28 June 2011

Macquarie Research, ::MarQuee Ideas Removing two Japan stocks

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Macquarie MarQuee Ideas
Removing two Japan stocks
Short-term pressure on nickel and a lack of catalysts lead
us to remove Sumitomo Metal Mining and Mitsui Fudosan
Our head of research in Japan David Gibson is today removing two names from
the local Japan MarQuee list, Sumitomo Metal Mining and Mitsui Fudosan. We
now mirror those changes across to the pan-Asia list.
SMM: Rising risk and pressure on nickel
Our analyst Polina Diyachkina now sees increased risk and pressure on the
nickel price in the short term which she believes will limit SMM performance.
However, because we do not see changes to our longer-term nickel prices, she
keeps her Outperform rating and ¥2,200 target price for the stock. However, as
the stock may now struggle in the near term, we remove it from the MarQuee
Buy list.
Sumitomo Metal Mining (5713 JP, ¥1,227, Outperform, TP: ¥2,200, Polina
Diyachkina)
Mitsui Fudosan now lacking catalysts
For Mitsui Fudosan, our analyst Hiroshi Okubo now says he does not see the
catalysts to drive share price performance in the coming months. He had thought
it would be a defensive play in a tough market but it has proven more sensitive
than he expected with the stock underperforming the Topix Composite by about
6%. He also anticipates the data on vacancy rates will be soft in the coming
months and thus with the lack of positive catalysts on the horizon, David also
took the decision to remove the stock from the local and pan-Asia Buy lists.
Mitsui Fudosan (8801 JP, ¥1,276, Outperform, TP: ¥2,000, Hiroshi Okubo)
Ongoing Macquarie MarQuee Idea list
The full list of Asia MarQuee stocks is detailed in Figs 1 and 2 inside

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