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Japan Research Pack A Summary of Select Global Markets Research Tuesday 31 January 2017 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 Canon Marketing 8060 JP Buy - JPY 2,828 2,979 +53.3 JPY 148.1 159.6 157.3 161.2 Japan Daiwa Securities Group 8601 JP Neutral - JPY 680.0 830.0 +13.2 JPY 46.4 62.0 50.1 60.7 Kinden 1944 JP Buy - JPY 1,645 1,704 +16.5 JPY 110.6 - 117.5 - Kyocera 6971 JP Neutral - JPY 5,000 5,700 -4.6 JPY 207.2 223.5 214.0 250.8 Mabuchi Motor 6592 JP Neutral - JPY 5,800 6,000 -0.7 JPY 210.7 223.9 270.3 288.1 Murata Manufacturing 6981 JP Buy - JPY 17,500 18,000 +16.2 JPY 731.5 738.0 861.9 913.2 Sekisui Chemical 4204 JP Neutral - JPY 1,600 1,800 -4.9 JPY 122.5 122.2 126.4 138.3 TDK 6762 JP Buy - JPY 9,200 10,300 +25.0 JPY 475.7 487.6 559.8 647.8 Tokai Tokyo Financial 8616 JP Neutral - JPY 510 610 -3.6 JPY 33.2 37.4 34.4 35.1 Holdings NGK Spark Plug 5334 JP Buy - JPY 3,000 3,100 +23.0 JPY 154.7 189.9 207.9 213.6 Sankyu 9065 JP Buy - JPY 850 900 +28.9 JPY 57.8 - 59.8 - Nihon M&A Center 2127 JP Buy - JPY 4,300 4,100 +14.7 JPY 92.4 78.8 107.0 99.2 East Japan Railway 9020 JP Buy - JPY 12,000 13,000 +23.4 JPY 696.7 - 732.9 - Oriental Land 4661 JP Neutral - JPY 6,900 6,700 +4.8 JPY 242.8 232.6 247.4 235.3 Central Japan Railway 9022 JP Neutral - JPY 19,200 20,000 +6.3 JPY 1,884.7 1,899.4 1,923.8 1,893.8 NEC 6701 JP Neutral - JPY 310 295 -6.6 JPY 25.0 7.7 27.7 19.2 Acom 8572 JP Buy - JPY 680 600 +26.6 JPY 45.4 3.3 49.8 - Misumi Group 9962 JP Buy - JPY 2,250 2,400 +17.6 JPY 71.3 69.6 80.5 85.6 West Japan Railway 9021 JP Buy - JPY 8,500 9,100 +24.7 JPY 537.2 - 569.2 - ESTIMATE CHANGES Hulic 3003 JP Neutral - JPY 1,060 - +3.7 JPY 53.9 57.7 61.5 62.3 Sumitomo Dainippon 4506 JP Neutral - JPY 1,950 - -0.2 JPY 59.6 86.2 70.0 72.5 Pharma Nisshin Seifun Group 2002 JP Buy - JPY 2,000 - +14.9 JPY 70.9 69.6 75.3 73.9 MonotaRO 3064 JP Neutral - JPY 3,200 - +9.9 JPY 62.4 61.3 81.0 78.3 *U/D % = Potential Up/Downside % Highlights for Today Japan electronic parts - Earnings update summary Manabu Akizuki - NSC We expect sales, profits to turn to growth in 17/3 Q4, forecast OP growth of 25% for 18/3 Japan electronic parts: earnings update - Equipment for smartphones and IoT Manabu Akizuki - NSC Raising assumptions for OLED iPhone in 18/3 NGK Spark Plug (5334 JP) (Buy) 17/3 Q3 results (TP JPY 3,000→JPY 3,100, PRICE as of 1/30/2017 JPY 2,521) Manabu Akizuki - NSC We raise forecasts on steady earnings improvement for ceramic packages Production Complete: 2017-01-30 22:01 UTC See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. Nomura | Japan Research Pack 31 January 2017 Canon Marketing Japan (8060 JP) (Buy) 16/12 results (TP JPY 2,828→JPY 2,979, PRICE as of 1/30/2017 JPY 1,943) Tetsuya Wadaki - NSC Preparing for move into new era NEC (6701 JP) (Neutral) Q3 results: full-year guidance sharply lowered (TP JPY 310→JPY 295, PRICE as of 1/30/2017 JPY 316) Masaya Yamasaki, CFA - NSC All segments but enterprise fall short of plan First Look - Koei Tecmo Holdings (3635 JP) (Buy) - 17/3 Q3 results: some titles underperform (TP JPY 2,400, PRICE as of 1/30/2017 JPY 1,967) Junko Yamamura - NSC Oriental Land (4661 JP) (Neutral) Q3 results: slightly lower than our estimates (TP JPY 6,900→JPY 6,700, PRICE as of 1/30/2017 JPY 6,391) Junko Yamamura - NSC Visitor numbers likely to continue being affected by theme park events in near term Results at two elastomer companies, Sumitomo Chemical - JSR results not as bad as meets the eye Shigeki Okazaki - NSC / Kaori Iwasaki - NSC Zeon results show strong demand for large-screen TV film and battery materials Steel sector: impact of President Trump's executive orders - Pipelines will have to use steel made in US Yuji Matsumoto - NSC Construction of Mexican wall could boost demand for steel East Japan Railway (9020 JP) (Buy) Operating profits in line with our expectations (TP JPY 12,000→JPY 13,000, PRICE as of 1/30/2017 JPY 10,535) Masaharu Hirokane - NSC Deterioration on Hokuriku Shinkansen fading, sales of commuter passes strong West Japan Railway (9021 JP) (Buy) 18/3 outlook: record OP, higher shareholder returns (TP JPY 8,500→JPY 9,100, PRICE as of 1/30/2017 JPY 7,297) Masaharu Hirokane - NSC Q3 earnings in line with plan, company aims for further operating profit growth in 18/3 Central Japan Railway (9022 JP) (Neutral) Shinkansen solid, but high profit growth unlikely (TP JPY 19,200→JPY 20,000, PRICE as of 1/30/2017 JPY 18,820) Masaharu Hirokane - NSC Interest to start on maglev Shinkansen loans, rail car manufacturing subsidiary is a risk factor Misumi Group (9962 JP) (Buy) Forex-neutral overseas sales up 27% in Dec (TP JPY 2,250→JPY 2,400, PRICE as of 1/30/2017 JPY 2,040) Katsushi Saito - NSC High sales growth in China, Asia; we view as growth stock with prospects for 10% OP growth Acom (8572 JP) (Buy) Q3: revising our forecast, reaffirming Buy (TP JPY 680→JPY 600, PRICE as of 1/30/2017 JPY 474) Wataru Otsuka - NSC We think high interest repayment losses only temporary Nihon M&A Center (2127 JP) (Buy) Less share price upside, but we retain Buy rating (TP JPY 4,300→JPY 4,100, PRICE as of 1/30/2017 JPY 3,575) Naruhiko Sakamaki - NSC We lower our forecasts based on 17/3 Q3 results Sekisui Chemical (4204 JP) (Neutral) 17/3 Q3 results: forecasts raised on weak yen (TP JPY 1,600→JPY 1,800, PRICE as of 1/30/2017 JPY 1,892) Daisuke Fukushima - NSC Strengthening presence in built-for-sale housing MonotaRO (3064 JP) (Neutral) We lower our forecasts slightly, remain Neutral (TP JPY 3,200, PRICE as of 1/30/2017 JPY 2,913) Kosuke Narikiyo - NSC / Masafumi Shoda - NSC 2 Nomura | Japan Research Pack 31 January 2017 Automated logistics center likely to generate cost efficiencies in 17/12 Japanese Equity Research Nisshin Seifun Group (2002 JP) (Buy) Steady rise in underlying profitability (TP JPY 2,000, PRICE as of 1/30/2017 JPY 1,741) Satoshi Fujiwara - NSC Prospect of double-digit profit growth in 18/3 on investment returns, EPA-E and bran recovery Japan REIT sector - Ichigo Hotel REIT raises guidance Tomohiro Araki - NSC No need for concern about hotel REITs missing guidance, depending on assumptions Mitsubishi Estate (8802 JP) (Buy) Quarterly data: weak condo releases (TP JPY 2,780.0, PRICE as of 1/30/2017 JPY 2,182.0) Daisuke Fukushima - NSC Slightly weak contract signings for condos to be posted as sales from 19/3 onwards Sankyu (9065 JP) (Buy) Solid Japanese infrastructure upgrade demand (TP JPY 850→JPY 900, PRICE as of 1/30/2017 JPY 698) Ryo Tazaki - NSC Improved margins at plant engineering/installation segment Japan REIT sector - Kenedix Office: credit rating raised to AA- Tomohiro Araki - NSC Poised to meet BOJ purchase criteria 10 months after last upgrade Sumitomo Dainippon Pharma (4506 JP) (Neutral) We revise forecasts, retain target price (TP JPY 1,950, PRICE as of 1/27/2017 JPY 1,954) Motoya Kohtani - NSC Acquisitions, in-licensing to make up for poorer prospects for pipeline drug Kinden (1944 JP) (Buy) 17/3 Q3 results: guidance raised (TP JPY 1,645→JPY 1,704, PRICE as of 1/30/2017 JPY 1,463) Kentaro Maekawa - NSC We retain profit forecasts despite lowering outlook for power distribution line engineering work Daiwa Securities Group (8601 JP) (Neutral) 17/3 Q3 results: fair showing at retail segment (TP JPY 680.0→JPY 830.0, PRICE as of 1/30/2017 JPY 732.9) Wataru Otsuka - NSC Announcement of second share buyback in 17/3 Hulic (3003 JP) (Neutral) 16/12 results (TP JPY 1,060, PRICE as of 1/27/2017 JPY 1,022) Daisuke Fukushima - NSC Looking for profits from real estate sales to generate one-third of real estate segment profits MTI [9438] - 17/9 Q1 results Yoshitaka Nagao - NSC Can management grow the healthcare business? Tokai Tokyo Financial Holdings (8616 JP) (Neutral) 17/3 Q3 results: earnings driven by trading income (TP JPY 510→JPY 610, PRICE as of 1/27/2017 JPY 633) Wataru Otsuka - NSC Large q-q improvement in profit levels in Q3 TDK (6762 JP) (Buy) Earnings update (TP JPY 9,200→JPY 10,300, PRICE as of 1/27/2017 JPY 8,240) Manabu Akizuki - NSC Portfolio rebuilding likely to start yielding results from 18/3 Mabuchi Motor (6592 JP) (Neutral) Earnings update (TP JPY 5,800→JPY 6,000, PRICE as of 1/27/2017 JPY 6,040) Manabu Akizuki - NSC Raising forecasts to factor in new forex outlook: we anticipate continued stable earnings improvement Murata Manufacturing (6981 JP) (Buy) Earnings update (TP JPY 17,500→JPY 18,000, PRICE as of 1/27/2017 3 Nomura | Japan Research Pack 31 January 2017 JPY 15,485) Manabu Akizuki - NSC 18/3: expecting recovery in RF module market share, improvement in MLCC conditions Kyocera (6971 JP) (Neutral) Earnings update (ADR:KYO US) (TP JPY 5,000→JPY 5,700, PRICE as of 1/27/2017 JPY 5,976) Manabu Akizuki - NSC We adjust forex assumptions, change forecasts, retain stance towards key businesses Pharmaceuticals industry - Results released by US companies through 27 Jan Motoya Kohtani - NSC Future threats: bb2121 CAR-T therapy, risankizumab Nuclear reactor court cases - Takahama, Genkai, and Ikata: rulings in 2017 H1? 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  • RESIDENT EVIL 7 Biohazard in at Present, He Is in Charge of Consumer Games Development Their Area, It Is Difficult to Say There Is Overall January 2017 (See Page 3)

    RESIDENT EVIL 7 Biohazard in at Present, He Is in Charge of Consumer Games Development Their Area, It Is Difficult to Say There Is Overall January 2017 (See Page 3)

    Corporate Profile (As of March 31, 2016) History Name of Company CAPCOM CO., LTD. Mar. 1991 Released the arcade video game Street Fighter II Date of Establishmen May 30, 1979 and it triggered the Street Fighter II boom. Date of Initiation June 11, 1983 Jun. 1992 Released Street Fighter II for Super NES, and it was a mega-hit. Business Segments Planning, development, manufacture and sale of home video games, online Jul. 1993 Opened CapcoCircus Nigata East, the largest games, mobile games and arcade arcade in Nigata. games as well as management of amusement arcades. Dec. 1994 Premiere of the Hollywood movie Street Fighter. Paid-in Capital ¥33,239 million Mar. 1996 Released Resident Evil for PlayStation, a long selling SECOND TO NONE 2016 End of Term March 31 title which had record breaking sales, and established the genre of survival horror. The Latest Development Report Number of Employees 2,839 (Including consolidated subsidiaries) 2,114 (Capcom CO., LTD.) Aug. 2001 Released Devil May Cry for PlayStation 2, and it was a mega-hit. Head Office 3-1-3 Uchihirano-machi, Chuo-ku, Osaka, 540-0037, Japan Oct. Released Phoenix Wright: Ace Attorney for Game PHONE: 81-6-6920-3600 Boy Advance, and it drew public attention FAX: 81-6-6920-5100 as a courtroom battle title. R&D Building 3-2-8 Uchihirano-machi, Chuo-ku, Mar. 2002 Premiere of the Hollywood movie Resident Evil Osaka, 540-0037, Japan which recorded sales of 102 million dollars worldwide. PHONE: 81-6-6920-7600 Sep. 2004 Premiere of the Hollywood movie Resident Evil: FAX: 81-6-6920-7698 Apocalypse and it grossed 100 million dollars R&D Building #2 3-1-10 Uchihirano-machi, Chuo-ku, worldwide.
  • Location Roll a 1D10 for Your Starting Location. 1

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    Nioh Jumpchain V1 by Atma/Wandering Shadow Can you hear it, the sound of rain against the walls of your cell ? Can you feel it, the shifting of the ship against the waves? Can you hear it, the sounds of battle echoing through the night? You can can’t you… but you and I both know that there is something more out there. A thing of spiritual greatness, both perverted and pure, that flows through this land of Gold. Something that attracts the greatest and worst of mankind. Something that draws forth the demons of yore into the land of the living. Welcome Jumper to Japan circa 1600 AD, welcome to Nioh. Location Roll a 1d10 for your starting location. 1. Tower Of London, London, the British Empire: You're a ‘guest’ of the British crown ​ and you must escape in order to fully start your journey. 2. Kyushu Region: The Southernmost Region of the Main islands. It is home to clans ​ Tachibana and Nagamasa 3. Chugoku Region: A region of Mining and Sea Based Commerce. It is home to clan of ​ Kobayakawa 4. Kinki Region: A region home to Mt. Hiei and Honno-ji ​ 5. Tokai Region: A region of Japan that is home to both the Iga Clan of ninjas and the City ​ of Edo. 6. Sekigahara Region: A region home to Fushimi Castle, former home of Hdeyoshi ​ Toyotomi, and what would later become the site of a battle that would affect the very future of Japan. 7. Omi Region: A region home to the sacred Mt. Ibuki and Gifu castle, located on the ​ shores of Lake Biwa 8.