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Subprime & credit market exposure and weak economic conditions to limit growth
Common HOLD Fundamental research indicates a 6% upside in the common stock over the next 6-12 months. We
Direct accessthetotarget
have calculated the price
full based
report
on free of charge
fundamental factors, at
using a weighted average of target
Stock http://www.iirgroup.com/researchoracle/viewreport/show/20277
prices obtained using DCF and comparative valuation methodologies. We continue to take a 6-12
month investment horizon for the stock, as the market in which it operates is highly cyclical and,
therefore, trends can be captured more accurately with a shorter investment horizon.
Ticker: 8766.T
Target price: ¥4,349
Current price: ¥4,120 We reiterate the common stock a HOLD with a 6-12 month target price of ¥4,349.
ADR HOLD The ADR is expected to appreciate approximately 9% over the next 6-12 months as the fundamental
upside is further augmented by 2 percentage points upside purely attributable to appreciation of the
Japanese yen against the US dollar and 1 percentage point upside attributable to the anticipated
Ticker: TKOMY.PK
reduction in the ADR discount.2
Target price: US$41.20
Current price: US$37.90 We reiterate the ADR (1 ADR = 1 common share) a HOLD with a 6-12 month target price of US$41.20.
Supervisor: Somnath Banerjee Investment horizon - short term actionable trading strategies
Analyst: Silky Jain This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months. If this
report is provided to you by your broker under the Global Settlement, you may now also access (free of charge) the
Editor: Heloise Capon short term trading outlook that we publish from time to time for this issuer, looking at the coming 5-30 days for
Global Research Director: readers with a shorter trading horizon. These are available online only at www.researchoracle.com
Satish Betadpur, CFA