Nomura Securities Stock Recommendations and Price Targets

This is a list of recent ratings by Nomura Securities.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
3/21/2025	PDD PDD	Downgrade	$122.00		Strong-Buy ➝ Hold	Low
3/20/2025	PDD PDD	Reiterated Rating	$122.00	$137.00 ➝ $130.00	Buy ➝ Neutral	Medium
3/19/2025	XPEV XPeng	Upgrade	$21.00	$14.00 ➝ $30.00	Neutral ➝ Buy	Medium
3/18/2025	XPEV XPeng	Upgrade	$21.00		Strong-Buy	Medium
3/17/2025	LI Li Auto	Upgrade	$27.00		Hold	Low
3/3/2025	KC Kingsoft Cloud	Downgrade	$15.00		Strong-Buy ➝ Hold	High
3/3/2025	KC Kingsoft Cloud	Downgrade	$15.00		Buy ➝ Neutral	Medium
2/25/2025	BILI Bilibili	Downgrade	$19.00		Strong-Buy ➝ Hold	Low
2/21/2025	VNET VNET Group	Upgrade	$9.00		Strong-Buy	Low
2/21/2025	DSCSY Disco	Upgrade	$23.00		Hold	Medium
2/19/2025	BIDU Baidu	Downgrade	$97.00		Strong-Buy ➝ Hold	Low
2/19/2025	BIDU Baidu	Downgrade	$97.00		Buy ➝ Neutral	Medium
1/23/2025	HDB HDFC Bank	Upgrade	$66.00		Neutral ➝ Buy	Low
1/23/2025	HDB HDFC Bank	Upgrade	$66.00		Hold ➝ Strong-Buy	Low
12/19/2024	RDY Dr. Reddy's Laboratories	Downgrade	$13.00		Buy ➝ Neutral	N/A
11/27/2024	NSANY Nissan Motor	Downgrade	$6.00		Buy ➝ Neutral	N/A
11/22/2024	KC Kingsoft Cloud	Upgrade	$15.00	$2.30 ➝ $6.70	Neutral ➝ Buy	N/A
11/22/2024	KC Kingsoft Cloud	Upgrade	$15.00		Hold ➝ Strong-Buy	N/A
9/24/2024	AS Amer Sports	Upgrade	$28.00		Strong-Buy	High
8/28/2024	DQ Daqo New Energy	Upgrade	$18.00		Strong-Buy	N/A
8/27/2024	PDD PDD	Upgrade	$122.00		Strong-Buy	Low
8/26/2024	IQ iQIYI	Upgrade	$2.00		Hold	Low
8/26/2024	WB Weibo	Upgrade	$10.00		Hold	Low
8/26/2024	GDS GDS	Upgrade	$27.00		Strong-Buy	Low
8/23/2024	LYFT Lyft	Upgrade	$12.00		Strong Sell ➝ Hold	Low
8/23/2024	LYFT Lyft	Upgrade	$12.00	$15.00 ➝ $13.00	Reduce ➝ Neutral	Low
8/22/2024	BILI Bilibili	Upgrade	$19.00	$18.00	Neutral ➝ Buy	Low
8/22/2024	BILI Bilibili	Upgrade	$19.00		Hold ➝ Strong-Buy	Low
8/19/2024	CAN Canaan	Upgrade	$1.00		Hold	Low
8/19/2024	APTV Aptiv	Upgrade	$65.00		Strong Sell ➝ Hold	Low
8/5/2024	GM General Motors	Upgrade	$51.00		Strong Sell	Low
8/5/2024	GM General Motors	Downgrade	$51.00	$34.00	Neutral ➝ Reduce	Low
7/31/2024	STLA Stellantis	Upgrade	$12.00		Neutral ➝ Buy	Low
7/31/2024	STLA Stellantis	Upgrade	$12.00		Hold ➝ Strong-Buy	Low
7/12/2024	SHWDY Resonac	Upgrade	$24.00		Strong-Buy	Low
7/10/2024	SMCI Super Micro Computer	Downgrade	$37.00		Strong-Buy ➝ Hold	Low
7/10/2024	SMCI Super Micro Computer	Downgrade	$37.00	$93.00	Buy ➝ Neutral	Low
7/2/2024	WIT Wipro	Initiated Coverage	$3.00		Buy	Low
7/2/2024	WIT Wipro	Upgrade	$3.00		Strong-Buy	Low
5/8/2024	SKM SK Telecom	Upgrade	$21.00		Strong Sell ➝ Hold	Low
5/8/2024	SKM SK Telecom	Upgrade	$21.00		Reduce ➝ Neutral	Low
4/5/2024	JD JD.com	Lower Price Target	$42.00	$36.00 ➝ $33.00		Low
3/13/2024	STLA Stellantis	Reiterated Rating	$12.00		Buy ➝ Neutral	Low
2/28/2024	BYDDY BYD	Initiated Coverage	$101.00		Buy	Low
2/5/2024	SKM SK Telecom	Reiterated Rating	$21.00		Neutral ➝ Reduce	Low
1/31/2024	TM Toyota Motor	Downgrade	$189.00		Buy ➝ Neutral	Low
12/29/2023	LYFT Lyft	Downgrade	$12.00	$11.70 ➝ $13.00	Neutral ➝ Reduce	Low
12/29/2023	UBER Uber Technologies	Downgrade	$74.00	$59.00 ➝ $62.00	Buy ➝ Neutral	Low
12/18/2023	FINV FinVolution Group	Initiated Coverage	$10.00		Buy	Low
12/18/2023	QFIN Qifu Technology	Initiated Coverage	$46.00		Buy	Low
11/29/2023	BILI Bilibili	Downgrade	$19.00		Buy ➝ Neutral	Low
11/22/2023	BIDU Baidu	Upgrade	$97.00	$145.00	Neutral ➝ Buy	Low
11/21/2023	TCOM Trip.com Group	Downgrade	$63.00		Buy ➝ Neutral	Low
10/20/2023	LNVGY Lenovo Group	Upgrade	$29.00		Neutral ➝ Buy	Low
10/20/2023	SMCI Super Micro Computer	Initiated Coverage	$37.00	$41.30	Buy	Low
9/14/2023	KAIKY Kawasaki Kisen Kaisha	Downgrade	$14.00		Buy ➝ Neutral	Low
9/8/2023	INFY Infosys	Upgrade	$19.00		Reduce ➝ Neutral	Low
9/1/2023	RAFLF Raffles Medical Group	Upgrade	$1.00		Neutral ➝ Buy	Low
9/1/2023	KUBTY Kubota	Upgrade	$65.00		Neutral ➝ Buy	Low
8/31/2023	HDALF Haidilao International	Upgrade	$3.00		Neutral ➝ Buy	Low
8/22/2023	PECGF PETRONAS Chemicals Group Berhad	Upgrade	$1.00		Neutral ➝ Buy	Low
8/17/2023	KSANF Kansai Paint	Downgrade	$15.00		Buy ➝ Neutral	Low
8/17/2023	BWA BorgWarner	Downgrade	$30.00	$44.00	Buy ➝ Neutral	Low
8/9/2023	TRYIY Toray Industries	Downgrade	$14.00		Buy ➝ Neutral	Low
8/7/2023	FUJHY Subaru	Downgrade	$10.00		Buy ➝ Neutral	Low
8/4/2023	DQ Daqo New Energy	Upgrade	$18.00	$45.00	Neutral ➝ Buy	Low
6/20/2023	HMC Honda Motor	Downgrade	$29.00		Buy ➝ Neutral	Low
6/12/2023	NIO NIO	Downgrade	$4.00	$25.80 ➝ $7.50	Buy ➝ Neutral	Low
6/2/2023	NIPPF Nippon Accommodations Fund	Downgrade	$921.00		Buy ➝ Neutral	Low
5/29/2023	PDD PDD	Boost Price Target	$122.00	$105.00 ➝ $110.00		Low
5/17/2023	GT Goodyear Tire & Rubber	Downgrade	$9.00	$17.00	Buy ➝ Neutral	Low
4/13/2023	INFY Infosys	Downgrade	$19.00		Buy ➝ Neutral	Low
4/5/2023	DSCSY Disco	Initiated Coverage	$23.00		Buy	Low
4/5/2023	TOELY Tokyo Electron	Initiated Coverage	$75.00		Buy	Low
4/5/2023	ATEYY Advantest	Initiated Coverage	$52.00		Neutral	Low
3/23/2023	VNET VNET Group	Downgrade	$9.00		Buy ➝ Neutral	Low
3/1/2023	RKSLF Raksul	Initiated Coverage	$8.00		Buy	Low
3/1/2023	TOKCF Tokyo Ohka Kogyo	Upgrade	$23.00		Neutral ➝ Buy	Low
2/28/2023	KKKUF Kakaku.com	Downgrade	$15.00		Buy ➝ Neutral	Low
2/24/2023	VIPS Vipshop	Upgrade	$16.00		Neutral ➝ Buy	Low
2/10/2023	KT KT	Downgrade	$18.00		Buy ➝ Neutral	Low
2/9/2023	SKM SK Telecom	Downgrade	$21.00		Buy ➝ Neutral	Low
12/26/2022	YMZBY Yamazaki Baking	Downgrade	$186.00		Buy ➝ Neutral	N/A
12/19/2022	KIKOF Kikkoman	Upgrade	$10.00		Reduce ➝ Neutral	Low
11/24/2022	IQ iQIYI	Lower Price Target	$2.00	$3.90 ➝ $2.60		Low
11/11/2022	AACAY AAC Technologies	Upgrade	$6.00		Neutral ➝ Buy	Low
11/11/2022	HHUSF Hua Hong Semiconductor	Upgrade	$5.00		Neutral ➝ Buy	Low
11/11/2022	MZDAY Mazda Motor	Upgrade	$4.00		Neutral ➝ Buy	Low
11/10/2022	BSEFY Benesse	Downgrade	$15.00		Buy ➝ Neutral	Low
11/1/2022	CHPXF China Pacific Insurance (Group)	Upgrade	$4.00		Neutral ➝ Buy	Low
11/1/2022	SMFG Sumitomo Mitsui Financial Group	Reiterated Rating	$16.00		Buy	Low
10/20/2022	STLA Stellantis	Upgrade	$12.00		Neutral ➝ Buy	Low
8/30/2022	PDD PDD	Upgrade	$122.00		Neutral ➝ Buy	Low
8/29/2022	NIPOF Japan Hotel REIT Investment	Downgrade	$482.00		Buy ➝ Neutral	Low
8/25/2022	KUASF Kuaishou Technology	Downgrade	$7.00		Buy ➝ Neutral	Low
8/19/2022	SHWDY Resonac	Downgrade	$24.00		Neutral ➝ Reduce	Low
8/15/2022	MKTAY Makita	Downgrade	$35.00		Buy ➝ Neutral	Low
7/29/2022	GDS GDS	Downgrade	$27.00		Buy ➝ Neutral	Low
7/21/2022	F Ford Motor	Upgrade	$10.00	$12.40	Reduce ➝ Neutral	Low
7/8/2022	TOELY Tokyo Electron	Downgrade	$75.00		Buy ➝ Neutral	N/A