RESEARCH ALERT-Nikko Citigroup ratings(May 14)

TOKYO, May 14 (Reuters) - The following is a list of
ratings that have been assigned by Nikko Citigroup, Nikko Citigroup said on Wednesday.
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Rated lower:

kabu.com Securities Co Ltd (8703.T: Quote, Profile, Research) -- "2H" from "1H" (target price 167000yen->164000yen)

Hakuhodo DY Holdings Incorporated (2433.T: Quote, Profile, Research) -- "2M" from "1M" (target price 7600yen->6700yen)
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Rating unchanged:

Kubota Corp (6326.T: Quote, Profile, Research) -- "1H" (target price 1000yen)

Hirose Electric Co Ltd (6806.T: Quote, Profile, Research) -- "1H" (target price 13800yen)

AOC Holdings Inc (5017.T: Quote, Profile, Research) -- "1H" (target price 2700yen->1750yen)

Rohm Co Ltd (6963.OS: Quote, Profile, Research) -- "1H" (target price 9600yen->9000yen)

Sumitomo Heavy Industries Ltd (6302.T: Quote, Profile, Research) -- "1H" (target price 1300yen)

Tokyo Electron Ltd (8035.T: Quote, Profile, Research) -- "1H" (target price 9800yen)

Nikon Corp (7731.T: Quote, Profile, Research) -- "1M" (target price 4400yen)

Showa Denko KK (4004.T: Quote, Profile, Research) -- "1M" (target price 420yen)

NTN Corp (6472.T: Quote, Profile, Research) -- "1M" (target price 1000yen)

Aisin Seiki Co Ltd (7259.T: Quote, Profile, Research) -- "1M" (target price 5500yen->4300yen)

Shimano Inc (7309.OS: Quote, Profile, Research) -- "1M" (target price 5100yen)

Uni-Charm Corp (8113.T: Quote, Profile, Research) -- "1M" (target price 7900yen->9000yen)

Sumitomo Realty & Development Co Ltd (8830.T: Quote, Profile, Research) -- "1M" (target price 5900yen)

Daiichi Sankyo Co Ltd (4568.T: Quote, Profile, Research) -- "1M" (target price 4200yen->4600yen)

Daicel Chemical Industries Ltd (4202.T: Quote, Profile, Research) -- "1M" (target price 590yen)

Daihatsu Motor Co Ltd (7262.T: Quote, Profile, Research) -- "1M" (target price 1390yen->1570yen)

Funai Electric Co Ltd (6839.OS: Quote, Profile, Research) -- "1S" (target price 5000yen)

Fuji Soft Inc (9749.T: Quote, Profile, Research) -- "2H" (target price 1600yen)

CKD Corp (6407.T: Quote, Profile, Research) -- "2H" (target price 700yen)

Mitsubishi Materials Corp (5711.T: Quote, Profile, Research) -- "2H" (target price 550yen)

Matsui Securities Co Ltd (8628.T: Quote, Profile, Research) -- "2H" (target price 760yen->720yen)

NOK Corp (7240.T: Quote, Profile, Research) -- "2H" (target price 2400yen)

Hitachi Ltd (6501.T: Quote, Profile, Research) -- "2H" (target price 770yen)

Kose Corp (4922.T: Quote, Profile, Research) -- "2M" (target price 3300yen->2600yen)

Kobayashi Pharmaceutical Co Ltd (4967.T: Quote, Profile, Research) -- "2M" (target price 3900yen)

NSK Ltd (6471.T: Quote, Profile, Research) -- "2M" (target price 1030yen)

Mandom Corp (4917.T: Quote, Profile, Research) -- "2M" (target price 3000yen)

Comsys Holdings (1721.T: Quote, Profile, Research) -- "2M" (target price 860yen)

Mitsubishi Chemical Holdings Corp (4188.T: Quote, Profile, Research) -- "2M" (target price 680yen)

Kyowa Exeo Corp (1951.T: Quote, Profile, Research) -- "2M" (target price 880yen)

Kintetsu World Express Inc (9375.T: Quote, Profile, Research) -- "2M" (target price 3080yen)

Pioneer Corp (6773.T: Quote, Profile, Research) -- "2S" (target price 1150yen->1100yen)

Victor Co of Japan Ltd (6792.T: Quote, Profile, Research) -- "2S" (target price 240yen)

Koei Co Ltd (9654.T: Quote, Profile, Research) -- "3H" (target price 1650yen)

Nissan Motor Co Ltd (7201.T: Quote, Profile, Research) -- "3M" (target price 840yen)

Sanden Corp (6444.T: Quote, Profile, Research) -- "3M" (target price 430yen)

Sega Sammy Holdings Inc. (6460.T: Quote, Profile, Research) -- "3S" (target price 780yen)
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Nikko Citigroup assigns ratings as follows:
"1L" or "Buy/Low Risk" - issues expected to outperform ETR by 10

percentage points.
"1M" or "Buy/Medium Risk" - issues expected to outperform ETR by 15

percentage points.
"1H" or "Buy/High Risk" - issues expected to outperform ETR by 20

percentage points.
"1S" or "Buy/Speculative" - issues expected to outperform ETR by 35 percentage points.
538976288
"2L" or "Hold/Low Risk" - issues expected to outperform ETR greater

than zero, but below 10 percentage points.
"2M" or "Hold/Medium Risk" - issues expected to outperform ETR greater

than zero, but below 15 percentage points.
"2H" or "Hold/High Risk" - issues expected to outperform ETR greater

than zero, but below 20 percentage points.
"2S" or "Hold/Speculative" - issues expected to outperform ETR greater

than zero, but below 35 percentage points.
"3L" or "Sell/Low Risk" - issues expected to perform less than or equal

to ETR.
"3M" or "Sell/Medium Risk" - issues expected to perform less than or

equal to ETR.
"3H" or "Sell/High Risk" - issues expected to perform less than or

equal to ETR.
"3S" or "Sell/Speculative" - issues expected to perform less than or

equal to ETR.
Expected Total Return (ETR) - expectation of total return

(projected share price appreciation

plus forcast dividend yield) within

12 months.