Japan Summer School: Heavy Industries, Machinery & Capital Goods: Investor Presentation | Japan

研报英文原文证据摘录

Japan Summer School: Heavy Industries, Machinery & Capital Goods: Investor Presentation | Japan

FoundationM

Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond

Overweight, our most positive stock rating, with a buy recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.

Coverage Universe Investment Banking Clients (IBC) Other Material Investment Services Clients (MISC)

Stock Rating Category Count % of Total Count % of Total IBC % of Rating Category Count % of Total Other MISC

Overweight/Buy 1544 42% 453 49% 29% 757 44%

Equal-weight/Hold 1577 43% 390 42% 25% 769 44%

Not-Rated/Hold 3 0% 1 0% 33% 1 0%

Underweight/Sell 544 15% 89 10% 16% 204 12%

Total 3,668 933 1731

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the last 12 months. Due to rounding off of decimals, the percentages

provided in the "% of total" column may not add up to exactly 100 percent.

Analyst Stock Ratings

Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

Not-Rated (NR).