Namura Shipbuilding (7014): FY3/26 results first impression: Positive

Research evidence excerpt

Namura Shipbuilding (7014): FY3/26 results first impression: Positive

; 2 - Neutral stocks are expected to remain flat or

increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment rating

of 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things, the 0-

12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a stock

should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price

appreciation (depreciation).

Investment rating Total return expectation (within 12-month period of date of initial Ratings dispersion guidelines for coverage clusterR2

rating)

Buy ≥ 10% ≤ 70%

Neutral ≥ 0% ≤ 30%

Underperform N/A ≥ 20%

R2Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.

INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure)

and 9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector,

region or other classification(s). A stock’s coverage cluster is included in the most recent BofA Global Research report referencing the stock.

Price Charts for the securities referenced in this research report are available on the Price Charts website, or call 1-800-MERRILL to have them mailed.