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IND-X Securities - Japanese Radar Screenings – Wednesday, 16 May 2012 A daily scan of the more active stocks to highlight early turning points, and momentum shifts …

#BULL/BEAR - All 33 Topix subsectors, and over 90% of the NKY225 [204 companies] in bear trends today. There is just 1 [5] stock still in a BULL trends [2802 Ajinomoto]. buy radar 4817 JUPITER TELECOM 5407 NISSHIN STEEL C 5726 OSAKA TITANIUM

8379 HIROSHIMA BANK 9364 KAMIGUMI CO LTD 9792 NICHII GAKKAN C new 12m intra-day highs

3234 MORI HILLS REIT 8964 FRONTIER REAL E

sell radar

9989 SUNDRUG CO LTD

Top stocks / Winners

7282 TOYODA GOSEI CO 7731 NIKON CORP

new 12m intra-day lows [actives]

1407 3843 3845 4047 5726 6419 6463 6741 6955 9042

due a bounce 3632 3861 3893 5214 6302 6701 6723 6753 6758 7261 8282 8366 8379 9831

GREE INC OJI PAPER CO LT NIPPON PAPER GR NIPPON ELECTRIC SUMITOMO HEAVY NEC CORP RENESAS ELECTRO SHARP CORP SONY CORP MAZDA MOTOR COR K'S HOLDINGS CO SHIGA BANK LTD/ HIROSHIMA BANK YAMADA DENKI CO

due a fall 2331 2802 5105 6755

SOHGO SECURITY AJINOMOTO CO IN TOYO TIRE & RUB FUJITSU GENERAL

4062 IBIDEN CO LTD 4091 TAIYO NIPPON SA 4208 UBE INDUSTRIES 4543 TERUMO CORP 4901 FUJIFILM HOLDIN 5201 ASAHI GLASS CO 5214 NIPPON ELECTRIC 5332 TOTO LTD 5406 KOBE STEEL LTD 5713 SUMITOMO METAL 6302 SUMITOMO HEAVY 6472 NTN CORP 6724 SEIKO EPSON COR 6752 PANASONIC CORP 6753 SHARP CORP 6963 ROHM CO LTD 7211 MITSUBISHI MOTO 7911 TOPPAN PRINTING 7912 DAI NIPPON PRIN 8282 K'S HOLDINGS CO 8377 HOKUHOKU FINANC 8379 HIROSHIMA BANK 8725 MS&AD INSURANCE 9364 KAMIGUMI CO LTD

increasing volume - advances

aqr busters - pm volume pickup

4555 4817 5233 5334 5726 6273 8385 9042 9989

1802 2871 3086 4272 4684 5002 5711 7205 7211 8952 9435

SAWAI PHARMACEU JUPITER TELECOM TAIHEIYO CEMENT NGK SPARK PLUG OSAKA TITANIUM SMC CORP IYO BANK LTD/TH HANKYU HANSHIN SUNDRUG CO LTD

increasing volume - declines 2212 2269 5007 5101 6201 6417 6971 7278 8136 8334 8355 8377

YAMAZAKI BAKING MEIJI HOLDINGS COSMO OIL COMPA YOKOHAMA RUBBER TOYOTA INDUSTRI SANKYO CO LTD KYOCERA CORP EXEDY CORP SANRIO CO LTD GUNMA BANK LTD/ SHIZUOKA BANK L HOKUHOKU FINANC

none AT/NEAR All-time LOWS 1833 3893 5202 5310 6701 6723 6724 8308 8362 8725 9427 9437

WEST HOLDINGS C FREEBIT CO LTD I-FREEK INC KANTO DENKA KOG OSAKA TITANIUM MARS ENGINEERIN TPR CO LTD NIPPON SIGNAL C FDK CORP HANKYU HANSHIN

Laggards / Losers 7245 7541 8136 8328 8362 8377 8379 8897 9427 9792

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3845 I-FREEK INC 6784 PLANEX HOLDING 6955 FDK CORP

OBAYASHI CORP NICHIREI CORP J FRONT RETAILI NIPPON KAYAKU C OBIC CO LTD SHOWA SHELL SEK MITSUBISHI MATE HINO MOTORS LTD MITSUBISHI MOTO JAPAN REAL ESTA HIKARI TSUSHIN

10% Intra-day swingers - declines 3103 7245 7541 8362 8897

UNITIKA LTD DAIDO METAL CO MEGANE TOP CO L FUKUI BANK LTD/ TAKARA LEBEN CO

Top 10 value traded - [$1.99bn +0.11bn] 3632 6301 6501 6954 7203 7267 7751 8031 8306 9983

DENA CO LTD TAIHEIYO CEMENT NIPPON YUSEN KAWASAKI KISEN

closed at day's high [on volume] 3843 FREEBIT CO LTD 4523 EISAI CO LTD 7936 ASICS CORP

GREE INC KOMATSU LTD HITACHI LTD FANUC CORP TOYOTA MOTOR CO HONDA MOTOR CO CANON INC MITSUI & CO LTD MITSUBISHI UFJ FAST RETAILING

OKUMURA CORP NIPPON PAPER GR NIPPON SHEET GL TOYO TANSO CO L NEC CORP RENESAS ELECTRO SEIKO EPSON COR RESONA HOLDINGS FUKUI BANK LTD/ MS&AD INSURANCE EACCESS LTD NTT DOCOMO INC

In the clouds - Nikkei225 - ytd underperformers

DAIDO METAL CO MEGANE TOP CO L SANRIO CO LTD SAPPORO HOKUYO FUKUI BANK LTD/ HOKUHOKU FINANC HIROSHIMA BANK TAKARA LEBEN CO EACCESS LTD NICHII GAKKAN C

10% Intra-day swingers unchanged and advances

aqr busters - pm volume drop-off 2432 5233 9101 9107

AT/NEAR All-time HIGHS

closed at day's low [on volume]

6753 5202 5214 6701 3893 7261 3861 6302 6758 5406 3865 9766 9502 7912 5631 6752 1803

SHARP CORP NIPPON SHEET GLA NIPPON ELEC GLAS NEC CORP NIPPON PAPER GRO MAZDA MOTOR OJI PAPER CO LTD SUMITOMO HEAVY SONY CORP KOBE STEEL LTD HOKUETSU KISHU P KONAMI CORP CHUBU ELEC POWER DAI NIPPON PRINT JAPAN STEEL WORK PANASONIC CORP SHIMIZU CORP

In the clouds - Nikkei225 - ytd outperformers 6857 6703 6976 7731 7270 5101 8830 6366 3436 8270 9681 7203 9983 1963 5233

ADVANTEST CORP OKI ELECTRIC IND TAIYO YUDEN CO NIKON CORP FUJI HEAVY INDUS YOKOHAMA RUBBER SUMITOMO REALTY CHIYODA CORP SUMCO CORP UNY CO LTD TOKYO DOME CORP TOYOTA MOTOR FAST RETAILING JGC CORP TAIHEIYO CEMENT

#5726 OSAKA TITANIUM – on BUY radar for a 2nd day – closed up 6.1% today, after a 2.2% jump yesterday. Volume has doubled over yesterday’s, and is 2.6x normal. Is this a case of “it’s overdueabounce”? The stock has underperformed TPX by 48% since hitting highs back in early May 2011 and is trading 3.5 sds below the 12 month high. BBERG shows 8 analysts : 2 BUYS : 4 HOLDS : 2 SELLS and an average target price of Y2683 [cf. 6.5% above today’s Y2518 close]. The stock trades at 2.1x book,8.5% eROE, and 25x Mar2014 TK PARENT ests.

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

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MAY162012RADAR