Japan Research Pack: A Summary of Select Global Markets Research

Research evidence excerpt

Japan Research Pack: A Summary of Select Global Markets Research

Japan Research Pack

A Summary of Select Global Markets Research

29 June 2026

KEY FORECAST CHANGES

RATING TARGET PRICE CUR YEAR EPS NEXT YEAR EPS

SECURITY / SECTOR TICKER CURR CURR

OLD NEW OLD NEW U/D% OLD NEW OLD NEW

TARGET PRICE CHANGES

Kokuyo 7984 JP Neutral - JPY 900 800 -2.4 JPY 47.9 47.2 48.7 47.5

Okamura 7994 JP Neutral - JPY 2,550 2,500 +9.5 JPY 209.2 197.3 221.1 206.4

*U/D % = Potential Up/Downside %

Highlights for Today

Japan equity memo: July event calendar - Earnings results at Japanese and overseas companies, US tariff turmoil and

NATO accounting, Japan growth strategy

Tomochika Kitaoka - NSC / Naoya Fuji - NSC / Momoko Nakada - NSC / Tomoharu Kurosu - NSC

Global: AI/semiconductor demand vs economic security; Japan: corporate governance reforms driven by companies and

investors vs authorities' focus on growth investment

Japan equity memo: Finding winning strategies for India-related stocks ahead of PM Takaichi's visit - Widening from

focus on automobiles to broadly-defined infrastructure, finance, and consumer demand

Tomochika Kitaoka - NSC / Momoko Nakada - NSC / Shinya Harui - NSC

Indian equities weak but economy strong, share prices of Japanese companies active in India also solid

Japan power, auto parts: Grid storage battery market - We forecast earnings growth, particularly in supply-demand

adjustment market

Shinichi Yamazaki - NSC / Wataru Ishimoto - NSC

Faster moves into energy storage as means of expanding electric power market, using EVs as mobile storage batteries

Japan broadcasting sector - Asset holdings as seen in 26/3 securities filings

Ryohei Harahata - NSC

Scrutiny over how serious companies are about improving capital efficiency amid rising share prices for major strategic