Thank you for your vote

Institutional Investor ,Nikkei Veritas@Analyst Ranking

Update of Research Staff Directory

Research Staff Directory

Notice regarding functionality upgrades (in response to MiFID II)

Customers can now limit their report entitlement themselves.
Filters can be applied by clicking gDISTRIBUTION LIST,h and then selecting gREPORT ENTITLEMENT.h

Deletion of unused L-zone IDs

As part of measures associated with MiFID II research unbundling, L-zone IDs unused over a set period of time will be deleted going forward.
If you are no longer able to access research and continue to need an ID, please contact your sales representative.

L-zone functionality upgrades

Email distribution services for our Quick Comments are now available.
Please ask our sales representatives for details.

Change in email format for research report notifications

The format of email notifications for research reports has changed.

- An image of the first page of the report is shown instead of a summary.
- The front-page image is automatically adjusted to fit the screen size of smartphones and tablets.

Notification Items Regarding Advertising etc.

This document is a translation of the original written in Japanese and not officially valid.

Notification items pursuant to Article 37 of the Financial Instruments and Exchange Law
(This Notification is only applicable to where report is distributed by Daiwa Securities Co. Ltd.)

If you decide to enter into a business arrangement with our company based on the information described in materials presented along with this cover letter, we ask you to pay close attention to the following items.
In addition to the purchase price of a financial instrument, our company will collect a trading commission* for each transaction as agreed beforehand with you. Since commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for each transaction. In some cases, our company also may charge a maximum of \ 2 million per year as a standing proxy fee for our deposit of your securities, if you are a non-resident.
For derivative and margin transactions etc., our company may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements**.
There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.
There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by our company.
Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants.
* The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc.
** The ratio of margin requirements etc. to the amount of the transaction cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc.

When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with our company.

Corporate Name: Daiwa Securities Co. Ltd.
Registered: Financial Instruments Business Operator Chief of Kanto Local Finance Bureau (Kin-sho) No.108
Memberships: Japan Securities Dealers Association, The Financial Futures Association of Japan, Japan Investment Advisers Association, Type II Financial Instruments Firms Association


This report is provided as a reference for making investment decisions and is not intended to be a solicitation for investment. Investment decisions should be made at your own discretion and risk. Content herein is based on information available at the time the report was prepared and may be amended or otherwise changed in the future without notice. We make no representations as to the accuracy or completeness. Daiwa Securities Co. Ltd. retains all rights related to the content of this report, which may not be redistributed or otherwise transmitted without prior consent.


Issues are rated 1, 2, 3, 4, or 5 as follows:
   1: Outperform TOPIX/benchmark index by more than 15% over the next 12 months.
   2: Outperform TOPIX/benchmark index by 5-15% over the next 12 months.
   3: Out/underperform TOPIX/benchmark index by less than 5% over the next 12 months.
   4: Underperform TOPIX/benchmark index by 5-15% over the next 12 months.
   5: Underperform TOPIX/benchmark index by more than 15% over the next 12 months.

Benchmark index: TOPIX for Japan, S&P 500 for US, STOXX Europe 600 for Europe, HSI for Hong Kong, STI for Singapore, KOSPI for Korea, TWII for Taiwan, and S&P/ASX 200 for Australia.


Conflicts of Interest: Daiwa Securities Co. Ltd. may currently provide or may intend to provide investment banking services or other services to the company referred to in this report. In such cases, said services could give rise to conflicts of interest for Daiwa Securities Co. Ltd.

Daiwa Securities Co. Ltd. and Daiwa Securities Group Inc.: Daiwa Securities Co. Ltd. is a subsidiary of Daiwa Securities Group Inc.

Ownership of Securities: Daiwa Securities Co. Ltd. may currently, or in the future, own or trade either securities issued by the company referred to in this report or other securities based on such financial instruments. Daiwa Securities Group has filed major shareholding reports for the following companies of which it owns over 5% (as of 28 February 2020): SEEDHEIWA (1739); Dawn (2303); I.K (2722); ALCONIX (3036); Samty (3244); Fund Creation Group (3266); Hoshino Resorts REIT (3287); Nippon Healthcare Investment Corporation (3308); BEENOS (3328); cotta (3359); KFC (3420); Samty Residential Investment Corporation (3459); SAKURA SOGO REIT Investment Corporation (3473); CRE Logistics REIT (3487); XYMAX REIT Investment Corporation (3488); WILLPLUS Holdings (3538); PAPYLESS (3641); Ateam (3662); Enigmo (3665); Nippon Ichi Software (3851); ASTERIA (3853); Double Standard (3925); Rasa Industries (4022); Nippon Chemical Industrial (4092); TAOKA CHEMICAL (4113); ASAHI YUKIZAI (4216); Ricksoft (4429); MINKABU THE INFONOID (4436); DKS (4461); Daito Pharmaceutical (4577); Nippon Computer Dynamics (4783); Nippon Shikizai (4920); HABA LABORATORIES (4925); TOKYO TEKKO (5445); Toho Zinc (5707); NIPPON SHINDO (5753); ItoKuro (6049); Trenders (6069); SIGMAXYZ (6088); WILL GROUP (6089); KAWATA MFG. (6292); internet infinity (6545); Convano (6574); HUMAN ASSOCIATES HOLDINGS (6575); ELECOM (6750); TDK (6762); ADVANTEST (6857); LEADER ELECTRONICS (6867); IMAGICA GROUP (6879); AVAL DATA (6918); YAMAICHI ELECTRONICS (6941); DAISHINKU (6962); TAIYO YUDEN (6976); PORT (7047); Astmax (7162); GMO Financial Holdings (7177); NANKAI PLYWOOD (7887); WAVELOCK HOLDINGS (7940); FamilyMart (8028); Credit Saison (8253); Money Partners Group (8732); FUJI (8860); Daiwa Office Investment Corporation (8976); Japan Rental Housing Investments (8986); VISION (9416); UNIMAT Retirement Community (9707); Imperial Hotel (9708); FAST RETAILING (9983).

Lead Management: Daiwa Securities Co. Ltd. has lead-managed public offerings and/or secondary offerings (excluding straight bonds) in the past twelve months for the following companies: Kawanishi Holdings (2689); SANKEI REAL ESTATE (2972); tsukuruba (2978); SOSiLA Logistics REIT (2979); SRE Holdings (2980); Landix (2981); Industrial & Infrastructure Fund Investment Corporation (3249); AEON REIT Investment Corporation (3292); Hulic Reit (3295); TECHNOFLEX (3449); Tosei Reit Investment Corporation (3451); Kenedix Retail REIT Corporation (3453); Mitsui Fudosan Logistics Park (3471); Mitsubishi Estate Logistics REIT Investment Corporation (3481); ITOCHU Advance Logistics Investment Corporation (3493); KUSHIKATSU TANAKA HOLDINGS (3547); User Local (3984); KEIWA (4251); System Support (4396); Tobila Systems (4441); Chatwork (4448); Power Solutions (4450); BASE (4477); freee (4478); Makuake (4479); Medley (4480); LANCERS (4484); JTOWER (4485); Space Market (4487); Commerce One Holdings (4496); VIS (5071); JAPAN INSULATION (5368); CHARM CARE CORPORATION (6062); RECRUIT HOLDINGS (6098); DAI-ICHI SEIKO (6640); Feedforce (7068); CyberBuzz (7069); Jimoty (7082); JAPAN POST INSURANCE (7181); Global One Real Estate Investment Corporation (8958); Frontier Real Estate Investment Corporation (8964); Daiwa House REIT Investment Corporation (8984); USEN-NEXT HOLDINGS (9418). (list as of 4 March 2020)

Target Prices: Daiwa Securities Co. Ltd. sets target prices based on its analystsf earnings estimates for subject companies. Risks to target prices include, but are not limited to, unexpected significant changes in subject companiesf earnings trends and the macroeconomic environment.

Other Disclosures Concerning Individual Issues:

1) As of 26 April 2016, Daiwa Securities Co. Ltd., its parent company Daiwa Securities Group Inc., GMO Financial Holdings, Inc., and its subsidiary GMO CLICK Securities, Inc. concluded a basic agreement for the establishment of a business alliance between the four companies. As of end-December 2017, Daiwa Securities Group Inc. owned shares in GMO Financial Holdings, Inc. equivalent to approximately 9.3% of the latterfs outstanding shares. Given future developments in and benefits from the prospective business alliance, Daiwa Securities Group Inc. could boost its stake in GMO Financial Holdings, Inc. to up to 20% of outstanding shares.

2) Daiwa Real Estate Asset Management is a subsidiary of Daiwa Securities Group Inc. and serves as the asset management company for the following J-REITS: Daiwa Office Investment Corporation (8976), Nippon Healthcare Investment Corporation (3308), Japan Rental Housing Investments (8986).

3) Samty Residential Investment became a consolidated subsidiary of Daiwa Securities Group Inc. effective 10 September 2019.

4) On 30 May 2019, Daiwa Securities Group Inc. formalized an equity/business alliance with Samty, and as of 14 June 2019 it owned 16.95% of shares outstanding in Samty along with convertible bonds with a par value of Y10bn. Conversion of all of said convertible bonds into common shares would bring the stake of Daiwa Securities Group Inc. in Samty to 27.28%.

5) Daiwa Securities Group Inc. and Credit Saison Co., Ltd. entered into a capital and business alliance, effective 5 September 2019. In line with this alliance, Daiwa Securities Group Inc. is to acquire up to 5.01% of Credit Saisonfs total common shares outstanding (excl. treasury shares; as of 31 Jul 2019).

6) NEC (6701): NOTICE REGARDING U.S. PERSONS: This report is not intended for distribution to or use by any person in the United States. Securities issued by NEC Corporation have been suspended from registration in the U.S. and are subject to an order of the U.S. Securities and Exchange Commission dated June 17, 2008, pursuant to Section 12(j) of the Securities Exchange Act of 1934. This document is not a recommendation or inducement of any purchase or sale of such securities by any person or entity located in the U.S. Daiwa Securities Co. Ltd. disclaims any responsibility to any such person with respect to the content of this document. Any U.S. person receiving a copy of this report should disregard it.

Lead Management: The Affiliates of Daiwa Securities Group Inc.* engaged in investment banking service (lead-manager/joint lead-manager/co-manager of public offerings and/or secondary offerings [excluding straight bonds]) in the past twelve months for the following companies: Shenwan Hongyuan Group Co Ltd (6806 HK), Viva Biotech Holdings (1873 HK). (list as of 1 March 2020)

*Affiliates of Daiwa Securities Group Inc. for the purposes of this section shall mean any one or more of: Daiwa Capital Markets Hong Kong Limited, Daiwa Capital Markets Singapore Limited, Daiwa Capital Markets Australia Limited, Daiwa Capital Markets India Private Limited, Daiwa-Cathay Capital Markets Co., Ltd., Daiwa Securities Capital Markets Korea Co., Ltd.