Microsoft Word _030810_JTEKT_J.doc

ÎÑÎ ÓÑÔÏÒÐ/ Equity Research () / OVERWEIGHT yv (from Outperform) NEUTRAL* [V] (10 3 5, ) 941 ( ) (from 1,400) 1,000¹ (%) 6.3 dš ( ) 302.22 (US$ 3.35) ( ) 397.71 s Ì ( ) 321.17 (%) 4.60 52 ~Ö Ñ 1259-553 * yv Ê v ÊÏ ÒÒÐÑÉÊ Ê ÉÆÉÆÌÈ zê ÇÆ12 Î. [V] = volatileéìêèíí ÒÏÑÐÖ ÑÕ ÎÔ ÒÏÐÑ ÖÐ ÒÎÒÖÑÒ { 81 3 4550 9994 shinji.kuroda@credit-suisse.com x 813 4550 9903 yukihiro.kumagai@credit-suisse.com ÓÔÏ Ô Ñ 2000 1000 (LHS) ªª ªªªª(RHS) 0 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 ÒÕ ÒÊ TOPIX Ê ÈÍÓÔÏ Ô ÑÎ È 10 3 5 Ê TOPIX Ê 910.81 10 3 5 ÊÖ ÒÊ 1 ÒÖ 90.3 ÓÔÏ Ô Ñ 1 3 12 (%) -3.6-4.5 56.3 (%) -5.6-6.7 27.3 90 40 ジェイテクト (6473 / 6473 JP) yvç Ç NEUTRAL へ引き下げ 株価は底打ちとみるが業績不透明感の払拭を待ちたい ÒÕÑi ÉÊv Ç ÉfÆÍ: ÐÖÒÏ ÑÏÑ Ã Ã ÉÊÂÊÒÕÑi Ç ÎÊÆÉÈÂÑÏ ÏÒÐÒ ÃÃ Ê dîèíâî 1,400 ÇÍ 1,000 Ë Ç Ç yv Î Outperform ÇÍ NEUTRAL Ë Ç Ç ÍÂÊÂÒÕÑi ÉÊ PBR=1 ÊÌÉ mèéæíâ ÖÑÐÊ ÊÆÉÌÍÂÉÉÈ d ~ÉÖÐ Ö ŠÊu Î v ÈËÇÏÑÖÑÒÌÒ ÑÇu ÉÍÊÆ v ÊÑÏÕ ÐÉ Î ÍÉÆ uññ ÑËu ÎÈÍ: ÉÊ 1 Ð Ñ ÐÑ d ÊÊ 2 i ~Ê 3Q ÉuÍÍÉ h Ê ÈÇÍ Í déê  3 ÑÐÖÒÔÏ Ñ ÒÏÔ ÉÌÊÊÉÊ wêi y ÇÂÊÊÇÍÊ yññ ÑÎÈÉÇÉÂÈÇÈÂÊ ÊÒÕÑ ŠÎÊ mâòõ Ò Ê ÊÊÆÍÌÊÊ v ÊÊ É 1-2Q ÉÈÍÊÖÐ Ö ŠÊu Îw ÉÇÍÏÑ ÖÑÒÊÊÆÉÌÍÍÍÂÊv Ì ÌÊÇÈÍÍÆ ˆÊuÑÑ ÑÉiÌÉÆ ÏÑÖÑÒ: ÉÊÒÕÑÊ g ÉÉÌÊ ÇÇÈÉfÆ ÉÇÉÂÈÇÈÂÖÐ ÖÊv ÊÉÉÌÊÖÐ ÖÎ sèí Õ Ï ÇÆÉÆÍÂÖÐ Ö ŠÊ ˆ Î ÉÉÆ ÓÖÕÏ ÑÕ : 1,000 ÊÊ ÉÉÉÊÂ~Í ROIC Õ ÒÖÊ 11 3 Ê dî ÉÊÌÉÂÌÉÒÕÑi Ê PBR ÌÈÉ sçê dê ÈÍ ~ÇÈÍÍÌÉÂÒ ÕÑi 11 3 ÔÖ ÕÓ ÐÔ Ñ PBR=1 É PBR=1 Ô ÑÂBPS=993 Î ÉÈÉ Ï ÔÖÏÒ PER Ê 23  y ÓÖÕÏ ÑÕ 09 3 10 3 11 3 12 3 () ( ) 1,017.1 762.0 815.0 892.0 ( ) 22.4 27.0 43.0 ( ) 11.1-1.0 26.0 42.4 ( ) -12.0-6.3 14.0 23.8 EPS ( ) -37.22-19.62 43.60 74.11 EPS (%) n.a. -30.0-8.5 Ð Ñ ÐÑ EPS ( ) n.a. -22.27 44.80 EPS (%) 70.0 P/E (X) NM NM 21.6 12.7 Í(%) 1.8 1.1 1.3 1.8 EV/EBITDA (X) 5.6 8.0 5.5 4.5 P/B (X) 0.99 0.98 0.95 0.90 ROE(%) -3.5-2.1 4.5 7.3 y /y (%) 45.5 30.9 26.5 21.3 y ÂDatastreamÂIFIS ÂCredit Suisse. ÒÏÑÐÖ ÑÕ ÎÔ ÒÏÐÑÊÎÒÖÑÒÐ ÒÏÔÏÐ ÑÕ Ë Ê ~ÊÈÍÎÒÖÑÒ ÊÎ ÎÉÆÍÌÈ ÊÒÏÑÐÖ ÑÕ : Credit Suisse Êw ÖÔ ÒÉwy ÉÈÉÆÍÉÓ ÑÓÑÎsÊÉÉÆÍÂÌÉÊsÊÆÇÆÍÌÈÂÈÉÇÉÉ y Ê ÖÔ ÒÊ u Ê Î ËÈÊ ÆÍÇÊÈÉÆÍ h ÎvxÈÍ uçæíìèâ ÖÔ ÒÊÆÇÌÉ y ÊÊÉÉÊ ÉÆfÆÇÉÈÆÂ

投資見解 不透明感が払拭されるまで様子見スタンスで臨みたい yv Î NEUTRAL ÉÈ v ÊÑÏÕ ÐÎ ÍÉÆ ÇÍÌÉÉÊ 1 ÊÐ Ñ ÐÑ dêê = dê V  2 3Q ÊÆÇÍ ÆÍËi Õ Ï ÊdÇ È d ˆËÊ Â 3 ÑÐÖÒÔÏ Ñ ÒÏÔ Ì wîèíi y Ç ÌÉÍÈÊ ÈÍ ÂÊÊÎ v Âi ~Ê f fê ÈÉ Ê yññ ÑÎÈÉÇÉ 2010 3 8 u Ç ÇÂTP ÊÊÊROICÕÒÖÊ ÆÂÒÕÑi Ê PBR Ìf ÈÉ ÈÇÈÂÒÕÑi ÊÖÐ Ö ŠÊ Î ÈÉÖÐ Ö ŠÇ ÊÆÇÍ ÖÐ ÖÊÓ ÒÖÎ ÇÂÇÊÖÐ ÖÎsÆ ~Ç ÌÉÉÆÍÉ fæíâñóööõ Ñ Ñ GM Ì ÓÖ ÑÒÎÖ ÐÊÆÇÍÕ ÑÊ ÎÊÑÔÖ ÔÖ ÒÊÐÓÖÒÎ 130ÖÐ ÖÈÍÉ sèéâ ÑÒÎÖ Ð ÐÖÕÊ z ŠÊÊÇÂÕ Ñ =Ê l ÂÊ t Ê ÊÊÇÂÑÔÒÏÏÎÊÊÇÂGM Ê zê ŠÊÊÇÂÊy Ê ÇÉÇÌÊÆÊÆÍÂÖÐ ÖÊÂÇÉÉÊ li ÊÓÔ ŠÉuÍÍÉÍ ÆÊÂ Õ Ï ÊÉÉÉ ÎÌÉÍÈÌÆÍ ˆÂv ÂÈÍÊÊ v ÊiÍÌÆÍ ÑÒÎÖ ÐÊ 1 2 ÉÆÍÂÊ GM ÊÖÐ ÖÉ 1 5,000 ÊÐÑÒ Ç ÈÍÉÈÉÊÊÇÇÍ~ y Ê 65Év ÈÍÍ ÆÈÍÊÈÍÂÌÊÖÐ ÖÇŠÈÍÖÑÐÂy v ÊÊÊÎ ÈÍÉ u Ç ÇÂÊ dê ÈÆÂÈÉÇÉÉ ÊÊÂ~ÍROICÎ ÆÉÈÉÇÈÍÊ ÈÉÂÒÕÑi Ê 11/3 ÔÖ ÕÓ ÐÔ Ñ PBR=1 Ìf ÈÉ sçê dê ÈÍ ~Ç ÈÍÍÌÉÒÕÑi Ê PBR É Ê PBR=1 11/3 Ô Ñ Ç Â yv Î Outperform ÇÍ NEUTRAL Ë Ç ÇÂuÑÑ ÑÉiÌÉÆ ÒÕÑ ŠuÊ ~ÊÖÓÏ ÒÊ 6471 É ÆÉÆ 2010 ÊÂÔÐÖ ÑÕÔÐÖÊ Ç ÇÂÇ ÇÇ mèé Ê È y ÆÇÂÓÔÏ Ô ÑÊÊ Î ÍÉfÆÍ ÊÊ r ÇdÌ ÊÐÔÒ 6301 Ì 6305  ÊÊÂÐÖÑÕÊÒÔÏÖÒ Š ÊÑ ÏÐ 6367 ÊÊÊ È yæéæíâ ÊÖÐ ÖÆÍËÒÕÑi Ê ŠÊÂÿÊu ÉÆÍÂ Ê ~ ŠÊÌÉÈÍÉÊfÆÊÇÇÂÊÖÓÏ ÒÌ héuíâéêâ Ê d Ç Æ 6471ÂOUTPERFORMÂTP 860 ÎÐÎÊ ~ fêæçíöóï ÒÊÎÖÔÎÎ ÆÉÆÉfÆÍÂ Ç v ÊÔÏ ÒÉÊÍÇ ÒÕÑ ŠÊuÊ ÖÓÏ ÒÊ ÊÆÍ É ÆÉÆ Ê ~ÇÐÖÎÈÍÍÉÈÉÊÂy ÊÊ ÉÖÐ Ö ŠÊu Ç ÇÍÍÍÆÂÉÉÈÂÈÍÊÆÍË dê ÊsÍÍÊÌÉfÆÍ ÍÂ5 ÉÊ dêv =ÉÉÈÂvÊÊ ÌÊ ÉÊÍÆ ÉwÉÊÐÕ ÒÂÈÍÊÊ 1-2Q ÊÊÉÊ ÊÆÉ ÊÔÒ ÑÕÖÊ vç v ÊÔÏ ÒÉÊÍÆ (6473 / 6473 JP) 2

s dò ÔÖ 2010 3 8 P/E (x) ~ 07/3 1,025,297 64,631 66,967 44,900 140.5 6.7 08/3 1,157,594 12.9 77,650 20.1 72,892 8.8 43,446-3.2 135.6-3.5 6.9 09/3 1,017,071-12.1 22,370-71.2 11,109-84.8-11,954 NM -37.2 NM NM 10/3 CS 762,000-25.1 0-100.0-1,000 NM -6,300 NM -19.6 NM NM 759,000-25.4 2,000-91.1 1,000-91.0-4,300 NM -13.4 NM NM 740,000-27.2-4,000 NM -5,000 NM -11,000 NM -34.3 NM NM 740,000-27.2-4,000 NM -5,000 NM -11,000 NM -34.3 NM NM IFIS 761,600-25.1-1,025 NM -2,025 NM -7,200 NM -22.3 NM NM 11/3 CS 815,000 7.0 27,000 NM 26,000 NM 14,000 NM 43.6 NM 21.6 830,000 9.4 37,000 1,750.0 36,000 3,500.0 20,000 NM 62.3 NM 15.1 IFIS 839,800 10.3 24,825 NM 23,800 NM 14,450 NM 44.8 NM 21.0 12/3 CS 892,000 9.4 43,000 59.3 42,400 63.1 23,800 70.0 74.1 70.0 12.7 890,000 7.2 47,000 27.0 46,400 28.9 26,000 30.0 81.0 30.0 11.6 : y Âà ÃÂIFISÂCredit Suisse sêéë ÐÔÑÐÑ 612+: ÓÔÏ Ô Ñ 140 130 i f ~ 120 110 100 ªªª ~ ~ 90 80 FA ~ 70 09/3 09/4 09/5 09/6 09/7 09/8 09/9 09/10 09/11 09/12 10/1 10/2 09 3 18 ÏÓÖÒÑ Î 100 ÉÈÉ : Ò ÑÑÒÖ ÕÂCredit Suisse si f fïóöòñ 612+: ÓÔÏ Ô Ñ 150 140 ª ª 130 120 110 100 90 ª ªªª 80 NTN 70 09/3 09/4 09/5 09/6 09/7 09/8 09/9 09/10 09/11 09/12 10/1 10/2 09 3 18 ÏÓÖÒÑ Î 100 ÉÈÉ : Ò ÑÑÒÖ ÕÂCredit Suisse (6473 / 6473 JP) 3

s sçê dê ÈÍ ~ÊÎ ÉÉÆ É ( ) 26,000 16,000 CS ( ) 2,500 2,000 6,000 1,500-4,000 1,000-14,000 ( ) ( ) 500-24,000 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 3/08 3/09 3/10 3/11 : y ÂÒ ÑÑÒÖ ÕÂCredit Suisse söð Ö Š ÊÒÕÑ ~ Ê m ÊÒÕÑ ~ Ê 105 100 95 90 10 1 21 Î 100 ÉÈÉ : Ò ÑÑÒÖ ÕÂCredit Suisse 85 80 75 70 65 1/21/2010 1/23/2010 TOYOTA MOTOR J7203 NSK J6471 JTEKT J6473 TSUBAKIMOTO CHAIN J6371 DENSO J6902 AISIN SEIKI J7259 TOYOTA INDS. J6201 1/25/2010 1/27/2010 1/29/2010 1/31/2010 2/2/2010 2/4/2010 2/6/2010 2/8/2010 2/10/2010 2/12/2010 2/14/2010 2/16/2010 2/18/2010 2/20/2010 2/22/2010 2/24/2010 2/26/2010 2/28/2010 3/2/2010 3/4/2010 s ÂÔ Ñ ~ Ê Ê mêéêìí ÊÔ Ñ ~ Ê 120 110 100 90 80 HONDA MOTOR J7267 KEIHIN J7251 TAKATA J7312 NISSIN KOGYO J7230 70 MUSASHI SEIMITSU IND. J7220 SHOWA J7274 FCC J7296 STANLEY ELECTRIC J6923 60 1/21/2010 10 1 21 Î 100 ÉÈÉ : Ò ÑÑÒÖ ÕÂCredit Suisse 1/23/2010 1/25/2010 1/27/2010 1/29/2010 1/31/2010 2/2/2010 2/4/2010 2/6/2010 2/8/2010 2/10/2010 2/12/2010 2/14/2010 2/16/2010 2/18/2010 2/20/2010 2/22/2010 2/24/2010 2/26/2010 2/28/2010 3/2/2010 3/4/2010 (6473 / 6473 JP) 4

業績見通し 来期のトヨタ売上高は前期比横ばいの見通し Î 20 ÇÍ së ŠÈÍ ÊÂ Ç 1 12 ÂÈÈÉuÊ 4 3 ÉÆÍÂÇÊÉÌÂ2 ÊÒÕÑÊÆÇÍÊ dê ÈÈÂÌÈÍ dê ÇŠ ÈÈÆÉÆÍ ÉÉÈ 1 ÒÕÑÊ 3 ÇÍÉÌÎsÆ 2 ÇÈÉ i ~ yç 4Q Ê ÉÉÇÍÊ ÈÂÉÈÉÆÍÂÊÊΠΠ7,590ÇÍ 7,620Ê 30 ŠÈÍÇÂÎ 20ÇÍ s Ë 20 ŠÈÉ IFISÊ 10Ê Â v Ê 40 Êz ÂIFISÐ Ñ ÐÑÊ 10Êz ÉÆÍÇÂ3Q ÌÉÊ dî{ìæâ~héfæíâ ÇÊÂ10 3ÊÂ1QÉ2QÇÈÍÈÍÂ108Â34Êz ÂÈÈÉ 3Q Ê 38Ê Ê ÈÂ4QÊ 104 4.8 ÊÌÉÇ Í ÇÍÉÈÍÍ v ÊÆÇÍ ÊÆÇÍÖ ÒÊ 1 ÒÖ 90 É 1 Õ Ö 125 Â1 É 5Â2Ê u ÉÊÍÂ Ê 370 ÇÍ 270 Ë 100 Š  ~ ÊÊ ÂÉÊÎÂÊÎ 1 ÒÖ 95 ÂÕ ÖÎ 120 Êv ÈÉÆÆ ÊÈÍÈÍ 85 Â130 ÂÊÒÕÑÐ Ö Ô ÇÊ ÊÊÆÈÍÉÊÊ É dîu ÈÉ ÆÉ 1 ÑÐÖÒÔÊÎuÍ Í ƒìèíç  ÊÐÑÒÉ 20 Ê ÊtƒÇÍw~ ÇÍ 1Ò ÆÉÍ 1 ÈÍ Êu  2 i Õ Ï ÇÍÊÑÏ u ÉÈÉ 40 Êu  3 Ê 40 Év ÂÊÊÎdÍ}ÎÉ ÇÊ Π8,300ÇÍ 8,150Ë 150 ŠÂÊ 370 ÇÍ 270 IFISÐ Ñ ÐÑÊ 248 Ë 100 ŠÈÉ ÉÊ-100 Ê ÈÉÊ 1 yé 60 Êu ÊyÊÉ 40Êu ÎuÉÆÉ Â 2 Ê ŠÊÊÇ sôîö ÐÊ Õ Ï «««NTN ª ªªª i 62 69 81 ªªªªªªª 22 5 45 6 10 18 ªªª 6 12 1 28 42 17 2010 3 8 dêv ÎÐÖ Î héìííí ÊÒÕÑ Ç Î ÊÆÊÉ d Îu ÈÉ i ~ ««59 36 54 12 21 11 16 27 22 ª 13 16 13 (6473 / 6473 JP) 5

s Ô ÑÊ d 2010 3 8 09/3 10/3CS 11/3CS ( ««1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ªª ªªª 127,700 126,500 114,200 71,200 69,241 87,621 96,900 100,000 80,000 82,000 97,000 104,000 (EPS 74,700 77,900 70,400 48,700 45,800 60,100 62,000 64,000 55,000 56,000 63,000 68,000 ( 53,000 48,600 43,800 22,500 23,441 27,521 34,900 36,000 25,000 26,000 34,000 36,000 36,900 35,100 30,000 20,400 19,299 24,834 28,582 31,000 25,000 25,000 30,000 33,000 ª ªªª 74,900 78,400 64,600 50,300 44,050 52,302 58,316 62,000 50,000 56,000 65,000 67,000 21,800 34,600 27,500 21,900 9,191 6,941 7,963 9,000 9,000 9,000 10,000 12,000 20,600 24,800 19,300 16,370 12,635 13,735 13,719 14,668 14,000 15,000 15,500 16,500 v 281,900 299,400 255,600 180,170 154,416 185,433 205,483 216,668 178,000 187,000 217,500 232,500 YoY (%) ªª ªªª 8.6-10.2-16.2-51.2-45.8-30.7-15.1 40.4 15.5-6.4 0.1 4.0 (EPS 16.4 7.0 8.0-35.0-38.7-22.8-11.9 31.4 20.1-6.8 1.6 6.3 ( -0.7-28.5-38.3-68.4-55.8-43.4-20.3 60.0 6.7-5.5-2.6 0.0 8.2 102.9 1.4-27.7-47.7-29.2-4.7 52.0 29.5 0.7 5.0 6.5 ª ªªª 2.9 3.6-17.5-35.4-41.2-33.3-9.7 23.3 13.5 7.1 11.5 8.1 7.9 8.5 3.0-32.2-57.8-79.9-71.0-58.9-2.1 29.7 25.6 33.3-6.4 0.8-15.4-27.2-38.7-44.6-28.9-10.4 10.8 9.2 13.0 12.5 v 5.7 3.1-12.9-41.3-45.2-38.1-19.6 20.3 15.3 0.8 5.8 7.3 09/3 10/3CS 11/3CS 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ªª ªªª 6,400 5,400 200-7,500-1,500 1,500 2,700 5,000 1,500 1,500 3,000 4,500 (EPS 2,500 2,500 1,300-2,800-400 2,300 2,500 3,500 1,500 1,500 2,500 3,500 ( 3,900 2,900-1,100-4,700-1,100-800 200 1,500 0 0 500 1,000 700 400-1,600-3,700-1,900-600 600 1,600 500 500 1,200 1,500 ª ªªª 6,900 5,200 1,200-2,800-3,200-1,000 2,500 4,800 1,600 2,500 3,500 4,000 1,000 3,100 600 400-3,900-3,000-2,300-1,500-1,000-500 0 1,500 2,000 3,100 1,000 370-300 -300 300 500 200 300 300 400 v 17,000 17,200 1,400-13,230-10,800-3,400 3,800 10,400 2,800 4,300 8,000 11,900 YoY (%) ªª ªªª 12.3-14.3-97.3 NM NM -72.2 1250.0 NM NM 0.0 11.1-10.0 (EPS 66.7 38.9-59.4 NM NM -8.0 92.3 NM NM -34.8 0.0 0.0 ( -7.1-35.6 NM NM NM NM NM NM NM NM 150.0-33.3-22.2-69.2 NM NM NM NM NM NM NM NM 100.0-6.3 ª ªªª -2.8-17.5-81.3 NM NM NM 108.3 NM NM NM 40.0-16.7-9.1 14.8-71.4-77.8 NM NM NM NM NM NM NM NM -4.8-11.4-60.0-85.2 NM NM -70.0 35.1 NM NM 0.0-20.0 v -0.6-13.6-93.0 NM NM NM 171.4 NM NM NM 110.5 14.4 09/3 10/3CS 11/3CS 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ªª ªªª 5.0 4.3 0.2-10.5-2.2 1.7 2.8 5.0 1.9 1.8 3.1 4.3 (EPS 3.3 3.2 1.8-5.7-0.9 3.8 4.0 5.5 2.7 2.7 4.0 5.1 ( 7.4 6.0-2.5-20.9-4.7-2.9 0.6 4.2 0.0 0.0 1.5 2.8 1.9 1.1-5.3-18.1-9.8-2.4 2.1 5.2 2.0 2.0 4.0 4.5 ª ªªª 9.2 6.6 1.9-5.6-7.3-1.9 4.3 7.7 3.2 4.5 5.4 6.0 4.6 9.0 2.2 1.8-42.4-43.2-28.9-16.7-11.1-5.6 0.0 12.5 9.7 12.5 5.2 2.3-2.4-2.2 2.2 3.4 1.4 2.0 1.9 2.4 v 6.0 5.7 0.5-7.3-7.0-1.8 1.8 4.8 1.6 2.3 3.7 5.1 (6473 / 6473 JP) 6

sêòõñ Ç ÎÊÆÉÈÉ dêdí}îé Ô ÑÊ d 09/3 10/3CS 11/3CS 12/3CS 10/3 ( ««~ ~ ~ ~ ~ ªª ªªª 254,200 185,400 439,600 156,862 196,900 353,762 162,000 201,000 363,000 398,000 345,000 (EPS 152,600 119,100 271,700 105,900 126,000 231,900 111,000 131,000 242,000 268,000 230,000 ( 101,600 66,300 167,900 50,962 70,900 121,862 51,000 70,000 121,000 130,000 115,000 72,000 50,400 122,400 44,133 59,582 103,715 50,000 63,000 113,000 125,000 100,000 ª ªªª 153,300 114,900 268,200 96,352 120,316 216,668 106,000 132,000 238,000 260,000 210,000 56,400 49,400 105,800 16,132 16,963 33,095 18,000 22,000 40,000 45,000 32,000 45,400 35,670 81,070 26,370 28,387 54,757 29,000 32,000 61,000 64,000 53,000 v 581,300 435,770 1,017,070 339,849 422,151 762,000 365,000 450,000 815,000 892,000 740,000 YoY (%) ªª ªªª -1.6-34.3-18.7-38.3 6.2-19.5 3.3 2.1 2.6 9.6-21.5 (EPS 11.4-15.0-1.9-30.6 5.8-14.6 4.8 4.0 4.4 10.7-15.3 ( -16.3-53.3-36.3-49.8 6.9-27.4 0.1-1.3-0.7 7.4-31.5 40.1-12.8 12.1-38.7 18.2-15.3 13.3 5.7 9.0 10.6-18.3 ª ªªª 3.2-26.4-12.0-37.1 4.7-19.2 10.0 9.7 9.8 9.2-21.7 8.3-16.3-4.8-71.4-65.7-68.7 11.6 29.7 20.9 12.5-69.8-2.6-21.3-11.8-41.9-20.4-32.5 10.0 12.7 11.4 4.9-34.6 v 4.4-27.4-12.1-41.5-3.1-25.1 7.4 6.6 7.0 9.4-27.2 09/3 10/3CS 11/3CS 12/3CS 10/3 ~ ~ ~ ~ ~ ªª ªªª 11,800-7,300 4,500 0 7,700 7,700 3,000 7,500 10,500 14,800 6,500 (EPS 5,000-1,500 3,500 1,900 6,000 7,900 3,000 6,000 9,000 12,800 - ( 6,800-5,800 1,000-1,900 1,700-200 0 1,500 1,500 2,000-1,100-5,300-4,200-2,500 2,200-300 1,000 2,700 3,700 7,000 500 ª ªªª 12,100-1,600 10,500-4,200 7,300 3,100 4,100 7,500 11,600 17,000 2,000 4,100 1,000 5,100-6,900-3,800-10,700-1,500 1,500 0 3,000-12,000 5,100 1,370 6,470-600 800 200 500 700 1,200 1,200-1,000 v 34,200-11,830 22,370-14,200 14,200 0 7,100 19,900 27,000 43,000-4,000 YoY (%) ªª ªªª -1.7 NM -83.0 NM NM 71.1 NM -2.6 36.4 41.0 44.4 (EPS 51.5 NM -56.8-62.0 NM 125.7 57.9 0.0 13.9 42.2 - ( -21.8 NM -94.5 NM NM NM NM -11.8 NM 33.3 - -50.0 NM NM NM NM NM NM 22.7 NM 89.2-111.9 ª ªªª -9.7 NM -62.2 NM NM -70.5 NM 2.7 274.2 46.6-81.0 7.9-74.4-33.8 NM NM NM NM NM NM NM -335.3-8.9-72.6-39.0 NM -41.6-96.9 NM -12.5 500.0 0.0-115.5 v -7.6 NM -71.2 NM NM NM NM 40.1 NM 59.3-117.9 09/3 10/3CS 11/3CS 12/3CS 10/3 ~ ~ ~ ~ ~ ªª ªªª 4.6-3.9 1.0 0.0 3.9 2.2 1.9 3.7 2.9 3.7 1.9 (EPS 3.3-1.3 1.3 1.8 4.8 3.4 2.7 4.6 3.7 4.8 - ( 6.7-8.7 0.6-3.7 2.4-0.2 0.0 2.1 1.2 1.5-1.5-10.5-3.4-5.7 3.7-0.3 2.0 4.3 3.3 5.6 0.5 ª ªªª 7.9-1.4 3.9-4.4 6.1 1.4 3.9 5.7 4.9 6.5 1.0 7.3 2.0 4.8-42.8-22.4-32.3-8.3 6.8 0.0 6.7-37.5 11.2 3.8 8.0-2.3 2.8 0.4 1.7 2.2 2.0 1.9-1.9 v 5.9-2.7 2.2-4.2 3.4 0.0 1.9 4.4 3.3 4.8-0.5 09/3 10/3CS 11/3CS 12/3CS 10/3 ~ ~ ~ ~ ~ ªªª ªª ªªª 139,810 101,970 241,780 86,274 108,295 194,569 85,860 106,530 192,390 210,940 - (EPS 83,930 65,505 149,435 58,245 69,300 127,545 58,830 69,430 128,260 142,040 - ( 55,880 36,465 92,345 28,029 38,995 67,024 27,030 37,100 64,130 68,900-43,200 30,240 73,440 26,480 35,749 62,229 26,500 33,390 59,890 66,250 - ª ªªª 53,655 40,215 93,870 33,723 42,111 75,834 34,980 43,560 78,540 85,800-19,740 17,290 37,030 5,646 5,937 11,583 5,940 7,260 13,200 14,850-4,540 3,567 8,107 2,637 2,839 5,476 3,190 3,520 6,710 7,040 - v 260,945 193,282 454,227 154,760 194,931 349,691 156,470 194,260 350,730 384,880 - ªªª ªª ªªª 114,390 83,430 197,820 70,588 88,605 159,193 76,140 94,470 170,610 187,060 - (EPS 68,670 53,595 122,265 47,655 56,700 104,355 52,170 61,570 113,740 125,960 - ( 45,720 29,835 75,555 22,933 31,905 54,838 23,970 32,900 56,870 61,100-28,800 20,160 48,960 17,653 23,833 41,486 23,500 29,610 53,110 58,750 - ª ªªª 99,645 74,685 174,330 62,629 78,205 140,834 71,020 88,440 159,460 174,200-36,660 32,110 68,770 10,486 11,026 21,512 12,060 14,740 26,800 30,150-40,860 32,103 72,963 23,733 25,548 49,281 25,810 28,480 54,290 56,960 - v 320,355 242,488 562,843 185,089 227,220 412,309 208,530 255,740 464,270 507,120 - YoY«ªªª «ªªª ªª ªªª - - - -38.3 6.2-19.5-0.5-1.6-1.1 9.6 - (EPS - - - -30.6 5.8-14.6 1.0 0.2 0.6 10.7 - ( - - - -49.8 6.9-27.4-3.6-4.9-4.3 7.4 - - - - -38.7 18.2-15.3 0.1-6.6-3.8 10.6 - ª ªªª - - - -37.1 4.7-19.2 3.7 3.4 3.6 9.2 - - - - -71.4-65.7-68.7 5.2 22.3 14.0 12.5 - - - - -41.9-20.4-32.5 21.0 24.0 22.5 4.9 - v - - - -40.7 0.9-23.0 1.1-0.3 0.3 9.7 - «ªªª «ªª ªªª - - - -38.3 6.2-19.5 7.9 6.6 7.2 9.6 - (EPS - - - -30.6 5.8-14.6 9.5 8.6 9.0 10.7 - ( - - - -49.8 6.9-27.4 4.5 3.1 3.7 7.4 - - - - -38.7 18.2-15.3 33.1 24.2 28.0 10.6 - ª ªªª - - - -37.1 4.7-19.2 13.4 13.1 13.2 9.2 - - - - -71.4-65.7-68.7 15.0 33.7 24.6 12.5 - - - - -41.9-20.4-32.5 8.8 11.5 10.2 4.9 - v - - - -42.2-6.3-26.7 12.7 12.6 12.6 9.2-2010 3 8 (6473 / 6473 JP) 7

sô ÑÊu 08/3 09/3 10/3CS 11/3CS 12/3CS ~ 1,157,500 1,017,070 762,000 815,000 892,000 740,000 Š - -140,430-255,070 53,000 77,000-277,070 - -47,287-81,108-17,800 13,500 0 - -93,143-173,962 70,800 63,500 0 77,700 22,370 0 27,000 43,000-4,000 v - -55,330-22,370 27,000 16,000 26,370 u - -11,219-6,360-1,050-9,500 y - -12,450 0-2,000-6,000 0 ª ª - -7,700-2,000-6,000-6,000-2,000 ªªªª - -1,000 0 0 0 0 - -6,000 0 0 0 0 y - -1,620 0-2,000-5,000 0 u - -32,041-60,887 0 0-60,000 v - -72,030-69,247-11,050-17,000-71,500 u - 0 0 0 7,000 0-7,300 0 2,000 2,000 0 ªªª - 6,400 15,000 1,000 0 0 y - 0 10,000 0 0 4,500 y - 0 5,000 5,000 1,000 6,000 y - 0 12,000 0 0 13,000 ªªªª - 0 0 1,730 0 0 y - 3,000 0 0 0 15,000 u - 0 0 28,320 22,860 0-0 4,500 0 0 0 w~ - 0 0 0 0 7,000-0 377 0 140 0 v - 16,700 46,877 38,050 33,000 45,500 - -55,330-22,370 27,000 16,000-26,000 s dê d 09/3 10/3 11/3 09/3 10/3 11/3 12/3 (4-9) (10-3) (4-9) (10-3) (4-9) (10-3) ~ ~ ~ ~ ªªª ªª«106.1 94.9 95.0 85.0 85.0 85.0 100.5 90.0 85.0 85.0 106.1 94.9 95.5 89.9 95.0 95.0 100.5 92.7 95.0 100.0 ªªª«162.6 124.5 130.0 130.0 130.0 130.0 143.6 130.0 130.0 130.0 162.6 124.5 133.3 128.3 120.0 120.0 143.6 130.8 120.0 125.0 «15.4 13.9 14.0 13.8 14.5 14.5 14.6 13.9 14.5 14.5 GDP «1«««-3.0-11.6 5.0 0.5 1.7 1.7-2.5 1.2 1.7 1.6-3.0-11.6 2.6 2.0 1.9 1.0-1.2-5.0 1.7 1.0 ««1.2-6.2-1.2 2.8 3.5 3.5 1.3 0.8 3.5 2.4 1.2-6.2 0.8 4.9 3.5 3.0 0.4-2.4 3.6 2.9 ««-1.0-6.7-2.0 2.0 2.1 2.5 0.8 0.0 2.3 1.5-1.0-6.7 0.5 0.9 2.6 1.9 0.5-4.0 1.5 2.5 ««9.6 6.5 7.9 9.4 9.0 7.8 9.0 8.7 8.4 8.5 9.6 6.5 8.5 10.8 9.7 8.4 9.6 8.7 9.6 9.0 i 10 vy ~ «14,429 15,000 9,379 9,750 9,379 9,750 29,429 19,129 19,129 19,129 «4.5% -17.6% -35.0% -35.0% 0.0% 0.0% - -35.0% 0.0% 0.0% i «5,798 4,205 4,226 4,652 4,834 5,011 10,003 8,878 9,845 10,830 «5.8% -33.4% -27.1% 10.6% 14.4% 7.7% - -11.2% 10.9% 10.0% ªªªª 104276 57201 61473 71,127 58,800 88,200 161,477 132,600 147,000 164,000 «-41.0 24.3-4.3 24.0-17.9 10.9 11.6 vy «2«5,655 2,723 974 2,614 1,760 2,151 8,241 3,690 3,910 6,915 5,656 2,723 723 2,042 1,961 2,396 8,243 2,807 4,357 5,749 TEL 2,101 639 1,170 1,900 - - 2,740 3,070 - - 2,101 647 1,439 2,460 2,950 2,850 2,748 3,899 5,800 6,067 7,385 2,305 1,973 2,570 2,590 3,010 9,690 4,543 5,600 6,600 «-7.5-71.0-73.3 11.5 31.2 17.1-39.2-53.1 23.3 17.9 7,385 2,305 1,973 3,127 3,100 3,600 9,690 5,100 6,700 8,100-7.5-71.0-73.3 35.6 57.1 15.1-39.2-47.4 31.4 20.9 (WTI) ªª/ªªª 121 51 50 50 60 60 86 50 60 80 121 51 64 76 70 70 86 70 70 ƒ /ªª 70,000 100,000 100,000 70,000 70,000 70,000 85,000 85,000 70,000 70,000 70,000 100,000 100,000 70,000 70,000 80,000 85,000 85,000 75,000 85,000 ªªª ªªª ªªª «1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.5 1.4 1.4 1.4 ªªª ªªª ª «3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 4.0 4.0 4.0 3.5 3.8 4.0 4.0 1«~ GDP dª ªªª«10/3 09/1-10/12 09/1-09/6 09/7-09/12«d zw 2«vy ªªª«1-6 7-12 «(6473 / 6473 JP) 8

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株価バリュエーション トヨタ自動車と同様に PBR=1 倍で株価は底打ちへ ÊÊROICÕÒÖÊ ÆÉÒÕÑi ÊPBRÌf Â1,400 ÇÍ1,000 Ë Ç ÇÍ 12 ÊÊ ÈÉÊÂ~Í ROIC ÕÒÖ ÖÑÐÔÖÕÎÕ 4%ÂÖÑ ÐÔÖ Ö Ò 1.4%ÂWACC 4.7% Ê 11 3 dî ÉÊÌÉv Â1,400 ÇÍ 1,000 Ë Ç ÇÍÂÖÑ Ê 6  ÊÂÊÂÒÕÑi ÉÊ dê sç ~Ê ÎÊ PBR=1 Ô Ñ ÊÌÉ mâuíëç uóöõï ÑÕ Ç PBR ËÑÔÒÈÉÇÉÉÌfÆÍÍÍ ÉÊ Ç ÊÆ ÍÂÊÒÕ Ò ÌÂÊ~ÈÉ h Ç ÆÉuÍÍÍ ÉÉÈÂÒÕÑi ÊÈÍÊÍÖÑÐÂÖÐ ÖÊ ÌÌv Ö ÑÐÊÊÎÈÍÉ ÊÆÇÍ dê ÈÍ ~ÊÇÊÍ ÇÆÉfÆ ÍÍÍ ÊÊv ÊÊÊu}ÎÉÆÊÆ Â ÈÉÇÉÉÂÊ PBR=1 ÎÔÒÕÊ ÆÍË 1-2Q ÊÊÎ{ÌÆÉ Š É sçê ~Êu Î dêdí}ìêçíâêîòôð ÏÒ ÔÒ ÑÕÖÎ ÍÉÆÂ Ê ÉÇÏ ÔÖÏÒ PER Ê 23 11 3 Ô ÑÂ È Â PBR Ê 1.0  EV/EBITDA Ê 5.8  IFIS Ð Ñ ÐÑ PER Ê 22.3  sïóöòñóöõï ÑÕ s ªªª yv s dš 2010 3 8 3 5 ««««09/3 10/3 11/3 12/3 09/3 10/3 11/3 12/3 6301 ªªª N 1,900 1,842 985,575 1,815 23.0 48.8 20.2 17.9 2.2 2.2 2.0 1.8 6305 N 2,000 1,989 206,307 410 23.2 58.6 20.5 13.7 1.4 1.4 1.3 1.2 6326 ªªª O 950 785 1,272,063 999 20.8 23.2 16.0 13.7 1.6 1.7 1.6 1.5 6361 l N 350 444 422,428 188 NM 46.9 34.7 25.3 1.5 1.5 1.4 1.4 6367 ª ªª N 3,700 3,525 291,889 1,029 47.3 64.3 22.9 15.6 2.1 2.1 2.0 1.8 6586 ªªª N 3,200 2,890 140,518 406 12.2 18.3 17.7 15.1 1.4 1.4 1.3 1.2 6471 O 860 658 540,391 356 77.9 273.4 22.8 14.5 1.4 1.5 1.4 1.4 6473 ª ªªª N 1,000 941 321,171 302 NM NM 21.6 12.7 1.0 1.0 0.9 0.9 6371 ª ª O 450 386 186,043 72 11.6 37.8 19.9 14.1 0.9 0.9 0.9 0.8 6472 NTN O 500 390 469,436 183 NM NM 30.5 19.4 1.0 1.0 1.0 1.0 6861 ªª ªª N 19,200 19,400 50,171 973 23.2 29.5 25.2 20.5 2.0 1.9 1.8 1.7 6273 SMC N 10,500 11,550 68,591 792 30.5 93.2 40.6 30.8 1.6 1.6 1.6 1.5 6481 THK N 1,500 1,804 128,632 232 192.7 NM 44.6 29.7 1.3 1.4 1.4 1.4 6954 ª ªªª N 7,700 8,890 207,812 1,847 19.0 77.9 38.5 29.3 2.1 2.2 2.2 2.1 6268 ªªªªª N 1,050 1,162 127,060 148 33.4 59.1 22.7 18.2 1.9 1.9 1.8 1.7 6506 N 750 735 248,490 183 26.8 NM 21.5 17.1 1.8 1.9 1.8 1.7 6113 ªª N 540 705 383,725 271 31.9 NM 67.3 30.6 0.7 0.7 0.7 0.7 6141 t N 900 970 115,675 112 NM NM NM 14.0 0.7 1.0 1.1 1.1 6103 ªªª O 550 553 165,493 92 22.9 NM NM 16.8 0.9 0.9 1.0 1.0 ªªªª 36.2 69.3 28.7 19.4 1.4 1.5 1.4 1.4 ªªª yv EPS DPS ROE EV/EBITDA ( ) «10/3««10/3««10/3««10/3«09/3 10/3 11/3 12/3 09/3 PCFR ( ) 10/3 11/3 12/3 6301 ªªª N 37.7 16.0 0.9 4.5 9.3 12.2 8.7 8.4 10.3 11.9 8.9 8.8 6305 N 33.9 10.0 0.5 2.3 8.0 9.7 7.6 6.5 7.7 9.7 7.7 6.8 6326 ªªª O 33.8 14.0 1.8 7.2 9.9 12.0 9.0 7.6 12.6 13.5 10.8 9.7 6361 l N 9.5 0.0 0.0 3.2 18.3 10.0 9.4 8.5 95.8 9.9 9.7 9.2 6367 ª ªª N 54.8 32.0 0.9 3.3 12.6 14.7 9.7 7.0 15.1 18.1 12.5 9.5 6586 ªªª N 158.0 40.0 1.4 7.4 5.8 6.9 6.7 5.9 9.7 11.5 11.5 10.2 6471 O 2.4 8.0 1.2 0.5 9.0 11.3 8.1 6.9 8.0 9.3 7.3 6.5 6473 ª ªªª N -19.6 10.0 1.1-2.1 5.6 8.0 5.5 4.5 6.9 6.9 5.3 4.7 6371 ª ª O 10.2 6.0 1.6 2.4 6.0 10.2 7.1 5.9 5.3 8.1 6.8 5.8 6472 O 0.0 2.0 0.5 0.0 7.8 7.8 6.6 5.8 5.0 5.1 5.0 4.8 6861 ªª ªª N 657.8 60.0 0.3 6.4 9.8 13.5 11.3 9.1 21.8 27.8 23.9 19.7 6273 N 123.9 80.0 0.7 1.7 10.6 26.6 17.3 14.1 20.0 39.2 26.4 22.2 6481 N -73.9 15.0 0.8-5.5 9.8 NM 11.1 8.9 19.6 464.0 16.3 13.8 6954 ª ªªª N 114.0 28.0 0.3 2.8 8.7 28.0 16.3 12.6 16.5 48.4 30.0 24.3 6268 ªªªªª N 19.7 8.0 0.7 3.2 7.8 11.2 7.9 6.7 14.3 18.2 12.2 10.7 6506 N -19.7 3.0 0.4-5.1 7.1 56.3 8.9 7.9 12.2 50.7 11.4 10.6 6113 ªª N -17.0 10.0 1.4-1.7 7.1 NM 25.6 12.8 15.8 134.7 21.5 15.1 6141 t N -239.5 20.0 2.1-24.8 8.6 NM 45.8 8.0 18.1 NM 44.9 7.5 6103 ªªª O -91.3 0.0 0.0-15.5 5.1 NM 30.0 10.4 8.0 NM 29.3 9.7 PER ( ) Ê PBR=1 Î Ê ÉfÆÊ ÆÉfÆÍÍÂÊ~ ÈÉÉuÍ dê sç ~Ê ÉÉÌÊÊÎÒÔÐÏ Ò ÔÒ ÑÕÖÎ ÍÉÆ PBR ( ) O = OUTPERFORM N = NEUTRAL U = UNDERPERFORM ªªªª 8.8 15.9 13.3 8.3 17.0 52.2 15.9 11.0 (6473 / 6473 JP) 10

sðö ÓÖÐÕÓÑÖÐÒÑ ÏÓÖÒÑÓÖÕÏ ÑÕ s Auto-related FA-related Infrastructure-related consumables Mach. Tools Code Company Name Rating PE PB 3/09 3/10 E 3/11 E 3/12 E 3/09 3/10 E 3/11 E 3/12 E Domestic 6301 Komatsu N 23.0 48.8 20.2 17.9 2.2 2.2 2.0 1.8 6305 Hitachi Construction Machinery N 23.2 58.6 20.5 13.7 1.4 1.4 1.3 1.2 6326 Kubota O 20.8 23.2 16.0 13.7 1.6 1.7 1.6 1.5 6361 Ebara N -14.2 46.9 34.7 25.3 1.5 1.5 1.4 1.4 6367 Daikin Industries N 47.3 64.3 22.9 15.6 2.1 2.1 2.0 1.8 6586 Makita N 12.2 18.3 17.7 15.1 1.4 1.4 1.3 1.2 Overseas 000157.SZ Changsha Zoomlion Heavy Industry O 24.3 17.8 16.6 12.8 7.5 5.4 4.4 3.4 000528.SZ Guangxi Liugong Machinery O 35.9 20.8 15.8 13.2 4.6 4.1 3.5 3.0 600031.SS Sany Heavy Industry O 38.0 24.7 17.4 13.9 8.0 4.9 4.1 3.2 CAT Caterpillar Inc. O 10.4 27.4 19.7 14.8 2.9 4.2 4.1 3.7 DE Deere & Co. O 12.4 20.7 18.0 14.3 2.9 2.2 4.4 3.6 BDK Black & Decker N 13.7 25.0 20.4 20.4 4.0 3.5 2.9 NM SGEF.PA Vinci O 13.1 13.5 12.2 12.2 1.9 1.9 1.8 1.7 Domestic 6471 NSK O 77.9 273.4 22.8 14.5 1.4 1.5 1.4 1.4 6473 JTEKT N -25.3-48.0 21.6 12.7 1.0 1.0 0.9 0.9 6371 Tsubakimoto Chain O 11.6 37.8 19.9 14.1 0.9 0.9 0.9 0.8 6472 NTN O -20.4 0.0 30.5 19.4 1.0 1.0 1.0 1.0 Overseas SKFb.ST SKF U 11.8 21.0 15.9 12.4 2.8 3.2 2.9 2.6 002122.SZ Zhejiang Tianma N 28.8 27.3 23.1 22.9 7.1 5.3 4.4 3.8 Domestic 6861 Keyence N 23.2 29.5 25.2 20.5 2.0 1.9 1.8 1.7 6273 SMC N 30.5 93.2 40.6 30.8 1.6 1.6 1.6 1.5 6481 THK N 192.7-24.4 44.6 29.7 1.3 1.4 1.4 1.4 6954 Fanuc N 19.0 77.9 38.5 29.3 2.1 2.2 2.2 2.1 6268 Nabtesco Corp N 33.4 59.1 22.7 18.2 1.9 1.9 1.8 1.7 6506 Yaskawa Electric Corporation N 26.8-37.3 21.5 17.1 1.8 1.9 1.8 1.7 Overseas PH Parker Hannifin Corporation O 20.1 23.3 16.8 12.6 2.0 2.2 NM NM 0179.HK Johnson Electric Hdg. O 725.1 35.1 14.4 11.6 1.9 1.8 1.7 1.5 ABBN.VX ABB U 17.5 19.9 18.1 16.9 3.5 3.2 2.9 2.6 SIEGn.DE Siemens O 12.9 12.2 10.6 10.3 2.2 2.0 1.7 1.5 Domestic 6113 Amada N 31.9-41.4 67.3 30.6 0.7 0.7 0.7 0.7 6141 Mori Seiki N -41.1-4.1-24.9 14.0 0.7 1.0 1.1 1.1 6103 Okuma Corp O 22.9-6.1-64.9 16.8 0.9 0.9 1.0 1.0 Avg 43.5 29.5 19.1 17.3 2.4 2.2 2.1 1.9 Infrastructure-related Auto-related consumables FA-related Mach. Tools Code Company Name Rating EV/EBITDA PCFR 3/09 3/10 E 3/11 E 3/12 E 3/09 3/10 E 3/11 E 3/12 E Domestic 6301 Komatsu N 9.3 12.2 8.7 8.4 10.3 11.9 8.9 8.8 6305 Hitachi Construction Machinery N 8.0 9.7 7.6 6.5 7.7 9.7 7.7 6.8 6326 Kubota O 9.9 12.0 9.0 7.6 12.6 13.5 10.8 9.7 6361 Ebara N 18.3 10.0 9.4 8.5 95.8 9.9 9.7 9.2 6367 Daikin Industries N 12.6 14.7 9.7 7.0 15.1 18.1 12.5 9.5 6586 Makita N 5.8 6.9 6.7 5.9 9.7 11.5 11.5 10.2 Overseas 000157.SZ Changsha Zoomlion Heavy Industry O 22.8 15.4 12.5 9.4 43.1 12.2 13.7 11.0 000528.SZ Guangxi Liugong Machinery O 25.1 14.3 10.3 8.3 NM 13.8 12.4 9.9 600031.SS Sany Heavy Industry O 26.5 16.7 10.6 7.8 87.5 21.5 29.2 15.1 CAT Caterpillar Inc. O 7.7 15.0 9.3 7.4 9.2 10.7 10.5 9.7 DE Deere & Co. O 6.8 10.2 8.9 7.2 12.3 17.6 12.9 10.9 BDK Black & Decker N 9.3 10.0 8.7 NM NM NM NM NM SGEF.PA Vinci O 7.3 7.1 6.6 6.2 NM NM NM NM Domestic 6471 NSK O 9.0 11.3 8.1 6.9 8.0 9.3 7.3 6.5 6473 JTEKT N 5.6 8.0 5.5 4.5 6.9 6.9 5.3 4.7 6371 Tsubakimoto Chain O 6.0 10.2 7.1 5.9 5.3 8.1 6.8 5.8 6472 NTN O 7.8 7.8 6.6 5.8 5.0 5.1 5.0 4.8 Overseas SKFb.ST SKF U 7.8 11.3 9.6 8.0 14.9 6.9 12.2 11.3 002122.SZ Zhejiang Tianma N 21.2 18.8 15.3 14.4 NM NM NM NM Domestic 6861 Keyence N 9.8 13.5 11.3 9.1 21.8 27.8 23.9 19.7 6273 SMC N 10.6 26.6 17.3 14.1 20.0 39.2 26.4 22.2 6481 THK N 9.8 NM 11.1 8.9 19.6 464.0 16.3 13.8 6954 Fanuc N 8.7 28.0 16.3 12.6 16.5 48.4 30.0 24.3 6268 Nabtesco Corp N 7.8 11.2 7.9 6.7 14.3 18.2 12.2 10.7 6506 Yaskawa Electric Corporation N 7.1 56.3 8.9 7.9 12.2 50.7 11.4 10.6 Overseas PH Parker Hannifin Corporation O 10.2 9.7 8.4 6.8 11.3 10.0 NM NM 0179.HK Johnson Electric Hdg. O 20.4 12.4 7.7 6.1 NM NM NM NM ABBN.VX ABB U 9.7 11.9 10.0 9.2 14.5 18.4 15.3 14.4 SIEGn.DE Siemens O 9.2 7.8 6.4 5.7 7.4 8.3 6.9 6.5 Domestic 6113 Amada N 7.1 NM 25.6 12.8 15.8 134.7 21.5 15.1 6141 Mori Seiki N 8.6 NM 45.8 8.0 18.1 NM 44.9 7.5 6103 Okuma Corp O 5.1 NM 30.0 10.4 8.0 NM 29.3 9.7 O = OUTPERFORM N = NEUTRAL U = UNDERPERFORM Avg 11.0 14.1 11.7 8.2 19.1 38.7 15.3 11.0 (6473 / 6473 JP) 11

s41+% ÕÒÖÊÍÍÈÍÉ wé d Ê ( ) 3,000 2,500 d (~z) CS w ( z) 2,000 1,500 1,000 500 0-500 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 : Ò ÑÑÒÖ ÕÂCredit Suisse s41+% ÕÒÖ w = (ROI C/WACC x y - ªªª y )/ ( %) ROIC 3.26% WACC 4.69% y 523,948 ªªª y 40,543 w 1,010 «w 11 3 ÖÑÐÔÖÕÎÕ 4 ÂÖÑÐ ÔÖ Ö Ò 1.4  s Ì 3 2,117 s Ê 2$4 Ê Ê ~ ÓÑÒÖÏÖ 2$4 Ê (X) 3 ª ªªªPBR 2.5 2 1.5 1 CS +1 STD -1 STD 0.5 0 92/4 93/4 94/4 95/4 96/4 97/4 98/4 99/4 00/4 01/4 02/4 03/4 04/4 05/4 06/4 07/4 08/4 09/4 10/4 11/4 12/4 : Ò ÑÑÒÖ ÕÂCredit Suisse (6473 / 6473 JP) 12

リスク リコール問題の早期解決に期待したい ÊÖÑÐÊÂÊ 4 (1) ÒÕÑi ÊÖÐ Ö ŠÊu  (2) ÒÕÑ ~ Ê Â (3) Ê Â (4) ÎÑÎÊ Â 3Ê ÇÎÑÎ ÏÑÎÓÎÉ ÆÉÆÍ ÊÖÑÐÊÂÊ 6 (1) Êi ËÊ Ç É Æ Ê É ÇÂ060 Ê Â ÇÊÉÌÂi y Ê ~Ê Â (2) Ê~ (3) Ê ƒêâ (4) i Õ Ï ÇÍÊÎÍÇu  (5) ÉÊÖÐ ÖÊ sâ (6) ÊÖÐ ÖÊy ÇÆÍ ÊÊÊy v ÇÈÍÍ 2010 3 8 s~ v «««01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 10/3 396,108 404,294 446,778 505,206 570,243 724,349 1,025,297 1,157,594 1,017,071 762,000 815,000 892,000 740,000 9.7 2.1 10.5 13.1 12.9 27.0 41.5 12.9-12.1-25.1 7.0 9.4-27.2 329,738 341,937 372,294 418,017 468,446 591,783 844,443 949,639 887,564 672,000 694,000 744,000-83.2 84.6 83.3 82.7 82.1 81.7 82.4 82.0 87.3 88.2 85.2 83.4 - y y 56,110 58,946 62,840 65,640 71,427 87,941 116,223 130,305 107,137 90,000 94,000 105,000 - y y 14.2 14.6 14.1 13.0 12.5 12.1 11.3 11.3 10.5 11.8 11.5 11.8-10,258 3,409 11,643 21,547 30,370 44,625 64,631 77,650 22,370 0 27,000 43,000-4,000 76.9-66.8 241.5 85.1 40.9 46.9 44.8 20.1-71.2 NM NM 59.3 na 2.6 0.8 2.6 4.3 5.3 6.2 6.3 6.7 2.2 0.0 3.3 4.8-0.5 194 1,313 401 214 1,398 2,177 2,336-4,758-11,261-1,000-1,000-600 -1,000 4,884 5,485 4,405 4,452 5,382 6,692 8,537 5,532 5,910 5,000 5,000 5,400 - y 1,131 1,304 1,610 1,720 1,241 821 976 0 0 - - 400 - y 4,690 4,172 4,004 4,239 3,984 4,515 6,201 10,290 17,171 6,000 6,000 6,000 - y 453 2,204 400 - - r -2,943-3,008-2,669-2,277-2,064-1,351-1,467-1,919-2,170-2,000-2,000-2,000-687 599 513 676 894 1,133 2,341 2,628 1,484 1,500 1,500 1,500-1,305 1,300 1,300 1,300-3,630 3,607 3,182 2,953 2,958 2,484 3,808 4,547 3,654 3,500 3,500 3,500-10,453 4,724 12,043 21,761 31,768 46,802 66,967 72,892 11,109-1,000 26,000 42,400-5,000 119.0-54.8 154.9 80.7 46.0 47.3 43.1 8.8-84.8 NM NM 63.1 na 2.6 1.2 2.7 4.3 5.6 6.5 6.5 6.3 1.1-0.1 3.2 4.8-0.7-29,259-4,180 1,906-5,773-5,749-1,999-3,882-5,867-10,450-6,500-2,500-1,500-8,554 856 9,618 336 816 6,155 6,551 484 650 1,500 500 500-37,813 5,036 7,712 6,109 6,565 8,154 10,433 6,351 11,100 8,000 3,000 2,000 - -18,805 543 13,949 15,986 26,019 44,803 63,085 67,025 660-7,500 23,500 40,900 - w Š -6,869 2,381 5,914 7,749 9,117 17,095 16,124 20,795 11,897 0 9,500 16,500-36.5 438.5 42.4 48.5 35.0 38.2 25.6 31.0 1802.6 0.0 40.4 40.3-169 34-246 366 451 4 2,061 2,784 716-1,200 0 600 - -12,106-1,872 8,281 7,870 16,451 27,704 44,900 43,446-11,954-6,300 14,000 23,800-11,000 NM NM NM -5.0 109.0 68.4 62.1-3.2 NM NM NM 70.0 na -3.1-0.5 1.9 1.6 2.9 3.8 4.4 3.8-1.2-0.8 1.7 2.7-1.5 ~ -61.7-9.5 10.8 38.5 78.8 109.6 140.5 135.6-37.2-19.6 43.6 74.1-34.3 (6473 / 6473 JP) 13

s~ y s «««01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 y 251,605 248,820 234,870 258,113 271,402 424,232 484,344 507,214 397,289 416,509 431,457 465,200 ª 38,206 43,238 24,695 44,755 35,861 50,203 73,174 63,558 53,206 97,509 92,457 105,200 ª 110,142 103,586 118,203 123,780 139,137 221,627 240,278 249,439 158,820 158,000 166,000 177,000 v 4,031 4,149 154 116 43 52 24 21,037 23,730 10,000 10,000 10,000 y 80,267 78,585 70,761 69,379 74,225 115,503 123,751 130,423 127,707 120,000 132,000 142,000 y 18,959 19,262 24,379 20,083 22,136 36,847 47,117 42,757 33,826 31,000 31,000 31,000 y 219,394 230,441 222,689 232,617 239,146 425,001 460,964 467,605 416,172 401,060 390,260 384,260 y 166,663 177,031 170,799 175,174 178,420 309,128 336,917 355,512 325,760 307,760 296,760 290,760 y 1,520 1,432 2,219 3,480 3,983 3,846 4,403 5,554 5,542 5,300 5,500 5,500 y y 51,210 51,977 49,670 53,962 56,743 112,027 119,644 106,539 84,869 88,000 88,000 88,000 yv 471,208 479,261 457,559 490,730 510,548 849,233 945,308 974,819 813,461 817,569 821,717 849,460 y 222,156 253,075 219,999 235,124 240,408 346,206 411,816 410,920 313,422 338,769 332,769 342,169 ªy 103,064 95,688 90,082 101,659 122,056 180,733 213,851 215,543 129,961 150,000 160,000 170,000 ª ª 79,417 123,076 86,245 86,531 68,648 76,731 94,514 90,331 108,022 116,000 100,000 100,000 y 39,675 34,311 55,832 46,934 49,704 88,742 103,451 105,046 75,439 72,769 72,769 72,169 y 140,307 117,171 123,767 129,725 115,774 190,039 171,649 170,803 176,414 152,000 152,000 152,000 ª 74,999 40,000 50,000 38,475 23,050 50,024 38,401 30,000 20,000 - - - 15,616 27,044 30,299 46,192 46,467 71,397 59,863 68,200 87,968 87,000 87,000 87,000 y 49,692 50,127 43,468 45,058 46,257 68,618 73,385 72,603 68,446 65,000 65,000 65,000 479 663 1,149 955 yv 362,464 370,247 343,767 364,850 356,182 536,245 583,465 581,723 489,836 490,769 484,769 494,169 8,888 9,068 8,502 9,415 9,836 13,324 15,432 17,889 18,002 18,000 18,000 18,000 y 99,856 99,945 105,290 116,464 144,530 299,664 346,411 375,207 305,623 308,800 318,948 337,291 y ªyv 471,208 479,261 457,559 490,730 510,548 849,233 945,308 974,819 813,461 817,569 821,717 849,460 ~uªy ««16.8 15.4 16.7 17.3 17.9 18.3 17.6 18.0 12.7 11.8 14.8 16.6 y «14.2 14.6 14.1 13.0 12.5 12.1 11.3 11.3 10.5 11.8 11.5 11.8 «2.6 0.8 2.6 4.3 5.3 6.2 6.3 6.7 2.2 0.0 3.3 4.8 «2.6 1.2 2.7 4.3 5.6 6.5 6.5 6.3 1.1-0.1 3.2 4.8 «-3.1-0.5 1.9 1.6 2.9 3.8 4.4 3.8-1.2-0.8 1.7 2.7 dy 0.9 0.9 1.0 1.1 1.1 1.1 1.1 1.2 1.1 0.9 1.0 1.1 y 2.0 1.8 2.0 2.2 2.4 2.2 2.3 2.5 2.3 1.9 2.1 2.3 y 1.7 1.6 1.8 2.0 2.2 2.1 2.3 2.3 2.2 1.9 1.9 2.0 y 83.9 84.8 73.2 61.2 55.9 58.5 51.7 48.8 53.1 67.3 66.3 67.2 92.2 96.5 90.6 87.4 84.1 90.9 82.2 77.2 73.3 75.9 72.6 70.2 y 80.0 89.7 75.9 69.3 71.6 76.3 70.2 67.7 62.0 67.1 69.4 67.5 «113.3 98.3 106.8 109.8 112.9 122.5 117.6 123.4 126.8 122.9 129.7 136.0 «219.7 230.6 211.5 199.7 165.5 141.8 133.1 124.6 136.2 129.9 122.4 113.9 ªªªªªª ªªªªªªª 3.0 1.1 3.8 7.5 10.6 18.4 17.6 17.7 6.9 0.8 8.5 13.1 y i y «128.0 142.8 134.6 108.5 70.8 49.4 34.5 27.7 45.5 30.9 26.5 21.3 i y «21.2 20.9 23.0 23.7 28.3 35.3 36.6 38.5 37.6 37.8 38.8 39.7 «-10.9-1.9 8.1 7.1 12.6 12.5 13.9 12.0-3.5-2.1 4.5 7.3 «2.5 0.8 2.6 4.7 6.2 6.7 7.5 8.4 2.8 0.3 3.6 5.5 ª ªªªªªªªªªªª «4.0 4.8 4.6 4.3 3.8 3.1 2.8 2.7 2.6 2.7 2.6 2.5 «2.8 1.0 2.7 4.4 5.5 6.3 6.5 6.9 2.5 0.4 3.7 5.1 s «196 196 196 198 215 319 320 321.1 321 321 321 321 ªªªªªªªªª 15,275 16,710 35,435 34,665 41,800 15,843 99,651 86,350 30,947 72,422 47,000 53,200-12,106-1,872 8,281 7,870 16,451 27,704 44,900 43,446-11,954-6,300 14,000 23,800 22,075 23,387 23,149 24,015 24,438 28,903 44,093 51,090 55,824 50,000 43,000 41,000 ~ y Š 5,306-4,805 4,005 2,780 911-40,764 10,658-8,186-12,923 28,722-10,000-11,600 vy 30,638 33,755 16,917 28,390 27,686 159,612 62,078 61,494 59,043 32,000 32,000 35,000 ªªªªªªªªªªªª -15,363-17,045 18,518 6,275 14,114-143,769 37,573 24,856-28,096 40,422 15,000 18,200 «ªª ªªªª«01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3-9.8-65.9 56.4 28.3 18.4 21.4 14.7 12.0-22.3-48.0 21.6 12.7 20.4 9.9 7.5 7.5 7.6 12.2 7.2 4.9 5.2 8.0 5.5 4.5 1.2 1.2 0.8 1.2 2.2 2.5 1.9 1.4 0.9 1.0 0.9 0.9 11.8 5.7 3.8 6.8 7.6 13.3 7.4 5.5 6.1 6.9 5.3 4.7 (6473 / 6473 JP) 14

u ÈÍÉÆÍ Ê ABB (ABBN.VX, SFr 22.56, UNDERPERFORM [V], TP SFr 20.00, UNDERWEIGHT) AGCO Corp (AGCO, $35.27, OUTPERFORM [V], TP $40.00) Aichi Steel (5482, 385) Aisin Seiki Co (7259, 2,430) Amada (6113, 705, NEUTRAL, TP 540, OVERWEIGHT) Black & Decker (BDK, $75.36, NEUTRAL [V], TP $69.00) Caterpillar Inc. (CAT, $59.23, OUTPERFORM [V], TP $70.00) Changsha Zoomlion Heavy Industry (000157.SZ, Rmb 22.83, OUTPERFORM [V], TP Rmb 29.93) China High Speed Transmission Equipment (0658.HK, HK$16.76, NEUTRAL [V], TP HK$18.66) Cummins Inc. (CMI, $60.70, OUTPERFORM [V], TP $68.00) Daikin Industries (6367, 3,525, NEUTRAL, TP 3,700, OVERWEIGHT) Deere & Co. (DE, $58.50, OUTPERFORM [V], TP $70.00) Denso Corp (6902, 2,473) Eaton Corporation (ETN, $71.54, NEUTRAL, TP $78.00) Ebara (6361, 444, NEUTRAL [V], TP 350, OVERWEIGHT) Fanuc (6954, 8,890, NEUTRAL, TP 7,700, OVERWEIGHT) FCC (7296, 1,812) Guangxi Liugong Machinery (000528.SZ, Rmb 21.54, OUTPERFORM [V], TP Rmb 25.26) Hitachi Construction Machinery (6305, 1,989, NEUTRAL [V], TP 2,000, OVERWEIGHT) Illinois Tool Works, Inc. (ITW, $47.27, OUTPERFORM, TP $58.00) JTEKT (6473, 941, NEUTRAL [V], TP 1,000, OVERWEIGHT) Keihin (7251, 1,656) Keyence (6861, 19,400, NEUTRAL, TP 19,200, OVERWEIGHT) Komatsu (6301, 1,842, NEUTRAL, TP 1,900, OVERWEIGHT) Kubota (6326, 785, OUTPERFORM [V], TP 950, OVERWEIGHT) Makita (6586, 2,890, NEUTRAL [V], TP 3,200, OVERWEIGHT) Mitsubishi Electric (6503, 764, OUTPERFORM [V], TP 1,050, MARKET WEIGHT) Mori Seiki (6141, 970, NEUTRAL [V], TP 900, OVERWEIGHT) Musashi Seimitsu Industry (7220, 1,795) Nabtesco Corp (6268, 1,162, NEUTRAL [V], TP 1,050, OVERWEIGHT) Nidec (6594, 8,880, OUTPERFORM, TP 12,000, MARKET WEIGHT) Nissin Kogyo (7230, 1,397) NSK (6471, 658, OUTPERFORM [V], TP 860, OVERWEIGHT) NTN (6472, 390, OUTPERFORM [V], TP 500, OVERWEIGHT) Okuma Corp (6103, 553, OUTPERFORM [V], TP 550, OVERWEIGHT) Oshkosh Corporation (OSK, $36.97, NEUTRAL [V], TP $40.00) Paccar Inc (PCAR, $39.21, NEUTRAL [V], TP $38.00) Parker Hannifin Corporation (PH, $62.93, OUTPERFORM [V], TP $74.00) Sany Heavy Industry (600031.SS, Rmb 31.44, OUTPERFORM [V], TP Rmb 43.99) Schindler-Holding AG (SCHP.S, SFr 89.50, OUTPERFORM, TP SFr 95.00, UNDERWEIGHT) Shantui Construction Machinery (000680.SZ, Rmb 11.80, OUTPERFORM [V], TP Rmb 15.06) Showa Corp. (7274, 553) Siemens (SIEGn.DE, Eu 67.46, OUTPERFORM, TP Eu 78.00, UNDERWEIGHT) SKF (SKFb.ST, SKr 120.50, UNDERPERFORM, TP SKr 100.00, UNDERWEIGHT) SMC (6273, 11,550, NEUTRAL, TP 10,500, OVERWEIGHT) Stanley Electric (6923, 1,659) Takata Corporation (7312, 2,243) Terex Corporation (TEX, $22.72, OUTPERFORM [V], TP $30.00) THK (6481, 1,804, NEUTRAL [V], TP 1,500, OVERWEIGHT) Tokyo Electron (8035, 5,700, OUTPERFORM [V], TP 6,800, MARKET WEIGHT) Toyota Industries Corp (6201, 2,440) Toyota Motor Corp. (7203, 3,395) Tsubakimoto Chain (6371, 386, OUTPERFORM [V], TP 450, OVERWEIGHT) Vinci (SGEF.PA, Eu 41.90, OUTPERFORM, TP Eu 62.00, OVERWEIGHT) Yaskawa Electric Corporation (6506, 735, NEUTRAL [V], TP 750, OVERWEIGHT) Honda Motor Corp. ディスクロージャーアペンディクス ÐÖ ÓÖÊ uêòïñðö ÑÕ (6473 / 6473 JP) 15

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ÊÌÖÑÐÊ É~ ÈÉÆÍ wê fê ÈÉÊÂÒÏÑÐÖ ÑÕ ÊÏÏÔÐÏÒ www.credit-suisse.com/researchdisclosures ÎÇÇÉÈÆÂ Ê uêòïñðö ÑÕ w ÖÔ ÒÎÈÍÉÑ ÏÔ ÖÊÆÊÆÇÍÌÈÉÊ w ÖÔ ÒÇÍ ÈÍÆÇÊÍ ŠÊÉÆÉ ÌÂÑ ÏÔ ÖÊÔÏÒ ÑÕÖ ÎÒÓÏÐ ÊÇ~ ÇÉÈÆ ÖÔ ÒÊÊ ÍÉÉÎÒÖÑÒÊ~ 12 ÊÊ 6473, 6471 Ê z Îu ÈÉÆÌÈΠÿïòñêv ËÊ Ê Ê vé ÈÍÉÆÌÈ NVS-- x RVS--x SVS--x  Credit Suisse Ê ~ÉÊÆÏÒÑÊÏ ÔÑÒÕ ÒÒÏ Ö ÇÍ ÖÔ ÒÎÈÍÉÊÂCredit Suisse Ê ~ÉÊÆÏÒÑÊÏ ÔÑÒÕ ÒÒÏ Ö Çi ÖÔ ÒÊÆÆÉu ÈÍÉÆÍ Ç ÖÔ ÒÊ Ì ÍÉÆÊÆ h ÊÆÍÇÉÎÇÆÇÇÉÈÆ Credit Suisse Securities (Canada), Inc ÊÖÐ ÒÊÊ ÈÍÂÊÉÇÌÈÉÊ http://www.csfb.com/legal_terms/canada_research_policy.shtml ÎÇÇÉÈÆ ÊÊ ÊÊ IFRS Ê ÈÉÇÆÍÌÈ ABBN.VX, 6141, SCHP.S, SIEGn.DE, SKFb.ST. Credit Suisse Ê vöô Ò s É vöô ÒÊ yêêééæíêéæéô ÐÒÒÕ Ï ÌÈÇÊÖ ÐÏÒÏÒÏ ÔÖÓÏÑ ÉÈ ÊÇÊÆÍÉÆÍÉÌÂÎ vèíìêéêæíìèîâ ÊÂv ÊÈÊ ÆÉÈÍÉ ÊÈÊŠÉÊÍÌÈ ÇÊw ÖÔ ÒÇÊ ~ÊÈÍÎÒÖÑÒÊÍÉÉÌÉÊÈÊÿÇÈÍ ÉÉÇ Í ÍÊÆÆÉÂÊÊ ~ÊÈÍÎÒÖÑÒ Ð ÒÖÓÕ Ñ Ê ÈÍ uê ÉÊ ÍÌÈ vê ÈÊ ~ÊÈÍÎÒÖÑÒÊÂÖÐ ÒÎÒÖÑÒÉÈÉ FINRA Ê ƒèíéæíèâöð ÒÎÒÖÑÒy Î FINRA ÇÍ ÆÍÍÉÆÌÈÎÂÊ ÈÊ ~ÊÈÍÎÒÖÑÒÊ CSSU Ê ÉÊÊÇÂÇÊÉÌ wyéê uâîòöñòê Ê us ÂÎÒÖÑÒÇÈÍÉÊv Îu ÈÍ NASD u 2711 Ë NYSE u 472 ÊyÉÊÍÊÆÇÆÍÌÈ {ÊÂÊ ~ÉÆÍÐÖÒÏ ÑÏÑv Ê ÈÍÉÆÍÖÐ ÒÎÒÖÑÒÉÈ x ÊÂÊ ~ÉÆÍÐÖÒÏ ÑÏÑv Ê ÈÍÉÆÍÖÐ ÒÎÒÖÑÒÉÈ w ÖÔ ÒÉu ÈÍÉÆÍÈÊ ÊÉÆÉÊ Credit Suisse Ê ÊÉÇÌÈÉÊ www.credit-suisse.com/researchdisclosures ÎÇÂÌÉÊ+1 877 291-2683 ÌÉÇ~ ŠÆÌÈÂÌÉ ÖÔ Ò ÊÎiÈÌÈÉÎÒÖÑÒÂÌÉÊÎÑÑÑ ÒÊÇ~ ÎÆÉÉÇÍÊwÉÆ ÆiÈÌÈÂ Ô ÑÊ Ç 7267, 3,110 (6473 / 6473 JP) 18

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