ELECOM, ASICS, ETC (additional) Rating

Downgrade - Bearish Code Stock Name Brokerage Company Previous Change After-------------------------------------------------------------<9204> Skymark Morgan S "Overweight" "Equal Weight" Target Price Change Code Stock Name Brokerage Company Previous Change After-------------------------------------------------------------<3861

Fisco JapanMar 19 11:49

Rating information (investment decision changes - part 1) = Skymark, Brother, ETC.

◎Morgan Stanley MUFG Securities (three-tiered: Overweight > Equal Weight > Underweight) Skymark <9204.T> -- "Overweight" → "Equal Weight", 1000 yen → 590 yen ◎Tokai Tokyo Securities (three-tiered: Outperform > Neutral > Underperform) Brother <6448.T> -- "Neutral" → "Outperform", 3200 yen → 3200 yen Kureha <4023.T> -- "Outperform"

Kabushiki ShimbunMar 19 08:49

Rating [Securities companies rating]

Upgraded - Bullish Code Stock Name Securities Company Previous After Change ---------------------------------------------------------------- ＜7270＞SUBARU CLSA "Outperform" "Outperform" ＜6448＞Brother Tokai Tokyo "Neutral" "Outperform" ＜4194＞Visional Iwai Cosmo "B" "A" Downgraded - Bearish Code Stock Name Securities Company Previous After Change --------------

Fisco JapanMar 19 07:48

＜Rating Change Observation＞ New Nexon / Brother upgrade, Skymark downgrade, ETC.

◎New and resumed Nexon <3659.T> -- Domestic mid-sized company rated at the top of five levels ◎Upgraded Visional <4194.T> -- Domestic mid-sized company rated at the top of five levels (two-level upgrade) Brother <6448.T> -- Domestic mid-sized company rated at the top of three levels SUBARU <7270.T> -- Foreign company rated at the top of three levels (Target Price is lowered) ◎Downgraded Kureha <4023.T> -- Domestic mid-sized company rated in the middle of three levels Mercari <4385.T> -- US-based company rated in the middle of three levels (目

Kabushiki ShimbunMar 19 07:48

Cover, Skymark, ETC [Emerging Markets Rating List]

"Goldman" <4478> Free Sell maintained "Morgan" <5253> Cover OVERWEIGHT maintained <9164> Trite EQUALWEIGHT maintained "Tokai Tokyo" <9204> Skymark NEUTRAL maintained *The ratings of the above companies are as of 02/28 based on our verification.

Fisco JapanFeb 28 19:21

Rating information (Target Price change - Part 2) = Kakaku.com, JACR, ETC.

◎ Mizuho Securities (three-tiered: Buy > Hold > underperform) Kakaku.com <2371.T> --- "Buy" → "Buy", 2900 yen → 2600 yen KH Neochem <4189.T> --- "Buy" → "Buy", 2700 yen → 3200 yen Takeda Pharmaceutical <4502.T> --- "Buy" → "Buy", 5350 yen → 5400 yen Omron <6645.T> --- "Buy" → "Buy", 7000 yen → 6700 yen Panasonic <6752.T> --- "Buy" → "Buy", 2160 yen

Kabushiki ShimbunFeb 28 08:53