Koei Tecmo, Komeda ETC (addition) Rating

Upgrade - Bullish Code Stock Name Brokerage Firm Previous After---------------------------------------------------- <8968> Fukuoka REIT Mizuho "Hold" "Buy" Downgrade - Bearish Code Stock Name Brokerage Firm Previous After---------------------------------------------------- <3481> Mitsubishi Logistics Mizuho "Buy" "Hold" <7752> Ricoh Daiwa

Fisco Japan23:50 ET

Shin-Etsu Chemical and Okasan Securities have been upgraded to "Bullish."

On the 28th, Okasan Securities upgraded the rating of Shin-Etsu Chemical Co., Ltd. <4063.T> from "Hold" to "Bullish." The Target Price has been raised from 5,100 yen to 5,500 yen. There are signs of improvement in the business environment for 300mm silicon wafers. Provided by Wealth Advisor Co.

Kabushiki ShimbunApr 30 00:17 ET

Rating information (investment decision change - part 1) = Resona HD, Taiyo HD, ETC.

◎ Nomura Securities (3-tier system: Buy > neutral > Reduce) Resona HD <8308.T> --- "neutral" → "Buy", 1150 yen → 1400 yen ◎ Morgan Stanley MUFG Securities (3-tier system: Overweight > Equal Weight > Underweight) Taiyo HD <4626.T> --- "Equal Weight" → "Overweight", 3900 yen → 6200 yen ◎ Okasan Securities (3-tier system: Bullish > Hold > Bearish) Shin-Etsu Chemical <4063.T> --- "Hold"

Kabushiki ShimbunApr 29 21:04 ET

<Rating Change Observation> Upgrading of Mitsukoshi Isetan / Taiyo HD, downgrade of Tokyo Metro, ETC.

◎ New and resumed: Mitsukoshi Isetan <3099.T> ― Internet-based at the top of three tiers. ◎ Upgrade: Shin-Etsu Chemical <4063.T> ― Domestic mid-sized at the top of three tiers. Taiyo HD <4626.T> ― Bank-based at the top of three tiers. Resona HD <8308.T> ― Domestic major at the top of three tiers. ◎ Downgrade: Tokyo Steel <5423.T> ― Domestic mid-sized in the middle of five tiers. Tokyo Metro <9023.T> ― Foreign-affiliated at 4th place in five tiers. Misumi Group <9962.T> ― Domestic medium-sized in the middle of five tiers.

Kabushiki ShimbunApr 29 19:59 ET

Rating [Securities companies rating]

Upgrades - Bullish Code Stock Name Brokerage Firm Previous After ------------------------------------------------------ <4626> Taiyo HD Morgan S "Equal Weight" "Overweight" <4063> Shin-Etsu Chemical Okasan "Hold" "Bullish" Downgrades - Bearish Code Stock Name Brokerage Firm Previous After ------------------------------------------------------ <5

Fisco JapanApr 29 19:21 ET

On the 29th, the ADR trends show that Shin-Etsu Chemical, Sony Group Corp, Kawasaki Heavy Industries, ETC are performing well in yen terms.

On the 29th, the ADRs (American Depositary Receipt) had a nearly broad increase compared to the Tokyo closing price on the 28th when converted to yen. In yen conversion, Shin-Etsu Chemical <4063.T>, Sony Group Corp <6758.T>, Kawasaki Heavy Industries <7012.T>, Mitsubishi UFJ <8306.T>, and Sumitomo Trust <8309.T> saw increases. Omron <6645.T>, Mitsubishi Heavy Industries <7011.T>, Mitsui Sumitomo <8316.T>, ORIX <8591.T>, and Nitori Holdings <9843.T> also remained strong. Provided by Wealth.

Kabushiki ShimbunApr 29 18:39 ET