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IND-X Securities - Japanese Radar Screenings – Friday, 17 December 2010 A daily scan of the more active stocks to highlight early turning points, and momentum shifts … buy radar 5301 TOKAI CARBON CO 6961 ENPLAS CORP 9006 KEIKYU CORP sell radar 3088 5471 6890 6934 8002 8958

MATSUMOTOKIYOSH DAIDO STEEL CO FERROTEC CORP SHIN-KOBE ELECT MARUBENI CORP GLOBAL ONE REIT

due a bounce 5727 TOHO TITANIUM C due a fall 3226 3227 5012 5632 6728 8584 8875 9409 9438

NIPPON ACCOMMOD MID REIT INC TONENGENERAL SE MITSUBISHI STEE ULVAC INC JACCS CO LTD TOUEI HOUSING C TV ASAHI CORP MTI LTD

increasing volume - advances 2317 3107 3231 4028 4100 4708 5632 6118 6247 6753 6787 6841 6952 6971 7102 7717 7732 8585 8841 9449 9603

SYSTENA CORP DAIWABO HOLDING NOMURA REAL EST ISHIHARA SANGYO TODA KOGYO CORP MOSHI MOSHI HOT MITSUBISHI STEE AIDA ENGINEERIN HISAKA WORKS LT SHARP CORP MEIKO ELECTRONI YOKOGAWA ELECTR CASIO COMPUTER KYOCERA CORP NIPPON SHARYO L V TECHNOLOGY CO TOPCON CORP ORIENT CORP TOC CO LTD GMO INTERNET IN H I S CO LTD

increasing volume - declines 2400 MESSAGE CO LTD 2702 MCDONALD'S HOLD

2792 7220 7483 9684

HONEYS CO LTD MUSASHI SEIMITS DOSHISHA CO LTD SQUARE ENIX HOL

8982 8987 9204 9424

TOP REIT INC JAPAN EXCELLENT SKYMARK AIRLINE JAPAN COMMUNICA

new 12m intra-day highs

aqr busters - pm volume drop-off

1766 2317 2400 3730 4272 5019 5186 5481 5632 6247 6640 6875 7256 7259 7270 8325 8830 8907 9449 9640

2317 3823 3843 4064 4288 5352 5632 7102 8050 8202 8515 8585 8840

TOKEN CORP SYSTENA CORP MESSAGE CO LTD MACROMILL INC NIPPON KAYAKU C IDEMITSU KOSAN NITTA CORP SANYO SPECIAL S MITSUBISHI STEE HISAKA WORKS LT DAI-ICHI SEIKO MEGACHIPS CORP KASAI KOGYO CO AISIN SEIKI CO FUJI HEAVY INDU HOKUETSU BANK L SUMITOMO REALTY HOOSIERS CORP GMO INTERNET IN SAISON INFORMAT

closed at day's high [on volume] 1893 1969 2284 2288 3793 3798 4028 4321 5423 6136 6208 6317 6860 7994 8344 8362 8585 9009 9110 9681 9719

new 12m intra-day lows 9684 SQUARE ENIX HOL aqr busters - pm volume pickup 2212 2433 2491 2792 3606 4043 4732 4768 5202 5423 5947 6764 6869 7012 7453 7956 8270 8933 8951 8952 8953 8955 8957 8959 8961

SYSTENA CORP ACRODEA INC FREEBIT CO LTD NIPPON CARBIDE ASGENT INC KROSAKI HARIMA MITSUBISHI STEE NIPPON SHARYO L SEIKO HOLDINGS LAOX CO LTD AIFUL CORP ORIENT CORP DAIKYO INC

YAMAZAKI BAKING HAKUHODO DY HOL VALUECOMMERCE C HONEYS CO LTD RENOWN INC TOKUYAMA CORPOR USS CO LTD OTSUKA CORP NIPPON SHEET GL TOKYO STEEL MFG RINNAI CORP SANYO ELECTRIC SYSMEX CORP KAWASAKI HEAVY RYOHIN KEIKAKU PIGEON CORP UNY CO LTD NTT URBAN DEVEL NIPPON BUILDING JAPAN REAL ESTA JAPAN RETAIL FU JAPAN PRIME REA TOKYU REIT INC NOMURA REAL EST MORI TRUST SOGO

PENTA-OCEAN CON TAKASAGO THERMA ITOHAM FOODS IN MARUDAI FOOD CO DRECOM CO LTD UL SYSTEMS INC ISHIHARA SANGYO KENEDIX INC TOKYO STEEL MFG OSG CORP ISHIKAWA SEISAK KITAGAWA IRON W PANASONIC ELECT OKAMURA CORP YAMAGATA BANK L FUKUI BANK LTD/ ORIENT CORP KEISEI ELECTRIC NS UNITED KAIUN TOKYO DOME CORP SUMISHO COMPUTE

8957 9031 9048 9305 9602

TOKYU REIT INC NISHI-NIPPON RA NAGOYA RAILROAD YAMATANE CORP TOHO CO LTD

Top stocks / Winners 2491 3231 3727 3793 3798 3843 4028 6860 8585 9424

VALUECOMMERCE C NOMURA REAL EST APLIX CORP DRECOM CO LTD UL SYSTEMS INC FREEBIT CO LTD ISHIHARA SANGYO PANASONIC ELECT ORIENT CORP JAPAN COMMUNICA

Laggards / Losers 2127 2792 5606 6730 8584 8925 9478 9684

NIHON M&A CENTE HONEYS CO LTD ASAHI TEC CORP AXELL CORP JACCS CO LTD ARDEPRO CO LTD SE HOLDINGS AND SQUARE ENIX HOL

10% Intra-day swingers – advances 1871 2342 2491 3639 3793 3798 3823 9424

PS MITSUBISHI C TRANS GENIC INC VALUECOMMERCE C VOLTAGE INC DRECOM CO LTD UL SYSTEMS INC ACRODEA INC JAPAN COMMUNICA

10% Intra-day swingers – declines

closed at day's low [on volume]

none

1334 MARUHA NICHIRO 1878 DAITO TRUST CON 1890 TOYO CONSTRUCTI 2002 NISSHIN SEIFUN 2211 FUJIYA CO LTD 2702 MCDONALD'S HOLD 3103 UNITIKA LTD 3382 SEVEN & I HOLDI 4202 DAICEL CHEMICAL 6764 SANYO ELECTRIC 7757 NIDEC SANKYO CO 7951 YAMAHA CORP

Top 10 value traded - [$3.39bn] 6301 6753 7203 7267 7751 8031 8306 8316 8411 9984

KOMATSU LTD SHARP CORP TOYOTA MOTOR CO HONDA MOTOR CO CANON INC MITSUI & CO LTD MITSUBISHI UFJ SUMITOMO MITSUI MIZUHO FINANCIA SOFTBANK CORP

#6841 Yokogawa Elec – up 3% on 4.8mn shares [cf. 1.7mn avg] – has been a laggard all year and is only now catching up to [and starting to outperform] both Topix and the TPELMH sector. Over the longer-term, the 6841/TPX ratio is neutral, but Yokogawa Electric isn’t cheap: It’s trading on 1.5x book, and 26x Mar2012 TK ests, so how much further can this go? – the 6841/TPX ratio [6-months view] – is at a high [0.7485] and 2.4 sds from the mean, and at overbought levels.

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

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DEC172010RADAR