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【出版时间及名称】：2010年日本证券市场展望
【作者】：摩根斯坦利
【文件格式】：PDF
【页数】：61
【目录或简介】：
Table of Contents
2
Strategy and Economics
3 Japan Strategy Towards A Supportive Policy
Alexander Kinmont
5 Japan Economics More Policy Surprises: BoJ
Balance Sheet Balloon; Back to Structural Reform
Robert Alan Feldman, Ph.D.
7 Japan Economics Sensing Policy Surprises: Joint
Inflation Target by Government and BoJ
Takehiro Sato
Company Options Analysis (Alphabetical order)
9 Bridgestone Demand Recovery and Tire Price Hikes
to Offset Higher Raw Materials Costs
Shinji Kakiuchi
11 East Japan Railway Market Underestimates JR
East's Potential to Expand Profits Through Largest-in-
Japan Customer Pull and Growth-oriented Spending
Takuya Osaka
13 Japan Tobacco Look for Positive Proof of Price Hikes
Cancelling Out Domestic Tax Hike
Taizo Demura
15 Nippon Steel Market Underestimates True Earnings
Value. Expect Consensus to Jump
Harunobu Goroh
17 Nomura Holdings Rising Profile as a Global Player
Hideyasu Ban, Atsushi Shinoda
19 Shin-Etsu Chemical Expect Wafer Price Hikes in
2010 2H. Positive Surprise as Expectations are Low
Yoshihiro Azuma
21 Sony Increased Scope for Rapid Penetration of 3D TV
will Surprise the Market
Masahiro Ono
23 Sumitomo Mitsui FG Dilutive Capital Supply will be
Less than Anticipated and will not Materialize at Prices
Significantly Below Book Value
Graeme Knowd
25 Toyota Motor Full Earnings Recovery Phase Starting
in F3/10 2H
Noriaki Hirakata, CFA
Company Risk-Reward Analysis (Alphabetical order)
27 Elpida Memory Significant Cost-cutting Potential with
Smooth Start-Up of 4x Nano
Kazuo Yoshikawa, CFA
29 Fuji Media Holdings Rising Expectations for
Guidance Hikes, Driven by Improved Spot Sales
Hironori Tanaka
31 Mitsubishi Tanabe Pharma Major Progress with Four
New Drugs: Becoming a Pipeline-rich Company
Shinichiro Muraoka
33 Mitsui & Co. Earnings Growth Resuming from F3/11
on Rising Resource Prices + Volume
Tomokazu Soejima
35 Nippon Oil Capacity and Cost Reduction is
Underway. Stock is Under-rated by the Market
Lalita Gupta
37 Shionogi Rise in Visibility for New AIDS and Influenza
Drugs in the Post-Crestor Era
Mayo Mita
39 Yahoo Japan Full-fledged, Structural Recovery Phase
Ahead in 2010
Naoshi Nema
41 Yamada Denki TV Upgrade Demand to Hit Top Gear
in F3/11 Ahead of Terrestrial Digital Switch
Yukimi Oda
Industry Analysis (Alphabetical order)
43 Construction Big Four General Contractors to Defy
Consensus by Outperforming in 2010
Atsushi Takagi
45 Housing Market to be Surprised by Current Order
Rebound
Hiroko Kubota
47 Information Technology Slow Overall Demand
Recovery, but Two Bright Spots of Early Pick-up from
Finance Users and Hardware Replacement
Masaharu Miyachi
49 Machinery & Capital Goods Stepped-up Acquisitions
a Possibility as FCF Improves and Yen Strengthens
Yoshinao Ibara
51 Real Estate Impending Office Supply Saturation to
Diminish Market Optimism
Tomoyoshi Omuro
53 Utilities Environmental Policy Uncertainty Risk, but
Positives in Some Utility Stocks Too
Yuka Matayoshi
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