Kaneka (4118): Raise PO; expect solid 1Q despite Middle East concerns

Research evidence excerpt

Kaneka (4118): Raise PO; expect solid 1Q despite Middle East concerns

Japan - Cyclical Materials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

Sumitomo Electric Industries SMTOF 5802 JP Takashi Enomoto

Sumitomo Metal Mining STMNF 5713 JP Takashi Enomoto

Tokai Carbon TKCBF 5301 JP Takashi Enomoto

Tokyo Ohka Kogyo TOKCF 4186 JP Niima Komura

Toyo Gosei TYGIF 4970 JP Niima Komura

Tri Chemical Laboratories XWURF 4369 JP Niima Komura

NEUTRAL

Cosmo Energy Holdings CEHCF 5021 JP Takashi Enomoto

Fujimi Incorporated FUJXF 5384 JP Niima Komura

INPEX IPXHF 1605 JP Takashi Enomoto

Kaneka KANKF 4118 JP Kyoji Chiba

Kumiai Chemical Industry XHEXL 4996 JP Kyoji Chiba

NGK Corporation NGKIF 5333 JP Kyoji Chiba

Nippon Paint Holdings NPCPF 4612 JP Takashi Enomoto

Nippon Paper Industries NIJPF 3863 JP Kyoji Chiba

Nippon Soda NSDFF 4041 JP Kyoji Chiba

Oji Holdings OJIPF 3861 JP Kyoji Chiba

Osaka Organic Chemical XAPKF 4187 JP Niima Komura

Sumitomo Osaka Cement SUCEF 5232 JP Kyoji Chiba

Tekscend Photomask Corp. XJXHP 429A JP Niima Komura

Toyota Tsusho TYHOF 8015 JP Takashi Enomoto

UNDERPERFORM

Air Water AWTRF 4088 JP Takashi Enomoto

Daicel Corp DACHF 4202 JP Takashi Enomoto

Iwatani Corporation IWTNF 8088 JP Takashi Enomoto

JFE Holdings JFEEF 5411 JP Takashi Enomoto

Kobe Steel KBSTF 5406 JP Takashi Enomoto

Kuraray KURRF 3405 JP Takashi Enomoto

Kureha KURCF 4023 JP Niima Komura

Mitsubishi Chemical Group MTLHF 4188 JP Takashi Enomoto

Mitsui Chemicals MITUF 4183 JP Takashi Enomoto

Nippon Shokubai NSHKF 4114 JP Takashi Enomoto

Nippon Steel NISTF 5401 JP Takashi Enomoto

Taiheiyo Cement THYCF 5233 JP Kyoji Chiba

Toray TRYIF 3402 JP Takashi Enomoto

Tosoh Corporation TOSCF 4042 JP Takashi Enomoto

Zeon ZEOOF 4205 JP Niima Komura

iQmethod SM Measures Definitions