We rate the TP or JPY5,500 with 21% downside potential. Price (JPY) 6,990.00 Price Target (JPY) 5,500.00 8,137.00/5,718.00 JPL 1,812.58 FYE Cap (JPY) (B) 2,072.84 EV (JPY) (B) 1,527.85 Performance YTD 1M 6M 12M Absolute (%) 2.8 (4.3) 1.7 13.1 JPL (%) 19.1 3.7 19.0 30.2 Relative (%) (16.3) (8.0) (17.2) (17.1) Source: Bloomberg, Bernstein estimates and analysis.