Table of Contents
Ideas ................................................................................................... 4
Rethinking sector valuations ...................................................................................... 4
“Nanto-naku'...................................................................................................................... 5
Investing in ‘vision’ ......................................................................................................... 5
Sector rating ...................................................................................... 9
Marketweight reflects mixture of positive and negative factors .............. 9
Considering the business model.............................................................................. 9
Negative factors .............................................................................................................11
Positive factors ...............................................................................................................19
Investment ratings on firms under our coverage ......................... 24
TPs and ratings ...............................................................................................................24
Valuation and Risks.......................................................................................................25
Buy ratings ........................................................................................................................26
Hold ratings ......................................................................................................................26
Valuation comparisons................................................................................................29
Price Performance ........................................................................... 31
Possibility of funds shift away from defensive sectors ..............................31
Exchange rate trends ...................................................................... 32
Rapid yen appreciation................................................................................................32