27/3 Q1 results: Strong performance in chemicals on rising prices Quick Note

研报英文原文证据摘录

27/3 Q1 results: Strong performance in chemicals on rising prices Quick Note

luation methodologies include, but are not limited to, discounted cash flow

analysis, expected return on equity and multiple analysis. Analysts may also indicate expected absolute upside/downside relative to the stated

target price, defined as (target price - current price)/current price.

STOCKS

A rating of 'Buy', indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of 'Neutral',

indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of 'Reduce', indicates that

the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of 'Suspended', indicates that the rating, target

price and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies

that are labelled as 'Not rated' or shown as 'No rating' are not in regular research coverage. Investors should not expect continuing or

additional information from Nomura relating to such securities and/or companies. Benchmarks are as follows: United States/Europe/Asia ex-

Japan: please see valuation methodologies for explanations of relevant benchmarks for stocks, which can be accessed at:

http://go.nomuranow.com/research/m/Disclosures; Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia, unless otherwise

stated in the valuation methodology; Japan: Russell/Nomura Large Cap.

SECTORS

A 'Bullish' stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months. A 'Neutral' stance,

indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months.