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IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Results – larger caps

code

latest announcement period

name

sales

y/y

OP y/y

RP y/y

NP y/y

%ofNP4'cast

6103 2212 3231 4004 9044 5332 9007 6592 4768 8015 9504 6201 9001 9202 7276

2012:A 2012:Q1 2012:A 2012:Q1 2012:A 2012:A 2012:A 2012:Q1 2012:Q1 2012:A 2012:A 2012:A 2012:A 2012:A 2012:C3

OKUMA CORP YAMAZAKI BAKING NOMURA REAL EST SHOWA DENKO K K NANKAI ELECTRIC TOTO LTD ODAKYU ELECTRIC MABUCHI MOTOR C OTSUKA CORP TOYOTA TSUSHO C CHUGOKU ELECTRI TOYOTA INDUSTRI TOBU RAILWAY CO ALL NIPPON AIRW KOITO MANUFACTU

140,566 236,349 450,807 181,354 181,869 452,686 508,332 20,318 135,458 5,916,759 1,181,349 1,543,352 543,407 1,411,504 298,714

39.2% 4.6% -6.3% -6.0% -2.3% 4.4% -1.2% 4.5% 9.3% 3.0% 8.0% 4.3% -2.5% 4.0% -6.7%

426.3% 26.5% 18.7% 2.0% -8.1% 34.0% 18.0% 3.0% 37.3% 8.3% 13.6% 1.9% 5.9% 43.1% -37.3%

666.0% 29.6% 30.7% 5.3% -3.5% 41.0% 32.2% 51.5% 36.5% 10.5% 25.0% 9.4% 7.8% 84.9% -33.0%

1265.3% 906.8% 221.0% 107.0% 86.2% 81.2% 71.1% 63.3% 51.3% 40.4% 39.3% 24.1% 22.2% 20.9% 16.6%

75.8% 9.3% 44.0% 12.7% 46.6% 42.1% 54.5% 42.2% 16.7% 52.1%

4739 2801 4911 1878 6586 9301 9003 9409 9513 5471

2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:C3 2012:A

ITOCHU TECHNO-S KIKKOMAN CORP SHISEIDO CO LTD DAITO TRUST CON MAKITA CORP MITSUBISHI LOGI SOTETSU HOLDING TV ASAHI CORP ELECTRIC POWER DAIDO STEEL CO

297,748 283,239 682,385 1,087,128 295,711 203,697 257,377 239,845 483,206 489,154

5.2% -0.1% 1.7% 8.6% 8.5% 15.8% -2.1% 1.9% 3.0% 3.6%

16.3% -7.5% -12.0% 11.1% 15.8% 3.0% 2.7% 6.2% -18.7% -3.7%

15.7% -9.0% -11.3% 8.0% 9.9% 6.0% 15.0% 6.1% -19.6% 0.1%

16.4% 15.6% 13.5% 9.2% 8.7% 8.5% 7.4% 6.9% -0.7% -1.2%

49.4% 53.8% 33.4% 54.5% 73.5% 51.5% 52.9% 62.5% 73.7% 72.1%

6370 9437 6503 2897 9021 7011 8113 7259

2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A

KURITA WATER IN NTT DOCOMO INC MITSUBISHI ELEC NISSIN FOODS HO WEST JAPAN RAIL MITSUBISHI HEAV UNICHARM CORP AISIN SEIKI CO

193,792 4,240,003 3,639,468 380,674 1,287,679 2,820,932 428,391 2,304,168

6.9% 0.4% -0.2% 1.5% 6.1% -2.9% 13.6% 2.1%

8.3% 3.5% -3.6% -24.1% 14.4% 10.6% 11.5% -11.2%

7.9% 5.0% 6.6% -22.8% 19.6% 26.5% 12.1% -12.7%

-3.4% -5.4% -10.0% -10.7% -15.7% -18.5% -19.6% -20.3%

55.2% 51.4% 62.3% 61.8% 34.1% 30.7% 52.9% 35.8%

6702 4922 7278 4901 6988 6473 5401 6902 9064 9533 6981 6923 8035 7282 6724 9531 7313 7267

2012:A 2012:A 2012:C3 2012:A 2012:C3 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:C3 2012:C3 2012:A 2012:A 2012:A 2012:A 2012:A

FUJITSU LTD KOSE CORP EXEDY CORP FUJIFILM HOLDIN NITTO DENKO COR JTEKT CORP NIPPON STEEL CO DENSO CORP YAMATO HOLDINGS TOHO GAS CO LTD MURATA MANUFACT STANLEY ELECTRI TOKYO ELECTRON TOYODA GOSEI CO SEIKO EPSON COR TOKYO GAS CO LT TS TECH CO LTD HONDA MOTOR CO

4,467,574 166,508 151,302 2,195,293 462,917 1,052,671 4,090,936 3,154,630 1,260,832 482,360 584,662 171,280 455,514 504,518 877,997 1,754,257 305,482 7,948,095

-1.3% -2.7% 2.4% -1.0% -4.4% 10.2% -0.5% 0.7% 2.0% 10.4% -5.4% -8.0% -4.7% -2.4% -9.8% 14.3% -14.5% -11.1%

-20.6% -17.4% -20.6% -17.2% -29.2% -10.7% -52.1% -14.7% 3.6% -26.8% -42.0% -31.0% -37.0% -31.8% -24.7% -37.1% -53.4% -59.4%

-15.5% -14.0% -22.2% -23.8% -27.5% -4.0% -36.8% -12.8% 3.0% -25.4% -37.9% -30.9% -34.9% -26.4% -13.3% -37.8% -49.2% -59.2%

-22.5% -25.3% -28.0% -31.5% -33.3% -33.7% -37.3% -37.6% -40.4% -40.9% -42.4% -47.1% -47.4% -47.6% -50.9% -51.8% -59.9% -60.4%

35.6% 41.2% 43.6% 32.4% 51.7% 30.9%

6770 2502 7251 5002 5214 3116 7261 6762 5406 9507 5407 9104 9502 9101 6967 9107 9503 9506 5405

2012:A 2012:Q1 2012:A 2012:Q1 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A 2012:C3 2012:A 2012:A 2012:A 2012:A 2012:A 2012:A

ALPS ELECTRIC C ASAHI GROUP HOL KEIHIN CORP SHOWA SHELL SEK NIPPON ELECTRIC TOYOTA BOSHOKU MAZDA MOTOR COR TDK CORP KOBE STEEL LTD SHIKOKU ELECTRI NISSHIN STEEL C MITSUI OSK LINE CHUBU ELECTRIC NIPPON YUSEN SHINKO ELECTRIC KAWASAKI KISEN KANSAI ELECTRIC TOHOKU ELECTRIC SUMITOMO METAL

526,500 310,998 259,994 700,725 338,214 964,295 2,033,058 814,497 1,864,691 592,142 557,864 1,435,220 1,745,027 1,807,819 125,825 972,310 2,811,424 1,684,943 1,473,367

-4.4% 11.0% -6.6% 1.4% -13.3% -2.0% -12.6% -7.0% 0.3% 0.0% 2.3% -7.0% 1.8% -6.3% -10.7% -1.3% 1.5% -1.4% 5.1%

-47.5% -37.4% -49.9% -63.6% -47.5% -43.3% -262.4% -70.7% -51.4% -90.4% -70.5% -119.8% -111.3% -119.7% -179.1% -169.2% -183.8% -223.9% 36.4%

-38.1% -61.7% -47.2% -63.9% -50.3% -35.5% -199.9% -79.6% -62.1% -103.9% -74.7% -120.0% -124.6% -129.1% -136.4% -203.4% -211.6% -319.8% 78.6%

-62.5% -63.9% -65.6% -69.3% -71.7% -71.8% -79.4% -105.4% -126.9% -139.6% -140.4% -144.6% -170.7% -192.7% -193.3% -235.1% -296.7% -588.0% -653.1%

22.0% 1.1% 23.6% 21.0%

9509 6701 6753

2012:A 2012:A 2012:A

HOKKAIDO ELECTR NEC CORP SHARP CORP

634,439 3,036,836 2,455,850

12.0% -2.5% -18.7%

-94.3% 27.5% -147.6%

-133.0% 102461.0% -210.7%

-701.5% -780.9% -2038.4%

hilary.persent@indxsecurities.com

1

63.0% 52.5% 40.3% 24.8%

41.5% 27.9% 45.1% 42.8% 23.5% 45.3% 28.5% 15.2% 48.0% 20.5% 33.3%

10.8% -718.2% -4.6%

-260.1% 70.8% -182.1% -45.8% -344.6%

-157.5% 1880.4%


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Results – smaller caps

code

latest announcement period

name

sales

y/y

OP y/y

RP y/y

NP y/y

%ofNP4'cast

68.9%

5975

2012:A

TOPRE CORP

86,109

6.7%

63.6%

72.2%

451.9%

8011

2012:C1

SANYO SHOKAI LT

26,432

12.8%

501.4%

1140.4%

348.6%

42.0%

5970

2012:C3

G-TEKT CORP

90,386

106.3%

16.1%

-12.7%

341.8%

131.5%

5440

2012:A

KYOEI STEEL LTD

130,650

11.8%

2122.3%

5605.9%

313.1%

24.2%

6632

2012:A

JVC KENWOOD COR

320,868

-9.0%

-1.1%

-15.3%

249.9%

67.0%

5410

2012:A

GODO STEEL LTD

135,809

4.6%

230.2%

286.1%

227.7%

60.9%

6961

2012:A

ENPLAS CORP

20,723

-1.2%

-13.5%

1.4%

214.3%

40.1%

3649

2012:Q1

PSC INC/JAPAN

447

29.8%

153.2%

175.2%

182.2%

20.0%

5726

2012:A

OSAKA TITANIUM

62,227

84.3%

249.2%

219.5%

175.1%

57.0%

6395

2012:A

TADANO LTD

114,209

26.6%

257.9%

248.7%

146.8%

44.9%

2362

2012:S1

YUMESHIN HOLDIN

5,432

89.3%

63.1%

74.6%

145.2%

28.1%

8160

2012:A

KISOJI CO LTD

44,150

1.5%

384.9%

233.8%

133.1%

22.2%

6104

2012:A

TOSHIBA MACHINE

119,519

25.0%

84.1%

133.4%

105.2%

74.8%

9672

2012:Q1

TOKYOTOKEIBA CO

3,072

9.3%

97.4%

98.8%

101.7%

0.3%

7412

2012:C3

ATOM CORP

28,637

-4.6%

-6.9%

10.2%

98.4%

55.9%

7224

2012:A

SHINMAYWA INDUS

108,974

1.6%

37.8%

54.1%

84.8%

-9.1%

6135

2012:A

MAKINO MILLING

110,460

16.1%

104.6%

219.1%

70.7%

56.9%

9742

2012:A

INES CORP

35,882

4.6%

17.4%

16.3%

70.2%

65.4%

6454

2012:A

MAX CO LTD

57,988

6.5%

1.3%

7.2%

42.8%

41.6%

5943

2012:Q1

NORITZ CORP

47,530

4.6%

21.6%

20.3%

36.8%

23.0%

7003

2012:A

MITSUI ENGINEER

571,852

-2.9%

-19.2%

-10.7%

32.5%

94.1%

8806

2012:A

DAIBIRU CORP

33,670

-3.3%

-1.2%

0.2%

27.9%

56.4%

1983

2012:A

TOSHIBA PLANT S

162,315

7.4%

13.5%

13.6%

21.5%

48.1%

3028

2012:C3

ALPEN CO LTD

144,301

3.3%

6.7%

10.3%

16.0%

35.5%

8096

2012:A

KANEMATSU ELECT

46,773

2.5%

8.7%

8.3%

14.2%

55.8%

7862

2012:A

TOPPAN FORMS CO

227,048

1.2%

5.8%

1.6%

11.1%

48.2%

4206

2012:A

AICA KOGYO CO L

95,071

6.6%

13.8%

14.0%

10.5%

52.1%

4212

2012:A

SEKISUI JUSHI C

63,011

8.7%

5.7%

4.1%

8.0%

54.1%

5946

2012:Q1

CHOFU SEISAKUSH

12,330

-5.9%

-14.1%

-8.3%

4.0%

14.7%

5959

2012:Q1

OKABE CO LTD

12,467

6.5%

-4.3%

-2.8%

1.4%

10.4%

8174

2012:C3

NIPPON GAS CO L

75,272

4.1%

12.9%

13.9%

-1.3%

10.9%

1973

2012:A

NEC NETWORKS &

204,658

-6.1%

-10.0%

-12.5%

-3.2%

43.8%

3636

2012:C1

MITSUBISHI RESE

12,821

8.0%

16.0%

-4.4%

-6.9%

-18.5%

5449

2012:A

OSAKA STEEL CO

71,436

1.4%

-14.2%

-14.9%

-7.9%

72.1%

9511

2012:A

OKINAWA ELECTRI

166,075

4.8%

-11.2%

-7.0%

-13.6%

151.2%

2327

2012:A

NS SOLUTIONS CO

161,579

1.2%

-2.9%

-2.2%

-19.0%

41.5%

7740

2012:Q1

TAMRON CO LTD

12,280

0.0%

-7.4%

-14.3%

-20.2%

9.6%

6816

2012:A

ALPINE ELECTRON

202,905

0.8%

-49.4%

-39.5%

-24.2%

76.2%

1950

2012:A

NIPPON DENSETSU

150,898

-1.9%

-10.2%

-9.3%

-24.5%

42.4%

5457

2012:A

SUMITOMO PIPE &

56,715

1.3%

-38.0%

-36.4%

-26.7%

8803

2012:C3

HEIWA REAL ESTA

23,685

10.5%

-20.3%

-26.0%

-28.2%

37.5%

6287

2012:C3

SATO HOLDINGS C

59,858

1.5%

3.3%

4.6%

-28.6%

23.5%

4471

2012:A

SANYO CHEMICAL

141,041

3.7%

-40.1%

-33.9%

-28.9%

41.2%

9370

2012:A

YUSEN LOGISTICS

309,004

92.2%

26.8%

23.4%

-30.2%

26.6%

7942

2012:A

JSP CORP

93,397

1.6%

-29.9%

-29.7%

-36.5%

50.8%

7220

2012:A

MUSASHI SEIMITS

125,205

-1.4%

-18.7%

-16.0%

-51.7%

40.3%

6588

2012:A

TOSHIBA TEC COR

350,604

-3.2%

-22.6%

-15.8%

-60.6%

19.7%

1959

2012:A

KYUDENKO CORP

246,660

-0.8%

-70.6%

-58.4%

-64.2%

30.0%

4228

2012:A

SEKISUI PLASTIC

101,350

-0.1%

-53.4%

-54.5%

-67.7%

19.6%

1942

2012:A

KANDENKO CO LTD

441,786

-4.5%

-25.2%

-22.0%

-68.0%

5482

2012:A

AICHI STEEL COR

227,478

5.6%

-39.9%

-38.4%

-72.1%

53.1%

1946

2012:A

TOENEC CORP

169,370

1.3%

-11.8%

-12.2%

-75.9%

17.1%

8165

2012:Q1

SENSHUKAI CO LT

34,062

7.2%

-203.8%

-124.5%

-126.4%

-4.5%

9110

2012:A

NS UNITED KAIUN

135,044

6.2%

-78.0%

-91.6%

-128.2%

-182.8%

7962

2012:S1

KING JIM CO LTD

13,150

-0.5%

-35.8%

-19.3%

-131.5%

-2.1%

5989

2012:C3

H-ONE CO LTD

75,698

-19.1%

-131.1%

-131.3%

-139.8%

-60.1%

7732

2012:A

TOPCON CORP

98,834

-3.5%

15.7%

-23.2%

-186.2%

-54.2%

9132

2012:A

DAIICHI CHUO KI

139,047

6.6%

-307.6%

-1043.6%

-626.7%

-1856.2%

9119

2012:A

IINO KAIUN KAIS

77,975

4.7%

-33.7%

-143.8%

-756.6%

-238.6%

1941

2012:C3

CHUDENKO CORP

68,794

-5.9%

-53.6%

-129.8%

-1125.5%

-228.0%

hilary.persent@indxsecurities.com

2


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Results – micro caps

code

latest announcement period

9358 5566

name

sales

y/y

OP y/y

RP y/y

NP y/y

%ofNP4'cast

2012:A

UTOC CORP

47,326

30.8%

231.7%

221.5%

1179.3%

91.1%

2012:A

CHUO DENKI KOGY

54,204

43.4%

173.9%

177.0%

1040.0%

88.5%

3836

2012:C3

DIVA CORPORATIO

2,942

28.9%

381.2%

450.0%

767.6%

49.0%

2892

2012:A

NIHON SHOKUHIN

57,684

9.7%

-64.0%

-15.8%

709.1%

25.4%

2406

2012:Q1

ARTE SALON HOLD

1,572

10.8%

126.6%

153.7%

637.6%

9.6%

6920

2012:S1

LASERTEC CORP

4,898

16.6%

198.5%

348.8%

480.1%

17.0%

4826

2012:C3

COMPUTER INSTIT

11,838

-3.5%

128.0%

77.1%

364.4%

47.2%

1788

2012:C3

SANTO CO LTD

4,394

13.1%

314.7%

229.9%

220.2%

104.5%

2458

2012:S1

YUME TECHNOLOGY

1,933

-10.5%

105.7%

123.3%

214.9%

83.7%

9763

2012:C3

MARUBENI CONSTR

12,808

1.0%

205.2%

251.0%

208.9%

82.3%

9761

2012:A

TOKAI LEASE CO

14,580

48.4%

280.3%

246.2%

205.1%

107.6%

9914

2012:A

UEMATSU SHOKAI

5,933

8.3%

278.4%

43.4%

195.1%

98.9%

2804

2012:A

BULL-DOG SAUCE

16,704

0.8%

-4.3%

0.9%

168.6%

62.7%

7425

2012:Q1

HATSUHO SHOUJI

4,072

4.8%

-17.7%

-15.6%

157.5%

12.1%

3956

2009:C1

KOKUSAI CHART C

854

-0.9%

70.7%

71.9%

149.6%

7833

2012:Q1

IFIS JAPAN LTD

601

-1.9%

12.6%

23.8%

142.8%

16.9%

4779

2012:Q1

SOFTBRAIN CO LT

992

16.4%

69.9%

68.4%

140.4%

18.4%

3053

2011:A

PEPPER FOOD SER

5,182

-6.7%

83.8%

680.3%

135.4%

8.6%

6992

2012:A

KOKUSAN DENKI C

23,396

20.2%

162.7%

53.1%

128.2%

42.2%

5386

2012:A

TSURUYA CO LTD

11,682

9.8%

86.6%

108.8%

124.5%

62.4%

6161

2012:A

ESTIC CORP

2,478

40.7%

87.4%

125.2%

116.4%

56.0%

5280

2012:A

YOSHICON CO LTD

13,579

12.4%

110.3%

126.2%

107.7%

52.8%

9757

2011:A

FUNAI CONSULTIN

8,567

-1.1%

8.1%

7.5%

105.2%

61.4%

7527

2009:A

SYSTEMSOFT CORP

1,147

-35.2%

45.9%

35.2%

103.4%

7992

2012:Q1

SAILOR PEN CO L

1,616

-11.4%

103.9%

98.4%

95.5%

3630

2012:Q1

DENSAN SYSTEM C

5,572

18.0%

46.2%

51.7%

92.2%

9.1%

7625

2012:Q1

GLOBAL-DINING I

2,847

8.6%

69.3%

73.4%

81.8%

-83.8%

4033

2012:S1

NITTO FC CO LTD

8,451

6.2%

24.0%

67.2%

79.2%

48.0%

9799

2012:C3

ASAHI INTELLIGE

6,724

4.0%

46.1%

38.3%

73.8%

35.9%

6842

2012:C1

UNIPULSE CORP

1,171

16.5%

82.5%

74.2%

71.1%

14.9%

8708

2012:C3

AIZAWA SECURITI

6,495

13.0%

71.0%

50.8%

65.0%

9630

2012:A

UP INC

8,568

2.4%

60.7%

54.8%

62.7%

4743

2012:A

ITFOR INC

11,001

17.1%

11.9%

10.1%

60.8%

9180

2012:A

SHINWA NAIKO KA

18,626

3.8%

11.6%

15.7%

59.9%

94.0%

2345

2012:A

SYSTEM TECHNOLO

886

-17.3%

65.9%

63.8%

57.0%

-250.0%

-5.2%

47.0%

8005

2012:A

SCROLL CORP

59,536

5.4%

35.2%

37.9%

50.8%

22.2%

9731

2012:Q1

HAKUYOSHA COMPA

9,178

6.1%

30.7%

33.7%

41.1%

-90.9% 39.6%

2729

2012:A

JALUX INC

89,082

-6.8%

4.8%

3.3%

40.7%

5008

2012:Q1

TOA OIL CO LTD

8,237

3.4%

-11.7%

-11.8%

39.8%

14.1%

6636

2012:C3

SYSWAVE HOLDING

1,117

-14.1%

30.8%

16.6%

39.8%

111.7%

3060

2012:A

MAGASEEK CORP

9,698

9.1%

39.3%

45.6%

38.4%

43.1%

4318

2012:A

QUICK CO LTD

7,742

17.2%

136.4%

120.8%

37.9%

54.8%

7500

2012:C3

NISHIKAWA KEISO

19,335

12.1%

30.4%

30.0%

37.2%

58.5%

9441

2008:A

BELL-PARK CO LT

33,458

6.4%

-13.3%

-15.5%

36.0%

9795

2012:S1

STEP CO LTD

3,986

6.4%

15.9%

18.8%

33.9%

31.6%

9986

2012:A

ZAOH COMPANY LT

6,141

17.0%

36.2%

35.1%

29.2%

49.8%

2492

2012:Q1

INFOMART CORP

876

12.3%

19.9%

20.6%

26.0%

16.4%

8914

2010:A

AREALINK CO LTD

12,485

-8.1%

3.6%

15.0%

23.7%

6328

2012:Q1

EBARA JITSUGYO

10,560

2.0%

18.5%

18.7%

22.8%

77.0%

2359

2012:C3

CORE CORP

14,724

1.3%

50.7%

28.8%

21.4%

31.7%

4999

2012:A

CEMEDINE CO LTD

21,416

5.2%

-19.3%

-24.2%

21.1%

65.3%

4957

2012:C3

YASUHARA CHEMIC

9,251

7.3%

35.5%

33.8%

18.3%

52.1%

9534

2012:A

HOKKAIDO GAS CO

77,294

6.6%

5.1%

9.3%

18.3%

65.0%

9736

2012:A

HAKUSEISHA CO L

9,618

-1.5%

8.9%

14.6%

17.1%

54.7%

3850

2012:A

NTT DATA INTRAM

3,417

13.8%

28.0%

25.6%

17.0%

39.4%

9368

2012:A

KIMURA UNITY CO

38,204

7.9%

30.9%

27.3%

16.1%

45.0%

9384

2012:Q1

NAIGAI TRANS LI

2,981

2.5%

-7.2%

3.4%

15.6%

12.0%

5010

2011:A

NIPPON SEIRO CO

37,003

13.3%

18.3%

16.8%

14.6%

144.8%

2175

2012:A

SMS CO LTD

8,692

14.1%

2.6%

13.3%

14.6%

48.8%

3085

2011:A

ARCLAND SERVICE

10,890

12.3%

14.8%

14.8%

13.0%

50.4%

hilary.persent@indxsecurities.com

3


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Results – micro caps – continued latest announcemen t period

name

sales

y/y

OP y/y

9932

2012:A

SUGIMOTO & CO L

30,477

3.6%

5819

2012:Q1

CANARE ELECTRIC

2,306

6.4%

9658

2012:A

BUSINESS BRAIN

15,374

9612

2012:Q1

LUCKLAND CO LTD

1972

2012:A

7774

2012:A

7920 1967

code

RP y/y

NP y/y

%ofNP4'cast

10.0%

7.4%

11.5%

38.1%

19.0%

22.0%

10.4%

20.0%

6.5%

86.8%

84.8%

10.0%

33.0%

3,779

24.4%

74.4%

74.5%

8.9%

-17.9%

SANKO METAL IND

29,507

-1.6%

40.0%

54.1%

7.6%

28.4%

JAPAN TISSUE EN

474

34.7%

3.3%

5.3%

5.2%

113.8%

2012:A

MIURA PRINTING

14,457

-9.9%

-275.8%

-403.0%

4.5%

-164.3%

2012:A

YAMATO CORP

32,374

-6.7%

-49.5%

-41.7%

1.2%

50.6%

4725

2012:Q1

CAC CORP

9,831

3.4%

-15.8%

-7.4%

0.9%

12.2%

2389

2011:A

OPT INC

62,261

7.1%

-20.4%

-11.1%

0.7%

49.8%

7260

2012:A

FUJI KIKO CO LT

97,082

5.8%

-14.2%

-7.4%

0.7%

67.0%

8090

2012:Q1

SHOKO CO LTD

33,869

-3.1%

-5.0%

-1.9%

0.5%

21.5%

2481

2012:C3

TOWNNEWS-SHA CO

2,556

7.7%

44.1%

43.7%

-1.6%

35.5%

1948

2012:A

KODENSHA CO LTD

34,215

-9.4%

23.1%

21.6%

-1.7%

35.5%

3633

2012:Q1

PAPERBOY&CO INC

929

10.5%

0.5%

-4.5%

-4.7%

13.7%

7575

2012:A

JAPAN LIFELINE

23,140

3.5%

17.8%

10.6%

-6.9%

78.3%

4330

2012:S1

CELARTEM TECHNO

3,834

13.0%

-1.3%

-2.2%

-9.4%

43.0%

2128

2012:Q1

NOVARESE INC

1,992

0.2%

-8.0%

-6.9%

-11.5%

-10.6%

4362

2012:C3

NIPPON FINE CHE

18,792

2.6%

-12.9%

-9.2%

-11.8%

38.6%

8075

2012:A

SHINSHO CORP

874,659

1.4%

-14.5%

-6.6%

-12.3%

47.4%

7299

2012:A

FUJI OOZX INC

16,200

0.9%

-19.5%

-9.7%

-16.6%

42.2%

2499

2012:Q1

NIHONWASOU HOLD

1,079

-20.8%

-24.8%

-27.6%

-16.9%

-68.8%

4709

2012:A

INFORMATION DEV

16,137

-1.9%

-25.0%

-26.2%

-18.4%

44.2%

7839

2012:S1

SHOEI CO LTD/TA

4,040

-4.4%

-53.6%

-33.8%

-20.3%

20.8%

4563

2012:Q1

ANGES MG INC

68

-3.7%

18.9%

-26.7%

-20.9%

26.6%

1381

2012:C3

AXYZ CO LTD

11,526

2.6%

-40.3%

-34.6%

-24.0%

63.3%

6946

2012:C3

NIPPON AVIONICS

19,346

-9.8%

-262.0%

-205.6%

-25.6%

176.5%

5476

2012:A

NIPPON KOSHUHA

42,420

6.5%

-18.8%

-13.7%

-25.8%

61.4%

2003

2012:A

NITTO FUJI FLOU

50,055

2.0%

-47.8%

-39.8%

-31.0%

60.4%

7291

2012:A

NIHON PLAST CO

82,168

-3.9%

-37.5%

-36.7%

-31.7%

73.7%

2114

2012:A

FUJI NIHON SEIT

19,272

0.5%

-31.1%

-29.0%

-36.8%

70.7%

4748

2012:S1

KOZO KEIKAKU EN

2,640

-12.6%

-17.5%

-16.4%

-40.4%

-172.0%

9889

2012:A

JBCC HOLDINGS I

88,902

8.1%

21.2%

25.3%

-41.7%

5.6%

4952

2012:Q1

SDS BIOTECH K K

2,588

-12.1%

-38.1%

-38.6%

-43.3%

16.4%

2335

2012:A

CUBE SYSTEM INC

8,431

-8.0%

-21.0%

-20.7%

-43.8%

18.6%

9638

2012:C3

TDI CO LTD

12,128

2.6%

-20.4%

-22.4%

-45.4%

25.0%

5657

2012:A

SUZUKI METAL IN

54,550

7.8%

-29.4%

-31.7%

-45.5%

33.5%

9991

2012:C3

GECOSS CORP

56,812

-4.3%

-59.2%

-63.3%

-47.9%

20.4%

6382

2012:A

TRINITY INDUSTR

28,639

17.8%

406.2%

55.6%

-60.9%

80.0%

8889

2012:S1

APAMANSHOP HOLD

19,968

-11.6%

-3.7%

39.4%

-61.3%

-92.1%

1939

2012:C3

YONDENKO CORP

47,885

4.8%

-63.1%

-47.1%

-68.0%

16.5%

6888

2012:C3

ACMOS INC

2,389

-8.1%

-93.1%

-79.9%

-68.2%

132.9%

2667

2011:S1

IMAGEONE CO LTD

1,100

-19.1%

-140.0%

-70.0%

-83.7%

12.9%

5279

2012:A

NIHON KOGYO CO

12,692

-7.9%

-76.7%

-69.6%

-86.7%

34.0%

5104

2012:A

NITTO KAKO CO L

9,829

1.1%

-72.8%

-87.9%

-90.1%

2.5%

2152

2012:C3

YOUJI CORP

3,686

4.6%

-31.7%

-31.3%

-91.0%

5.2%

3326

2010:S1

RUNSYSTEM CO LT

5,371

-6.8%

-106.3%

-99.7%

-96.1%

4554

2012:C1

FUJI PHARMA CO

4,852

-11.6%

-51.5%

-51.3%

-103.2%

-0.6%

3439

2012:C3

MITSUCHI CORP

8,271

21.4%

-66.0%

-65.4%

-126.6%

-15.0%

9624

2012:C1

CHODAI CO LTD

2,303

288.4%

-40.7%

-42.9%

-145.4%

602.0%

2226

2012:C3

FRENTE CO LTD

23,034

-8.4%

-168.3%

-155.1%

-176.5%

83.7%

5905

2012:A

NIHON SEIKAN KK

7,392

-13.2%

-254.0%

-399.5%

-204.7%

7298

2012:A

YACHIYO INDUSTR

271,650

-10.8%

-44.4%

-40.1%

-229.3%

3335

2008:A

ADM INC

19,200

-11.8%

-101.1%

-138.2%

-572.1%

hilary.persent@indxsecurities.com

4

-37.0%


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Revisions – larger caps

code

name

op inc

cur

net

eps

co f'cst per

mkt cap [Ybn]

industry subgroup

8015 9831 7313 7251 6923 7276 9437 5471 7267 7282 1878 6988 4004 9107 6473 6103

TOYOTA TSUSHO C YAMADA DENKI CO TS TECH CO LTD KEIHIN CORP STANLEY ELECTRI KOITO MANUFACTU NTT DOCOMO INC DAIDO STEEL CO HONDA MOTOR CO TOYODA GOSEI CO DAITO TRUST CON NITTO DENKO COR SHOWA DENKO K K KAWASAKI KISEN JTEKT CORP OKUMA CORP

+++ --++ + ++ ++ + ++ + + +++ = = ++ + ++ ++ + ++ = +++ = ++ + ++ + + + +

= --++ + ++ ++ + ++ +++ +++ = = ++ + ++ ++ + ++ = +++ = ++ + ++ + + +++

= --++ + ++ ++ + ++ +++ +++ +++ = ++ + ++ ++ + ++ = ++ + ++ = ++ + ++ ++ + ++ +++

= - ++ + ++ ++ + ++ ++ + ++ +++ +++ = ++ + ++ ++ + ++ = ++ + ++ = ++ + ++ ++ + ++ +++

8.06 8.62 8.64 9.33 9.94 9.97 10.67 10.84 11.16 11.25 11.35 11.50 11.65 11.83 12.09 12.16

564.01 502.57 107.98 101.66 221.58 199.38 5,945.13 216.81 5,245.90 213.74 581.20 575.14 267.98 130.11 302.15 107.00

Import/Export Retail-Consumer Electron Auto/Trk Prts&Equip-Orig Auto/Trk Prts&Equip-Orig Auto/Trk Prts&Equip-Orig Auto/Trk Prts&Equip-Orig Cellular Telecom Steel-Specialty Auto-Cars/Light Trucks Auto/Trk Prts&Equip-Orig Real Estate Oper/Develop Chemicals-Diversified Chemicals-Diversified Transport-Marine Auto/Trk Prts&Equip-Orig Machinery-General Indust

7259 6201 6503 6770 9021 8572 2502 6702 4901 6762 3231 4739 3116 6586 9202 9064 6370 4768

AISIN SEIKI CO TOYOTA INDUSTRI MITSUBISHI ELEC ALPS ELECTRIC C WEST JAPAN RAIL ACOM CO LTD ASAHI GROUP HOL FUJITSU LTD FUJIFILM HOLDIN TDK CORP NOMURA REAL EST ITOCHU TECHNO-S TOYOTA BOSHOKU MAKITA CORP ALL NIPPON AIRW YAMATO HOLDINGS KURITA WATER IN OTSUKA CORP

+++ + + = ++ + ++ = - = +++ +++ ++ + ++ + + + + +++ = + + = = =

+ + = - ++ + ++ = - = +++ ++ + ++ ++ + ++ +++ = +++ = = = = =

+++ = + + ++ + ++ ++ + ++ --= ++ + ++ ++ + ++ ++ + ++ + + +++ ++ + ++ = +++ ++ + ++ = =

+++ + + + + ++ + ++ ++ + ++ --= ++ + ++ ++ + ++ ++ + ++ + + +++ ++ + ++ = +++ ++ + ++ = =

12.51 12.55 12.65 12.69 12.88 12.91 13.41 13.46 13.51 13.67 14.10 14.24 14.25 14.42 14.77 14.85 14.88 15.03

838.05 740.64 1,518.07 133.27 657.00 276.32 871.91 807.31 878.47 546.87 267.97 227.81 185.23 432.63 590.84 578.98 260.42 203.62

Auto/Trk Prts&Equip-Orig Auto/Trk Prts&Equip-Orig Electric Products-Misc Electronic Compo-Misc Transport-Rail Finance-Consumer Loans Brewery Computers-Integrated Sys Photo Equipment&Supplies Computers-Memory Devices Real Estate Mgmnt/Servic Computers-Integrated Sys Auto/Trk Prts&Equip-Orig Tools-Hand Held Airlines Transport-Truck Water Treatment Systems Computers-Integrated Sys

6724 6902 9531 9409 4922 9003 5332 5002 9101 6366 2897 2212 6701 9301 2801 9533 3941 9001

SEIKO EPSON COR DENSO CORP TOKYO GAS CO LT TV ASAHI CORP KOSE CORP SOTETSU HOLDING TOTO LTD SHOWA SHELL SEK NIPPON YUSEN CHIYODA CORP NISSIN FOODS HO YAMAZAKI BAKING NEC CORP MITSUBISHI LOGI KIKKOMAN CORP TOHO GAS CO LTD RENGO CO LTD TOBU RAILWAY CO

+++ +++ +++ = = +++ + + = ++ + ++ + + = = +++ = + + = - + +

+++ +++ +++ = = +++ + + = ++ + ++ + + = = ++ + ++ = + + = - =

++ + ++ ++ + ++ +++ +++ +++ = ++ + ++ = ++ + ++ +++ = = ++ + ++ = + + + + -- - -+ +

++ + ++ ++ + ++ +++ +++ +++ = ++ + ++ = ++ + ++ +++ = = ++ + ++ = + + +++ -- - -+ +

15.36 15.38 15.87 16.03 16.71 16.81 16.92 17.30 17.60 17.64 18.58 18.61 18.88 18.90 19.75 21.93 22.65 24.32

215.00 2,306.54 1,000.02 120.22 111.98 121.21 220.02 190.31 404.73 252.25 352.98 260.59 377.69 154.99 197.55 263.16 158.57 437.75

Office Automation&Equip Auto/Trk Prts&Equip-Orig Gas-Distribution Television Cosmetics&Toiletries Transport-Rail Bldg&Construct Prod-Misc Oil Refining&Marketing Transport-Marine Engineering/R&D Services Food-Misc/Diversified Food-Baking Electronic Compo-Misc Storage/Warehousing Food-Misc/Diversified Gas-Distribution Containers-Paper/Plastic Transport-Rail

4911 8035 9044 6592 9007 9987 8113 9008 7011 6967 7261 9104 2206 6981 6753 5007

SHISEIDO CO LTD TOKYO ELECTRON NANKAI ELECTRIC MABUCHI MOTOR C ODAKYU ELECTRIC SUZUKEN CO LTD UNICHARM CORP KEIO CORP MITSUBISHI HEAV SHINKO ELECTRIC MAZDA MOTOR COR MITSUI OSK LINE EZAKI GLICO CO MURATA MANUFACT SHARP CORP COSMO OIL COMPA

= - + + = + + ++ + ++ = - = ++ + ++ ++ + ++ ++ + ++ = +++ ++ + ++ - -

=

+++ --+++ = +++ --+++ = +++ ++ + ++ ++ + ++ ++ + ++ -- - --

+++ --+++ + + +++ - ++ + ++ = +++ ++ + ++ ++ + ++ ++ + ++ -- - -+++ ++ + ++

25.49 26.82 27.31 27.95 27.97 28.42 28.84 29.02 30.70 39.15 39.29 125.45 572.86

560.80 804.62 174.77 134.18 545.38 227.36 922.97 371.51 1,228.01 101.78 392.92 376.36 138.63 1,035.09 573.12 188.19

Cosmetics&Toiletries Semiconductor Equipment Transport-Rail Electric Products-Misc Transport-Rail Medical-Whsle Drug Dist Cosmetics&Toiletries Transport-Rail Machinery-General Indust Electronic Compo-Semicon Auto-Cars/Light Trucks Transport-Marine Food-Confectionery Electronic Compo-Misc Audio/Video Products Oil Refining&Marketing

hilary.persent@indxsecurities.com

+++ = +++ +++ = - = ++ + ++ ++ + ++ ++ + ++ = +++ ++ + ++ - -

++ + ++

5


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Revisions – small caps

code

name

op inc

cur

net

eps

co f'cst per

mkt cap [Ybn]

industry subgroup

8907 9132 1949 6632 4212 7220 7224 1950 4839 7942 8096 8165 1973 1983

HOOSIERS CORP DAIICHI CHUO KI SUMITOMO DENSET JVC KENWOOD COR SEKISUI JUSHI C MUSASHI SEIMITS SHINMAYWA INDUS NIPPON DENSETSU WOWOW INC JSP CORP KANEMATSU ELECT SENSHUKAI CO LT NEC NETWORKS & TOSHIBA PLANT S

= ++ + ++ + + = = = ++ + ++ = + + = = = = =

= ++ + ++ + + +++ = = ++ + ++ = + + = = = = =

+ + ++ + ++ = + + = ++ + ++ ++ + ++ +++ +++ + + + + = +++ + +

+ + ++ + ++ + + + + + + ++ + ++ ++ + ++ +++ +++ +++ + + = +++ + +

4.07 6.44 6.63 6.79 7.28 7.52 7.74 7.78 8.04 8.62 8.89 9.24 9.53 9.54

21.36 28.99 21.88 47.54 37.14 58.69 46.45 47.63 26.52 34.49 25.34 27.72 59.08 83.01

Real Estate Oper/Develop Transport-Marine Engineering/R&D Services Audio/Video Products Chemicals-Plastics Auto/Trk Prts&Equip-Orig Auto-Med&Heavy Duty Trks Engineering/R&D Services Cable/Satellite TV Rubber/Plastic Products Distribution/Wholesale Retail-Catalog Shopping Computer Services Engineering/R&D Services

6145 5975 9370 7003 5959 5410 2327 4471 4206 6104

NITTOKU ENGINEE TOPRE CORP YUSEN LOGISTICS MITSUI ENGINEER OKABE CO LTD GODO STEEL LTD NS SOLUTIONS CO SANYO CHEMICAL AICA KOGYO CO L TOSHIBA MACHINE

= --++ + ++ --= ++ + ++ = +++ = + +

= - +++ --= ++ + ++ = +++ = + +

= --++ + ++ --= +++ +++ +++ + + =

+ + - ++ + ++ --= +++ +++ +++ + + =

9.59 10.18 10.33 10.90 10.99 11.27 11.33 11.50 11.67 12.57

21.57 40.73 51.64 98.06 27.92 31.55 82.73 60.96 79.35 72.93

Industrial Automat/Robot Auto/Trk Prts&Equip-Orig Transport-Air Freight Shipbuilding Bldg&Construct Prod-Misc Steel-Producers Computers-Integrated Sys Chemicals-Specialty Chemicals-Diversified Machinery-General Indust

3028 4228 6135 1969 5943 9470 7266 7862

ALPEN CO LTD SEKISUI PLASTIC MAKINO MILLING TAKASAGO THERMA NORITZ CORP GAKKEN HOLDINGS IMASEN ELECTRIC TOPPAN FORMS CO

= ++ + ++ + + +++ = = = + +

= ++ + ++ +++ +++ = = = =

= ++ + ++ +++ ++ + ++ = +++ ++ + ++ =

= ++ + ++ ++ + ++ ++ + ++ = ++ + ++ ++ + ++ + +

12.60 12.61 12.69 12.72 13.37 13.56 13.80 14.51

65.95 26.49 69.81 53.95 72.18 20.34 20.01 82.69

Retail-Sporting Goods Rubber/Plastic Products Machinery-General Indust Engineering/R&D Services Bldg Prod-Air&Heating Publishing-Books Auto/Trk Prts&Equip-Orig Printing-Commercial

6816 6454 5482 7606 1954 9033 8806 4282 5946 7740 2127 9511 5440 6395 1820 1982 1959 6588 7732

ALPINE ELECTRON MAX CO LTD AICHI STEEL COR UNITED ARROWS L NIPPON KOEI CO HIROSHIMA ELECT DAIBIRU CORP EPS CORPORATION CHOFU SEISAKUSH TAMRON CO LTD NIHON M&A CENTE OKINAWA ELECTRI KYOEI STEEL LTD TADANO LTD NISHIMATSU CONS HIBIYA ENGINEER KYUDENKO CORP TOSHIBA TEC COR TOPCON CORP

= + + = = + + --= = = = = --++ + ++ +++ ----++ + ++ +++ ++ + ++

= + + + + = +++ --= = = = = -- - -++ + ++ +++ +++ --+++ +++ ++ + ++

++ + ++ ++ + ++ +++ = +++ - + + = = = + + --++ + ++ +++ = --+++ ++ + ++ ++ + ++

++ + ++ ++ + ++ +++ +++ ++ + ++ - + + = = = + + --++ + ++ +++ = --+++ ++ + ++ ++ + ++

14.72 14.82 15.23 15.56 15.61 15.61 15.69 15.94 15.97 16.61 16.81 16.91 16.96 17.15 17.71 18.79 18.84 19.05 19.16

73.62 50.40 76.17 78.07 24.35 20.76 73.73 35.94 68.65 66.44 30.59 55.82 67.84 77.18 47.81 30.06 37.68 93.36 57.47

Audio/Video Products Machinery-General Indust Steel-Specialty Retail-Apparel/Shoe Engineering/R&D Services Transport-Rail Real Estate Mgmnt/Servic Medical Labs&Testing Srv Bldg Prod-Air&Heating Photo Equipment&Supplies Consulting Services Electric-Integrated Steel-Producers Machinery-Constr&Mining Building&Construct-Misc Engineering/R&D Services Engineering/R&D Services Office Automation&Equip Medical Instruments

9742 3636 5701 9110 6961 9672 4914 5449 2362 8848 9119 1946 3064 7962 8011 4023 1301 7412

INES CORP MITSUBISHI RESE NIPPON LIGHT ME NS UNITED KAIUN ENPLAS CORP TOKYOTOKEIBA CO TAKASAGO INTERN OSAKA STEEL CO YUMESHIN HOLDIN LEOPALACE21 COR IINO KAIUN KAIS TOENEC CORP MONOTARO CO LTD KING JIM CO LTD SANYO SHOKAI LT KUREHA CORP KYOKUYO CO LTD ATOM CORP

= = + + --++ + ++ = + + - = = ++ + ++ = = = = + + --+++

= = +++ = ++ + ++ = +++ - = +++ ++ + ++ = = = = + + --+++

- = +++ ++ + ++ ++ + ++ = +++ --+ + --++ + ++ ++ + ++ = = = ++ + ++ -- - -=

= = +++ ++ + ++ ++ + ++ = +++ --+++ --++ + ++ ++ + ++ = + + = ++ + ++ -- - -=

19.38 19.99 21.44 22.90 23.26 23.52 23.83 24.21 25.79 27.41 27.84 28.15 28.63 40.11 40.93 49.57 51.64 60.61

30.24 27.41 64.32 29.77 44.19 33.94 40.51 62.95 21.92 43.86 44.54 45.04 43.06 22.46 28.65 69.40 20.65 55.76

Computer Services Computer Services Metal-Aluminum Transport-Marine Electronic Compo-Misc Racetracks Chemicals-Diversified Steel-Producers Engineering/R&D Services Real Estate Oper/Develop Transport-Marine Engineering/R&D Services E-Commerce/Products Office Supplies&Forms Apparel Manufacturers Chemicals-Diversified Fisheries Retail-Restaurants

5541 2204 9708 6349 6839

PACIFIC METALS NAKAMURAYA CO L IMPERIAL HOTEL KOMORI CORP FUNAI ELECTRIC

++ + ++ +++ + + = ---

++ + ++ +++ + + + + ++ + ++

++ + ++ -- - -++ + ++ = + +

++ + ++ -- - -++ + ++ - + +

64.81 138.86 251.88

76.15 23.61 72.29 47.80 53.33

Metal-Diversified Food-Confectionery Hotels&Motels Machinery-Print Trade Electric Products-Misc

hilary.persent@indxsecurities.com

6


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Revisions – micro caps

code

name

op inc

cur

net

eps

co f'cst per

mkt cap [Ybn]

industry subgroup

6771

IKEGAMI TSUSHIN

- -

++ + ++

+ +

+ +

0.76

4.52

Electric Products-Misc

5282

GEOSTR CORP

=

=

=

+++

0.90

8.10

Bldg Prod-Cement/Aggreg

1938

NIPPON RIETEC C

++ + ++

+++

+++

+++

2.58

9.56

Engineering/R&D Services

5280

YOSHICON CO LTD

+++

+++

+++

+++

4.46

3.41

Bldg Prod-Cement/Aggreg

8075

SHINSHO CORP

+ +

+ +

+++

+++

4.61

16.13

Metal Products-Distrib

6837

KYOSHA CO LTD

+ +

+++

+++

+++

4.64

2.85

Circuit Boards

7260

FUJI KIKO CO LT

=

+ +

+++

+++

4.66

15.85

Auto/Trk Prts&Equip-Orig

6203

HOWA MACHINERY

=

=

++ + ++

++ + ++

5.29

11.80

Machinery-General Indust

9619

ICHINEN HOLDING

=

=

++ + ++

++ + ++

5.50

11.00

Finance-Leasing Compan

9384

NAIGAI TRANS LI

=

=

=

=

6.51

5.08

Transport-Marine

7299

FUJI OOZX INC

+++

++ + ++

++ + ++

++ + ++

6.60

7.59

Auto/Trk Prts&Equip-Orig Commercial Services

2128

NOVARESE INC

+ +

+ +

+ +

+ +

6.75

5.94

7920

MIURA PRINTING

++ + ++

++ + ++

++ + ++

++ + ++

6.81

2.18

Printing-Commercial

8005

SCROLL CORP

+ +

=

++ + ++

++ + ++

6.95

11.12

Retail-Misc/Diversified

9358

UTOC CORP

---

---

---

---

7.16

12.17

Marine Services

6897

TWINBIRD CORP

---

---

-- - --

---

7.20

3.39

Miscellaneous Manufactur

6218

ENSHU LTD

+++

++ + ++

++ + ++

++ + ++

7.23

5.78

Machinery-General Indust

7703

KAWASUMI LABORA

- -

=

++ + ++

++ + ++

7.45

11.18

Medical Products

4779

SOFTBRAIN CO LT

=

=

=

=

7.63

2.52

Internet Applic Sftwr

6842

UNIPULSE CORP

=

=

=

+ +

7.71

4.05

Electronic Measur Instr

3085

ARCLAND SERVICE

=

=

=

=

7.95

6.76

Retail-Restaurants

7291

NIHON PLAST CO

+ +

+ +

- -

=

7.98

13.57

Auto/Trk Prts&Equip-Orig

1736

OTEC CORP

+++

+++

+++

+++

8.19

2.87

Engineering/R&D Services

9986

ZAOH COMPANY LT

+ +

+ +

+++

+++

8.29

4.29

Distribution/Wholesale

7833

IFIS JAPAN LTD

=

=

=

=

8.30

1.33

Commercial Services

2376

SCINEX CORP

=

=

=

+ +

8.62

2.41

Publishing-Books

3762

TECHMATRIX CORP

=

+ +

=

=

8.69

3.70

Enterprise Software/Serv

7821

MAEDA KOSEN CO

+++

+++

++ + ++

++ + ++

8.80

11.18

Bldg&Construct Prod-Misc

5657

SUZUKI METAL IN

+ +

+ +

++ + ++

++ + ++

8.83

8.83

Wire&Cable Products

1826

SATA CONSTRUCTI

+++

+++

+++

+++

8.85

5.35

Building&Construct-Misc

4743

ITFOR INC

+ +

+ +

+ +

+++

8.92

8.48

Computer Services

4709

INFORMATION DEV

+++

+++

=

=

8.97

4.13

Computer Services

4318

QUICK CO LTD

+++

+++

+ +

+++

9.02

3.76

Human Resources

2175

SMS CO LTD

+ +

+++

+++

+++

9.14

11.77

E-Services/Consulting

9736

HAKUSEISHA CO L

+++

+ +

+++

+++

9.17

2.48

Building-Maint&Service

9658

BUSINESS BRAIN

=

=

++ + ++

++ + ++

9.20

4.23

Consulting Services

6992

KOKUSAN DENKI C

++ + ++

+++

++ + ++

++ + ++

9.48

3.32

Engines-Internal Combust

9368

KIMURA UNITY CO

+ +

+ +

+++

+++

9.55

8.98

Transport-Services

2499

NIHONWASOU HOLD

=

=

=

=

9.63

2.70

Commercial Services

8052

TSUBAKIMOTO KOG

=

=

=

=

9.63

8.19

Distribution/Wholesale

3630

DENSAN SYSTEM C

=

=

=

=

9.81

4.80

Data Processing/Mgmt

4725

CAC CORP

=

=

=

=

10.04

15.06

Computers-Integrated Sys

4658

NIPPON KUCHO SE

+ +

+ +

=

+++

10.21

7.25

Commercial Services

9628

SAN HOLDINGS IN

=

=

=

+ +

10.35

9.41

Funeral Serv&Rel Items

7952

KAWAI MUSICAL I

=

+ +

+++

+++

10.54

16.87

Leisure&Rec Products

9889

JBCC HOLDINGS I

+++

+++

++ + ++

++ + ++

10.73

9.65

Computers

9312

KEIHIN CO LTD/T

=

+ +

+++

+++

10.80

7.12

Transport-Truck

2335

CUBE SYSTEM INC

+ +

+ +

++ + ++

++ + ++

10.98

3.84

Computer Services

7721

TOKYO KEIKI INC

+++

+++

+ +

+ +

11.00

14.51

Electronic Measur Instr

4999

CEMEDINE CO LTD

+ +

+ +

---

---

11.07

5.54

Chemicals-Specialty

1737

MESCO INC

+++

+++

+++

+++

11.24

7.57

Engineering/R&D Services

4800

ORICON INC

- -

- -

---

---

11.27

5.25

Internet Content-Entmnt

4033

NITTO FC CO LTD

=

=

=

=

11.55

15.24

Agricultural Chemicals

7575

JAPAN LIFELINE

- -

- -

=

=

11.58

6.09

Medical Products

3836

DIVA CORPORATIO

+++

+++

+ +

+ +

11.87

1.90

Applications Software

6920

LASERTEC CORP

- -

- -

- -

=

12.01

19.21

Semiconductor Equipment

9534

HOKKAIDO GAS CO

---

---

- -

- -

12.25

18.38

Gas-Distribution

7568

CLEX CO LTD

+++

+++

+++

+++

12.50

14.69

Distribution/Wholesale

7298

YACHIYO INDUSTR

++ + ++

++ + ++

++ + ++

++ + ++

12.50

12.50

Auto/Trk Prts&Equip-Orig

5566

CHUO DENKI KOGY

---

---

---

---

13.02

13.02

Metal-Diversified

6328

EBARA JITSUGYO

=

=

=

+ +

13.10

8.51

Pollution Control

hilary.persent@indxsecurities.com

7


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Revisions – micro caps - continued

2892 2406

NIHON SHOKUHIN

++ + ++

++ + ++

++ + ++

++ + ++

13.40

12.06

Food-Flour&Grain

ARTE SALON HOLD

=

=

=

=

13.41

2.55

Retail-Hair Salons

4826

COMPUTER INSTIT

=

=

=

+ +

13.81

8.01

Computer Software

8869

MEIWA ESTATE CO

- -

=

+++

++ + ++

14.07

10.56

Real Estate Oper/Develop

4620

FUJIKURA KASEI

=

=

=

=

14.41

15.28

Chemicals-Diversified

2729

JALUX INC

+++

+++

+++

+++

14.51

11.32

Distribution/Wholesale

8090

SHOKO CO LTD

=

=

=

=

14.66

15.10

Distribution/Wholesale

9180

SHINWA NAIKO KA

- -

- -

---

---

14.68

6.14

Transport-Marine

2003

NITTO FUJI FLOU

=

=

=

=

14.93

13.89

Food-Flour&Grain

9761

TOKAI LEASE CO

---

- -

---

- -

15.09

6.64

Real Estate Oper/Develop

8692

DAIKO CLEARING

+ +

+ +

++ + ++

++ + ++

15.17

7.58

Finance-Other Services

2922

NATORI CO LTD

+++

+++

+++

+++

15.77

12.93

Food-Confectionery

2114

FUJI NIHON SEIT

---

---

- -

=

16.17

8.89

Sugar

9931

KAZOKUTEI CO LT

=

=

=

=

16.55

4.80

Retail-Restaurants

1381

AXYZ CO LTD

---

---

---

---

16.65

4.66

Food-Meat Products

9763

MARUBENI CONSTR

---

- -

---

---

16.76

5.86

Bldg&Construct Prod-Misc

9612

LUCKLAND CO LTD

=

=

=

=

16.92

4.01

Building&Construct-Misc

5819

CANARE ELECTRIC

=

=

=

=

17.03

10.22

Wire&Cable Products

3850

NTT DATA INTRAM

+++

+++

+++

+++

17.38

4.61

E-Services/Consulting

2492

INFOMART CORP

=

=

=

=

17.97

5.88

B2B/E-Commerce

5476

NIPPON KOSHUHA

+++

+++

+++

+++

18.36

14.69

Steel-Specialty

7305

ARAYA INDUSTRIA

=

=

++ + ++

++ + ++

19.19

7.68

Steel Pipe&Tube

9304

SHIBUSAWA WAREH

=

=

---

---

19.39

18.03

Transport-Truck

6745

HOCHIKI CORP

- -

- -

---

---

20.47

12.28

Electronic Secur Devices

6736

SUN CORP

+ +

+ +

---

---

21.19

4.24

Leisure&Rec Products

5279

NIHON KOGYO CO

++ + ++

+++

++ + ++

++ + ++

21.45

1.72

Bldg Prod-Cement/Aggreg

7961

KANEMATSU-NNK C

=

=

=

=

21.65

6.93

Forestry

1867

UEKI CORP

+++

++ + ++

++ + ++

++ + ++

22.71

6.36

Building&Construct-Misc

2804

BULL-DOG SAUCE

=

=

=

=

23.17

11.58

Food-Misc/Diversified

6286

SEIKO CORP

+++

+++

---

---

23.49

3.05

Machinery-General Indust Distribution/Wholesale

3393

STARTIA INC

=

+ +

+++

+++

24.84

6.46

3766

SYSTEMS DESIGN

+ +

=

=

+ +

25.00

1.30

Computer Services

5008

TOA OIL CO LTD

=

=

=

=

25.42

11.95

Oil Refining&Marketing

1948

KODENSHA CO LTD

- -

- -

+++

+++

25.69

3.21

Building&Construct-Misc

7839

SHOEI CO LTD/TA

+++

+++

+++

+++

25.96

8.31

Miscellaneous Manufactur

6382

TRINITY INDUSTR

- -

- -

---

---

26.97

6.74

Machinery-General Indust

4963

SEIKO PMC CORP

+ +

+ +

---

---

27.48

9.59

Chemicals-Specialty

4840

TRIIS INC

+++

+++

+++

+++

28.59

2.29

Computer Software

9731

HAKUYOSHA COMPA

=

=

=

=

29.67

8.31

Commercial Services

1967

YAMATO CORP

+ +

=

=

=

31.42

8.48

Engineering/R&D Services

7213

LECIP HOLDINGS

++ + ++

++ + ++

++ + ++

++ + ++

33.16

4.74

Lighting Products&Sys

7490

NISSIN SHOJI CO

+++

+++

=

+++

38.76

5.81

Retail-Petroleum Prod

6938

SOSHIN ELECTRIC

---

- -

---

---

40.11

5.62

Electronic Compo-Misc

2877

NITTOBEST CORP

=

=

++ + ++

++ + ++

45.73

10.11

Food-Misc/Diversified

6208

ISHIKAWA SEISAK

+++

++ + ++

++ + ++

++ + ++

47.75

4.30

Machinery-General Indust

9641

SACOS CORP

=

=

+++

+++

58.18

11.05

Rental Auto/Equipment

4461

DAI-ICHI KOGYO

=

=

++ + ++

++ + ++

65.68

10.51

Chemicals-Diversified

7992

SAILOR PEN CO L

=

=

+ +

+ +

71.22

2.42

Office Supplies&Forms

6375

NIPPON CONVEYOR

++ + ++

++ + ++

++ + ++

++ + ++

73.07

5.11

Machinery-Constr&Mining

6704

IWATSU ELECTRIC

++ + ++

++ + ++

++ + ++

++ + ++

77.94

7.56

Telecommunication Equip

8889

APAMANSHOP HOLD

=

=

=

- -

82.06

3.28

Real Estate Mgmnt/Servic

2345

SYSTEM TECHNOLO

++ + ++

++ + ++

++ + ++

++ + ++

95.70

0.57

Educational Software

3945

SUPERBAG CO LTD

---

---

-- - --

-- - --

103.70

2.07

Paper&Related Products

1975

ASAHI KOGYOSHA

-- - --

---

-- - --

-- - --

141.53

11.32

Engineering/R&D Services

9535

HIROSHIMA GAS C

---

---

-- - --

-- - --

150.65

15.06

Gas-Distribution

6888

ACMOS INC

-- - --

-- - --

-- - --

-- - --

287.05

1.15

Electronic Compo-Misc

3439

MITSUCHI CORP

=

=

376.14

2.26

Auto/Trk Prts&Equip-Orig

4514

ASKA PHARMACEUT

=

=

-- - --

-- - --

2,021.54

14.15

Medical-Drugs

9624

CHODAI CO LTD

-- - --

-- - --

-- - --

-- - --

1.88

Engineering/R&D Services

9366

SANRITSU CORP

---

---

=

=

3.20

Storage/Warehousing

2226

FRENTE CO LTD

-- - --

-- - --

7859

ALMEDIO INC

=

=

-- - --

1965

TECHNO RYOWA LT

---

---

6776

TENSHO ELECTRIC

-- - --

=

1960

SANYO ENGINEERI

-- - --

-- - --

hilary.persent@indxsecurities.com

7.80

Food-Confectionery

-- - --

1.17

Electronic Compo-Misc

- -

- -

9.57

Engineering/R&D Services

=

=

1.63

Rubber/Plastic Products

-- - --

-- - --

6.76

Engineering/R&D Services

8


IND-X Securities - Japanese Results, Revisions & Ratings Roundup – Friday, 27 April 2012 #Revisions – micro caps - continued

9701

TOKYO KAIKAN CO

++ + ++

++ + ++

-- - --

-- - --

10.18

Retail-Restaurants

4563

ANGES MG INC

=

=

=

=

4.47

Medical-Biomedical/Gene

1814

DAISUE CONSTRUC

-- - --

-- - --

-- - --

-- - --

5.94

Bldg-Residential/Commer

6628

ONKYO CORP

-- - --

-- - --

-- - --

-- - --

7.24

Audio/Video Products

4242

TAKAGI SEIKO CO

- -

+ +

-- - --

-- - --

4.57

Chemicals-Plastics

6627

TERA PROBE INC

=

+ +

-- - --

-- - --

6.71

Electronic Compo-Semicon

6946

NIPPON AVIONICS

++ + ++

++ + ++

+ +

+ +

3.25

Machinery-Electrical

7714

MORITEX CORP

++ + ++

++ + ++

=

=

4.14

Instruments-Scientific

hilary.persent@indxsecurities.com

9


APR272012RESULTS