
1'000'000.0
4.00
500'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nomura Holdings Inc

Holdings By:
All
Holder Name
NOMURA
BLACKROCK
CARMIGNAC GESTION
VANGUARD GROUP INC
KAWASAKI GAKUEN
TOYOTA MOTOR CORP
SCHRODER INVESTMENT
TOHO GAS CO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Morgan Stanley
HIDEYASU BAN
Jefferies
MAKARIM SALMAN
KOUICHI NIWA
Macquarie
ALASTAIR MACDONALD
Credit Suisse
TAKEHITO YAMANAKA
JPMorgan
NATSUMU TSUJINO
JUN SHIOTA
Barclays
AZUMA OHNO
TATSUO MAJIMA
Goldman Sachs
KATSUNORI TANAKA
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
MASAO MURAKI
JUN OISHI
Ji Asia
SHIRO YOSHIOKA
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
Overwt/In-Line
buy
neutral
outperform
outperform
neutral
outperform
underweight
above average
neutral/neutral
neutral
sell
hold
suspended coverage
neutral
Amt Held
349'428'000
157'413'000
150'392'300
149'493'900
93'142'000
49'889'000
45'336'000
39'159'920
37'442'000
35'875'000
34'862'002
33'000'000
25'696'000
21'674'300
17'809'837
16'016'400
14'456'800
12'705'800
6'582'681
6'337'407
% Out
9.14
4.12
3.93
3.91
2.44
1.31
1.19
1.02
0.98
0.94
0.91
0.86
0.67
0.57
0.47
0.42
0.38
0.33
0.17
0.17
Weighting
Change
5
5
3
5
5
3
5
1
4
3
3
1
3
#N/A N/A
3
U
M
M
U
M
M
U
M
M
M
M
M
M
M
D
Latest Chg
56'780'000
21'977'000
(127'252'900)
(31'550'500)
(223'000)
(2'377'000)
166'400
4'327'000
35'875'000
883'136
(3'083'700)
10'124'100
540'700
168'100
(732'000)
400
-
Target Price
780
625
600
720
600
520
600
410
#N/A N/A
490
440
#N/A N/A
450
#N/A N/A
505
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Bank
28.02.2013
Bank
28.02.2013
Unclassified
30.09.2012
Other
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
25.03.2013
Investment Advisor
30.09.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2011
Corporation
28.02.2013
Unclassified
07.08.2012
Corporation
28.02.2013
Holding Company
28.02.2013
Holding Company
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Corporation
Date
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
21.03.2013
01.03.2013
25.02.2013
14.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
07.01.2013
06.01.2012
15.11.2011
27.03.2013
NTT DOCOMO Inc

NTT DOCOMO, INC. provides various types of telecommunication services including
cellular phones, satellite mobile communication, and wireless LAN Network.
The Company also sells cellular phones, and other equipment.
Price/Volume
160000
.4 M
140000
.3 M
120000
.3 M
100000
Latest Fiscal Year:

LTM as of:
52-Week High (25.03.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
149'700.00
111'900.00
123'988.00
144100
-3.74%
28.78%
93.92%
43.7
6'289'965.00
261'592.00
0.0
46'244.0
893'582.00
6'098'989.00
31.03.2008
4'711'827.0
1.32x
1'584'737.0
3.93x
491'202.0
13.26x
.2 M
60000
40000
.1 M
20000
.1 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
80000
Valuation Analysis
31.03.2009
31.03.2010
4'447'980.0
4'284'404.0
1.27x
1.36x
1'635'118.0
1'535'391.0
3.44x
3.78x
471'873.0
494'781.0
11.97x
12.00x
Profitability
LTM-4Q
31.03.2011
4'224'273.0
1.33x
1'537'792.0
3.65x
490'485.0
12.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13 m-13
4.02
0.56
13.59
8.19%
18.63%
0.556
22
3.136
88'818
83'362
79'451
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'240'003.0 ######### ######### ######### ######### #########
1.21x
5.21x
4.50x
1.32x
1.26x
1'559'243.0 ######### ######### ######### #########
3.28x
3.62x
3.24x
3.92x
3.92x
463'912.0 441'124.0 485'776.0 504'321.4 508'485.6
12.28x
13.30x
10.59x
11.93x
11.82x
S&P Issuer Ratings
21.05.2007
AA
NEG
03.04.2000
A-1+
8.77% Credit Ratios
562.09
388.91
Net Debt/EBITDA
-0.30
0.17
35.2% Reference
5.2%
4.9%
Asset Turnover
0.63
1.71
60.75
39.35
124.19
-48.83
9.30
Price/ Cash Flow
8.00
6'000'000.0
7.00
5'000'000.0
6.00
4'000'000.0
5.00
4.00
3'000'000.0
3.00
2'000'000.0
2.00
1'000'000.0
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
NTT DOCOMO Inc

Holdings By:
All
Holder Name
NIPPON TELEGRAPH & T
STATE STREET
BLACKROCK
MELLON BANK NA
VANGUARD GROUP INC
NOMURA
DEUTSCHE BANK AG
FMR LLC
GRANTHAM MAYO VAN OT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HSBC
NEALE ANDERSON
Barclays
KEIICHI YONESHIMA
SHINJI MORIYUKI
New Street Research
KIRK BOODRY
Marusan Securities
TORU KOBORI
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
HITOSHI HOSOYA
Mizuho Securities
KEI TAKAHASHI
Ji Asia
NEIL JUGGINS
Nomura
DAISAKU MASUNO
YUSUKE TSUNODA
HIROSHI YAMASHINA
TOMOAKI KAWASAKI
Morgan Stanley
TETSURO TSUSAKA
Credit Suisse
HITOSHI HAYAKAWA
Goldman Sachs
IKUO MATSUHASHI
Macquarie
NATHAN RAMLER
MAKOTO UENO
Source
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
neutral
equalweight
outperform
neutral
neutral
buy
neutral
underweight
neutral
sell
neutral
neutral
reduce
Neutral Plus
Equalwt/Attractive
underperform
Buy/Neutral
outperform
outperform
Amt Held
29'822'399
976'104
834'730
381'230
362'731
262'949
249'866
160'603
159'000
148'425
143'851
127'235
117'503
106'231
99'623
82'594
64'735
58'725
58'350
57'873
% Out
68.32
2.24
1.91
0.87
0.83
0.6
0.57
0.37
0.36
0.34
0.33
0.29
0.27
0.24
0.23
0.19
0.15
0.13
0.13
0.13
Weighting
Change
3
3
5
3
3
5
3
1
3
1
3
3
2
3
3
1
5
5
5
M
M
M
M
M
U
M
D
M
M
M
M
D
U
M
M
U
M
M
Latest Chg
(176'182)
(2'025)
(104'886)
(14'865)
(44'454)
14'372
(25'658)
3'971
7'422
(115)
(33'009)
(263)
4'156
(8'038)
6'440
(1'076)
(403)
(8'627)
Target Price
156'000
141'000
169'000
137'000
#N/A N/A
#N/A N/A
141'000
125'000
142'000
110'000
131'000
#N/A N/A
122'000
150'000
130'000
120'000
158'000
145'000
145'000
File Dt
Inst Type
30.09.2012
Corporation
30.09.2012
Bank
30.09.2012
Bank
26.03.2013
Investment Advisor
30.09.2012
Other
25.03.2013
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Holding Company
28.02.2013
Holding Company
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
26.03.2013
25.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
04.03.2013
01.03.2013
25.02.2013
12.02.2013
11.02.2013
07.02.2013
05.02.2013
31.01.2013
30.01.2013
30.01.2013
16.01.2013
28.11.2012
29.10.2012
27.03.2013
Oriental Land Co Ltd/Japan

ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort. The Company also operates
restaurants within the complex and sells Disney merchandise.
Price/Volume
18000
1.2 M
16000
1.0 M
14000
12000
.8 M
10000
03/2012
12/yy
15'820.00
8'300.00
469'700.00
15480
-2.15%
86.51%
96.01%
90.9
1'407'480.88
149'593.00
0.0
0.0
97'403.00
1'421'774.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6000
.4 M
4000
.2 M
2000
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
342'421.0
2.06x
74'921.0
9.43x
14'730.0
37.78x
.6 M
8000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.03.2009
31.03.2010
389'242.0
371'414.0
1.83x
1.85x
91'737.0
88'618.0
7.77x
7.74x
18'089.0
25'427.0
31.90x
23.27x
Profitability
LTM-4Q
31.03.2011
356'180.0
1.85x
95'950.0
6.87x
22'907.0
24.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
360'060.0
2.20x
108'867.0
7.28x
32'113.0
23.04x
108'867.00
66'923.00
18.59%
15.36%
7.83%
12.78%
9.13%
0.64%
31.0%
31.2%
21.4%
8.9%
1.42
1.22
24.15%
39.05%
27.02
19.49
Price/ Cash Flow
LTM
FY+1
0.71
0.40
51.24
78.63%
48.42%
0.395
13
3.769
466'840
355'137
300'783
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
331'360.0 395'399.0 391'888.8 410'484.7
84'122.0
8.71x
8.58x
3.61x
3.28x
94'512.0 120'940.0 116'331.7 123'786.2
7.86x
7.34x
12.22x
11.49x
16'714.0
51'902.0
50'320.1
55'398.7
4'032.0
39.78x
16.83x
25.67x
23.32x
S&P Issuer Ratings
10.04.2009
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
58.63
45.99
Net Debt/EBITDA
0.30
Total Debt/EBITDA
1.18
Reference
Total Debt/Equity
39.0%
Total Debt/Capital
28.1%
Asset Turnover
0.64
0.88
13.55
Inventory Days
18.78
15.70
10.60
14.00
450'000.0
12.00
400'000.0
350'000.0
10.00
300'000.0
8.00
250'000.0
6.00
200'000.0
150'000.0
4.00
100'000.0
2.00
0.00
03.04.2009
50'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Oriental Land Co Ltd/Japan

Holdings By:
All
Holder Name
KEISEI ELECTRIC RAIL
CHIBA PREFECTURE
CHUO MITSUI TRUST &
SHIMIZU CORP
NOMURA
BLACKROCK
KAJIMA CORP
TAISEI CORP
VANGUARD GROUP INC
J-ESOP
EAST JAPAN RAILWAY C
CHIBA BANK LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
Mizuho Securities
TAKESHI KOYAMA
HIROKO TAKANASHI
Okasan Securities
MASASHI MORITA
Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI
TOMOAKI KAWASAKI
TARO ISHIHARA
Ichiyoshi Research Institute
SEIICHIRO SAMEJIMA
TIW
TAKASHI OKA
Morgan Stanley
MIA NAGASAKA
JAMES MOON
EVA Dimensions
CRAIG STERLING
Nomura
YOSHITAKA NAGAO
Mito Securities
YOICHIRO WATANABE
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
Co File
Co File
Co File
Recommendation
buy
not rated
neutral
outperform
outperform
buy
neutral
neutral
Equalwt/In-Line
hold
hold
suspended coverage
Neutral Plus
Amt Held
18'157'000
7'689'000
7'205'900
3'300'000
2'620'000
2'179'000
1'640'000
1'530'000
1'508'900
977'900
832'000
682'000
643'800
531'296
500'000
500'000
476'472
268'000
248'400
210'000
% Out
19.97
8.46
7.93
3.63
2.88
2.4
1.8
1.68
1.66
1.08
0.92
0.75
0.71
0.58
0.55
0.55
0.52
0.29
0.27
0.23
Weighting
Change
5
#N/A N/A
3
5
5
5
3
3
3
3
3
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(434'400)
(86'000)
287'000
412'000
8'100
(78'700)
600
12'229
-
Target Price
15'000
13'500
#N/A N/A
14'000
15'000
15'400
#N/A N/A
#N/A N/A
11'500
11'600
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
10.12.2012
31.03.2012
31.03.2012
28.02.2013
25.03.2013
31.03.2012
31.03.2012
31.12.2012
30.09.2012
31.03.2012
31.03.2012
Date
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Corporation
Corporation
Government
Bank
Bank
Insurance Company
Other
Bank
Bank
Bank
Corporation
Unclassified
Investment Advisor
Corporation
Corporation
Investment Advisor
n/a
Corporation
Bank
Date
25.02.2013
19.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
17.01.2013
07.12.2012
14.09.2012
27.03.2013
ORIX Corp
ORIX Corporation provides comprehensive financial services throughout the world.
The Company's business lines include leasing, installment loans, real estate
loans, life insurance, banking, securities brokerage, venture capital, and
consumer finance. ORIX also operates a professional baseball team, the ORIX
Buffalos.
Price/Volume
1400
30.0 M
1200
25.0 M
1000
20.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
400
5.0 M
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
485'813.0
406'667.0
11.28x
12.34x
425'523.0
350'872.0
12.88x
14.30x
21'924.0
37'757.0
27.66x
29.27x
Profitability
LTM-4Q
31.03.2011
433'397.0
12.60x
397'027.0
13.75x
67'275.0
14.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
447'151.0
11.54x
423'511.0
12.19x
86'150.0
10.10x
423'511.00
37.23%
29.18%
1.22%
7.33%
1.73%
0.05%
92.9%
19.3%
60.09%
359.62%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.17
1'116.89
52.11%
25.59%
1.168
16
4.563
9'504'240
10'381'800
10'844'950
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
440'954.0 476'606.0 ######### ######### 276'438.7
45.33x
41.18x
6.56x
6.36x
413'850.0 324'325.0 315'176.7 339'790.0
11.44x
0.00x
16.65x
15.44x
85'247.0 107'520.0 111'482.1 124'847.9
19'860.0
8.08x
9.94x
13.00x
11.59x
S&P Issuer Ratings
12.08.2005
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
9.10
Total Debt/EBITDA
10.83
Reference
Total Debt/Equity
359.6%
Total Debt/Capital
77.3%
Asset Turnover
0.05
0.31
Inventory Days
4.50
1'000'000.0
4.00
900'000.0
3.50
800'000.0
700'000.0
3.00
600'000.0
2.50
2.00
500'000.0
400'000.0
1.50
300'000.0
1.00
200'000.0
0.50
100'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
594'430.0
12.08x
497'334.0
14.43x
169'597.0
8.44x
15.0 M
600
03/2012
12/yy
1'257.00
637.00
7'330'600.00
1217
-3.18%
91.05%
90.65%
1'120.1
1'363'210.88
5'020'784.00
0.0
77'368.0
786'892.00
5'246'338.93
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ORIX Corp
Holdings By:
All
Holder Name
FMR LLC
STATE STREET
NOMURA
JP MORGAN ASSET MGMT
ORIX CORP
JP MORGAN
JP MORGAN CLEARING C
BLACKROCK
MELLON BANK NA
CITIBANK NA
Firm Name
Portfolio Name
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
#N/A N/A
n/a
n/a
#N/A N/A
Multiple Portfolios
#N/A N/A
n/a
#N/A N/A
#N/A N/A
Analyst
Morgan Stanley
HIDEYASU BAN
Mizuho Securities
YUSUKE YABUMOTO
Deutsche Bank
MASAO MURAKI
Credit Suisse
TAKEHITO YAMANAKA
Okasan Securities
TOMOTAKA OSHIO
KOUICHI NIWA
JPMorgan
NATSUMU TSUJINO
Goldman Sachs
TAKANORI MIYOSHI
Jefferies
MAKARIM SALMAN
Barclays
AZUMA OHNO
JUN SHIOTA
Nomura
WATARU OHTSUKA
TATSUO MAJIMA
EVA Dimensions
AUSTIN BURKETT
Ji Asia
SHIRO YOSHIOKA
TIW
YOSHITANE HORIBE
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MOF-JP
ULT-AGG
13F
Co File
ULT-AGG
ULT-AGG
MOF-JP
MF-AGG
Co File
ULT-AGG
Co File
Co File
Recommendation
Overwt/In-Line
buy
buy
outperform
neutral
neutral
restricted
not rated
buy
suspended coverage
outperform
buy
above average
outperform
overweight
buy
Neutral Plus
Amt Held
181'930'000
175'780'500
113'470'000
59'676'500
48'088'940
45'382'700
43'264'630
41'640'000
40'060'300
36'253'950
32'397'650
27'316'900
20'132'790
20'126'200
17'662'450
15'211'800
14'990'000
14'497'450
13'270'000
12'920'000
% Out
16.24
15.69
10.13
5.33
4.29
4.05
3.86
3.72
3.58
3.24
2.89
2.44
1.8
1.8
1.58
1.36
1.34
1.29
1.18
1.15
Weighting
Change
5
5
5
5
3
3
#N/A N/A
#N/A N/A
5
#N/A N/A
5
5
4
5
5
5
3
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
10'490'000
1'953'820
(7'580'000)
(46'611'600)
(2'401'800)
(610'600)
(319'400)
240'000
(2'470'600)
(25'985'710)
193'000
(10'100)
1'268'700
4'977'300
8'629'730
1'018'300
(620'000)
1'239'400
(7'410'000)
-
Target Price
1'400
1'320
1'320
147
#N/A N/A
1'100
#N/A N/A
#N/A N/A
1'230
#N/A N/A
1'100
1'200
#N/A N/A
1'100
#N/A N/A
1'250
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
18.03.2013
Investment Advisor
30.09.2012
Bank
31.01.2013
Bank
26.03.2013
Investment Advisor
14.12.2012
Unclassified
11.02.2013
Holding Company
30.09.2012
Other
15.03.2013
Bank
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
08.03.2013
Unclassified
31.01.2013
Unclassified
08.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
25.03.2013
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Bank
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
21.03.2013
21.03.2013
18.03.2013
18.03.2013
08.03.2013
25.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
17.01.2013
14.01.2013
10.07.2012
27.03.2013
Osaka Gas Co Ltd

OSAKA GAS CO., LTD. produces and supplies natural gas primarily in Osaka, Kyoto,
and Hyogo areas. The Company provides gases and energy products for
residential, commercial, and industrial customers. Osaka Gas also constructs
and maintains gas supply lines. In addition, the Company sells gas appliances.
Price/Volume
450
25.0 M
400
20.0 M
350
300
15.0 M
250
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
423.00
303.00
9'116'000.00
408
-3.55%
34.65%
89.17%
2'083.4
850'027.19
541'347.00
0.0
24'320.0
129'254.00
1'267'362.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
5.0 M
50
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'238'145.0
1.13x
170'864.0
8.22x
40'283.0
21.78x
10.0 M
150
31.03.2009
31.03.2010
1'326'784.0
1'096'628.0
0.92x
1.08x
153'481.0
186'542.0
7.92x
6.37x
36'041.0
48'384.0
18.42x
14.89x
Profitability
LTM-4Q
31.03.2011
1'187'142.0
0.95x
186'153.0
6.05x
45'968.0
15.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.96
0.52
1'967.22
25.93%
31.21%
0.516
11
3.727
9'772'400
9'692'567
8'912'828
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'294'781.0 ######### ######### ######### ######### 420'985.0
0.87x
3.50x
3.21x
0.96x
0.90x
170'898.0 125'045.0 128'615.0 178'744.1 187'332.0
6.60x
0.00x
0.00x
7.09x
6.77x
45'207.0
29'092.0
78'109.0
57'694.4
62'649.6
15.29x
21.77x
8.37x
14.50x
13.62x
S&P Issuer Ratings
28.01.2011
NEG
26.07.1990
A-1+
9.52% Credit Ratios
19.18
9.78
Net Debt/EBITDA
2.08
- Total Debt/EBITDA
2.54
14.0% Reference
79.1%
43.3%
Asset Turnover
0.94
35.65
-
Price/ Cash Flow
6.00
1'400'000.0
5.00
1'200'000.0
1'000'000.0
4.00
800'000.0
3.00
600'000.0
2.00
400'000.0
1.00
200'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Osaka Gas Co Ltd

Holdings By:
All
Holder Name
RESONA HOLDINGS INC
COMPANY'S TOYUKAI
AIOI NISSAY DOWA INS
BLACKROCK
VANGUARD GROUP INC
NOMURA
KUBOTA CORP
KANSAI ELECTRIC POWE
OBAYASHI CORP
JULIUS BAER MULTIPAR
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
Mizuho Securities
NORIMASA SHINYA
Morgan Stanley
YUKA MATAYOSHI
Okasan Securities
SHINICHI YAMAZAKI
Nomura
SHIGEKI MATSUMOTO
EVA Dimensions
AUSTIN BURKETT
HIDETOSHI SHIODA
Goldman Sachs
HIROYUKI SAKAIDA
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
Recommendation
buy
Equalwt/In-Line
neutral
outperform
neutral
overweight
outperform
neutral/neutral
Amt Held
110'941'000
110'766'000
77'434'000
76'293'000
52'777'000
44'495'000
30'116'000
29'191'000
27'865'000
19'268'942
17'895'569
16'703'000
16'508'169
15'629'000
15'476'614
13'433'000
10'714'660
8'863'000
7'236'000
6'974'849
% Out
5.32
5.32
3.72
3.66
2.53
2.14
1.45
1.4
1.34
0.92
0.86
0.8
0.79
0.75
0.74
0.64
0.51
0.43
0.35
0.33
Weighting
Change
5
3
3
5
3
5
5
3
M
M
M
M
M
M
M
M
Latest Chg
(10'361'000)
59'000
5'351'000
54'000
(81)
65'000
301'000
(162'000)
445'418
1'370'000
23'000
380'000
41'233
Target Price
420
350
#N/A N/A
390
370
#N/A N/A
400
370
File Dt
Inst Type
30.09.2012
Bank
20.12.2012
Insurance Company
30.09.2012
Bank
28.02.2013
Holding Company
30.09.2012
Holding Company
30.09.2012
Other
30.09.2012
n/a
30.09.2012
Insurance Company
30.09.2012
Insurance Company
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.03.2012
Insurance Company
31.03.2012
Corporation
31.03.2012
Corporation
10.12.2012
Bank
31.03.2012
Corporation
26.03.2013
Unclassified
31.03.2012
Insurance Company
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
13.03.2013
12.03.2013
28.02.2013
06.02.2013
04.02.2013
17.01.2013
12.12.2012
30.11.2012
27.03.2013
Otsuka Holdings Co Ltd

Otsuka Holdings KK is a pharmaceutical company. The Company manufactures,
sells, imports and exports pharmaceuticals, clinical testing, and medical
equipment for intractable diseases.
Price/Volume
3500
3000
2500
2000
Valuation Analysis
1500
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (12.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
3'320.00
2'322.00
1'280'800.00
3260
-1.81%
40.40%
94.49%
557.8
1'818'544.13
74'399.00
0.0
13'041.0
562'773.00
1'366'175.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
928'480.0
61'865.0
-
1000
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
31.03.2009
31.03.2010
955'947.0
1'084'291.0
131'909.0
145'561.0
47'083.0
67'443.0
Profitability
LTM-4Q
31.03.2011
1'127'589.0
0.66x
174'388.0
4.25x
82'369.0
12.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.38
0.52
372.61
36.71%
35.17%
0.519
13
3.615
1'077'520
1'316'643
1'406'286
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'154'573.0 ######### ######### ######### ######### 276'700.0
0.77x
2.59x
3.03x
1.04x
0.89x
196'722.0 204'276.0 193'127.0 221'171.4 274'628.6
50'627.0
4.53x
3.72x
4.59x
6.18x
4.97x
92'174.0 101'113.0
94'736.0 114'822.2 151'111.1
22'791.0
14.83x
5.83x
14.20x
15.15x
11.87x
S&P Issuer Ratings
7.81% Credit Ratios
Net Debt/EBITDA
17.0% Reference
Asset Turnover
3.32
Price/ Cash Flow
115.58
94.41
-2.49
0.38
6.2%
5.7%
0.71
4.51
79.40
110.13
85.01
104.52
16.00
1'400'000.0
14.00
1'200'000.0
12.00
1'000'000.0
10.00
800'000.0
8.00
600'000.0
6.00
400'000.0
4.00
200'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Otsuka Holdings Co Ltd

Holdings By:
All
Holder Name
FOUNDERS FAM MOCHIKA
OTSUKA ESTATE YK
AWA BANK LTD/THE
OTSUKA ASSET
OTSUKA HOLDINGS CO L
NOMURA
OTSUKA ICHIRO
TOHO HOLDINGS CO LTD
RESONA HOLDINGS INC
BLACKROCK
OHTSUKA AKIHIKO
VANGUARD GROUP INC
SUZUKEN CO LTD
MEDIPAL HOLDINGS COR
FMR LLC
Firm Name
Morgan Stanley
Nomura
Jefferies
JPMorgan
Mizuho Securities
Barclays
Credit Suisse
EVA Dimensions
Mito Securities
Okasan Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
YASUHIRO NAKAZAWA
SHINICHIRO MURAOKA
RYOICHI URUSHIHARA
NAOMI KUMAGAI
MASAYUKI ONOZUKA
HIROSHI TANAKA
ATSUSHI SEKI
FUMIYOSHI SAKAI
ANDREW S ZAMFOTIS
YUKA YANAGIBA
AKIHIRO CHIBA
YUKICHI OKABE
Source
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
Co File
ULT-AGG
Recommendation
neutral
Equalwt/In-Line
neutral
hold
neutral
neutral
overweight
neutral
buy
Neutral Plus
Strong Outperform
buy
Amt Held
64'966'000
43'583'000
34'515'000
26'772'000
14'049'000
10'970'000
9'866'000
9'190'000
8'260'900
7'133'000
6'383'500
6'288'000
5'670'000
5'064'220
3'702'696
3'505'000
3'431'898
3'292'000
2'604'000
2'112'314
% Out
11.65
7.81
6.19
4.8
2.52
1.97
1.77
1.65
1.48
1.28
1.14
1.13
1.02
0.91
0.66
0.63
0.62
0.59
0.47
0.38
Weighting
Change
3
3
3
3
3
3
5
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
N
N
Latest Chg
(63'000)
(3'809'000)
(568)
(1'768'000)
(3'168'000)
(520)
1'221'000
(2'810'000)
(15)
(1'671'000)
(11'100)
(640)
220
4'500
24'000
(379'391)
1'145'614
Target Price
2'800
2'900
3'300
2'900
2'700
3'050
2'900
2'900
#N/A N/A
#N/A N/A
#N/A N/A
2'600
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
29.06.2012
30.09.2012
31.03.2012
25.03.2013
29.06.2012
31.12.2012
31.03.2012
31.03.2012
31.01.2013
Date
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Other
Bank
Corporation
n/a
Bank
Bank
Other
Other
Corporation
Bank
Unclassified
n/a
Corporation
Holding Company
Investment Advisor
n/a
Investment Advisor
Corporation
Holding Company
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
22.03.2013
21.03.2013
01.03.2013
22.02.2013
20.02.2013
17.01.2013
10.01.2013
12.06.2012
15.08.2011
27.03.2013
Panasonic Corp
Panasonic Corporation manufactures electric and electronic products.
The Company produces home appliances, audio & video, computer peripherals,
telecommunications, industrial equipment, and electronic parts. Panasonic has
associated companies around the world.
Price/Volume
900
350.0 M
800
300.0 M
700
250.0 M
600
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2012)
52-Week Low (06.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
783.00
376.00
34'281'000.00
708
-9.58%
88.30%
72.97%
2'453.1
1'736'761.88
1'575'615.00
0.0
47'780.0
611'469.00
2'756'740.88
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
400
150.0 M
300
100.0 M
200
50.0 M
100
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
9'068'928.0
0.48x
840'015.0
5.13x
281'877.0
16.25x
500
31.03.2009
31.03.2010
7'765'507.0
7'417'980.0
0.29x
0.54x
437'679.0
488'723.0
5.08x
8.13x
(378'961.0)
(103'465.0)
Profitability
LTM-4Q
31.03.2011
8'692'672.0
0.36x
672'517.0
4.65x
74'017.0
29.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.71
1.34
2'101.02
-7.82%
35.63%
1.337
18
3.278
16'086'380
24'445'170
37'144'840
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
7'846'216.0 ######### ######### ######### ######### #########
0.35x
1.40x
1.34x
0.41x
0.38x
381'837.0 460'852.0 464'949.0 461'063.9 536'710.3
7.26x
5.37x
4.79x
5.98x
5.14x
(772'172.0) (374'503.0) ######### (744'964.7) 80'489.4 (76'350.0)
0.00x
0.00x
19.44x
S&P Issuer Ratings
02.11.2012
BBB
STABLE
22.02.2012
A-2
13.44
-2.63
Net Debt/EBITDA
2.60
3.73
5.6% Reference
81.6%
44.3%
Asset Turnover
1.16
4.34
49.41
57.98
58.23
43.67
6.31
Price/ Cash Flow
30.00
10'000'000.0
9'000'000.0
25.00
8'000'000.0
7'000'000.0
20.00
6'000'000.0
15.00
5'000'000.0
4'000'000.0
10.00
3'000'000.0
2'000'000.0
5.00
0.00
03.04.2009
1'000'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Panasonic Corp
Holdings By:
All
Holder Name
PANASONIC CORP
DODGE & COX
MOXLEY & CO
STATE STREET
VANGUARD GROUP INC
MATSUSHITA FUDOSAN K
DEUTSCHE SECURITIES
TOYOTA MOTOR CORP
BLACKROCK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
Credit Suisse
SHUNSUKE TSUCHIYA
Deutsche Bank
YASUO NAKANE
JUNYA AYADA
KOKI SHIRAISHI
Morgan Stanley
MASAHIRO ONO
Goldman Sachs
TAKASHI WATANABE
TIW
TAKAO HATTORI
Okasan Securities
TAKANOBU MURAKAMI
KOUICHIROU HAGIWARA
Mizuho Securities
YOSHIHIRO UJIHARA
Nomura
SHIRO MIKOSHIBA
EVA Dimensions
CRAIG STERLING
Macquarie
DAMIAN THONG
TSUNENORI OHMAKI
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
Short
ULT-AGG
ULT-AGG
Recommendation
outperform
hold
neutral
neutral
Equalwt/In-Line
neutral
neutral/neutral
neutral
neutral
below average
neutral
neutral
underweight
outperform
outperform
Amt Held
% Out
141'368'900
5.76
126'850'000
5.17
124'425'000
5.07
86'469'400
3.52
78'687'400
3.21
67'764'974
2.76
66'817'000
2.72
63'215'000
2.58
52'973'000
2.16
51'154'000
2.09
37'806'933
1.54
37'408'000
1.52
29'335'890
1.2
29'121'000
1.19
27'805'000
1.13
25'105'000
1.02
22'805'937
0.93
(22'170'598)
-0.9
21'503'154
0.88
20'830'184
0.85
Weighting
Change
5
3
3
3
3
3
3
3
3
2
3
3
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
17'700
(6'214'000)
(33'501'000)
(25'548'400)
41'100
1'870'040
16'233'000
3'102'000
(6'776'000)
3'591'000
3'609'569
(5'000'000)
(19'900)
(12'700)
20'800
Target Price
750
700
630
700
610
600
540
#N/A N/A
#N/A N/A
#N/A N/A
600
600
#N/A N/A
600
#N/A N/A
File Dt
Inst Type
30.09.2012
Corporation
30.09.2012
Bank
30.09.2012
Bank
15.11.2012
Bank
20.11.2012
Insurance Company
29.01.2013
Investment Advisor
30.09.2012
Bank
30.09.2012
Other
30.09.2012
n/a
30.09.2012
Investment Advisor
26.03.2013
Investment Advisor
30.09.2012
Insurance Company
31.12.2012
Investment Advisor
30.09.2012
Corporation
31.03.2012
Corporation
31.03.2012
Insurance Company
25.03.2013
Bank
07.08.2012
Corporation
25.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Date
18.03.2013
15.03.2013
14.03.2013
06.03.2013
27.02.2013
27.02.2013
12.02.2013
12.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
15.01.2013
12.11.2012
18.06.2012
27.03.2013
Resona Holdings Inc

Resona Holdings, Inc. is a holding company established through the merger of
Daiwa Bank, Daiwa Trust & Banking, Kinki Osaka Bank, Nara Bank, and Asahi Bank.
The Company manages financial operations for its subsidiaries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
561.00
278.00
16'192'300.00
504
-10.16%
81.29%
79.51%
2'515.0
1'267'538.63
3'388'135.00
848'000.0
109'890.0
2'954'084.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
120.0 M
500
100.0 M
400
80.0 M
300
60.0 M
200
40.0 M
100
20.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
952'992.0
302'818.0
7.01x
600
31.03.2009
31.03.2010
898'974.0
838'035.0
123'910.0
132'230.0
17.18x
13.38x
Profitability
LTM-4Q
31.03.2011
807'108.0
160'079.0
5.41x
31.03.2012
825'802.0
253'662.0
3.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
35.72%
35.51%
0.71%
33.43%
6.56%
0.02%
33.0%
7.84%
382.65%
-
Price/ Cash Flow
LTM
FY+1
1.08
2'331.81
30.64%
31.63%
1.082
17
3.471
15'436'160
26'643'440
23'255'140
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
777'361.0 742'343.0 633'176.3 626'691.2 167'185.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
176'491.0 325'251.0 255'993.6 147'905.3
4.60x
2.95x
6.31x
10.99x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
382.7%
64.8%
0.02
2.47
-
2.00
1'200'000.0
1.80
1'000'000.0
1.60
1.40
800'000.0
1.20
600'000.0
1.00
0.80
400'000.0
0.60
0.40
200'000.0
0.20
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Resona Holdings Inc

Holdings By:
All
Holder Name
DEPOSIT INSURANCE CO
RESONA HOLDINGS INC
J-ESOP
CREDIT AGRICOLE SA
SIX SIS AG
JP MORGAN BANK LUXEM
NOMURA
VANGUARD GROUP INC
BLACKROCK
SOCIETE GENERALE
MERRILL LYNCH INTERN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Macquarie
ALASTAIR MACDONALD
JPMorgan
NATSUMU TSUJINO
AKIRA TAKAI
EVA Dimensions
AUSTIN BURKETT
DAVID THREADGOLD
SHINICHIRO NAKAMURA
Deutsche Bank
YOSHINOBU YAMADA
Morgan Stanley
TAKAAKI NISHINO
Mizuho Securities
RIE NISHIHARA
Jefferies
MAKARIM SALMAN
TOYOKI SAMESHIMA
Nomura
KEN TAKAMIYA
Barclays
SHIN TAMURA
Goldman Sachs
KATSUNORI TANAKA
Source
MOF-JP
Co File
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Short
Short
MF-AGG
Short
ULT-AGG
Recommendation
neutral
neutral
outperform
hold
market perform
neutral
buy
outperform
Underwt/In-Line
neutral
buy
hold
buy
underweight
buy/attractive
Amt Held
% Out
503'262'500 20.01
179'282'100
7.13
77'805'400
3.09
64'190'600
2.55
64'188'600
2.55
55'241'900
2.2
39'483'700
1.57
34'880'000
1.39
31'612'200
1.26
30'065'300
1.2
28'779'300
1.14
24'806'000
0.99
24'626'700
0.98
18'180'440
0.72
17'958'418
0.71
(13'737'127) -0.55
(13'221'589) -0.53
11'543'700
0.46
(6'849'487) -0.27
6'214'600
0.25
Weighting
Change
3
3
5
3
3
3
5
5
1
3
5
3
5
1
5
M
M
M
D
M
M
U
M
D
M
M
M
M
M
M
Latest Chg
(12'610'900)
(5'450'300)
(10'495'100)
(1'853'800)
429'134
132'500
(13'737'127)
(88'900)
269'900
414'000
(175'800)
Target Price
550
520
600
#N/A N/A
592
570
610
550
400
440
530
430
500
300
450
File Dt
Inst Type
19.12.2012
Insurance Company
30.09.2012
Bank
30.09.2012
Bank
30.09.2012
Holding Company
30.09.2012
n/a
30.09.2012
Insurance Company
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
31.03.2012
Other
28.02.2013
Unclassified
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Bank
25.03.2013
Bank
30.03.2012
Investment Advisor
26.03.2013
Unclassified
Date
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
26.03.2013
19.03.2013
15.03.2013
12.03.2013
11.03.2013
11.03.2013
07.03.2013
28.02.2013
19.02.2013
06.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
24.01.2012
27.03.2013
Ricoh Co Ltd
RICOH COMPANY, LTD. manufactures and markets office automation equipment,
electronic devices, and photographic instruments. The Company's diverse
product line includes facsimiles, image scanners, printers, digital cameras, and
personal computers, as well as a full range of analog, digital, and color
copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.
Price/Volume
25.0 M
1000
20.0 M
800
15.0 M
600
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'113.00
486.00
4'000'000.00
1017
-8.63%
109.26%
86.44%
744.9
757'575.56
741'867.00
0.0
56'314.0
158'671.00
1'467'254.58
31.03.2008
2'219'989.0
0.65x
277'294.0
5.22x
106'463.0
11.22x
10.0 M
400
5.0 M
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1200
31.03.2009
31.03.2010
2'091'696.0
2'016'337.0
0.67x
0.77x
176'353.0
164'938.0
8.00x
9.40x
6'530.0
27'873.0
128.94x
38.01x
Profitability
LTM-4Q
31.03.2011
1'941'336.0
0.63x
151'748.0
8.12x
18'630.0
38.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.06
1.33
683.71
28.64%
13.95%
1.326
20
3.700
5'413'800
6'787'567
8'784'845
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'903'477.0 ######### ######### ######### ######### 527'154.8 470'000.0
0.64x
2.41x
2.58x
0.70x
0.66x
2.53x
73'069.0
57'592.0 147'119.0 149'173.2 205'287.6
52'870.0
16.74x
19.71x
9.29x
9.84x
7.15x
(44'560.0) (53'845.0) 24'877.0
35'489.4
67'085.0
13'129.2
11'600.0
0.00x
25.37x
20.85x
10.91x
S&P Issuer Ratings
07.02.2012
A
NEG
25.01.2001
A-1
-24.45% EBITDA/Interest Exp.
10.47
-0.03
Net Debt/EBITDA
6.08
7.33
5.4% Reference
90.2%
45.8%
Asset Turnover
0.85
7.04
125.02
61.83
75.47
109.74
5.92
Price/ Cash Flow
60.00
2'500'000.0
50.00
2'000'000.0
40.00
1'500'000.0
30.00
1'000'000.0
20.00
500'000.0
10.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Ricoh Co Ltd
Holdings By:
All
Holder Name
NOMURA
RICOH CO LTD
NIPPONKOA INSURANCE
NEW TECH DEVELOPMENT
FMR LLC
BLACKROCK
MORGAN STANLEY
VANGUARD GROUP INC
SAWAKAMI ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Credit Suisse
YU YOSHIDA
JPMorgan
HISASHI MORIYAMA
KAZUHARU MIURA
Morgan Stanley
MASAHIRO ONO
Macquarie
DAMIAN THONG
Okasan Securities
KAZUMASA KUBOTA
Barclays
MASAHIRO NAKANOMYO
KUNIHIKO KANNO
JUNYA AYADA
Goldman Sachs
TOSHIYA HARI
Jefferies
YOSHIHIRO AZUMA
Mizuho Securities
EISAKU OHMORI
Nomura
TETSUYA WADAKI
EVA Dimensions
ANDREW S ZAMFOTIS
YUKIHIKO FUKUNAGA
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
outperform
overweight
outperform
Overwt/In-Line
outperform
buy
equalweight
hold
outperform
neutral/neutral
underperform
neutral
neutral
neutral
sell
outperform
Amt Held
% Out
105'470'000 14.16
76'820'063 10.31
76'790'000 10.31
37'735'000
5.07
35'018'000
4.7
32'529'000
4.37
19'845'000
2.66
18'198'000
2.44
18'001'000
2.42
15'839'000
2.13
12'571'000
1.69
10'873'000
1.46
9'894'000
1.33
7'411'007
0.99
7'280'000
0.98
6'688'648
0.9
6'493'094
0.87
(6'002'000) -0.81
5'981'080
0.8
5'000'000
0.67
Weighting
Change
5
5
5
5
5
5
3
3
5
3
1
3
3
3
1
5
M
M
M
M
M
U
M
D
M
M
M
M
M
M
M
M
Latest Chg
34'884'000
8'544'179
13'425'000
(114'000)
(3'933'000)
(21'735'000)
14'000
577'000
863'000
(4'579'000)
(253'166)
(2'784'000)
639'000
(5'286'525)
4'000
490'000
(4'373'979)
-
Target Price
1'400
1'400
1'350
1'200
1'400
1'300
900
1'100
1'100
940
800
750
1'142
830
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
20.12.2012
Holding Company
30.09.2012
Bank
20.12.2012
Insurance Company
31.01.2013
Unclassified
15.02.2013
Bank
30.09.2012
Corporation
30.09.2012
Insurance Company
30.09.2012
Other
30.09.2012
Other
30.09.2012
n/a
31.03.2012
Investment Advisor
30.09.2012
Insurance Company
15.02.2013
Unclassified
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
23.08.2012
Investment Advisor
Date
Not Provided
9 month
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
22.03.2013
19.03.2013
07.03.2013
27.02.2013
22.02.2013
15.02.2013
13.02.2013
05.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
15.01.2013
06.11.2012
27.03.2013
Secom Co Ltd
SECOM CO., LTD. provides comprehensive security services. The Company provides
on-line centralized security services, home security systems, and home medical
services,
Price/Volume
6000
4.5 M
4.0 M
5000
3.5 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (12.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'120.00
3'325.00
725'000.00
4895
-4.39%
47.22%
91.64%
233.3
1'141'948.25
77'905.00
0.0
63'509.0
282'350.00
1'025'893.27
2.5 M
31.03.2008
682'619.0
1.51x
148'861.0
6.93x
61'506.0
17.70x
2.0 M
2000
1.5 M
1.0 M
1000
.5 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
3000
31.03.2009
31.03.2010
678'400.0
654'678.0
1.09x
1.22x
126'693.0
138'152.0
5.83x
5.76x
21'502.0
47'611.0
37.54x
18.73x
Profitability
LTM-4Q
31.03.2011
663'887.0
1.10x
138'196.0
5.28x
60'846.0
13.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
679'173.0
1.09x
121'710.0
6.11x
35'489.0
24.90x
121'710.00
81'078.00
11.94%
11.27%
3.57%
6.42%
5.94%
0.66%
32.5%
17.1%
11.4%
5.2%
2.33
1.88
7.07%
12.81%
7.99
6.96
Price/ Cash Flow
LTM
FY+1
0.78
206.26
21.99%
15.22%
0.779
7
3.857
1'015'780
871'660
869'319
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
667'009.0 741'886.0 751'400.0 773'328.6 205'703.0
4.15x
3.94x
1.40x
1.30x
139'607.0 127'601.0 148'477.5 157'272.5
4.55x
6.51x
6.91x
6.52x
55'099.0
41'803.0
64'000.0
67'735.7
14'926.0
14.06x
22.64x
16.94x
15.90x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
106.30
62.83
Net Debt/EBITDA
-2.01
Total Debt/EBITDA
0.56
Reference
Total Debt/Equity
12.8%
Total Debt/Capital
10.4%
Asset Turnover
0.66
2.45
45.79
Inventory Days
52.61
21.84
98.37
14.00
800'000.0
12.00
700'000.0
600'000.0
10.00
500'000.0
8.00
400'000.0
6.00
300'000.0
4.00
200'000.0
2.00
100'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Secom Co Ltd
Holdings By:
All
Holder Name
SECOM CO LTD
NOMURA
IIDA MAKOTO
SECOM SCI & TECH FOU
TODA JUICHI
INTERNATIONAL VALUE
BLACKROCK
VANGUARD GROUP INC
FMR LLC
AMUNDI LUXEMBOURG SA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst

HIROKO TAKANASHI
Nomura
KYOICHIRO SHIGEMURA
Mizuho Securities
HIDEKATSU WATANABE
Morgan Stanley
MASAHARU MIYACHI
Mitsubishi UFJ Morgan Stanley SecuritieKATSUMI ARAI
EVA Dimensions
CRAIG STERLING
Source
MOF-JP
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
Recommendation
not rated
buy
neutral
Equalwt/No Rating
neutral
hold
Amt Held
18'895'230
16'037'000
15'018'000
12'631'000
10'301'000
7'945'700
4'665'000
4'320'000
4'171'000
4'025'000
3'152'000
3'077'400
2'947'300
2'620'877
2'615'700
2'164'399
2'059'937
1'419'792
1'082'890
1'071'590
% Out
8.1
6.87
6.44
5.41
4.42
3.41
2
1.85
1.79
1.73
1.35
1.32
1.26
1.12
1.12
0.93
0.88
0.61
0.46
0.46
Weighting
Change
#N/A N/A
5
3
3
3
3
M
M
M
M
M
U
Latest Chg
1'777'000
400
1'197'000
4'148'000
88'000
(1'004'000)
(1'493'565)
129'300
1'100
85'849
(8'362)
30'300
Target Price
5'000
5'100
4'500
4'400
4'800
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Corporation
30.09.2012
Bank
30.09.2012
Unclassified
15.10.2012
Bank
30.09.2012
Other
30.09.2012
n/a
15.10.2012
Unclassified
30.09.2012
Other
30.09.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Holding Company
28.02.2013
Holding Company
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Insurance Company
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
25.02.2013
15.02.2013
14.02.2013
07.02.2013
07.02.2013
24.01.2013
27.03.2013
Sekisui House Ltd

Sekisui House, Ltd. builds and sells steel-frame and wooden housings.
The Company constructs single-family houses, condominiums, and apartment
buildings. Sekisui House also operates real estate brokerage and leasing
businesses. Additionally, the Company sells construction materials.
Price/Volume
1400
25.0 M
1200
20.0 M
1000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
01/2013
01/yy
1'339.00
638.00
3'249'000.00
1298
-3.06%
103.45%
93.15%
676.9
878'596.81
267'027.00
0.0
7'228.0
182'330.00
970'521.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
600
10.0 M
400
5.0 M
200
0
m-12 a-12 m-12
31.01.2010
31.01.2011
1'353'186.0
1'488'369.0
0.51x
0.40x
(22'175.0)
72'737.0
8.28x
(29'277.0)
30'421.0
17.75x
Profitability
LTM-4Q
31.01.2012
1'530'577.0
0.38x
88'931.0
6.50x
28'962.0
16.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.16
0.97
549.53
65.04%
40.00%
0.968
16
4.250
4'936'200
5'275'500
4'961'707
FY+2
FQ+1
FQ+2
31.01.2013
01/yy
01/yy
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
1'613'816.0 ######### ######### ######### #########
0.48x
1.61x
1.74x
0.56x
0.53x
105'211.0
88'930.0 105'542.0 130'794.4 147'559.6
7.30x
6.50x
7.27x
7.42x
6.58x
46'458.0
28'961.0
46'460.0
64'591.3
73'042.6
14.54x
16.70x
14.54x
14.04x
12.51x
S&P Issuer Ratings
09.01.2007
NR
5.99% Credit Ratios
64.95
31.17
Net Debt/EBITDA
0.81
2.54
6.5% Reference
33.1%
24.7%
Asset Turnover
1.08
4.36
8.09
176.15
39.29
144.96
2.08
Price/ Cash Flow
40.00
1'800'000.0
35.00
1'600'000.0
30.00
1'400'000.0
1'200'000.0
25.00
1'000'000.0
20.00
800'000.0
15.00
600'000.0
10.00
400'000.0
5.00
200'000.0
0.00
05.02.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
1'514'172.0
0.43x
89'352.0
7.21x
11'516.0
45.13x
800
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Sekisui House Ltd

Holdings By:
All
Holder Name
SEKISUI CHEMICAL CO
NOMURA
FMR LLC
STATE STREET
VANGUARD GROUP INC
RESONA HOLDINGS INC
MORGAN STANLEY
SEKISUI HOUSE LTD
BLACKROCK
SHARP CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Ji Asia
MARK S BROWN
SHOICHI ARISAWA
Credit Suisse
MASAHIRO MOCHIZUKI
HIDEAKI TERAOKA
Deutsche Bank
YOJI OTANI
JPMorgan
HIROKAZU ANAI
HIROKI KAWASHIMA
Morgan Stanley
TOMOYOSHI OMURO
Nomura
DAISUKE FUKUSHIMA
Barclays
TAKASHI HASHIMOTO
EVA Dimensions
CRAIG STERLING
TIW
YOSHITANE HORIBE
Mizuho Securities
HIROSHI OKUBO
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Recommendation
buy
Neutral Plus
outperform
outperform
buy
overweight
neutral
neutral
Overwt/In-Line
buy
overweight
underweight
neutral
suspended coverage
Amt Held
72'168'000
66'972'000
46'390'000
36'174'000
21'294'000
20'982'917
18'387'000
16'795'000
13'995'473
12'917'000
12'158'000
10'717'000
10'197'679
5'411'217
5'344'000
5'221'000
5'100'692
5'032'000
4'848'202
4'529'000
% Out
10.66
9.89
6.85
5.34
3.15
3.1
2.72
2.48
2.07
1.91
1.8
1.58
1.51
0.8
0.79
0.77
0.75
0.74
0.72
0.67
Weighting
Change
5
3
5
5
5
5
3
3
5
5
5
1
3
#N/A N/A
M
D
U
U
M
U
M
M
M
M
M
M
D
M
Latest Chg
(727)
9'579'000
4'787'000
(3'676'000)
1'538'000
1'087'000
(4'000)
1'159'285
197'000
9'000
(1'969'000)
212'337
(332'000)
161'046
(1'000)
12'000
-
Target Price
1'600
1'500
1'600
1'400
1'550
1'500
1'300
1'220
1'130
1'340
1'300
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.07.2012
31.07.2012
31.07.2012
13.04.2012
31.01.2013
31.07.2012
31.07.2012
28.02.2013
31.01.2013
31.07.2012
31.07.2012
20.11.2012
26.03.2013
31.12.2012
31.03.2012
13.04.2012
31.12.2012
31.07.2012
25.03.2013
31.03.2012
Date
12 month
6 month
Not Provided
Not Provided
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Bank
Bank
Bank
Unclassified
Bank
n/a
Holding Company
Investment Advisor
Other
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Holding Company
Unclassified
Investment Advisor
Corporation
Investment Advisor
Corporation
Date
26.03.2013
22.03.2013
18.03.2013
13.03.2013
12.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
17.01.2013
19.09.2012
01.02.2012
27.03.2013
Seven & I Holdings Co Ltd

Seven & I Holdings Co., Ltd. is a holding company which was established through
the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan.
The Holding company plans, manages, and operates mainly convenient stores,
supermarkets, and restaurants.
Price/Volume
3500
9.0 M
3000
8.0 M
7.0 M
2500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (09.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
02/2012
11/yy
3'120.00
2'238.00
2'072'400.00
3085
-1.12%
37.85%
93.54%
886.4
2'734'673.50
743'645.00
0.0
93'748.0
754'654.00
2'754'079.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
1500
4.0 M
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
5'223'832.0
0.50x
424'730.0
6.18x
130'657.0
19.19x
6.0 M
2000
28.02.2009
28.02.2010
5'094'757.0
4'549'867.0
0.42x
0.41x
422'394.0
358'898.0
5.02x
5.18x
92'336.0
44'875.0
21.83x
40.35x
Profitability
LTM-4Q
28.02.2011
4'530'685.0
0.48x
392'373.0
5.50x
111'961.0
18.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.07
0.62
734.99
31.00%
28.12%
0.622
16
4.375
3'108'020
3'185'777
3'461'733
FY+2
FQ+1
FQ+2
29.02.2012
11/yy
11/yy
02/13 Y
02/14 Y
02/13 Q4 05/13 Q1
4'013'617.0 ######### ######### ######### ######### #########
0.52x
1.94x
2.06x
0.59x
0.56x
444'969.0 437'443.0 466'820.0 463'269.8 498'852.3
4.65x
4.58x
4.59x
5.94x
5.52x
129'837.0 105'396.0 143'144.0 144'214.1 168'130.7
44'976.0
15.28x
17.83x
14.83x
18.89x
16.21x
S&P Issuer Ratings
30.10.2008
STABLE
8.13% Credit Ratios
63.81
33.75
Net Debt/EBITDA
-0.20
1.70
11.2% Reference
42.1%
28.6%
Asset Turnover
1.01
3.04
24.70
17.42
41.39
0.36
21.02
Price/ Cash Flow
8.00
6'000'000.0
7.00
5'000'000.0
6.00
4'000'000.0
5.00
4.00
3'000'000.0
3.00
2'000'000.0
2.00
1'000'000.0
1.00
0.00
06.03.2009
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
06.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Seven & I Holdings Co Ltd

Holdings By:
All
Holder Name
ITO KOGYO KK
NOMURA
ITO MASATOSHI
MITSUI & CO LTD
STATE STREET
MELLON BANK NA
VANGUARD GROUP INC
FMR LLC
BLACKROCK
CREDIT SAISON CO LTD
RESONA HOLDINGS INC
SUZUKI TOSHIFUMI
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Goldman Sachs
SHO KAWANO
Macquarie
TOBY WILLIAMS
Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI
JAMES MOON
JUN KAWAHARA
Mizuho Securities
TOSHIO TAKAHASHI
Credit Suisse
TAKETO YAMATE
Deutsche Bank
TAKAHIRO KAZAHAYA
JPMorgan
DAIRO MURATA
KAZUNORI TSUDA
EVA Dimensions
AUSTIN BURKETT
Ji Asia
MIKIHIKO YAMATO
Nomura
MASAFUMI SHODA
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Recommendation
Buy/Neutral
neutral
neutral
buy
neutral
buy
outperform
buy
overweight
outperform
hold
buy
buy
Amt Held
68'901'000
45'530'000
45'292'100
39'499'000
23'776'274
21'510'700
18'905'000
16'801'000
16'222'000
16'066'764
13'777'000
12'873'000
12'251'700
11'431'322
10'736'422
9'825'476
7'184'679
6'850'800
5'574'218
5'063'000
% Out
7.77
5.14
5.11
4.46
2.68
2.43
2.13
1.9
1.83
1.81
1.55
1.45
1.38
1.29
1.21
1.11
0.81
0.77
0.63
0.57
Weighting
Change
5
3
3
5
3
5
5
5
5
5
3
5
5
M
M
M
M
M
M
M
U
M
M
D
M
M
Latest Chg
3'907'000
(1'248'100)
4'612'000
27'400
5'000
625'000
(480)
1'087'600
(250'000)
79'990
843'262
(86'500)
1'000
Target Price
3'300
2'700
3'050
3'380
3'150
3'400
3'300
3'200
3'300
3'100
#N/A N/A
3'100
3'000
File Dt
31.08.2012
31.08.2012
13.04.2012
31.08.2012
15.03.2013
20.11.2012
31.08.2012
31.08.2012
31.08.2012
26.03.2013
31.08.2012
31.08.2012
31.03.2012
31.12.2012
31.01.2013
31.03.2012
25.03.2013
31.03.2012
31.03.2012
28.05.2012
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Corporation
Bank
Bank
Bank
Unclassified
Insurance Company
Other
n/a
Corporation
Investment Advisor
Insurance Company
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Corporation
Holding Company
n/a
Date
14.03.2013
13.03.2013
13.03.2013
11.03.2013
11.03.2013
08.03.2013
06.03.2013
05.03.2013
28.02.2013
29.01.2013
29.01.2013
24.01.2013
08.01.2013
27.03.2013
Shin-Etsu Chemical Co Ltd

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other
chemical products such as fertilizers. The Company also manufactures electronic
materials such as semiconductor silicon, synthetic and rare earth quartz.
Shin-Etsu Chemical operates in Japan and overseas.
Price/Volume
7000
8.0 M
6000
7.0 M
6.0 M
5000
5.0 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
6'520.00
3'865.00
1'316'400.00
6260
-3.99%
61.97%
94.35%
432.1
2'704'988.00
15'730.00
0.0
37'727.0
330'691.00
2'374'564.90
31.03.2008
1'376'364.0
1.37x
428'414.0
4.41x
183'580.0
12.07x
3.0 M
2000
2.0 M
1000
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3000
31.03.2009
31.03.2010
1'200'813.0
916'837.0
1.47x
2.23x
352'384.0
204'937.0
5.01x
9.98x
154'731.0
83'852.0
13.16x
27.49x
Profitability
LTM-4Q
31.03.2011
1'058'257.0
1.37x
242'953.0
5.96x
100'119.0
17.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.60
1.12
410.01
32.38%
20.65%
1.121
24
4.250
1'826'560
1'995'477
1'835'524
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'047'731.0 ######### ######### ######### ######### 266'402.4
1.67x
5.41x
6.51x
2.23x
2.08x
232'500.0 239'073.0 233'376.0 243'974.0 276'126.6
56'900.0
7.54x
5.78x
8.10x
9.73x
8.60x
100'643.0
87'534.0 108'444.0 110'890.0 128'534.5
27'490.7
20.17x
18.38x
20.48x
23.99x
20.67x
S&P Issuer Ratings
09.01.2007
NR
7.12% Credit Ratios
449.71
294.35
Net Debt/EBITDA
-1.51
0.07
22.1% Reference
1.1%
1.0%
Asset Turnover
0.58
1.72
90.79
112.79
49.33
148.27
3.24
Price/ Cash Flow
25.00
1'600'000.0
1'400'000.0
20.00
1'200'000.0
1'000'000.0
15.00
800'000.0
10.00
600'000.0
400'000.0
5.00
0.00
03.04.2009
200'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Shin-Etsu Chemical Co Ltd

Holdings By:
All
Holder Name
HACHIJUNI BANK LTD/T
SHIN-ETSU CHEMICAL C
STATE STREET
NOMURA
BLACKROCK
MELLON BANK NA
NIPPONKOA INSURANCE
ABERDEEN
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Nomura
SHIGEKI OKAZAKI
Mizuho Securities
ATSUSHI YOSHIDA
Morgan Stanley
LALITA GUPTA
Jefferies
YOSHIHIRO AZUMA
TAKATO WATABE
Macquarie
DAMIAN THONG
YOSHITSUGU YAMAMOTO
YUKIHIKO FUKUNAGA
KAZUYOSHI SAITO
Marusan Securities
SHIGEKAZU ISHIDA
Okasan Securities
TAKASHI NISHIHIRA
TIW
TOSHIRO TAKAHASHI
Goldman Sachs
HISAAKI YOKOO
Credit Suisse
MASAMI SAWATO
Barclays
MIKIYA YAMADA
EVA Dimensions
CRAIG STERLING
KOICHI ISHIHARA
JPMorgan
NOBUHITO OWAKI
Source
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
Recommendation
buy
neutral
buy
Equalwt/No Rating
buy
neutral
outperform
buy
outperform
outperform
outperform
buy
neutral
neutral
neutral/neutral
outperform
equalweight
overweight
buy
overweight
Amt Held
44'732'000
36'147'000
24'632'100
22'997'400
11'790'000
10'962'000
9'492'000
7'511'200
7'489'804
7'308'521
6'660'300
6'572'522
6'180'000
5'777'000
4'936'219
4'016'200
3'837'300
3'629'400
3'241'584
2'997'300
% Out
10.35
8.37
5.7
5.32
2.73
2.54
2.2
1.74
1.73
1.69
1.54
1.52
1.43
1.34
1.14
0.93
0.89
0.84
0.75
0.69
Weighting
Change
5
3
5
3
5
3
5
5
5
5
5
5
3
3
3
5
3
5
5
5
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
633'000
2'194'000
4'200
1'565'800
243'000
(1'600)
1'037'000
(540'261)
66'300
(91'967)
(129'000)
(556)
35'000
555'300
(257'391)
123'200
Target Price
6'600
6'790
7'300
5'100
7'150
5'300
6'350
6'500
#N/A N/A
6'600
#N/A N/A
6'200
5'700
#N/A N/A
6'000
6'200
4'600
#N/A N/A
5'650
4'800
File Dt
30.09.2012
30.09.2012
20.11.2012
13.04.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
26.03.2013
07.11.2012
28.02.2013
25.03.2013
30.09.2012
30.09.2012
28.02.2013
13.04.2012
31.12.2012
31.12.2012
31.03.2012
28.02.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Inst Type
Bank
Bank
Insurance Company
Bank
Bank
Insurance Company
Other
Corporation
Investment Advisor
Holding Company
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Holding Company
Date
26.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
26.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
17.01.2013
25.12.2012
25.10.2012
27.03.2013
Shiseido Co Ltd
Shiseido Company, Limited manufactures cosmetic and toiletry products. The
Company offers an array of makeup and skin-care products, toiletries, beauty
salon products, pharmaceuticals, foodstuffs, and fine chemicals.
Price/Volume
1600
12.0 M
1400
10.0 M
1200
8.0 M
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'473.00
938.00
2'890'400.00
1330
-9.71%
41.79%
77.01%
400.0
532'000.00
185'151.00
0.0
12'553.0
92'623.00
669'471.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
400
2.0 M
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
690'256.0
644'201.0
0.80x
1.47x
79'764.0
77'740.0
6.88x
12.15x
19'373.0
33'671.0
29.87x
23.99x
Profitability
LTM-4Q
31.03.2011
670'701.0
1.01x
79'172.0
8.58x
12'790.0
44.79x
31.03.2012
682'385.0
0.99x
75'336.0
8.94x
14'515.0
39.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
75'336.00
39'135.00
5.74%
5.71%
1.46%
3.48%
2.75%
0.95%
76.1%
9.2%
3.8%
2.1%
1.91
1.24
25.69%
63.59%
6.67
2.18
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
3.76
0.75
379.26
-4.03%
11.34%
0.754
15
2.400
2'644'560
2'982'607
2'990'145
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
674'432.0 676'469.0 678'070.2 708'963.8 190'712.0
4.12x
3.65x
0.96x
0.91x
81'981.0
58'772.0
65'326.8
76'301.5
8.36x
10.58x
10.25x
8.77x
9'554.0
13'302.0
10'972.7
18'912.7
58.94x
36.40x
48.64x
26.74x
S&P Issuer Ratings
10.03.2010
Long-Term Rating
A
Long-Term Outlook
NEG
02.06.1999
Short-Term Rating
A-1
Credit Ratios
41.30
31.59
Net Debt/EBITDA
1.75
Total Debt/EBITDA
2.98
Reference
Total Debt/Equity
63.6%
Total Debt/Capital
37.9%
Asset Turnover
0.95
5.21
54.88
Inventory Days
168.04
96.96
113.28
18.00
800'000.0
16.00
700'000.0
14.00
600'000.0
12.00
500'000.0
10.00
400'000.0
8.00
300'000.0
6.00
200'000.0
4.00
100'000.0
2.00
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
723'484.0
1.40x
91'316.0
11.11x
35'459.0
30.62x
6.0 M
600
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Shiseido Co Ltd
Holdings By:
All
Holder Name
NIPPONKOA INSURANCE
NOMURA
NEW JERSEY DIVISION
VANGUARD GROUP INC
BLACKROCK
DEUTSCHE SECURITIES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
JPMorgan
RITSUKO TSUNODA
Morgan Stanley
TAIZO DEMURA
Mizuho Securities
WAKAKO SATO
KUNI KANAMORI
Barclays
MITSUKO MIYASAKO
Goldman Sachs
KEIKO YAMAGUCHI
JAMES MOON
KATSURO HIROZUMI
TIW
TOSHIRO TAKAHASHI
Credit Suisse
SATSUKI KAWASAKI
EVA Dimensions
AUSTIN BURKETT
Nomura
SATOSHI FUJIWARA
Source
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Recommendation
overweight
Equalwt/In-Line
neutral
neutral
equalweight
neutral/neutral
reduce
underperform
underperform
Neutral Minus
neutral
sell
suspended coverage
Amt Held
% Out
29'383'000
7.35
24'323'200
6.08
17'701'000
4.43
17'261'600
4.32
10'012'000
2.5
8'477'000
2.12
8'168'000
2.04
8'153'500
2.04
8'000'000
2
7'221'000
1.81
7'037'000
1.76
6'157'500
1.54
5'277'797
1.32
4'000'000
1
3'930'900
0.98
3'557'158
0.89
3'501'390
0.88
3'189'691
0.8
2'874'100
0.72
(2'772'282) -0.69
Weighting
5
3
3
3
3
3
2
1
1
3
3
1
#N/A N/A
Change
M
M
M
M
M
D
D
D
M
D
M
M
M
Latest Chg
551'000
(17'000)
986'000
5'102'000
318'000
(497)
399'000
(4'634'000)
(4'707'000)
(26'100)
1'700'000
103'700
(16'500)
135'848
1'600
133'800
(31'400)
Target Price
1'400
1'200
1'200
1'150
1'180
1'250
930
950
860
#N/A N/A
920
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
29.10.2012
Bank
30.09.2012
Bank
13.04.2012
Bank
30.09.2012
n/a
30.09.2012
Insurance Company
30.09.2012
Other
30.09.2012
Insurance Company
30.09.2012
Insurance Company
30.09.2012
Investment Advisor
30.09.2012
Insurance Company
28.02.2013
Unclassified
31.03.2012
Insurance Company
13.04.2012
Unclassified
28.02.2013
Holding Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Holding Company
25.03.2013
Bank
Date
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
14.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
17.01.2013
02.07.2012
27.03.2013
SMC Corp/Japan
SMC CORPORATION manufactures directional control devices such as power, hand,
and air valves. The Company also produces air filters, cylinders, and
actuators along with other pneumatic equipment. SMC seeks to become a
comprehensive maker of automated equipment through the market demand of
information and communications products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
18'720.00
11'680.00
158'500.00
18120
-3.21%
55.14%
89.77%
71.9
1'302'272.75
37'943.00
0.0
1'736.0
224'325.00
1'086'806.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
357'919.0
1.67x
101'345.0
5.88x
55'985.0
13.28x
20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
m-12
31.03.2009
31.03.2010
283'436.0
220'906.0
1.89x
3.28x
63'261.0
37'161.0
8.46x
19.50x
25'978.0
19'593.0
24.95x
44.42x
Profitability
LTM-4Q
31.03.2011
325'116.0
2.32x
92'773.0
8.14x
47'759.0
19.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
341'864.0
2.10x
100'305.0
7.16x
59'279.0
15.23x
100'305.00
88'069.00
25.76%
27.62%
7.69%
9.82%
0.46%
46.2%
26.9%
23.2%
17.3%
4.33
2.65
5.14%
6.48%
4.07
1.14
Price/ Cash Flow
LTM
FY+1
.0 M
f-13 m-13
0.77
1.07
61.80
36.52%
16.90%
1.075
21
3.190
221'080
258'187
251'705
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
334'903.0 330'090.0 317'372.5 347'275.5
81'216.0
83'000.0
8.54x
9.07x
3.39x
3.02x
101'477.0
67'435.0
89'632.8 104'382.3
6.72x
0.00x
12.13x
10.41x
51'672.0
61'985.0
55'943.1
63'470.8
14'701.0
15'800.0
16.49x
17.21x
22.12x
19.64x
22.04x
18.07x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
288.23
249.48
Net Debt/EBITDA
-2.20
Total Debt/EBITDA
0.37
Reference
Total Debt/Equity
6.5%
Total Debt/Capital
6.1%
Asset Turnover
0.46
3.48
89.84
Inventory Days
321.68
99.47
311.89
60.00
400'000.0
350'000.0
50.00
300'000.0
40.00
250'000.0
200'000.0
30.00
150'000.0
20.00
100'000.0
10.00
0.00
03.04.2009
50'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
SMC Corp/Japan
Holdings By:
All
Holder Name
TON FINANCE BV
SMC CORP/JAPAN
TAKADA INTERNATIONAL
ALLIED MATERIAL CORP
RESONA HOLDINGS INC
MELLON BANK NA
FMR LLC
VANGUARD GROUP INC
TAKADA YOSHIKI
BLACKROCK
TRIMARK INVESTMENT M
NOMURA
Firm Name
TIW
EVA Dimensions
Credit Suisse
Nomura
Jefferies
Deutsche Bank
Mizuho Securities
Macquarie
Goldman Sachs
JPMorgan
Morgan Stanley
Ji Asia
Barclays
Mito Securities
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MASAKAZU ITOI
CRAIG STERLING
TAKU OUCHI
SHINJI KURODA
KATSUSHI SAITO
YUKIHIRO KUMAGAI
TAKESHI KITAURA
JUNJI SAKURADA
KENJIN HOTTA
YUICHIRO ISAYAMA
TORU NAKAHASHI
HIROKAZU MIYAGI
YOSHINAO IBARA
TONY MOYER
KUNIO SAKAIDA
YOICHIRO WATANABE
HIROYASU NISHIKAWA
Source
MF-AGG
Co File
Co File
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
underweight
neutral
neutral
buy
buy
buy
neutral
underperform
sell/attractive
neutral
neutral
Overwt/Attractive
buy
sell
equalweight
Neutral Plus
Neutral Plus
Amt Held
3'958'206
3'836'200
3'283'100
3'198'500
3'138'600
3'050'000
2'497'800
2'334'200
1'959'800
1'713'000
1'679'900
1'588'000
1'464'013
1'417'792
912'000
627'300
617'900
511'000
391'000
271'400
% Out
5.51
5.34
4.57
4.45
4.37
4.24
3.48
3.25
2.73
2.38
2.34
2.21
2.04
1.97
1.27
0.87
0.86
0.71
0.54
0.38
Weighting
Change
3
1
3
3
5
5
5
3
1
1
3
3
5
5
1
3
3
3
M
D
M
M
M
M
U
M
D
M
M
M
M
M
M
M
D
N
Latest Chg
300
35'200
195'800
(34'500)
(230'000)
(103'600)
(400)
89'605
78'563
13'700
(1'200)
12'300
(2'800)
Target Price
#N/A N/A
#N/A N/A
17'000
17'000
19'200
18'000
20'000
14'800
13'500
13'800
15'250
15'500
17'000
19'000
9'545
12'600
16'000
15'000
File Dt
Inst Type
30.09.2012
Investment Advisor
30.09.2012
Corporation
31.12.2012
Investment Advisor
30.09.2012
Bank
30.09.2012
Corporation
30.09.2012
Bank
30.09.2012
Corporation
30.09.2012
Holding Company
30.09.2012
Insurance Company
31.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.06.2012
n/a
31.03.2012
Insurance Company
25.03.2013
Investment Advisor
31.12.2012
Unclassified
28.02.2013
Unclassified
28.02.2013
Holding Company
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
6 month
Date
27.03.2013
21.03.2013
04.03.2013
28.02.2013
26.02.2013
25.02.2013
22.02.2013
22.02.2013
21.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
05.12.2012
04.09.2012
19.06.2012
27.03.2013
Softbank Corp
SOFTBANK Corp provides telecommunication services. The Company also operates
ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet
connection, e-Commerce businesses, and Internet based advertising and auction
businesses.
Price/Volume
4500
80.0 M
4000
70.0 M
3500
60.0 M
3000
50.0 M
2500
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2013)
52-Week Low (15.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'275.00
2'200.00
23'885'500.00
4265
-0.23%
93.86%
95.17%
1'192.3
5'085'084.50
2'142'751.00
0.0
498'047.0
1'020'727.00
7'195'193.67
31.03.2008
2'776'168.0
1.80x
603'591.0
8.26x
108'624.0
17.77x
30.0 M
1500
1000
20.0 M
500
10.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
2000
Valuation Analysis
31.03.2009
31.03.2010
2'673'035.0
2'763'406.0
1.60x
1.84x
656'245.0
770'885.0
6.52x
6.60x
43'172.0
96'716.0
31.44x
25.76x
Profitability
LTM-4Q
31.03.2011
3'004'640.0
1.90x
916'788.0
6.24x
189'712.0
18.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.97
949.92
76.89%
36.46%
0.974
22
4.227
10'544'980
8'090'864
7'917'240
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'202'435.0 ######### ######### ######### ######### 894'026.5
1.35x
6.03x
6.13x
1.96x
1.88x
1'013'714.0 998'157.0 ######### ######### #########
4.25x
4.14x
4.95x
6.40x
5.67x
313'752.0 297'494.0 299'037.0 328'285.4 362'382.1
8.56x
8.35x
11.55x
14.47x
13.34x
S&P Issuer Ratings
12.10.2012
BBB *21.09% Long-Term Outlook
16.30
8.98
Net Debt/EBITDA
1.16
2.18
33.1% Reference
228.5%
59.9%
Asset Turnover
0.68
2.46
62.03
9.02
40.37
17.31
40.58
Price/ Cash Flow
6.00
3'500'000.0
5.00
3'000'000.0
2'500'000.0
4.00
2'000'000.0
3.00
1'500'000.0
2.00
1'000'000.0
1.00
500'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Softbank Corp
Holdings By:
All
Holder Name
SON MASAYOSHI
STATE STREET
NOMURA
FMR LLC
BLACKROCK
MELLON BANK NA
VANGUARD GROUP INC
SOFTBANK CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
DAISAKU MASUNO
Barclays
KEIICHI YONESHIMA
JPMorgan
HITOSHI HOSOYA
New Street Research
KIRK BOODRY
SHINJI MORIYUKI
Macquarie
NATHAN RAMLER
Mizuho Securities
KEI TAKAHASHI
Credit Suisse
HITOSHI HAYAKAWA
YUSUKE TSUNODA
RYUICHI ISHII
TOMOAKI KAWASAKI
HIDEKI YASUDA
Morgan Stanley
TETSURO TSUSAKA
EVA Dimensions
ANDREW S ZAMFOTIS
HIROSHI YAMASHINA
HSBC
NEALE ANDERSON
MAKOTO UENO
Goldman Sachs
IKUO MATSUHASHI
Ji Asia
NEIL JUGGINS
Source
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
overweight
overweight
buy
outperform
neutral
outperform
buy
outperform
above average
Strong Outperform
Neutral Plus
outperform
Overwt/Attractive
hold
hold
underweight
buy
not rated
neutral
Amt Held
247'323'900
231'704'000
104'422'000
57'532'000
51'691'000
47'238'131
24'097'000
21'759'000
18'698'000
17'917'100
12'977'117
12'552'300
10'772'867
10'049'000
9'958'694
9'183'700
8'964'200
6'978'600
4'439'600
3'548'700
% Out
20.74
19.43
8.76
4.83
4.34
3.96
2.02
1.82
1.57
1.5
1.09
1.05
0.9
0.84
0.84
0.77
0.75
0.59
0.37
0.3
Weighting
Change
5
5
5
5
5
3
5
5
5
4
5
3
5
5
3
3
1
5
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
D
Latest Chg
38'484'844
5'043'000
(3'999'000)
5'012'000
5'864'200
1'747'000
(2'258'000)
191'200
(886'839)
86'600
428'300
(18'000)
(418'508)
(8)
481'600
(68'400)
3'424'500
(540'600)
Target Price
4'500
4'500
4'200
4'290
4'590
3'400
4'050
3'920
4'200
#N/A N/A
#N/A N/A
3'600
#N/A N/A
3'200
#N/A N/A
2'900
2'600
4'000
#N/A N/A
4'130
File Dt
31.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
26.03.2013
30.09.2012
30.09.2012
30.09.2012
28.02.2013
31.01.2013
26.03.2013
25.03.2013
30.09.2012
31.12.2012
30.09.2012
28.02.2013
28.02.2013
26.03.2013
31.12.2012
Date
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Bank
Investment Advisor
Bank
Investment Advisor
Bank
Other
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Holding Company
Holding Company
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
18.03.2013
06.03.2013
05.03.2013
25.02.2013
08.02.2013
07.02.2013
05.02.2013
01.02.2013
01.02.2013
31.01.2013
15.01.2013
27.11.2012
15.11.2012
01.11.2012
16.10.2012
12.10.2012
27.03.2013
Sony Corp
SONY CORPORATION manufactures audio, home video game consoles, communications,
key device and information technology products for the consumer and professional
markets. The Company's other businesses include music, pictures, computer
entertainment, and online businesses.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2012)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
03/2012
12/yy
1'785.00
772.00
18'503'100.00
1675
-6.16%
116.97%
88.25%
1'012.0
1'695'016.63
1'172'587.00
0.0
481'230.0
1'575'489.00
2'195'064.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
8'871'414.0
0.44x
802'492.0
4.84x
369'435.0
10.78x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
7'729'993.0
7'213'998.0
0.29x
0.46x
177'660.0
402'776.0
12.61x
8.32x
(98'938.0)
(40'802.0)
Profitability
LTM-4Q
31.03.2011
7'181'273.0
0.34x
525'187.0
4.66x
(259'585.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.49
1.48
997.27
-1.86%
74.84%
1.479
18
3.167
40'536'140
35'956'430
41'998'800
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
6'493'212.0 ######### ######### ######### ######### #########
0.28x
1.19x
0.93x
0.29x
0.26x
252'319.0 184'781.0 399'075.0 513'722.3 533'686.2
7.09x
8.16x
3.66x
4.27x
4.11x
(456'660.0) (590'249.0) (306'087.0) 29'833.3
63'702.1
68'200.0
0.00x
0.00x
62.06x
28.68x
S&P Issuer Ratings
25.09.2012
BBB
NEG
25.09.2012
A-2
10.77
-5.56
Net Debt/EBITDA
0.20
4.82
4.0% Reference
57.8%
31.8%
Asset Turnover
0.50
7.12
40.72
58.94
52.70
37.66
6.21
Price/ Cash Flow
7.00
10'000'000.0
9'000'000.0
6.00
8'000'000.0
5.00
7'000'000.0
6'000'000.0
4.00
5'000'000.0
4'000'000.0
3.00
3'000'000.0
2.00
2'000'000.0
1.00
0.00
03.04.2009
1'000'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sony Corp
Holdings By:
All
Holder Name
MOXLEY & CO
NOMURA
TAM TWO
VANGUARD GROUP INC
BLACKROCK
MELLON BANK NA
BTG PACTUAL EUROPE L
UBS
DODGE & COX
MYRIAD OPP MASTER FU
DEUTSCHE BANK AG/LON
D E SHAW & CO HK LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
Morgan Stanley
MASAHIRO ONO
Okasan Securities
TAKANOBU MURAKAMI
KOUICHIROU HAGIWARA
Credit Suisse
SHUNSUKE TSUCHIYA
JUNYA AYADA
HIDEKI YASUDA
Deutsche Bank
YASUO NAKANE
KOKI SHIRAISHI
Nomura
SHIRO MIKOSHIBA
TIW
TAKAO HATTORI
Goldman Sachs
TAKASHI WATANABE
EVA Dimensions
CRAIG STERLING
Macquarie
DAMIAN THONG
Mizuho Securities
YOSHIHIRO UJIHARA
Mito Securities
KEITA WAKABAYASHI
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
Co File
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Short
Short
Co File
Recommendation
Equalwt/In-Line
neutral
sell
above average
neutral
buy
outperform
hold
neutral
neutral
neutral
neutral/neutral
underweight
neutral
neutral
Neutral Plus
Amt Held
% Out
109'016'000 10.77
69'745'000
6.89
49'363'000
4.88
42'166'524
4.17
15'345'100
1.52
14'972'307
1.48
12'397'800
1.23
9'982'000
0.99
9'618'916
0.95
9'587'230
0.95
8'777'000
0.87
(6'660'798) -0.66
(6'279'883) -0.62
5'789'828
0.57
5'412'900
0.53
5'086'900
0.5
(4'789'280) -0.47
(4'325'959) -0.43
(3'164'307) -0.31
2'940'245
0.29
Weighting
Change
3
3
1
4
3
5
5
3
3
3
3
3
1
3
3
3
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'433'000)
2'804'000
(1'840'000)
(23'502'676)
3'596'300
(3'715'700)
(63'200)
282'954
9'200
(767'000)
(23'000)
199'300
(187'800)
(35'300)
(334'800)
(202'600)
84'000
(3'164'307)
-
Target Price
1'450
1'450
1'000
#N/A N/A
1'600
2'200
1'800
1'800
1'300
1'460
#N/A N/A
1'100
#N/A N/A
1'080
1'000
#N/A N/A
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Bank
15.03.2013
Bank
15.03.2013
Unclassified
28.02.2013
Unclassified
30.09.2012
Unclassified
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.03.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Unclassified
29.01.2013
Investment Advisor
28.02.2013
Holding Company
28.02.2013
Holding Company
25.03.2013
Investment Advisor
31.03.2012
Insurance Company
Date
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
26.03.2013
26.03.2013
18.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
11.03.2013
06.03.2013
28.02.2013
18.02.2013
13.02.2013
17.01.2013
12.11.2012
02.11.2012
18.08.2010
27.03.2013
Sumitomo Corp
Sumitomo Corp is a general trading company. The Company imports and exports a
wide variety of goods such as metals, machinery, chemicals, fuel,food products,
and textiles. Sumitomo also operates real estate, construction, shipping,
insurance, finance, and leasing businesses.
Price/Volume
1400
16.0 M
1200
14.0 M
12.0 M
1000
10.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (14.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'284.00
984.00
7'758'700.00
1206
-6.07%
22.56%
86.67%
1'250.6
1'508'227.00
3'613'815.00
0.0
112'132.0
790'401.00
4'584'260.06
31.03.2008
3'670'896.0
1.47x
400'725.0
13.49x
238'928.0
6.82x
6.0 M
400
4.0 M
200
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
600
31.03.2009
31.03.2010
3'511'577.0
2'876'746.0
1.33x
1.52x
420'846.0
290'502.0
11.09x
15.01x
215'078.0
165'365.0
4.90x
8.13x
Profitability
LTM-4Q
31.03.2011
3'100'185.0
1.51x
344'038.0
13.57x
200'222.0
7.42x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
4.31
0.95
1'085.69
0.07%
11.45%
0.949
15
4.000
7'890'000
7'632'420
8'157'095
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'260'995.0 ######### ######### ######### ######### #########
1.36x
5.59x
5.81x
0.58x
0.56x
2.14x
374'983.0 378'041.0 247'911.0 360'094.1 407'485.0
11.82x
11.48x
17.96x
12.73x
11.25x
250'669.0 240'283.0 220'181.0 234'582.2 240'348.6
45'722.3
5.96x
5.42x
6.25x
6.41x
6.29x
S&P Issuer Ratings
09.02.2006
A
STABLE
09.02.2006
A-1
12.95
9.93
Net Debt/EBITDA
10.14
13.37
9.1% Reference
214.0%
66.7%
Asset Turnover
0.42
4.87
173.52
121.35
166.87
116.64
3.02
Price/ Cash Flow
8.00
12'000'000.0
7.00
10'000'000.0
6.00
8'000'000.0
5.00
4.00
6'000'000.0
3.00
4'000'000.0
2.00
2'000'000.0
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sumitomo Corp
Holdings By:
All
Holder Name
LIBERTY PROGRAMMING
BLACKROCK
JP MORGAN INVESTMENT
NOMURA
VANGUARD GROUP INC
SUMITOMO ELECTRIC IN
FMR LLC
JP MORGAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
Mizuho Securities
AKIFUMI HAYASHI
Jefferies
THANH HA PHAM
Macquarie
POLINA DIYACHKINA
TOSHIYUKI JOHNO
Barclays
KAZUHISA MORI
JIRO IOKIBE
JPMorgan
AKIRA KISHIMOTO
TAKASHI MURAKAMI
HIDEAKI KURIBARA
Nomura
YASUHIRO NARITA
Morgan Stanley
HARUNOBU GOROH
EVA Dimensions
CRAIG STERLING
HISAYUKI SHIMOKAWA
Source
Co File
Co File
ULT-AGG
Co File
Short
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MOF-JP
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
hold
outperform
buy
equalweight
neutral
restricted
neutral
above average
outperform
buy
Equalwt/In-Line
underweight
Strong Outperform
Amt Held
% Out
111'635'000
8.93
89'332'000
7.14
54'573'900
4.36
45'652'000
3.65
(34'030'300) -2.72
30'855'000
2.47
30'227'000
2.42
29'418'000
2.35
19'291'000
1.54
17'900'700
1.43
15'985'000
1.28
13'897'321
1.11
13'797'266
1.1
11'184'300
0.89
10'618'467
0.85
10'613'000
0.85
9'285'908
0.74
9'173'800
0.73
9'003'118
0.72
8'816'332
0.7
Weighting
5
3
5
5
3
3
#N/A N/A
3
4
5
5
3
1
5
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(5'414'000)
2'630'000
(44'369'700)
4'500'000
(3'000'840)
70'000
(210)
61'600
(83'386)
624'305
(629'100)
(631'478)
881'554
(2'700)
533'900
(4'892'200)
Target Price
1'390
1'300
1'500
1'300
1'270
1'310
#N/A N/A
1'350
#N/A N/A
1'340
1'700
1'150
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.09.2012
31.01.2013
30.09.2012
12.10.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
20.12.2012
30.09.2012
25.03.2013
15.12.2011
28.02.2013
31.12.2012
31.03.2012
31.01.2013
28.02.2013
31.01.2013
31.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Bank
Corporation
Investment Advisor
Insurance Company
Insurance Company
Other
Corporation
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Corporation
Investment Advisor
Holding Company
Unclassified
Unclassified
Date
22.03.2013
13.03.2013
04.03.2013
04.03.2013
01.03.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
19.02.2013
04.02.2013
29.01.2013
15.01.2013
15.11.2011
27.03.2013
Sumitomo Electric Industries Ltd

Sumitomo Electric Industries, Ltd. manufactures electric wires, cables, and
their related equipment. The Company's products include optical fibers,
wire harnesses, antennas for broadcasting stations, and electric monitoring
systems. Sumitomo Electric also produces disc brakes and antilock braking
systems for automobiles and printed circuit board.
Price/Volume
1400
12.0 M
1200
10.0 M
1000
8.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
400
2.0 M
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
2'121'978.0
1'836'352.0
0.50x
0.68x
133'980.0
157'395.0
7.94x
7.94x
17'237.0
28'708.0
37.70x
31.67x
Profitability
LTM-4Q
31.03.2011
2'033'827.0
0.59x
202'160.0
5.95x
70'614.0
12.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.74
1.32
766.92
3.20%
17.61%
1.322
14
4.429
3'103'160
4'136'197
4'024'731
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'059'344.0 ######### ######### ######### ######### 554'976.3
0.62x
2.26x
2.17x
0.61x
0.58x
165'400.0 164'749.0 174'908.0 173'522.9 213'783.3
7.67x
6.24x
7.04x
7.84x
6.37x
58'861.0
45'544.0
47'970.0
44'554.5
73'869.2
16'400.0
15.27x
14.59x
16.34x
20.17x
12.36x
S&P Issuer Ratings
14.02.2008
A
STABLE
28.09.2012
A-1
5.84% Credit Ratios
30.75
8.18
Net Debt/EBITDA
1.27
2.13
8.4% Reference
36.8%
24.2%
Asset Turnover
1.08
4.05
74.06
65.08
57.81
85.60
5.62
Price/ Cash Flow
12.00
3'000'000.0
10.00
2'500'000.0
8.00
2'000'000.0
6.00
1'500'000.0
4.00
1'000'000.0
2.00
500'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'540'858.0
0.56x
258'581.0
5.49x
87'804.0
11.19x
6.0 M
600
03/2012
12/yy
1'206.00
775.00
2'395'600.00
1151
-4.56%
48.52%
86.08%
793.9
913'825.63
363'995.00
0.0
150'923.0
144'945.00
1'360'942.60
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sumitomo Electric Industries Ltd

Holdings By:
All
Holder Name
NOMURA
STATE STREET
FMR LLC
BLACKROCK
VANGUARD GROUP INC
ALLIANCE BERNSTEIN
SUMITOMO METAL MININ
SUMITOMO CORP
Firm Name
Credit Suisse
Mizuho Securities
Okasan Securities
Nomura
Goldman Sachs
EVA Dimensions
JPMorgan
Morgan Stanley
TIW
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
SHINYA YAMADA
HIROSHI MATSUDA
MANAMI ONO
TAKESHI IRISAWA
YUJI MATSUMOTO
IKUO MATSUHASHI
KAZUHIRO HARADA
CRAIG STERLING
AKIRA IWASAKI
AKIRA KISHIMOTO
YUSUKE ANDO
HARUNOBU GOROH
YASUSHI MIZOUE
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
Co File
Recommendation
outperform
buy
buy
outperform
buy
neutral/neutral
outperform
overweight
outperform
neutral
neutral
Equalwt/Cautious
Neutral Minus
Amt Held
91'882'000
58'221'000
45'231'800
45'006'500
30'166'100
18'240'000
15'556'000
13'601'100
13'424'000
12'551'000
11'078'207
10'145'988
9'086'288
7'286'138
6'273'680
5'806'000
5'008'000
4'209'000
3'618'100
2'849'605
% Out
11.57
7.33
5.7
5.67
3.8
2.3
1.96
1.71
1.69
1.58
1.4
1.28
1.14
0.92
0.79
0.73
0.63
0.53
0.46
0.36
Weighting
Change
5
5
5
5
5
3
5
5
5
3
3
3
3
M
M
M
M
M
M
M
M
N
M
M
M
D
Latest Chg
138'000
1'531'000
(9'469'500)
(125'300)
(528'000)
940'800
1'578'000
1'034'400
664'410
(68'152)
251'897
(185'140)
125'300
125'700
-
Target Price
1'500
1'200
1'150
#N/A N/A
1'280
1'080
1'200
#N/A N/A
1'200
900
880
1'100
#N/A N/A
File Dt
30.09.2012
30.09.2012
14.12.2012
15.10.2012
20.11.2012
30.09.2012
30.09.2012
15.10.2012
30.09.2012
30.09.2012
26.03.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.03.2012
31.03.2012
28.02.2013
28.02.2013
31.03.2012
Date
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
9 month
Not Provided
12 month
Not Provided
Inst Type
Bank
Bank
Unclassified
Bank
Insurance Company
Other
Insurance Company
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Corporation
Holding Company
Holding Company
Insurance Company
Date
27.02.2013
27.02.2013
22.02.2013
14.02.2013
12.02.2013
04.02.2013
04.02.2013
15.01.2013
21.11.2012
01.11.2012
01.11.2012
31.10.2012
02.02.2012
27.03.2013
Sumitomo Metal Mining Co Ltd

Sumitomo Metal Mining Co., Ltd. develops and mines non-ferrous metals in Japan
and overseas. The Company's primary products include copper, gold, silver,
nickel, lead, and zinc. The Company refines, produces, and sells precious
metals. Sumitomo Metal Mining also produces and markets electronic & housing
construction materials and provides civil engineering works.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.02.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'678.00
785.00
2'946'000.00
1385
-17.46%
76.43%
65.62%
581.6
805'554.81
265'966.00
0.0
66'319.0
185'745.00
961'509.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
1600
16.0 M
1400
14.0 M
1200
12.0 M
1000
10.0 M
800
8.0 M
600
6.0 M
400
4.0 M
200
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'132'372.0
1.07x
185'899.0
6.50x
137'808.0
7.79x
1800
31.03.2009
31.03.2010
793'797.0
725'827.0
0.79x
1.29x
44'802.0
101'011.0
14.07x
9.26x
21'974.0
53'952.0
24.21x
14.45x
Profitability
LTM-4Q
31.03.2011
864'077.0
1.09x
130'663.0
7.20x
83'962.0
9.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
847'897.0
0.94x
119'611.0
6.69x
65'219.0
10.02x
119'611.00
88'498.00
10.44%
10.36%
4.76%
8.25%
5.43%
0.70%
15.6%
13.8%
10.2%
7.7%
2.67
1.52
23.21%
40.34%
8.86
4.40
Price/ Cash Flow
LTM
FY+1
1.88
1.14
480.67
16.41%
15.81%
1.136
16
3.563
3'835'000
4'303'167
4'128'569
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
862'888.0 792'067.0 795'705.3 846'228.9 205'675.0 205'800.0
3.86x
3.76x
1.17x
1.14x
124'507.0 115'432.0 115'414.4 127'791.2
5.76x
7.13x
8.33x
7.52x
74'913.0
73'766.0
70'884.6
76'615.4
17'833.3
7.42x
9.14x
11.08x
10.24x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
35.08
13.11
Net Debt/EBITDA
0.67
Total Debt/EBITDA
2.63
Reference
Total Debt/Equity
40.3%
Total Debt/Capital
26.8%
Asset Turnover
0.70
2.79
41.33
Inventory Days
83.20
19.72
103.46
18.00
1'200'000.0
16.00
1'000'000.0
14.00
800'000.0
12.00
10.00
600'000.0
8.00
400'000.0
6.00
4.00
200'000.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sumitomo Metal Mining Co Ltd

Holdings By:
All
Holder Name
SUMITOMO METAL MININ
NOMURA
TOYOTA MOTOR CORP
SUMITOMO CORP
JA ZENKYOREN
BLACKROCK
VANGUARD GROUP INC
NEC CORP
JFE HOLDINGS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Mizuho Securities
AKIFUMI HAYASHI
YOSHIYUKI TAKANO
Okasan Securities
MANAMI ONO
TAKESHI IRISAWA
Nomura
YUJI MATSUMOTO
KAZUHIRO HARADA
Morgan Stanley
HARUNOBU GOROH
JPMorgan
AKIRA KISHIMOTO
Macquarie
POLINA DIYACHKINA
Credit Suisse
SHINYA YAMADA
EVA Dimensions
CRAIG STERLING
YUSUKE ANDO
TIW
YASUSHI MIZOUE
Source
Co File
Co File
MOF-JP
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
Co File
MF-AGG
Co File
ULT-AGG
Recommendation
buy
above average
neutral
outperform
neutral
neutral
Equalwt/In-Line
neutral
outperform
neutral
neutral
hold
neutral
Neutral Plus
Amt Held
57'964'000
36'087'000
29'394'492
28'238'700
21'320'000
15'223'000
13'057'000
10'881'000
8'715'000
7'650'000
7'474'000
7'074'000
7'000'000
6'115'000
5'407'351
5'400'000
5'114'000
5'088'502
5'000'000
4'128'000
% Out
9.97
6.2
5.05
4.86
3.67
2.62
2.24
1.87
1.5
1.32
1.29
1.22
1.2
1.05
0.93
0.93
0.88
0.87
0.86
0.71
Weighting
Change
5
4
3
5
3
3
3
3
5
3
3
3
3
3
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
351'000
(180'000)
4'645
(6'746'000)
874'000
(347'000)
2'487'000
104'884
-
Target Price
1'650
#N/A N/A
1'510
#N/A N/A
1'570
900
1'600
1'450
1'700
1'600
1'410
#N/A N/A
1'160
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.11.2012
15.03.2013
31.12.2012
15.03.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
14.12.2012
30.09.2012
31.03.2012
25.03.2013
31.03.2012
31.03.2012
31.12.2012
31.03.2012
31.03.2012
Date
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Bank
Corporation
Bank
Unclassified
Unclassified
Other
Government
Corporation
Bank
Insurance Company
Corporation
Corporation
Bank
Investment Advisor
Insurance Company
Corporation
Investment Advisor
Corporation
Corporation
Date
19.03.2013
14.03.2013
22.02.2013
12.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
21.01.2013
17.01.2013
07.11.2012
28.03.2012
27.03.2013
Sumitomo Mitsui Financial Group Inc

Sumitomo Mitsui Financial Group, Inc. is a holding company established by
Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui Card Co., SMBC Leasing
Co., and The Japanese Research Institute, Ltd. joined the Group in Feb., 2003.
The Company manages financial operations for its subsidiaries. The Group
provides commercial banking and a variety of financial services.
Price/Volume
4500
30.0 M
4000
25.0 M
3500
3000
20.0 M
2500
03/2012
12/yy
4'255.00
2'231.00
6'829'600.00
3880
-8.81%
73.91%
82.46%
1'414.1
5'486'536.00
31'861'253.00
0.0
2'043'883.0
9'008'109.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1500
10.0 M
1000
5.0 M
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
3'168'618.0
461'536.0
11.06x
15.0 M
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.03.2009
31.03.2010
2'888'511.0
2'697'380.0
(373'456.0)
271'559.0
12.44x
Profitability
LTM-4Q
31.03.2011
2'859'372.0
475'895.0
7.68x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.58
1.16
1'222.40
41.78%
26.16%
1.162
19
4.579
8'602'320
11'608'410
10'925'510
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'989'626.0 ######### ######### ######### ######### 683'539.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
518'536.0 371'758.0 657'942.0 666'730.8 518'752.6 153'100.0
7.28x
8.10x
6.42x
8.03x
10.15x
S&P Issuer Ratings
18.06.2007
- Long-Term Rating
A
NEG
18.06.2007
A-1
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
611.4%
81.5%
Asset Turnover
0.02
2.00
-
Price/ Cash Flow
3.00
3'500'000.0
2.50
3'000'000.0
2'500'000.0
2.00
2'000'000.0
1.50
1'500'000.0
1.00
1'000'000.0
0.50
500'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sumitomo Mitsui Financial Group Inc

Holdings By:
All
Holder Name
NOMURA
STATE STREET
FMR LLC
VANGUARD GROUP INC
MELLON BANK NA
BLACKROCK
NATS CUMCO
TOYOTA MOTOR CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst

AKIRA TAKAI
TATSUO MAJIMA
DAVID THREADGOLD
Macquarie
ALASTAIR MACDONALD
JPMorgan
NATSUMU TSUJINO
Morgan Stanley
TAKAAKI NISHINO
Mizuho Securities
RIE NISHIHARA
Deutsche Bank
YOSHINOBU YAMADA
Jefferies
MAKARIM SALMAN
TOYOKI SAMESHIMA
Nomura
KEN TAKAMIYA
Barclays
SHIN TAMURA
Goldman Sachs
KATSUNORI TANAKA
EVA Dimensions
AUSTIN BURKETT
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
neutral
outperform
outperform
outperform
overweight
Overwt/In-Line
buy
buy
buy
buy
buy
equalweight
buy/attractive
hold
Amt Held
113'515'018
76'775'800
59'955'300
59'551'500
39'260'784
37'555'108
21'515'318
21'058'762
19'710'633
19'194'557
16'246'974
16'237'782
16'028'015
15'876'374
12'384'100
10'872'300
6'450'600
6'086'988
5'540'300
4'733'157
% Out
8.03
5.43
4.24
4.21
2.78
2.66
1.52
1.49
1.39
1.36
1.15
1.15
1.13
1.12
0.88
0.77
0.46
0.43
0.39
0.33
Weighting
Change
5
3
5
5
5
5
5
5
5
5
5
5
3
5
3
M
D
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
(6'135'100)
3'463'300
(2'826'219)
24'336'456
(27'300)
(37'644'883)
(1'118'230)
4'271'032
(245'923)
(55'700)
1'708'098
(18'015'540)
3'000'600
2'044'240
295'500
24'000
(1'060'000)
Target Price
5'000
#N/A N/A
5'310
4'500
5'020
5'100
4'750
4'500
4'650
4'500
3'800
4'300
2'800
4'000
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
15.02.2013
30.09.2012
15.10.2012
26.03.2013
31.01.2013
31.12.2012
30.09.2012
25.03.2013
20.12.2012
30.09.2012
30.09.2012
31.12.2012
15.02.2013
28.02.2013
17.12.2012
31.01.2013
28.02.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Bank
Bank
Bank
Bank
Other
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Other
Investment Advisor
Investment Advisor
Unclassified
Holding Company
Corporation
Investment Advisor
Investment Advisor
Date
26.03.2013
18.03.2013
11.03.2013
04.03.2013
28.02.2013
20.02.2013
19.02.2013
06.02.2013
04.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
28.01.2013
15.01.2013
27.03.2013
Sumitomo Mitsui Trust Holdings Inc

Sumitomo Mitsui Trust Holdings, Inc. is a holding company established jointly
by Chuo Mitsui Trust Holdings and Sumitomo Trust and Banking. As a financial
group, the Bank provides trust banking business as well as securities brokerage,
assets management, and related financial services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
462.00
188.00
23'927'000.00
455
-1.52%
142.02%
93.43%
3'903.5
1'776'086.38
3'192'410.00
109'000.0
510'181.0
2'880'784.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12 m-12
31.03.2009
31.03.2010
199'192.0
353'380.0
(92'033.0)
46'826.0
11.17x
Profitability
LTM-4Q
31.03.2011
328'394.0
47'277.0
10.35x
31.03.2012
879'070.0
164'660.0
6.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
35.90%
38.91%
0.28%
5.40%
1.94%
0.02%
21.7%
9.29%
185.84%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.92
1.25
3'171.46
70.39%
52.57%
1.252
19
3.789
31'236'600
34'519'730
28'983'450
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
734'197.0 832'853.0 641'505.9 643'497.9 168'898.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
145'744.0 116'562.0 134'056.1 133'173.4
36'500.0
6.65x
11.17x
13.93x
13.40x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
185.8%
57.7%
0.02
3.44
-
0.80
1'000'000.0
0.70
900'000.0
800'000.0
0.60
700'000.0
0.50
600'000.0
0.40
500'000.0
400'000.0
0.30
300'000.0
0.20
200'000.0
0.10
100'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
435'776.0
71'837.0
8.55x
500
450
400
350
300
250
200
150
100
50
0
m-12
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sumitomo Mitsui Trust Holdings Inc

Holdings By:
All
Holder Name
STATE STREET
FMR LLC
MELLON BANK NA
KUBOTA CORP
VANGUARD GROUP INC
NOMURA
BLACKROCK
TOYOTA MOTOR CORP
NAGOYA RAILROAD CO L
SUMITOMO WAREHOUSE C
IDEMITSU KOSAN CO LT
MORGAN STANLEY
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Mizuho Securities
RIE NISHIHARA
TOYOKI SAMESHIMA
AKIRA TAKAI
Morgan Stanley
TAKAAKI NISHINO
Macquarie
ALASTAIR MACDONALD
DAVID THREADGOLD
Nomura
KEN TAKAMIYA
JPMorgan
NATSUMU TSUJINO
Deutsche Bank
YOSHINOBU YAMADA
Goldman Sachs
KATSUNORI TANAKA
Jefferies
MAKARIM SALMAN
SHINICHIRO NAKAMURA
EVA Dimensions
AUSTIN BURKETT
TATSUO MAJIMA
Barclays
SHIN TAMURA
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Recommendation
buy
hold
outperform
Overwt/In-Line
outperform
outperform
buy
neutral
hold
neutral/attractive
hold
outperform
sell
above average
underweight
neutral
Amt Held
569'833'991
192'738'000
82'860'000
58'532'464
52'213'000
52'048'829
49'734'000
46'389'000
43'989'000
32'756'000
31'117'097
30'918'000
29'306'260
28'200'100
21'154'245
20'779'864
19'986'860
19'669'341
18'279'824
16'812'789
% Out
14.6
4.94
2.12
1.5
1.34
1.33
1.27
1.19
1.13
0.84
0.8
0.79
0.75
0.72
0.54
0.53
0.51
0.5
0.47
0.43
Weighting
Change
5
3
5
5
5
5
5
3
3
3
3
5
1
4
1
3
U
M
M
M
U
M
M
M
M
M
M
U
D
M
M
M
Latest Chg
467'295'721
3'710'000
556'000
7'592'000
(24'816'000)
(8'970'469)
5'560'000
1'209'000
(20'128'000)
(5'070'112)
(39'000)
239'000
(390'000)
1'419'810
(1)
(54'377)
Target Price
490
440
500
520
475
501
450
380
430
350
330
490
#N/A N/A
#N/A N/A
230
310
File Dt
11.03.2013
30.09.2012
30.09.2012
26.03.2013
30.09.2012
31.01.2013
30.09.2012
30.09.2012
30.09.2012
31.03.2012
31.12.2012
28.02.2013
31.12.2012
25.03.2013
17.12.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Bank
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Corporation
Corporation
Corporation
Corporation
Corporation
Investment Advisor
Date
25.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
11.03.2013
11.03.2013
09.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
20.02.2013
01.02.2013
31.01.2013
31.01.2013
27.03.2013
Sumitomo Realty & Development Co Ltd

Sumitomo Realty & Development Co., Ltd. develops, manages, and sells houses and
condominiums. The Company also develops and manages real estates in overseas.
Sumitomo Realty & Development undertakes infrastructure projects, manages real
estate properties, and provides financing services to its customers. The
Company operates fitness clubs and restaurants as well.
Price/Volume
9.0 M
3500
8.0 M
3000
7.0 M
6.0 M
2500
5.0 M
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
3'770.00
1'500.00
4'038'000.00
3725
-1.19%
148.33%
98.19%
476.1
1'773'420.25
2'654'385.00
0.0
28'822.0
146'475.00
4'294'151.27
31.03.2008
691'928.0
3.72x
171'757.0
14.97x
63'132.0
13.21x
4.0 M
1500
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4000
31.03.2009
31.03.2010
695'239.0
719'635.0
3.37x
3.80x
164'251.0
152'043.0
14.25x
17.96x
46'205.0
52'662.0
11.12x
16.02x
Profitability
LTM-4Q
31.03.2011
744'756.0
3.73x
162'166.0
17.13x
50'908.0
15.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
688'662.0
5.06x
183'514.0
18.98x
53'236.0
17.77x
183'514.00
147'465.00
21.41%
14.11%
1.49%
10.27%
2.52%
0.18%
28.8%
26.6%
21.8%
7.7%
0.91
0.19
68.77%
479.27%
57.50
0.83
Price/ Cash Flow
LTM
FY+1
0.54
1.36
358.44
86.25%
31.19%
1.361
24
3.500
3'134'200
3'983'733
3'891'155
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
670'827.0 699'884.0 722'475.8 752'960.0 213'196.0 190'612.0
18.16x
20.33x
5.81x
5.57x
174'437.0 142'498.0 191'593.0 198'268.5
17.67x
0.00x
22.41x
21.66x
45'289.0
64'795.0
61'222.5
64'860.8
14.11x
20.83x
29.29x
27.71x
28.75x
S&P Issuer Ratings
10.04.2009
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
5.12
1.99
Net Debt/EBITDA
13.67
Total Debt/EBITDA
14.46
Reference
Total Debt/Equity
479.3%
Total Debt/Capital
82.0%
Asset Turnover
0.18
0.27
6.37
Inventory Days
440.69
17.76
433.88
70.00
800'000.0
60.00
700'000.0
600'000.0
50.00
500'000.0
40.00
400'000.0
30.00
300'000.0
20.00
200'000.0
10.00
100'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sumitomo Realty & Development Co Ltd

Holdings By:
All
Holder Name
NOMURA
KAJIMA CORP
STATE STREET
OBAYASHI CORP
SHIMIZU CORP
BLACKROCK
SUMITOMO CORP
NEC CORP
VANGUARD GROUP INC
NISHIMATSU CONSTRUCT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Morgan Stanley
TOMOYOSHI OMURO
TIW
YOSHITANE HORIBE
Jefferies
YUKI OGAWA
HIROKI KAWASHIMA
Barclays
TAKASHI HASHIMOTO
Okasan Securities
TOMOTAKA OSHIO
Credit Suisse
MASAHIRO MOCHIZUKI
Mizuho Securities
HIROSHI OKUBO
JPMorgan
HIROKAZU ANAI
Nomura
DAISUKE FUKUSHIMA
MASARU KIMURA
HIRONOBU NAKAYAMA
Goldman Sachs
SACHIKO OKADA
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
YOJI OTANI
HISAYUKI SHIMOKAWA
Macquarie
NORIHIKO SAWANO
HIDEAKI TERAOKA
Ji Asia
MARK S BROWN
Source
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
13F
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
Recommendation
Equalwt/In-Line
Neutral Minus
buy
neutral
equalweight
neutral
neutral
neutral
overweight
neutral
neutral
Neutral Plus
neutral
Sell/Neutral
sell
buy
Strong Outperform
underperform
outperform
neutral
Amt Held
44'340'000
24'649'000
11'990'000
11'844'000
9'665'000
7'960'000
7'912'000
7'676'843
7'527'000
7'500'000
6'740'000
5'408'715
5'167'000
5'092'000
5'001'000
4'720'000
4'659'000
4'130'000
4'026'466
3'500'000
% Out
9.31
5.18
2.52
2.49
2.03
1.67
1.66
1.61
1.58
1.58
1.42
1.14
1.09
1.07
1.05
0.99
0.98
0.87
0.85
0.74
Weighting
Change
3
3
5
3
3
3
3
3
5
3
3
3
3
1
1
5
5
1
5
3
M
D
M
M
D
M
D
M
M
M
M
M
M
D
M
M
N
M
N
D
Latest Chg
1'432'000
2'267'000
476'000
236'000
933'000
999'411
2'000
32'000
3'207'000
2'533'000
331'000
120'000
139'789
-
Target Price
3'200
#N/A N/A
4'100
4'400
3'900
#N/A N/A
3'600
3'400
3'600
2'690
2'750
3'100
2'403
2'350
#N/A N/A
2'900
#N/A N/A
1'750
2'500
2'000
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
26.03.2013
30.09.2012
30.09.2012
31.03.2012
25.03.2013
31.03.2012
31.12.2012
13.04.2012
31.03.2012
31.03.2012
28.02.2013
31.12.2012
31.03.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
9 month
12 month
12 month
6 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Bank
Bank
Bank
Other
Investment Advisor
Unclassified
Corporation
Investment Advisor
Corporation
Corporation
Insurance Company
Investment Advisor
Corporation
Investment Advisor
Unclassified
Corporation
Corporation
Holding Company
Investment Advisor
Corporation
Date
25.03.2013
22.03.2013
21.03.2013
18.03.2013
18.03.2013
12.03.2013
07.03.2013
07.03.2013
19.02.2013
19.02.2013
13.02.2013
08.02.2013
07.02.2013
18.01.2013
17.01.2013
16.12.2012
20.11.2012
08.11.2012
22.10.2012
28.08.2012
27.03.2013
Suzuki Motor Corp

SUZUKI MOTOR CORPORATION manufactures automobiles, motorcycles, and their
related parts. The Company has production facilities in USA, Japan, Taiwan,
India, Pakistan, Indonesia, Thailand, and Hungary.
Price/Volume
3000
8.0 M
7.0 M
2500
6.0 M
2000
Latest Fiscal Year:

LTM as of:
52-Week High (01.02.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'464.00
1'331.00
2'107'800.00
2130
-13.56%
60.03%
73.96%
561.0
1'195'030.75
451'384.00
0.0
124'009.0
834'338.00
973'885.76
31.03.2008
3'502'419.0
0.36x
311'005.0
4.00x
80'254.0
14.13x
4.0 M
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
1500
Valuation Analysis
31.03.2009
31.03.2010
3'004'888.0
2'469'063.0
0.34x
0.44x
218'129.0
221'214.0
4.69x
4.95x
27'429.0
28'913.0
26.41x
32.87x
Profitability
LTM-4Q
31.03.2011
2'608'217.0
0.36x
245'302.0
3.79x
45'174.0
23.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.04
381.93
6.87%
-4.64%
1.042
21
3.381
2'001'720
2'344'263
2'488'729
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'512'186.0 ######### ######### ######### ######### 748'271.0 657'644.3
0.34x
1.27x
1.21x
0.42x
0.38x
1.36x
222'421.0 216'895.0 227'783.0 246'956.5 297'750.9
78'311.0
70'017.5
3.82x
3.00x
4.55x
3.94x
3.27x
3.36x
3.33x
53'887.0
43'182.0
61'696.0
75'085.4
95'072.9
24'564.2
23'502.0
20.58x
20.68x
20.39x
16.10x
12.68x
12.99x
12.54x
S&P Issuer Ratings
10.04.2009
NR
6.21% Credit Ratios
46.83
21.73
Net Debt/EBITDA
-1.53
1.93
9.0% Reference
45.7%
28.9%
Asset Turnover
1.12
4.79
28.46
50.21
60.76
18.59
7.29
Price/ Cash Flow
35.00
4'000'000.0
30.00
3'500'000.0
3'000'000.0
25.00
2'500'000.0
20.00
2'000'000.0
15.00
1'500'000.0
10.00
1'000'000.0
5.00
500'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Suzuki Motor Corp

Holdings By:
All
Holder Name
VOLKSWAGEN AG
SHIZUOKA BANK LTD
RESONA HOLDINGS INC
NOMURA
BLACKROCK
FUJI HEAVY INDUSTRIE
CHUO MITSUI TRUST &
JFE HOLDINGS INC
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Macquarie
CLIVE WIGGINS
JPMorgan
KOHEI TAKAHASHI
SHOTARO NOGUCHI
Morgan Stanley
RYOSUKE HOSHINO
Okasan Securities
YASUAKI IWAMOTO
Mizuho Securities
SEIJI SUGIURA
Credit Suisse
ISSEI TAKAHASHI
TIW
SATORU TAKADA
EIJI HAKOMORI
Goldman Sachs
KOTA YUZAWA
Nomura
MASATAKA KUNUGIMOTO
Ji Asia
STEPHEN USHER
EVA Dimensions
CRAIG STERLING
Deutsche Bank
KURT SANGER
KOICHI SUGIMOTO
KOJI ENDO
KENTARO HAYASHI
Source
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
underperform
neutral
neutral
Underwt/Attractive
neutral
neutral
underperform
neutral
Neutral Plus
neutral
Buy/Neutral
neutral
sell
buy
buy
buy
buy
outperform
Amt Held
111'610'000
24'156'000
22'827'000
19'276'000
18'557'500
14'500'000
13'000'000
11'080'300
10'288'298
9'500'000
8'764'000
7'906'333
7'501'149
7'475'000
5'780'000
5'500'000
5'469'531
4'708'500
4'580'815
4'500'100
% Out
19.89
4.31
4.07
3.44
3.31
2.58
2.32
1.97
1.83
1.69
1.56
1.41
1.34
1.33
1.03
0.98
0.97
0.84
0.82
0.8
Weighting
Change
1
3
3
1
3
3
1
3
3
3
5
3
1
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
Latest Chg
(475'000)
333'000
(13'400)
(2'722'500)
(594'139)
773'000
(2'300'000)
36'000
661'515
(6'700)
Target Price
2'050
2'100
2'700
2'340
2'200
2'400
2'170
2'400
#N/A N/A
2'400
2'900
2'300
1'950
#N/A N/A
2'500
1'800
2'000
#N/A N/A
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
31.01.2013
25.03.2013
30.09.2012
30.09.2012
31.12.2012
28.02.2013
30.09.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.01.2013
26.03.2013
Date
12 month
9 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Bank
Bank
Insurance Company
Holding Company
Bank
Holding Company
Unclassified
Investment Advisor
Insurance Company
Other
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Bank
Corporation
Corporation
Investment Advisor
Unclassified
Date
11.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
21.02.2013
18.02.2013
12.02.2013
08.02.2013
07.02.2013
07.02.2013
21.01.2013
15.01.2013
10.01.2013
12.12.2012
28.08.2012
07.02.2012
27.03.2013
T&D Holdings Inc

T&D Holdings, Inc. is a holding company established through the merger of Taiyo
Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance.
The Company manages life insurance operations for its subsidiaries.
Price/Volume
1400
9.0 M
1200
8.0 M
7.0 M
1000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'219.00
722.00
2'973'800.00
1086
-10.91%
50.42%
79.48%
681.5
740'087.25
132'375.00
0.0
2'130.0
298'199.00
202'950.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
600
4.0 M
3.0 M
400
2.0 M
200
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'089'323.0
0.52x
36'749.0
34.98x
6.0 M
800
31.03.2009
31.03.2010
1'929'502.0
2'113'888.0
0.26x
0.27x
(89'097.0)
24'292.0
26.68x
Profitability
LTM-4Q
31.03.2011
1'878'801.0
0.05x
23'877.0
29.24x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.36
584.42
9.39%
6.48%
1.359
18
4.222
3'683'700
3'926'500
3'790'079
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'931'946.0 ######### ######### ######### ######### 495'000.0
0.25x
0.54x
0.67x
0.20x
0.20x
0.0
0.0
0.00x
0.00x
26'763.0
4'584.0
54'158.0
40'699.8
43'705.1
24.33x
106.86x
12.96x
18.08x
16.86x
S&P Issuer Ratings
- Long-Term Rating
2.89% Credit Ratios
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
Asset Turnover
-
Price/ Cash Flow
19.4%
16.2%
0.14
-
300.00
2'500'000.0
250.00
2'000'000.0
200.00
1'500'000.0
150.00
1'000'000.0
100.00
500'000.0
50.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
T&D Holdings Inc

Holdings By:
All
Holder Name
NOMURA
RBC DEXIA INVESTOR S
RUFFER LLP
SOCIETE GENERALE
NIPPONKOA INSURANCE
KOMATSU LTD
T&D HOLDINGS INC
ELECTRIC POWER DEVEL
OBAYASHI CORP
AIU INSURANCE COMPAN
SCHRODER INVESTMENT
ONO PHARMACEUTICAL C
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
AIU INSURANCE COMPAN
Multiple Portfolios
n/a
Analyst
Macquarie
SCOTT G RUSSELL
DAVID THREADGOLD
EVA Dimensions
AUSTIN BURKETT
Nomura
WATARU OHTSUKA
KOUICHI NIWA
JPMorgan
NATSUMU TSUJINO
Jefferies
MAKARIM SALMAN
JUN SHIOTA
TATSUO MAJIMA
Deutsche Bank
MASAO MURAKI
Morgan Stanley
HIDEYASU BAN
Goldman Sachs
TAKANORI MIYOSHI
Credit Suisse
TAKEHITO YAMANAKA
Mizuho Securities
RIE NISHIHARA
Barclays
AZUMA OHNO
Ji Asia
SHIRO YOSHIOKA
Source
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
Short
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
Sch-D
MF-AGG
Co File
Recommendation
outperform
outperform
hold
neutral
outperform
overweight
buy
neutral
neutral
buy
Overwt/Attractive
neutral/neutral
neutral
buy
equalweight
outperform
buy
Amt Held
% Out
64'893'000
9.52
37'100'000
5.44
28'122'100
4.13
24'738'830
3.63
22'248'000
3.26
16'425'000
2.41
14'424'000
2.12
(10'478'767) -1.54
9'638'000
1.41
9'487'000
1.39
9'420'000
1.38
8'763'000
1.29
8'733'604
1.28
8'167'000
1.2
7'155'800
1.05
6'159'950
0.9
6'154'410
0.9
6'000'000
0.88
5'833'543
0.86
5'704'910
0.84
Weighting
Change
5
5
3
3
5
5
5
3
3
5
5
3
3
5
3
5
5
U
M
U
M
U
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
6'228'000
(1'071'000)
2'152'500
207'286
(807'000)
(158'000)
(6'099'467)
(9'347'000)
(396'500)
2'000
(10'400)
-
Target Price
1'250
1'750
#N/A N/A
1'100
1'400
1'760
1'291
1'200
#N/A N/A
1'200
1'400
1'300
1'130
1'300
1'000
1'300
1'310
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Bank
30.03.2012
Unclassified
07.11.2012
Holding Company
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
25.03.2013
Bank
30.09.2012
Insurance Company
30.09.2012
Government
30.09.2012
Investment Advisor
30.09.2012
Other
31.03.2012
Corporation
30.09.2012
Insurance Company
31.03.2012
Corporation
31.03.2012
Corporation
30.09.2012
Insurance Company
03.12.2012
Investment Advisor
31.03.2012
Corporation
Date
12 month
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Date
22.03.2013
07.03.2013
26.02.2013
25.02.2013
22.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
20.12.2012
27.03.2013
Takeda Pharmaceutical Co Ltd

Takeda Pharmaceutical Company Limited mainly manufactures and sells
pharmaceuticals, food supplements, and chemical products like polyurethane. The
Company also produces food, agrochemicals, and environment-related products such
as pollution detectors. Takeda Pharmaceutical researches, develops, and
promotes the products through its related companies in the US, Europe, and Asia.
Price/Volume
6000
7.0 M
6.0 M
4000
5.0 M
3000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (14.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'310.00
3'225.00
2'142'300.00
5190
-2.26%
60.93%
97.12%
789.7
4'098'367.00
561'521.00
0.0
59'522.0
455'604.00
4'278'410.03
31.03.2008
1'374'802.0
1.87x
454'813.0
5.64x
355'454.0
11.91x
4.0 M
3.0 M
2000
2.0 M
1000
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
5000
31.03.2009
31.03.2010
1'538'336.0
1'465'965.0
1.29x
1.66x
424'549.0
535'037.0
4.69x
4.54x
234'385.0
297'744.0
11.73x
10.91x
Profitability
LTM-4Q
31.03.2011
1'419'385.0
1.59x
473'806.0
4.76x
247'868.0
12.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.47
0.66
763.66
47.32%
36.96%
0.660
17
3.824
2'851'820
2'951'263
3'039'352
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'508'932.0 ######### ######### ######### ######### 374'000.0
2.02x
7.11x
7.87x
2.67x
2.48x
415'221.0 434'197.0 342'782.0 333'205.9 372'822.0
92'850.0
7.33x
6.64x
9.40x
12.84x
11.48x
124'162.0 192'984.0 102'467.0 167'206.7 147'394.5
25'600.0
23.17x
13.83x
29.70x
16.70x
19.76x
S&P Issuer Ratings
03.10.2011
STABLE
03.10.2011
A-1+
5.55% Credit Ratios
220.51
187.64
Net Debt/EBITDA
0.37
1.54
22.1% Reference
27.9%
21.3%
Asset Turnover
0.46
3.31
78.06
168.07
75.27
148.37
2.18
Price/ Cash Flow
12.00
1'800'000.0
1'600'000.0
10.00
1'400'000.0
1'200'000.0
8.00
1'000'000.0
6.00
800'000.0
600'000.0
4.00
400'000.0
2.00
0.00
03.04.2009
200'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Takeda Pharmaceutical Co Ltd

Holdings By:
All
Holder Name
TAKEDA SCIENCE FOUND
VANGUARD GROUP INC
STATE STREET
NOMURA
BLACKROCK
MELLON BANK NA
IYO BANK LTD/THE
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst

AKITADA IWASA
Jefferies
NAOMI KUMAGAI
YASUHIRO NAKAZAWA
Marusan Securities
SHIGEKAZU ISHIDA
Morgan Stanley
MAYO MITA
Credit Suisse
FUMIYOSHI SAKAI
Mizuho Securities
HIROSHI TANAKA
Barclays
ATSUSHI SEKI
TIW
SEIHEI MORITA
Nomura
RYOICHI URUSHIHARA
KAZUYOSHI SAITO
JPMorgan
MASAYUKI ONOZUKA
TAKASHI AKAHANE
EVA Dimensions
ANDREW S ZAMFOTIS
MP Advisors Pvt Ltd
DEVESH SINGH
Source
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
neutral
hold
neutral
outperform
outperform
Overwt/In-Line
outperform
neutral
equalweight
Neutral Plus
buy
Neutral Plus
neutral
strong buy
hold
underperform
Amt Held
56'827'500
47'681'000
33'116'000
26'526'100
17'912'000
17'462'000
14'654'000
12'979'142
10'684'009
8'373'500
8'100'350
7'839'000
7'775'000
5'850'500
5'667'158
4'606'513
4'300'736
4'088'100
3'590'400
3'326'886
% Out
7.2
6.04
4.19
3.36
2.27
2.21
1.86
1.64
1.35
1.06
1.03
0.99
0.98
0.74
0.72
0.58
0.54
0.52
0.45
0.42
Weighting
Change
3
3
3
5
5
5
5
3
3
3
5
3
3
5
3
1
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'600
(37'000)
4'633'000
(22'957'900)
(134'000)
199'862
1'588'700
(192'500)
207'268
(103'000)
938'000
35'200
(200'000)
312'500
(10'900)
(436'372)
Target Price
5'050
4'800
5'200
#N/A N/A
4'300
5'700
5'300
4'900
4'050
#N/A N/A
5'400
5'200
4'100
#N/A N/A
#N/A N/A
3'500
File Dt
20.12.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
26.03.2013
28.02.2013
25.03.2013
30.09.2012
30.09.2012
31.12.2012
26.03.2013
28.02.2013
31.03.2012
28.02.2013
28.02.2013
31.01.2013
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
9 month
Not Provided
Not Provided
Not Provided
Inst Type
Insurance Company
Bank
Bank
Bank
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Bank
Holding Company
Holding Company
Investment Advisor
Date
15.03.2013
14.03.2013
05.03.2013
01.03.2013
27.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
14.02.2013
07.02.2013
05.02.2013
05.02.2013
04.02.2013
15.01.2013
25.05.2011
27.03.2013
Tokio Marine Holdings Inc

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and
life insurance, and asset management services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
2'926.00
1'651.00
2'787'600.00
2726
-6.84%
65.11%
88.08%
769.5
2'097'723.50
1'436'988.00
0.0
16'261.0
380'792.00
1'907'068.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
3000
6.0 M
2500
5.0 M
2000
4.0 M
1500
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
31.03.2009
31.03.2010
2'747'081.0
3'074'931.0
0.96x
1.18x
23'141.0
128'418.0
82.22x
16.15x
Profitability
LTM-4Q
31.03.2011
3'175'791.0
0.90x
71'924.0
24.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.93
1.21
667.69
21.10%
15.55%
1.208
16
4.250
2'995'900
3'522'397
3'331'147
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
3'377'787.0 ######### ######### ######### ######### 857'600.0
0.83x
2.31x
2.49x
0.56x
0.54x
0.0
0.0
0.00x
0.00x
6'001.0
(86'757.0) 113'094.0 114'088.2 132'331.8
290.41x
0.00x
16.16x
18.45x
15.97x
S&P Issuer Ratings
- Long-Term Rating
-0.34% EBITDA/Interest Exp.
Net Debt/EBITDA
- Total Debt/EBITDA
- Reference
- Total Debt/Equity
Asset Turnover
-
Price/ Cash Flow
78.0%
43.6%
0.20
-
40.00
4'000'000.0
35.00
3'500'000.0
30.00
3'000'000.0
25.00
2'500'000.0
20.00
2'000'000.0
15.00
1'500'000.0
10.00
1'000'000.0
5.00
500'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'937'717.0
1.41x
108'766.0
27.56x
3500
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tokio Marine Holdings Inc

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
MELLON BANK NA
ASAHI GLASS CO LTD
NOMURA
NIPPON YUSEN KK
VANGUARD GROUP INC
SHIZUOKA BANK LTD
MITSUBISHI ELECTRIC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Macquarie
SCOTT G RUSSELL
Morgan Stanley
HIDEYASU BAN
Jefferies
MAKARIM SALMAN
DAVID THREADGOLD
Mizuho Securities
RIE NISHIHARA
TATSUO MAJIMA
KOUICHI NIWA
Nomura
WATARU OHTSUKA
JPMorgan
NATSUMU TSUJINO
JUN SHIOTA
Credit Suisse
TAKEHITO YAMANAKA
Barclays
AZUMA OHNO
Deutsche Bank
MASAO MURAKI
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
TAKANORI MIYOSHI
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
Co File
Recommendation
neutral
Equalwt/Attractive
buy
outperform
buy
neutral
outperform
buy
overweight
outperform
neutral
equalweight
neutral
buy
overweight
Buy/Neutral
Amt Held
60'652'000
54'412'465
46'660'000
34'462'300
19'825'700
19'179'000
16'969'000
15'604'691
14'074'000
12'666'000
11'785'000
10'256'000
7'585'400
6'929'500
6'912'695
6'515'271
5'869'600
5'602'948
3'428'900
3'219'000
% Out
7.88
7.07
6.06
4.48
2.58
2.49
2.21
2.03
1.83
1.65
1.53
1.33
0.99
0.9
0.9
0.85
0.76
0.73
0.45
0.42
Weighting
Change
3
3
5
5
5
3
5
5
5
5
3
3
3
5
5
5
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
13'908'000
(1'038'462)
2'764'000
(47'800)
(1'233'000)
983'700
438'000
151'000
(139'300)
(75'946)
84'500
-
Target Price
2'600
3'200
3'626
3'400
3'280
#N/A N/A
3'500
3'300
3'800
3'000
2'750
2'400
2'400
2'920
#N/A N/A
3'400
File Dt
30.09.2012
25.03.2013
30.09.2012
15.06.2012
28.02.2013
30.09.2012
30.09.2012
26.03.2013
30.09.2012
30.09.2012
30.09.2012
31.12.2011
28.02.2013
31.03.2012
31.03.2012
31.12.2012
15.06.2012
31.03.2012
28.02.2013
31.03.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
24 month
Inst Type
Bank
Investment Advisor
Bank
Bank
Holding Company
Insurance Company
Other
Investment Advisor
Corporation
Investment Advisor
n/a
Corporation
Unclassified
Corporation
Corporation
Investment Advisor
Unclassified
Bank
Holding Company
Corporation
Date
22.03.2013
21.03.2013
21.03.2013
13.03.2013
28.02.2013
22.02.2013
22.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
15.01.2013
10.02.2012
27.03.2013
Tokyo Electron Ltd

Tokyo Electron Limited manufactures and sells industrial electronics products,
such as semiconductor manufacturing machines, computer system, and electronic
components. The Company products are sold in US, Taiwan, and others as well as
in Japan.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (04.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'936.10
3'155.00
813'400.00
4070
-17.55%
29.00%
50.25%
180.6
735'086.44
5'046.00
0.0
10'656.0
247'624.00
503'164.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
5000
5.0 M
4000
4.0 M
3000
3.0 M
2000
2.0 M
1000
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
906'091.0
1.02x
189'911.0
4.88x
106'271.0
10.20x
6000
31.03.2009
31.03.2010
508'082.0
418'636.0
0.90x
2.10x
37'778.0
17'821.0
12.04x
49.43x
7'543.0
(9'033.0)
86.36x
Profitability
LTM-4Q
31.03.2011
668'722.0
0.83x
115'577.0
4.80x
71'924.0
11.41x
31.03.2012
633'091.0
0.97x
84'640.0
7.28x
36'725.0
23.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
84'640.00
60'443.00
9.55%
9.57%
2.12%
2.77%
0.75%
33.4%
10.7%
6.2%
5.8%
4.86
3.18
0.64%
0.86%
5.11
2.67
Price/ Cash Flow
LTM
FY+1
1.28
1.07
170.33
-15.51%
4.09%
1.072
22
3.409
1'332'300
1'604'157
1'652'859
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
646'173.0 536'088.0 491'977.7 525'763.6 130'987.8 103'178.0
1.43x
1.15x
1.07x
0.99x
94'945.0
48'715.0
35'070.5
45'008.2
11'968.0
6'646.0
0.00x
0.00x
14.35x
11.18x
10.29x
47'214.0
8'377.0
4'353.9
14'079.6
3'851.3
(3'816.0)
14.85x
84.15x
168.22x
51.47x
44.14x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
0.9%
Total Debt/Capital
0.8%
Asset Turnover
0.75
4.59
71.57
Inventory Days
137.17
37.65
174.55
30.00
1'000'000.0
900'000.0
25.00
800'000.0
700'000.0
20.00
600'000.0
15.00
500'000.0
400'000.0
10.00
300'000.0
200'000.0
5.00
0.00
03.04.2009
100'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tokyo Electron Ltd

Holdings By:
All
Holder Name
MELLON BANK NA
TOKYO BROADCASTING S
NOMURA
STATE STREET
MANNING & NAPIER ADV
FMR LLC
VANGUARD GROUP INC
BLACKROCK
Firm Name
Credit Suisse
JPMorgan
Okasan Securities
TIW
Barclays
Morgan Stanley
Goldman Sachs
Mizuho Securities
Nomura
EVA Dimensions
Macquarie
Ji Asia
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
HIDEYUKI MAEKAWA
TSUNENORI OHMAKI
HISASHI MORIYAMA
HIROKAZU MITSUDA
YUKIHIKO SHIMADA
KAZUMASA KUBOTA
HARUO SATO
MASAKAZU ITOI
MASAHIRO NAKANOMYO
KAZUO YOSHIKAWA
TOSHIYA HARI
EISAKU OHMORI
YOSHITSUGU YAMAMOTO
TETSUYA WADAKI
ANDREW S ZAMFOTIS
CLAUDIO ARITOMI
KAZUYOSHI SAITO
STEVE MYERS
Source
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Recommendation
neutral
outperform
overweight
neutral
neutral
neutral
strong buy
neutral
equalweight
Underwt/In-Line
neutral/neutral
neutral
reduce
neutral
overweight
outperform
Neutral Plus
buy
Amt Held
19'881'000
14'794'000
8'729'000
7'727'000
7'313'300
5'003'600
4'866'774
3'955'000
3'798'500
3'327'800
3'216'000
3'171'170
2'961'491
2'930'703
2'802'000
2'769'300
2'574'000
2'045'932
2'033'000
1'618'552
% Out
11.01
8.19
4.83
4.28
4.05
2.77
2.69
2.19
2.1
1.84
1.78
1.76
1.64
1.62
1.55
1.53
1.43
1.13
1.13
0.9
Weighting
Change
3
5
5
3
3
3
5
3
3
1
3
3
2
3
5
5
3
5
D
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
380'000
(389'000)
2'514'000
(383)
(8'218'000)
(185'900)
670'300
(307'000)
(2'800)
(778'500)
1'481'500
(4'855'613)
341'618
88'000
84'200
(374'000)
(24'600)
(65'851)
Target Price
4'700
#N/A N/A
5'100
4'540
3'270
#N/A N/A
#N/A N/A
#N/A N/A
3'650
3'300
3'230
4'000
3'000
3'694
#N/A N/A
4'425
4'100
6'200
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
14.09.2012
28.02.2013
26.03.2013
30.09.2012
26.03.2013
31.12.2012
30.09.2012
31.12.2012
30.11.2012
31.12.2012
30.09.2012
28.02.2013
30.09.2012
31.03.2012
28.02.2013
25.03.2013
Date
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Inst Type
Bank
Bank
Investment Advisor
Corporation
Bank
Unclassified
Investment Advisor
Other
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Holding Company
Investment Advisor
Insurance Company
Holding Company
Investment Advisor
Date
15.03.2013
15.03.2013
12.03.2013
06.03.2013
28.02.2013
20.02.2013
20.02.2013
18.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
17.01.2013
20.12.2012
06.08.2012
13.04.2012
27.03.2013
Tokyo Gas Co Ltd

TOKYO GAS CO., LTD. produces and supplies liquefied natural gas to Tokyo and the
surrounding areas. The Company maintains and manages gas supply equipment and
sells air conditioning appliances. Tokyo Gas operates power generation business
as well.
Price/Volume
600
25.0 M
500
20.0 M
400
Latest Fiscal Year:

LTM as of:
52-Week High (22.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
523.00
365.00
10'124'000.00
504
-3.63%
38.08%
90.51%
2'577.9
1'299'271.38
627'460.00
0.0
15'933.0
122'780.00
1'881'646.32
31.03.2008
1'487'496.0
1.07x
208'864.0
7.64x
42'487.0
25.28x
10.0 M
200
5.0 M
100
0
m-12
a-12 m-12
31.03.2009
31.03.2010
1'660'162.0
1'415'718.0
0.89x
1.11x
202'713.0
227'912.0
7.30x
6.92x
41'708.0
53'781.0
22.07x
20.75x
Profitability
LTM-4Q
31.03.2011
1'535'242.0
1.00x
267'840.0
5.71x
95'467.0
10.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.79
0.56
2'407.18
30.28%
28.73%
0.563
12
4.167
11'117'800
10'905'770
10'886'350
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'754'257.0 ######### ######### ######### ######### 573'073.0
0.87x
3.65x
3.35x
0.97x
0.92x
221'513.0 164'684.0 198'226.0 280'341.6 288'925.4
6.90x
0.00x
0.00x
6.71x
6.51x
46'060.0
53'132.0 111'168.0
91'848.0
93'564.0
22.03x
17.94x
9.16x
14.11x
13.82x
S&P Issuer Ratings
28.01.2011
NEG
28.09.2012
A-1+
21.75
9.57
Net Debt/EBITDA
2.06
- Total Debt/EBITDA
2.27
15.0% Reference
74.8%
42.3%
Asset Turnover
1.03
35.34
-
Price/ Cash Flow
8.00
2'000'000.0
7.00
1'800'000.0
1'600'000.0
6.00
1'400'000.0
5.00
1'200'000.0
4.00
1'000'000.0
800'000.0
3.00
600'000.0
2.00
400'000.0
1.00
200'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
300
Valuation Analysis
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tokyo Gas Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
FUKOKU MUTUAL LIFE I
STATE STREET
MITSUBISHI CORP
VANGUARD GROUP INC
NOMURA
SHIMIZU CORP
PUTNAM INVESTMENT MA
NEW JERSEY DIVISION
DEUTSCHE BANK AG
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Mizuho Securities
NORIMASA SHINYA
Morgan Stanley
YUKA MATAYOSHI
EVA Dimensions
AUSTIN BURKETT
Okasan Securities
SHINICHI YAMAZAKI
Nomura
SHIGEKI MATSUMOTO
HIDETOSHI SHIODA
Goldman Sachs
HIROYUKI SAKAIDA
Mito Securities
KEITA WAKABAYASHI
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
Overwt/In-Line
hold
buy
outperform
buy
neutral
neutral/neutral
Neutral Plus
Amt Held
164'376'000
164'021'000
155'962'000
100'690'000
58'135'000
47'338'000
44'828'294
41'103'000
31'568'729
27'959'000
27'317'000
23'676'805
21'954'000
14'980'837
12'397'000
10'513'000
9'451'000
8'058'000
8'000'000
7'193'600
% Out
6.38
6.36
6.05
3.91
2.26
1.84
1.74
1.59
1.22
1.08
1.06
0.92
0.85
0.58
0.48
0.41
0.37
0.31
0.31
0.28
Weighting
Change
5
5
3
5
5
5
3
3
3
M
M
D
M
M
M
M
U
N
Latest Chg
51'000
(12'009'000)
35'490'000
3'742'000
(857'000)
411'000
(3'671'488)
24'000
(4)
1'461'000
677'307
1'910'000
(2'716'113)
(283'000)
(1'056'000)
255'000
5'002'348
482'000
Target Price
530
470
#N/A N/A
530
510
540
390
440
#N/A N/A
File Dt
Inst Type
20.12.2012
Insurance Company
30.09.2012
Bank
30.09.2012
Insurance Company
30.09.2012
Bank
30.09.2012
Other
30.09.2012
n/a
25.03.2013
Investment Advisor
30.09.2012
Insurance Company
26.03.2013
Investment Advisor
31.03.2012
Corporation
13.04.2012
Unclassified
31.12.2012
Investment Advisor
28.02.2013
Unclassified
07.11.2012
Holding Company
31.03.2012
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Holding Company
31.01.2013
Investment Advisor
Date
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Date
27.03.2013
26.03.2013
21.03.2013
12.02.2013
06.02.2013
04.02.2013
12.12.2012
30.11.2012
21.09.2012
27.03.2013
Toray Industries Inc

TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made
leather used as apparel and industrial materials. The Company also makes
chemical products such as polyester films, engineering plastics, and resin
materials. Toray develops information equipment such as electronic circuit and
liquid crystal color filter.
Price/Volume
700
Latest Fiscal Year:

LTM as of:
52-Week High (21.03.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
654.00
421.00
3'785'000.00
640
-2.14%
52.02%
96.57%
1'631.5
1'044'148.13
481'906.00
0.0
46'751.0
81'390.00
1'534'926.10
400
15.0 M
300
10.0 M
200
5.0 M
100
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
500
Valuation Analysis
31.03.2008
1'649'670.0
0.90x
190'420.0
7.82x
48'069.0
18.84x
25.0 M
600
31.03.2009
31.03.2010
1'471'561.0
1'359'631.0
0.81x
1.01x
119'589.0
114'910.0
10.02x
12.00x
(16'326.0)
(14'158.0)
Profitability
LTM-4Q
31.03.2011
1'539'693.0
0.92x
170'503.0
8.34x
57'925.0
16.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.56
0.94
1'514.05
4.30%
22.39%
0.945
18
3.444
8'191'000
8'111'800
9'605'276
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'588'604.0 ######### ######### ######### ######### 421'483.0
0.91x
3.44x
3.45x
0.93x
0.89x
175'085.0 187'486.0 148'362.0 159'320.0 177'228.1
8.27x
7.20x
9.10x
9.63x
8.66x
64'218.0
68'120.0
47'530.0
49'632.1
60'074.3
12'100.0
15.58x
13.18x
18.06x
20.98x
17.24x
S&P Issuer Ratings
10.04.2009
NR
7.06% Credit Ratios
30.37
15.29
Net Debt/EBITDA
2.95
3.51
9.6% Reference
76.8%
41.7%
Asset Turnover
0.96
2.79
67.37
92.23
49.93
95.07
3.97
Price/ Cash Flow
25.00
1'800'000.0
1'600'000.0
20.00
1'400'000.0
1'200'000.0
15.00
1'000'000.0
800'000.0
10.00
600'000.0
400'000.0
5.00
200'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Toray Industries Inc

Holdings By:
All
Holder Name
MITSUI LIFE INSURANC
FMR LLC
MITSUI & CO LTD
BLACKROCK
VANGUARD GROUP INC
NOMURA
TOKYO BROADCASTING S
TOYOTA MOTOR CORP
JAPAN STEEL WORKS LT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
Jefferies
YOSHIHIRO AZUMA
TAKATO WATABE
Goldman Sachs
HISAAKI YOKOO
Okasan Securities
TAKASHI NISHIHIRA
Barclays
MIKIYA YAMADA
TIW
TOSHIRO TAKAHASHI
Credit Suisse
MASAMI SAWATO
Mizuho Securities
WAKAKO SATO
Nomura
SHIGEKI OKAZAKI
EVA Dimensions
CRAIG STERLING
YUSUKE ANDO
KAZUYOSHI SAITO
Marusan Securities
SATOSHI EBISAWA
YOSHIHIRO OHTSUKA
Mito Securities
JUN IKEYAMA
Source
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
Co File
ULT-AGG
Co File
Recommendation
underperform
outperform
outperform
Sell/Neutral
buy
equalweight
neutral
outperform
buy
neutral
underweight
underperform
Neutral Plus
outperform
outperform
Neutral Plus
Amt Held
110'156'000
109'799'000
86'451'000
73'083'000
35'961'000
32'490'000
30'022'000
29'308'000
21'370'290
19'460'000
17'638'000
15'997'000
15'278'700
13'930'381
13'624'000
11'061'000
9'164'000
8'141'000
7'211'000
7'164'000
% Out
6.75
6.73
5.3
4.48
2.2
1.99
1.84
1.8
1.31
1.19
1.08
0.98
0.94
0.85
0.84
0.68
0.56
0.5
0.44
0.44
Weighting
Change
1
5
5
1
5
3
3
5
5
3
1
1
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(21'030'000)
2'824'000
(50'376'000)
4'000
(1'209'000)
471'000
(5'763'000)
116'929
(720)
(900)
11'000
412'490
816'000
35'000
-
Target Price
410
650
660
520
600
520
#N/A N/A
610
590
540
#N/A N/A
400
550
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
30.09.2012
30.09.2012
31.01.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.01.2013
31.01.2013
30.09.2012
30.09.2012
31.03.2012
25.03.2013
31.12.2012
28.02.2013
31.03.2012
28.02.2013
31.03.2012
07.08.2012
31.03.2012
Date
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Bank
Bank
Insurance Company
Insurance Company
Other
Bank
Unclassified
Investment Advisor
Corporation
Insurance Company
Corporation
Investment Advisor
Investment Advisor
Unclassified
Corporation
Holding Company
Corporation
Corporation
Corporation
Date
25.03.2013
21.03.2013
08.03.2013
25.02.2013
15.02.2013
12.02.2013
12.02.2013
07.02.2013
07.02.2013
07.02.2013
17.01.2013
14.11.2012
07.08.2012
31.05.2012
08.11.2011
31.08.2010
27.03.2013
Toshiba Corp
TOSHIBA CORPORATION manufactures and markets electrical and electronic products.
The Company's products include digital products such as PCs and televisions,
electronic devices such as NAND flash memories and system LSIs (large-scale
integrated) , social infrastructures such as power generators and medical
equipment, and home appliances.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
488.00
234.00
28'212'000.00
475
-2.66%
102.99%
94.88%
4'237.6
2'012'861.00
1'269'961.00
0.0
369'254.0
214'305.00
3'778'864.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
6'654'518.0
6'381'599.0
0.39x
0.52x
99'578.0
416'189.0
26.30x
7.99x
(343'559.0)
(19'743.0)
Profitability
LTM-4Q
31.03.2011
6'398'505.0
0.45x
499'877.0
5.72x
137'845.0
11.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.68
1.31
4'013.42
30.83%
42.14%
1.308
22
4.409
27'099'400
45'902'700
51'913'830
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
6'100'262.0 ######### ######### ######### ######### ######### #########
0.49x
1.89x
2.00x
0.61x
0.56x
453'619.0 437'592.0 442'848.0 480'510.5 579'545.4 210'842.0 101'309.0
6.54x
6.48x
7.21x
7.86x
6.52x
73'705.0 109'732.0 116'152.0 112'150.0 162'902.9
64'951.6
13'104.0
20.55x
12.09x
12.22x
17.94x
12.26x
S&P Issuer Ratings
07.08.2009
BBB
STABLE
07.08.2009
A-2
9.37% Credit Ratios
14.26
5.09
Net Debt/EBITDA
2.82
3.21
7.4% Reference
146.4%
50.7%
Asset Turnover
1.08
6.76
63.87
81.14
87.06
44.20
4.51
Price/ Cash Flow
10.00
9'000'000.0
9.00
8'000'000.0
8.00
7'000'000.0
7.00
6'000'000.0
6.00
5'000'000.0
5.00
4'000'000.0
4.00
3'000'000.0
3.00
2'000'000.0
2.00
1'000'000.0
1.00
0.00
03.04.2009
140.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
7'668'076.0
0.47x
618'259.0
5.80x
127'413.0
16.88x
500
450
400
350
300
250
200
150
100
50
0
m-12 a-12 m-12
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Toshiba Corp
Holdings By:
All
Holder Name
NIPPONKOA INSURANCE
BLACKROCK
VANGUARD GROUP INC
NOMURA
FMR LLC
CHUO MITSUI TRUST &
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst

HIROYASU NISHIKAWA
Okasan Securities
TAKANOBU MURAKAMI
Morgan Stanley
KAZUO YOSHIKAWA
Macquarie
DAMIAN THONG
Mizuho Securities
TAKESHI TANAKA
Credit Suisse
HIDEYUKI MAEKAWA
HARUO SATO
YUKIHIKO SHIMADA
TIW
TAKAO HATTORI
JPMorgan
HISASHI MORIYAMA
TSUNENORI OHMAKI
HIROSUKE TAI
Nomura
MASAYA YAMASAKI
Goldman Sachs
IKUO MATSUHASHI
EVA Dimensions
ANDREW S ZAMFOTIS
HIDEKI YASUDA
Ji Asia
STEVE MYERS
Jih Sun Securities
CHEN LIYEN
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
Co File
Co File
Recommendation
outperform
neutral
Overwt/In-Line
outperform
buy
outperform
outperform
above average
outperform
neutral
overweight
Strong Outperform
outperform
buy
neutral/neutral
sell
outperform
buy
neutral
Amt Held
381'950'000
256'080'000
209'829'000
122'486'000
113'397'000
102'409'000
95'302'000
60'808'000
51'003'000
42'775'000
41'258'107
38'978'000
37'565'636
30'787'000
20'442'963
19'264'000
16'725'000
16'515'000
14'025'967
11'907'000
% Out
9.01
6.04
4.95
2.89
2.68
2.42
2.25
1.43
1.2
1.01
0.97
0.92
0.89
0.73
0.48
0.45
0.39
0.39
0.33
0.28
Weighting
Change
5
3
5
5
5
5
5
4
5
3
5
5
5
5
3
1
5
5
3
U
N
M
M
M
U
M
M
M
M
M
M
M
M
M
M
U
U
N
Latest Chg
(1'569'000)
7'347'000
(45'005'000)
7'327'000
1'506'000
8'800'000
(1'949'000)
6'410'000
740'000
928'956
126'000
91'097
(338'000)
79'000
-
Target Price
580
#N/A N/A
550
545
500
560
500
#N/A N/A
600
#N/A N/A
520
#N/A N/A
500
500
400
#N/A N/A
300
398
#N/A N/A
File Dt
30.09.2012
30.09.2012
31.10.2012
30.09.2012
20.11.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.10.2012
25.03.2013
31.03.2012
31.12.2012
28.02.2013
31.01.2013
31.03.2012
28.02.2013
26.03.2013
31.03.2012
31.03.2012
Date
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Bank
Bank
Bank
Insurance Company
Insurance Company
n/a
Other
Insurance Company
Bank
Unclassified
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Investment Advisor
Bank
Holding Company
Investment Advisor
Insurance Company
Corporation
Date
25.03.2013
12.03.2013
05.03.2013
05.03.2013
01.03.2013
27.02.2013
27.02.2013
20.02.2013
12.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
17.01.2013
14.11.2012
02.05.2012
10.12.2010
27.03.2013
Toyota Motor Corp

TOYOTA MOTOR CORPORATION manufactures, sells, leases, and repairs passenger
cars, trucks, buses, and their related parts worldwide. The Company also
operates financing services through their subsidiaries. Toyota Motor builds
homes, produces pleasure boats, and develops intelligent transportation systems
including radar cruise control and electronic toll collection systems.
Price/Volume
35.0 M
5000
30.0 M
25.0 M
4000
20.0 M
3000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'050.00
2'795.00
5'651'900.00
4900
-2.97%
75.31%
93.79%
3'448.0
16'895'188.00
12'026'894.00
0.0
516'217.0
2'940'571.00
27'576'610.71
31.03.2008
26'289'240.0
1.00x
3'761'510.0
6.98x
1'717'879.0
9.19x
15.0 M
2000
10.0 M
1000
5.0 M
0
m-12 a-12 m-12
31.03.2009
31.03.2010
20'529'570.0
18'950'973.0
1.03x
1.10x
1'034'159.0
1'562'085.0
20.43x
13.30x
(436'937.0)
209'456.0
56.07x
Profitability
LTM-4Q
31.03.2011
18'993'688.0
1.05x
1'643'852.0
12.17x
408'183.0
25.74x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.14
2'652.90
38.56%
22.35%
1.135
25
4.480
8'590'180
11'763'350
12'291'940
FY+2
FQ+1
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
18'583'653.0 ######### ######### ######### ######### #########
1.13x
4.23x
3.76x
1.22x
1.11x
1'423'457.0 ######### ######### ######### ######### 578'277.5
14.69x
13.90x
10.96x
13.38x
9.98x
11.28x
283'559.0 187'923.0 769'217.0 903'693.1 ######### 247'027.5
39.57x
42.80x
16.49x
17.19x
11.88x
13.11x
S&P Issuer Ratings
7.23% Credit Ratios
Net Debt/EBITDA
9.7% Reference
Asset Turnover
12.17
Price/ Cash Flow
FQ+2
06/13 Q1
#########
604'052.5
10.91x
315'832.3
13.28x
04.03.2011
AANEG
19.03.1984
A-1+
62.10
30.53
4.75
6.05
114.0%
52.1%
0.72
3.57
97.90
30.09
33.77
106.87
12.00
30'000'000.0
10.00
25'000'000.0
8.00
20'000'000.0
6.00
15'000'000.0
4.00
10'000'000.0
2.00
5'000'000.0
0.00
03.04.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6000
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Toyota Motor Corp

Holdings By:
All
Holder Name
TOYOTA MOTOR CORP
STATE STREET
DENSO CORP
VANGUARD GROUP INC
BLACKROCK
PANASONIC CORP
NOMURA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
Macquarie
CLIVE WIGGINS
SHOTARO NOGUCHI
Mizuho Securities
SEIJI SUGIURA
Morgan Stanley
RYOSUKE HOSHINO
YUSUKE MIURA
JPMorgan
KOHEI TAKAHASHI
Deutsche Bank
KURT SANGER
Credit Suisse
ISSEI TAKAHASHI
AKIRA IWASAKI
Mito Securities
YOICHIRO WATANABE
Goldman Sachs
KOTA YUZAWA
TIW
SATORU TAKADA
KENTARO HAYASHI
EIJI HAKOMORI
Nord/LB
FRANK SCHWOPE
Nomura
MASATAKA KUNUGIMOTO
Okasan Securities
YASUAKI IWAMOTO
EVA Dimensions
CRAIG STERLING
KOICHI SUGIMOTO
Ji Asia
STEPHEN USHER
Source
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
Recommendation
outperform
outperform
neutral
Overwt/Attractive
above average
overweight
buy
outperform
outperform
Neutral Plus
Neutral Plus
Buy/Neutral
Neutral Plus
Strong Outperform
outperform
buy
buy
buy
sell
buy
buy
Amt Held
511'285'900
349'590'000
194'117'000
131'210'590
118'987'429
85'845'000
85'289'000
66'063'000
64'911'484
63'163'000
58'903'000
50'660'017
40'010'000
28'761'667
27'972'800
27'448'508
27'392'905
25'488'178
22'015'400
17'340'200
% Out
14.83
10.14
5.63
3.81
3.45
2.49
2.47
1.92
1.88
1.83
1.71
1.47
1.16
0.83
0.81
0.8
0.79
0.74
0.64
0.5
Weighting
Change
5
5
3
5
4
5
5
5
5
3
3
5
3
5
5
5
5
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
204'300
(5'382'000)
5'660'000
(346'600)
(644'600)
4'556'000
(616'000)
(595)
(2'974'332)
(662'000)
1'566'716
(757'800)
623'800
10'463'000
53'310
-
Target Price
6'500
5'300
5'100
5'850
#N/A N/A
6'000
6'000
5'310
6'300
5'300
#N/A N/A
5'500
#N/A N/A
#N/A N/A
5'000
5'100
5'800
5'000
#N/A N/A
3'850
4'000
File Dt
14.12.2012
30.09.2012
30.09.2012
20.12.2012
26.03.2013
30.09.2012
30.09.2012
30.09.2012
31.03.2012
30.09.2012
30.09.2012
31.03.2012
31.03.2012
31.12.2012
31.12.2012
25.03.2013
31.03.2012
31.03.2012
28.02.2013
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Inst Type
Corporation
Bank
Bank
Insurance Company
Investment Advisor
Investment Advisor
Bank
Insurance Company
Holding Company
Other
Corporation
Insurance Company
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Corporation
Unclassified
Investment Advisor
Date
12.03.2013
08.03.2013
04.03.2013
03.03.2013
26.02.2013
25.02.2013
21.02.2013
21.02.2013
20.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
25.01.2013
17.01.2013
11.01.2013
27.08.2012
27.03.2013
Unicharm Corp
UNICHARM CORPORATION is a manufacturer of sanitary napkins and baby products.
Products include infant & adult diapers, household cleaning wipes, and feminine
hygienic products. The Company also produces pet food and pet toiletries as
well as operates educational and finance businesses.
Price/Volume
6000
1.8 M
1.6 M
5000
1.4 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (26.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'630.00
4'035.00
621'500.00
5530
-1.78%
37.05%
91.85%
206.9
1'144'404.63
125'821.00
0.0
29'174.0
86'864.00
1'207'896.59
1.0 M
31.03.2008
336'864.0
1.17x
48'753.0
8.09x
16'683.0
28.10x
.8 M
2000
.6 M
.4 M
1000
.2 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
3000
31.03.2009
31.03.2010
347'849.0
356'825.0
0.94x
1.40x
51'984.0
61'459.0
6.30x
8.13x
17'127.0
24'463.0
22.36x
23.41x
Profitability
LTM-4Q
31.03.2011
376'947.0
1.59x
63'941.0
9.38x
33'560.0
16.98x
31.03.2012
428'391.0
2.04x
69'056.0
12.65x
26'981.0
30.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
69'056.00
51'900.00
12.12%
10.64%
6.14%
13.02%
9.21%
1.00%
45.4%
15.8%
11.7%
6.3%
1.79
1.29
26.63%
58.79%
10.32
8.57
Price/ Cash Flow
LTM
FY+1
0.60
0.49
118.80
29.96%
23.40%
0.488
16
3.813
828'940
894'977
867'235
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
410'793.0 477'149.0 488'267.1 540'568.0 124'368.0
6.77x
7.45x
2.46x
2.18x
68'940.0
76'604.0
76'307.7
84'457.5
11.19x
11.64x
15.83x
14.30x
14'088.0
42'308.0
34'030.9
38'124.4
5'771.0
50.21x
19.62x
31.42x
27.69x
S&P Issuer Ratings
09.01.2007
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
150.12
93.30
Net Debt/EBITDA
0.44
Total Debt/EBITDA
1.65
Reference
Total Debt/Equity
58.8%
Total Debt/Capital
34.1%
Asset Turnover
1.00
4.07
35.47
Inventory Days
42.71
56.76
22.48
30.00
450'000.0
400'000.0
25.00
350'000.0
300'000.0
20.00
250'000.0
15.00
200'000.0
150'000.0
10.00
100'000.0
5.00
0.00
03.04.2009
50'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Unicharm Corp
Holdings By:
All
Holder Name
UNITEC CORPORATION
UNICHARM CORP
TAKAHARA KOSAN KK
TAKAHARA KIKIN KK
HIROSHIMA BANK LTD
IYO BANK LTD/THE
GOLDMAN SACHS & CO
FMR LLC
TAKAHARA SANGYO KK
TAKAHARA TAKAHISA
ABERDEEN
SARASIN
VANGUARD GROUP INC
BLACKROCK
HARDING LOEVNER LP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Goldman Sachs
KEIKO YAMAGUCHI
KUNI KANAMORI
Barclays
MITSUKO MIYASAKO
Mizuho Securities
WAKAKO SATO
Credit Suisse
SATSUKI KAWASAKI
KATSURO HIROZUMI
TOMOHIKO IKENO
Morgan Stanley
TAIZO DEMURA
JAMES MOON
EVA Dimensions
AUSTIN BURKETT
JPMorgan
RITSUKO TSUNODA
KAZUYOSHI SAITO
Ji Asia
MIKIHIKO YAMATO
Nomura
SATOSHI FUJIWARA
SHUICHI NAGATANI
Source
Co File
MOF-JP
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
Buy/Neutral
outperform
overweight
underperform
outperform
outperform
outperform
neutral
Overwt/In-Line
reduce
sell
overweight
Neutral Plus
buy
suspended coverage
outperform
Amt Held
37'105'000
22'005'924
10'256'000
9'360'000
5'887'500
5'762'000
5'220'000
5'220'000
5'099'000
4'679'000
3'822'966
3'690'000
1'850'700
1'816'400
1'216'900
1'184'900
1'085'000
1'073'253
1'042'100
993'800
% Out
17.93
10.63
4.96
4.52
2.84
2.78
2.52
2.52
2.46
2.26
1.85
1.78
0.89
0.88
0.59
0.57
0.52
0.52
0.5
0.48
Weighting
Change
5
5
5
1
5
5
5
3
5
2
1
5
3
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(372'383)
2'400
(116'000)
414'000
(952)
409'000
222'325
14'400
(46'900)
(28'600)
32'765
(14'300)
209'200
Target Price
6'100
5'800
6'000
4'200
5'600
5'120
5'450
4'800
5'400
3'750
#N/A N/A
5'300
5'200
5'200
#N/A N/A
#N/A N/A
File Dt
30.09.2012
28.02.2013
30.09.2012
30.09.2012
20.12.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.01.2013
30.09.2012
31.03.2012
31.01.2013
27.06.2012
28.02.2013
31.01.2013
31.12.2012
25.03.2013
30.06.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
6 month
12 month
Not Provided
Not Provided
Inst Type
Corporation
Corporation
Corporation
Corporation
Insurance Company
Bank
Bank
Bank
Bank
Investment Advisor
Investment Advisor
Corporation
Corporation
Investment Advisor
n/a
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
14.03.2013
11.03.2013
07.03.2013
04.03.2013
12.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
17.01.2013
17.11.2012
09.11.2012
24.08.2012
02.07.2012
30.11.2011
27.03.2013
West Japan Railway Co

West Japan Railway Company provides rail transportation services including the
shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku
including Kyoto and Osaka. The Company also operates ferries in Miyajima,
manages real estate, shopping centers, and hotels, and offers leisure-related
services such as travel packaging products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
4'660.00
3'035.00
1'608'700.00
4525
-2.90%
49.09%
96.62%
198.3
897'111.13
1'108'057.00
0.0
30'161.0
50'389.00
1'903'331.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
1'275'308.0
1'190'135.0
1.24x
1.40x
259'528.0
218'433.0
6.10x
7.63x
54'529.0
24'858.0
11.25x
25.08x
Profitability
LTM-4Q
31.03.2011
1'213'506.0
1.40x
246'874.0
6.91x
34'983.0
17.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
2.32
0.53
178.95
37.12%
34.71%
0.526
16
4.125
1'659'320
1'044'523
903'114
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'287'679.0 ######### ######### ######### ######### 319'753.0
1.34x
5.48x
5.26x
1.46x
1.42x
279'129.0 259'974.0 289'182.0 287'354.4 289'515.4
6.20x
6.72x
5.76x
6.62x
6.57x
29'489.0
19'047.0
57'771.0
58'864.1
63'263.1
6'484.0
21.83x
34.01x
11.40x
14.86x
13.78x
S&P Issuer Ratings
10.04.2009
NR
5.36% Credit Ratios
8.47
1.71
Net Debt/EBITDA
3.58
3.71
22.1% Reference
157.5%
60.2%
Asset Turnover
0.50
0.61
6.63
16.77
12.98
1.63
21.82
Price/ Cash Flow
4.50
1'300'000.0
4.00
1'280'000.0
3.50
1'260'000.0
1'240'000.0
3.00
1'220'000.0
2.50
2.00
1'200'000.0
1'180'000.0
1.50
1'160'000.0
1.00
1'140'000.0
0.50
1'120'000.0
0.00
03.04.2009
3.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'290'190.0
1.42x
265'498.0
6.89x
57'707.0
15.13x
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
m-12
1'100'000.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
West Japan Railway Co

Holdings By:
All
Holder Name
BLACKROCK
WEST JAPAN RAILWAY C
FMR LLC
RESONA HOLDINGS INC
VANGUARD GROUP INC
NOMURA
KAWASAKI HEAVY INDUS
COHEN & STEERS CAPIT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
JPMorgan
HITOSHI HOSOYA
Macquarie
NICHOLAS CUNNINGHAM
EVA Dimensions
CRAIG STERLING
Morgan Stanley
TAKUYA OSAKA
Goldman Sachs
HIROYUKI SAKAIDA
Barclays
RYOTA HIMENO
OSUKE ITAZAKI
Okasan Securities
SHINICHI YAMAZAKI
Mizuho Securities
SATORU KUNIEDA
Nomura
MASAHARU HIROKANE
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
Recommendation
overweight
outperform
overweight
Equalwt/In-Line
neutral/neutral
equalweight
neutral
buy
buy
buy
neutral
outperform
Amt Held
13'459'800
11'245'200
6'824'601
6'786'800
6'400'000
6'388'500
6'265'400
4'708'900
4'153'200
4'126'151
3'506'300
2'231'270
2'000'000
1'687'614
1'355'600
1'230'000
1'200'000
770'000
744'000
708'300
% Out
6.79
5.67
3.44
3.42
3.23
3.22
3.16
2.38
2.09
2.08
1.77
1.13
1.01
0.85
0.68
0.62
0.61
0.39
0.38
0.36
Weighting
Change
5
5
5
3
3
3
3
5
5
5
3
5
U
M
U
D
M
M
M
M
M
M
M
M
Latest Chg
444'900
(2'241'848)
(33'600)
79'200
100
99'500
7'200
(1'900)
(12'794'100)
5'349
69'142
42'200
(879'200)
46'900
Target Price
5'800
5'000
#N/A N/A
4'300
4'200
4'000
3'700
4'200
4'000
4'700
3'600
4'100
File Dt
30.09.2012
30.09.2012
25.03.2013
29.10.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
20.11.2012
30.09.2012
30.09.2012
31.01.2013
31.03.2012
31.12.2012
28.02.2013
31.03.2012
31.03.2012
31.03.2012
31.12.2012
13.04.2012
Date
9 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
Inst Type
Bank
Bank
Investment Advisor
Bank
Bank
Holding Company
Corporation
n/a
Insurance Company
Other
Bank
Investment Advisor
Holding Company
Investment Advisor
Unclassified
Insurance Company
Insurance Company
Corporation
Investment Advisor
Unclassified
Date
18.03.2013
18.03.2013
11.03.2013
08.03.2013
01.03.2013
22.02.2013
15.02.2013
04.02.2013
30.01.2013
30.01.2013
17.01.2013
10.12.2012
27.03.2013
Yamada Denki Co Ltd

YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout
Japan. The Company sells home appliances, audio & visual systems, office
automation equipment, telecommunication equipment, software, and computers.
The Company also provides repair services for its merchandises.
Price/Volume
6000
4.5 M
4.0 M
5000
3.5 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (29.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
5'360.00
2'801.00
1'564'060.00
4380
-18.28%
56.37%
56.82%
96.6
423'322.50
227'346.00
0.0
7'061.0
77'144.00
647'267.51
2.5 M
31.03.2008
1'767'818.0
0.56x
77'715.0
12.72x
49'174.0
16.80x
2.0 M
2000
1.5 M
1.0 M
1000
.5 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
3000
31.03.2009
31.03.2010
1'871'828.0
2'016'140.0
0.31x
0.42x
71'300.0
109'378.0
8.16x
7.72x
33'207.0
55'947.0
10.92x
11.61x
Profitability
LTM-4Q
31.03.2011
2'153'259.0
0.31x
143'721.0
4.57x
70'754.0
7.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.86
87.37
-15.49%
34.02%
0.859
14
3.857
1'432'028
1'209'820
1'238'600
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'835'454.0 ######### ######### ######### ######### 432'466.0
0.35x
1.37x
1.39x
0.34x
0.31x
109'224.0 135'818.0
54'133.0
70'646.8
81'622.8
5.90x
4.58x
9.92x
9.16x
7.93x
58'265.0
65'710.0
30'713.0
34'281.5
37'767.0
8'490.0
8.36x
7.51x
10.20x
12.17x
11.05x
S&P Issuer Ratings
09.01.2007
NR
6.09% Credit Ratios
81.15
58.35
Net Debt/EBITDA
2.89
3.89
4.1% Reference
43.7%
30.1%
Asset Turnover
1.75
4.44
7.77
55.89
16.43
37.23
6.55
Price/ Cash Flow
40.00
2'500'000.0
35.00
2'000'000.0
30.00
25.00
1'500'000.0
20.00
1'000'000.0
15.00
10.00
500'000.0
5.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Yamada Denki Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
ALLIANCE BERNSTEIN
TECH PLANNING KK
NOMURA
INVESCO ADVISERS INC
JP MORGAN ASSET MGMT
YAMADA DENKI CO LTD
JA ZENKYOREN
GUNMA BANK LTD/THE
ALLIANCE BERNSTEIN J
HENDERSON GLOBAL INV
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
Macquarie
TOBY WILLIAMS
Goldman Sachs
SHO KAWANO
JUN KAWAHARA
Deutsche Bank
TAKAHIRO KAZAHAYA
Mizuho Securities
MASATO NAKAGAWA
YOSHIMASA IKAZAKI
Credit Suisse
TAKETO YAMATE
Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA
EVA Dimensions
CRAIG STERLING
JPMorgan
DAIRO MURATA
Nomura
MASAFUMI SHODA
Ji Asia
MIKIHIKO YAMATO
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Short
MOF-JP
MOF-JP
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
Short
MOF-JP
MF-AGG
Recommendation
outperform
neutral/neutral
outperform
buy
buy
neutral
outperform
neutral
sell
neutral
neutral
neutral
Amt Held
% Out
9'236'700
9.56
6'528'000
6.75
5'804'722
6.01
5'395'848
5.58
5'019'865
5.19
4'686'000
4.85
4'183'964
4.33
4'130'170
4.27
(3'849'096) -3.98
3'401'982
3.52
3'094'100
3.2
2'622'190
2.71
2'484'700
2.57
2'438'790
2.52
2'369'000
2.45
2'082'000
2.15
1'741'000
1.8
(1'638'819)
-1.7
1'594'280
1.65
1'448'320
1.5
Weighting
Change
5
3
5
5
5
3
5
3
1
3
3
3
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
838'400
249'300
1'249'700
(2'010'690)
889'830
(1'261'323)
1'002'430
270
(52'440)
(401'870)
37'700
(34'380)
83'870
313'580
Target Price
5'000
3'900
4'750
4'000
4'100
3'150
5'600
3'500
#N/A N/A
3'200
3'600
4'600
File Dt
Inst Type
30.09.2012
Bank
30.09.2012
Bank
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
14.09.2012
Investment Advisor
30.09.2012
Corporation
15.02.2013
Bank
30.11.2012
Unclassified
25.03.2013
Investment Advisor
15.11.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Corporation
30.09.2012
Bank
30.09.2012
Other
31.03.2012
Bank
25.03.2013
Investment Advisor
14.09.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Date
22.03.2013
21.03.2013
12.03.2013
05.03.2013
13.02.2013
08.02.2013
07.02.2013
07.02.2013
17.01.2013
11.01.2013
10.12.2012
29.06.2012
27.03.2013
Yamato Holdings Co Ltd

YAMATO HOLDINGS CO., LTD. mainly provides door-to-door parcel delivery
services. The Company has developed a nationwide delivery system specializing
in time-specified delivery. Yamato Holdings offers moving services and other
comprehensive transportation services including logistics services for both
domestic and overseas customers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
12/yy
1'756.00
1'165.00
1'271'200.00
1719
-2.11%
47.55%
93.91%
468.1
804'582.94
92'778.00
0.0
8'787.0
209'179.00
712'596.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
1'251'921.0
1'200'834.0
0.28x
0.42x
98'416.0
101'270.0
3.54x
4.93x
25'523.0
32'282.0
16.09x
18.29x
Profitability
LTM-4Q
31.03.2011
1'236'520.0
0.38x
103'899.0
4.50x
33'207.0
17.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.28
0.63
371.92
36.25%
32.26%
0.627
15
3.267
1'571'220
2'070'930
1'924'916
FY+2
FQ+1
FQ+2
31.03.2012
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'260'832.0 ######### ######### ######### ######### 301'248.0
0.35x
1.53x
1.42x
0.54x
0.53x
105'334.0 103'590.0 103'276.0 106'356.0 114'982.2
4.20x
4.55x
4.56x
6.70x
6.20x
19'786.0
21'666.0
30'360.0
36'481.4
39'715.7
5'375.0
27.80x
25.63x
18.53x
20.27x
18.67x
S&P Issuer Ratings
09.01.2007
NR
4.31% Credit Ratios
142.92
94.19
Net Debt/EBITDA
-0.97
0.94
7.9% Reference
18.0%
15.0%
Asset Turnover
1.43
3.39
55.92
1.06
36.82
21.90
345.62
Price/ Cash Flow
14.00
1'400'000.0
12.00
1'200'000.0
10.00
1'000'000.0
8.00
800'000.0
6.00
600'000.0
4.00
400'000.0
2.00
200'000.0
0.00
03.04.2009
6.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'225'973.0
0.51x
112'952.0
5.51x
35'352.0
18.30x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Yamato Holdings Co Ltd

Holdings By:
All
Holder Name
YAMATO HOLDINGS CO L
CUSTOMERS' STOCKHOLD
STATE STREET
NOMURA
TOYOTA MOTOR CORP
BLACKROCK
VANGUARD GROUP INC
NIPPON YUSEN KK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Mizuho Securities
SATORU KUNIEDA
Goldman Sachs
MOE ICHII
Morgan Stanley
TAKUYA OSAKA
Barclays
RYOTA HIMENO
OSUKE ITAZAKI
Macquarie
NICHOLAS CUNNINGHAM
Okasan Securities
SHINICHI YAMAZAKI
Nomura
MASAHARU HIROKANE
EVA Dimensions
CRAIG STERLING
RYUICHI ISHII
Source
MOF-JP
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
Sell/Neutral
Underwt/In-Line
equalweight
underperform
neutral
buy
buy
overweight
outperform
neutral
Strong Outperform
Amt Held
40'799'542
30'802'000
23'717'262
22'033'000
19'757'000
18'089'000
16'994'400
14'738'300
12'264'000
11'687'000
10'967'180
8'985'000
6'766'700
6'488'000
5'755'233
4'236'800
3'876'517
3'771'144
2'987'300
2'553'000
% Out
8.72
6.58
5.07
4.71
4.22
3.86
3.63
3.15
2.62
2.5
2.34
1.92
1.45
1.39
1.23
0.91
0.83
0.81
0.64
0.55
Weighting
Change
3
1
1
3
1
3
5
5
5
5
3
5
M
D
M
D
M
D
U
M
M
M
M
N
Latest Chg
610'000
1'275'000
23'100
(413'000)
354'000
(67'600)
(6'344'600)
15'600
161'000
214'000
(386'000)
(160'100)
(868'800)
(829'200)
162'246
111'500
-
Target Price
1'850
1'600
1'400
1'550
1'210
1'475
1'700
1'800
#N/A N/A
1'700
1'300
#N/A N/A
File Dt
28.02.2013
30.09.2012
31.01.2013
30.09.2012
30.09.2012
29.10.2012
13.04.2012
20.12.2012
30.09.2012
30.09.2012
26.03.2013
30.09.2012
28.02.2013
30.09.2012
07.08.2012
13.04.2012
25.03.2013
31.12.2012
28.02.2013
31.03.2012
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Bank
Investment Advisor
Bank
n/a
Bank
Bank
Insurance Company
Insurance Company
n/a
Investment Advisor
Other
Unclassified
Insurance Company
Corporation
Unclassified
Investment Advisor
Investment Advisor
Holding Company
Corporation
Date
22.03.2013
11.03.2013
05.03.2013
25.02.2013
22.02.2013
21.02.2013
12.02.2013
04.02.2013
17.01.2013
17.01.2013
17.12.2012
08.05.2012

Fundamental Equity Analysis - ToPIX 100 Index Members (TPX100 Index)

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Fundamental Equity Analysis - ToPIX 100 Index Members (TPX100 Index)

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

ALL NIPPON AIRWAYS CO LTD

ASAHI GLASS CO LTD

ASAHI GROUP HOLDINGS LTD

ASAHI KASEI CORP

ASTELLAS PHARMA INC

BANK OF YOKOHAMA LTD/THE

CENTRAL JAPAN RAILWAY CO

CHUBU ELECTRIC POWER CO INC

DAI NIPPON PRINTING CO LTD

DAI-ICHI LIFE INSURANCE

DAIICHI SANKYO CO LTD

DAIKIN INDUSTRIES LTD

DAITO TRUST CONSTRUCT CO LTD

DAIWA HOUSE INDUSTRY CO LTD

DAIWA SECURITIES GROUP INC

EAST JAPAN RAILWAY CO

FAST RETAILING CO LTD

FUJIFILM HOLDINGS CORP

HONDA MOTOR CO LTD

ISUZU MOTORS LTD

JAPAN TOBACCO INC

JFE HOLDINGS INC

KANSAI ELECTRIC POWER CO INC

KIRIN HOLDINGS CO LTD

MITSUBISHI CHEMICAL HOLDINGS

MITSUBISHI ELECTRIC CORP

MITSUBISHI ESTATE CO LTD

MITSUBISHI HEAVY INDUSTRIES

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

MITSUBISHI UFJ FINANCIAL GRO

MITSUI & CO LTD

MITSUI FUDOSAN CO LTD

MIZUHO FINANCIAL GROUP INC

MS&AD INSURANCE GROUP HOLDIN

MURATA MANUFACTURING CO LTD