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IND-X Securities - Japanese Radar Screenings – Thursday, 26 April 2012 A daily scan of the more active stocks to highlight early turning points, and momentum shifts …

#BULL/BEAR - bears are closing out shorts - 56 [80] NKY225 stocks are in BEAR trends and the number in BULL trends is almost unchanged at 20 [21]. There are now 6 [10]

sectors in BEAR trends: TPPAPR, TPOIL, TPIRON, TPWARE, TPELEC, and TPNBNK. And 26 [22] sectors remain NEUTRAL, and TPSERV remains the only sector in a BULL trend. buy radar 1334 2327 4401 4665 6767 7211 9006 9008 9202

MARUHA NICHIRO NS SOLUTIONS CO ADEKA CORP DUSKIN CO LTD MITSUMI ELECTRI MITSUBISHI MOTO KEIKYU CORP KEIO CORP ALL NIPPON AIRW

sell radar none due a bounce 2730 3092 4044 5202 5214 5726 5727 6753 8086 8282 8385 9204 9427 9477

EDION CORP START TODAY CO CENTRAL GLASS C NIPPON SHEET GL NIPPON ELECTRIC OSAKA TITANIUM TOHO TITANIUM C SHARP CORP NIPRO CORP K'S HOLDINGS CO IYO BANK LTD/TH SKYMARK AIRLINE EACCESS LTD KADOKAWA GROUP

7296 8410 9502 9511

FCC CO LTD SEVEN BANK LTD CHUBU ELECTRIC OKINAWA ELECTRI

new 12m intra-day highs 2651 3349 3432 3593 4204 4613 4666 6703 6755 6807 7518 7606 7956 8028 8036 8051 8056 8113 8129 8410 8570 8586 9948

LAWSON INC COSMOS PHARMACE SANKYO-TATEYAMA HOGY MEDICAL CO SEKISUI CHEMICA KANSAI PAINT CO PARK24 CO LTD OKI ELECTRIC IN FUJITSU GENERAL JAPAN AVIATION NET ONE SYSTEMS UNITED ARROWS L PIGEON CORP FAMILYMART CO L HITACHI HIGH-TE YAMAZEN CORP NIHON UNISYS LT UNICHARM CORP TOHO HOLDINGS C SEVEN BANK LTD AEON CREDIT SER HITACHI CAPITAL ARCS CO LTD

5481 SANYO SPECIAL S

3249 4613 6703 6849 7606 7732 8129 8185 8410 9945

aqr busters - pm volume pickup

increasing volume - advances 2327 2681 4204 4502 4768 6755 6807 6995 7004 7262 7518 8028 8382 8586 9065

NS SOLUTIONS CO GEO HOLDINGS CO SEKISUI CHEMICA TAKEDA PHARMACE OTSUKA CORP FUJITSU GENERAL JAPAN AVIATION TOKAI RIKA CO L HITACHI ZOSEN C DAIHATSU MOTOR NET ONE SYSTEMS FAMILYMART CO L CHUGOKU BANK LT HITACHI CAPITAL SANKYU INC

increasing volume - declines 4062 4924 5481 6269 6305 6756 6954 7012 7230

IBIDEN CO LTD DR CI:LABO CO L SANYO SPECIAL S MODEC INC HITACHI CONSTRU HITACHI KOKUSAI FANUC CORP KAWASAKI HEAVY NISSIN KOGYO CO

3116 3337 4042 4203 4204 5471 6448 6995 7259 7518 8382 8961 9041 9076 9513 9531

5701 5738 6371 6621 6967 7224 7717 7751 8411 8415 8966 8967 8973 8984 9041 9303

8011 SANYO SHOKAI LT Top 10 value traded - [$2.49bn +0.44bn] 4502 6501 6954 7203 7751 7972 8306 8316 8604 9983

1407 2726 6013 6255 6755 6784 6995 7518 8586 9069

TOYOTA BOSHOKU CIRCLE K SUNKUS TOSOH CORP SUMITOMO BAKELI SEKISUI CHEMICA DAIDO STEEL CO BROTHER INDUSTR TOKAI RIKA CO L AISIN SEIKI CO NET ONE SYSTEMS CHUGOKU BANK LT MORI TRUST SOGO KINTETSU CORP SEINO HOLDINGS ELECTRIC POWER TOKYO GAS CO LT

1407 1878 3249 5949 8113 8410

OBAYASHI CORP DENA CO LTD TEIJIN LTD DENKI KAGAKU KO USS CO LTD CYBERAGENT INC TAIHEIYO CEMENT NISSHIN STEEL C HITACHI CONSTRU FANUC CORP MAZDA MOTOR COR

9427 EACCESS LTD In the clouds - Nikkei225 - ytd underperformers 5202 6753 5214 4568 9412 4151 9502 5631 4506 9432 6302 3861 5407 4901 6758 7911 5301 6752

WEST HOLDINGS C PAL CO LTD TAKUMA CO LTD NPC INC FUJITSU GENERAL PLANEX HOLDING TOKAI RIKA CO L NET ONE SYSTEMS HITACHI CAPITAL SENKO CO LTD

ZAPPALLAS INC IBIDEN CO LTD SIMPLEX HOLDING MARUWA CO LTD SANYO SPECIAL S DAI-ICHI SEIKO FANUC CORP FCC CO LTD SANYO SHOKAI LT NISSHIN FUDOSAN

10% Intra-day swingers unchanged and advances 1407 6255 6784 7518

-

WEST HOLDINGS C NPC INC PLANEX HOLDING NET ONE SYSTEMS

10% Intra-day swingers - declines

1334 2211 2501 2651 2681

1899 3845 5344 5481 6621

FUKUDA CORP I-FREEK INC MARUWA CO LTD SANYO SPECIAL S TAKAOKA ELECTRI

NIPPON SHEET GLA SHARP CORP NIPPON ELEC GLAS DAIICHI SANKYO SKY PERF JSAT HD KYOWA KIRIN CHUBU ELEC POWER JAPAN STEEL WORK DAINIPPON SUMITO NIPPON TELEGRAPH SUMITOMO HEAVY OJI PAPER CO LTD NISSHIN STEEL FUJIFILM HOLDING SONY CORP TOPPAN PRINTING TOKAI CARBON CO PANASONIC CORP

In the clouds - Nikkei225 - ytd outperformers

closed at day's high [on volume] MARUHA NICHIRO FUJIYA CO LTD SAPPORO HOLDING LAWSON INC GEO HOLDINGS CO

WEST HOLDINGS C DAITO TRUST CON INDUSTRIAL & IN UNIPRES CORP UNICHARM CORP SEVEN BANK LTD

AT/NEAR All-time LOWS

Laggards / Losers 3770 4062 4340 5344 5481 6640 6954 7296 8011 8881

TAKEDA PHARMACE HITACHI LTD FANUC CORP TOYOTA MOTOR CO CANON INC ITOKI CORP MITSUBISHI UFJ SUMITOMO MITSUI NOMURA HOLDINGS FAST RETAILING

AT/NEAR All-time HIGHS

NIPPON LIGHT ME SUMITOMO LIGHT TSUBAKIMOTO CHA TAKAOKA ELECTRI SHINKO ELECTRIC SHINMAYWA INDUS V TECHNOLOGY CO CANON INC MIZUHO FINANCIA KIYO HOLDINGS I HEIWA REAL ESTA JAPAN LOGISTICS SEKISUI HOUSE S DAIWAHOUSE RESI KINTETSU CORP SUMITOMO WAREHO

Top stocks / Winners

aqr busters - pm volume drop-off 1802 2432 3401 4061 4732 4751 5233 5407 6305 6954 7261

TOSOH CORP NOF CORP DIC CORP OBIC CO LTD TOYO TIRE & RUB NIPPON SHEET GL KOBE STEEL LTD GODO STEEL LTD TOPRE CORP OILES CORP PLANEX HOLDING MITSUBISHI MOTO MAZDA MOTOR COR ORIENT CORP

closed at day's low [on volume]

new 12m intra-day lows

due a fall INDUSTRIAL & IN KANSAI PAINT CO OKI ELECTRIC IN NIHON KOHDEN CO UNITED ARROWS L TOPCON CORP TOHO HOLDINGS C CHIYODA CO LTD SEVEN BANK LTD PLENUS CO LTD

4042 4403 4631 4684 5105 5202 5406 5410 5975 6282 6784 7211 7261 8585

6703 6857 6976 3436 8604 8830 6770 9681 7731 5101 6305 8270 8750 8628 8815 8803 8801 6103 5802

OKI ELECTRIC IND ADVANTEST CORP TAIYO YUDEN CO SUMCO CORP NOMURA HOLDINGS SUMITOMO REALTY ALPS ELEC CO LTD TOKYO DOME CORP NIKON CORP YOKOHAMA RUBBER HITACHI CONST MA UNY CO LTD DAI-ICHI LIFE MATSUI SECURITIE TOKYU LAND CORP HEIWA REAL ESTAT MITSUI FUDOSAN OKUMA CORP SUMITOMO ELEC IN

#6755 FUJITSU GENERAL – closed up 11% on 6.2mn shares cf. 848K daily average. Management reported OP up 21%, and net income up 8% yesterday, and raised next year’s net income to Y8,500 cf. this year’s Y5.174bn actual. What a performer! Fujitsu General has been beating TPX since Mar 2008. The 6755/TPX relative is at multiyear highs and almost 4sds above the mean. Fujitsu General trades at 2.9x book, 25% eROE and 11.75x Mar 2013 TK ests.

hilary.persent@indxsecurties.com - +44 20 7826 9063

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