EFTA01450660.pdf

Supplemental Information: DB Research expects Japanese equities could double by 2015 http://pull.db-omresearch.com/coi-bin/pull/DocPull/10496-D6FF/89936366/The House 18oct2013.pdf • Abenomics will lead to higher operational leverage and an improved domestic economy • BoJ will ease further as needed; DB expects USD/JPY FX to reach 120 by 2015 • Strong macroeconomic data and increase in overseas asset purchases by the Japanese • GPIF panel report (a third arrow initiative) strongly positive for Japanese risk assets http://www.cas.00.ip/ip/seisaku/koutekisikin unyourisk/pdf/e final report.pdf Yen weakening will likely continue to be a theme, benefiting exporters. Toyota: https://cier.gm. cib. intranet.db.com/ger/document/pdf/0900b8c0877259ad.pctf 7203 JP Buy Current price 6170 Target price (11m) 8000 Upside 29% Panasonic https://ger.gm.cib. intranet.db.com/qeddocument/pdf/0900b8c08795101a.pdf (6752 JP Buy Current price 1158 Target price (12m) 1300 Upside 12% Omron 6645 JP Not rated at DB Current price 4105 Target price (12m) 4426 (Bloomberg avg. Not covered by DB) Upside 8% Kawasaki Kisen: http://qm.db.com/ger/document/ShowPdf.eqsr?productIDMore=0900b8c087790d17 9107 JP Buy Current price 236 Target price (12m) 280 Upside 18% Reflation is the other major theme, which should be positive for retailers and banks, where DB Research is bullish Rakuten and Resona respectively. Rakuten: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Target price (12m) 1710 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106463 CONFIDENTIAL SDNY_GM_00252647 EFTA01450660