Analyst Ratings Published by Daiwa Securities

12/5/24	Downgrades	Outperform Neutral	X
ABBV AbbVie Daiwa Securities
$180
5/6/22	Downgrades	Outperform Neutral	X
ABBV AbbVie Daiwa Securities
$150
1/7/25	Upgrades	Neutral Outperform	X
ALV Autoliv Daiwa Securities
$109
2/14/25	Downgrades	Buy Outperform	X
AMD Advanced Micro Devices Daiwa Securities
$170 $130
2/9/22	Upgrades	Outperform Buy	X
AMD Advanced Micro Daiwa Securities
$140 $150
12/21/23	Upgrades	Neutral Buy	X
AMGN Amgen Daiwa Securities
$264 $320
12/29/20	Initiated	Buy	X
AMGN Amgen Daiwa Securities
$300
3/25/22	Initiated	Sell	X
ANSS ANSYS Daiwa Securities
$253
11/8/24	Upgrades	Neutral Outperform	X
APP AppLovin Daiwa Securities
$80 $280
4/15/24	Initiated	Neutral	X
APP AppLovin Daiwa Securities
$80
7/21/23	Initiated	Buy	X
ATAT Atour Lifestyle Hldgs. Ltd. Daiwa Securities
$24
7/12/22	Initiated	Buy	X
ATHM Autohome Daiwa Securities
2/10/22	Upgrades	Neutral Buy	X
AXP American Express Daiwa Securities
$190 $215
1/6/21	Initiated	Neutral	X
BAC Bank of America Daiwa Securities
$31
2/24/23	Initiated	Buy	X
BEKE KE Holdings Daiwa Securities
1/12/23	Initiated	Buy	X
BGNE BeiGene Daiwa Securities
$308
2/18/25	Downgrades	Buy Outperform	X
BIDU Baidu Daiwa Securities
6/2/21	Initiated	Buy	X
BIDU Baidu Daiwa Securities
$335
11/8/24	Upgrades	Neutral Buy	X
BILI Bilibili Daiwa Securities
8/22/24	Upgrades	Neutral Outperform	X
BILI Bilibili Daiwa Securities
1/19/24	Downgrades	Buy Neutral	X
BILI Bilibili Daiwa Securities
1/14/19	Initiated	Outperform	X
BILI BiliBili Daiwa Securities
11/13/24	Upgrades	Neutral Outperform	X
BMY Bristol-Myers Daiwa Securities
11/2/23	Downgrades	Outperform Neutral	X
BMY Bristol-Myers Daiwa Securities
$68 $54
6/28/23	Initiated	Outperform	X
BMY Bristol-Myers Daiwa Securities
$70
7/25/24	Downgrades	Buy Neutral	X
BZ Kanzhun Limited Daiwa Securities
7/13/23	Initiated	Buy	X
BZ Kanzhun Limited Daiwa Securities
$19
2/8/24	Upgrades	Outperform Buy	X
BZUN Baozun Daiwa Securities
12/18/23	Upgrades	Neutral Buy	X
C Citigroup Daiwa Securities
$63
1/6/21	Initiated	Buy	X
C Citigroup Daiwa Securities
$75
12/29/20	Downgrades	Buy Outperform	X
CEA China Eastern Airlines Daiwa Securities
7/17/19	Downgrades	Outperform Neutral	X
CEO CNOOC Ltd Daiwa Securities
5/20/19	Initiated	Outperform	X
CEO CNOOC Ltd Daiwa Securities
1/25/22	Upgrades	Neutral Buy	X
CGNX Cognex Daiwa Securities
$81 $75
7/1/22	Initiated	Outperform	X
CMCSA Comcast Daiwa Securities
$43
5/8/23	Upgrades	Neutral Buy	X
COIN Coinbase Global Daiwa Securities
$58 $65
11/9/22	Downgrades	Buy Neutral	X
COIN Coinbase Global Daiwa Securities
$82 $52
9/9/22	Upgrades	Outperform Buy	X
COIN Coinbase Global Daiwa Securities
$100
8/8/22	Downgrades	Buy Outperform	X
COIN Coinbase Global Daiwa Securities
$200 $100
12/5/22	Upgrades	Outperform Buy	X
CRWD CrowdStrike Daiwa Securities
$193 $181
12/20/21	Initiated	Outperform	X
CRWD CrowdStrike Daiwa Securities
$224
3/11/24	Initiated	Neutral	X
CSIQ Canadian Solar Daiwa Securities
$21
8/22/24	Resumed	Neutral	X
DADA Dada Daiwa Securities
5/16/24	Downgrades	Buy Neutral	X
DADA Dada Daiwa Securities
2/20/24	Upgrades	Neutral Buy	X
DADA Dada Daiwa Securities
7/24/23	Initiated	Buy	X
DADA Dada Daiwa Securities
$10.73
3/20/23	Upgrades	Neutral Outperform	X
DAO Youdao Daiwa Securities
$4 $9.50
7/27/21	Downgrades	Buy Underperform	X
DAO Youdao Daiwa Securities
$10
8/1/23	Downgrades	Buy Neutral	X
DDL Dingdong Ltd Daiwa Securities
$7.50 $2.80
3/29/23	Initiated	Outperform	X
DE Deere Daiwa Securities
$440
9/19/23	Upgrades	Neutral Outperform	X
DELL Dell Daiwa Securities
$50 $80
6/6/23	Downgrades	Outperform Neutral	X
DG Dollar General Daiwa Securities
$172
12/15/23	Downgrades	Buy Outperform	X
DOCU DocuSign Daiwa Securities
$60
3/29/21	Initiated	Buy	X
DOCU DocuSign Daiwa Securities
$239
10/30/24	Upgrades	Neutral Outperform	X
DQ Daqo New Energy Daiwa Securities
9/19/23	Downgrades	Outperform Neutral	X
DQ Daqo New Energy Daiwa Securities
$45 $32
5/5/23	Upgrades	Neutral Outperform	X
DQ Daqo New Energy Daiwa Securities
9/15/22	Downgrades	Outperform Neutral	X
DQ Daqo New Energy Daiwa Securities
3/9/22	Upgrades	Neutral Buy	X
EDU New Oriental Education & Technology Daiwa Securities
7/27/21	Downgrades	Buy Neutral	X
EDU New Oriental Education & Technology Daiwa Securities
$11 $2.40
1/28/25	Initiated	Outperform	X
EMR Emerson Daiwa Securities
$147
10/24/23	Downgrades	Outperform Neutral	X
ENPH Enphase Energy Daiwa Securities
$145 $100
12/23/22	Initiated	Outperform	X
ENPH Enphase Energy Daiwa Securities
$335
7/31/24	Upgrades	Neutral Outperform	X
EW Edwards Lifesciences Daiwa Securities
5/25/23	Upgrades	Underperform Neutral	X
F Ford Motor Daiwa Securities
$12
3/21/19	Downgrades	Outperform Neutral	X
FDX FedEx Daiwa Securities
7/26/23	Initiated	Buy	X
FINV FinVolution Group Daiwa Securities
$6.70
12/23/22	Initiated	Outperform	X
FSLR First Solar Daiwa Securities
$175
2/13/24	Upgrades	Neutral Outperform	X
FTNT Fortinet Daiwa Securities
$75
1/17/24	Downgrades	Buy Neutral	X
FTNT Fortinet Daiwa Securities
$62
5/11/22	Upgrades	Outperform Buy	X
FTNT Fortinet Daiwa Securities
$307
2/11/25	Upgrades	Neutral Buy	X
GDS GDS Holdings Daiwa Securities
3/9/22	Downgrades	Neutral Underperform	X
GPS Gap Daiwa Securities
$13.75
2/20/25	Downgrades	Buy Outperform	X
GRAB Grab Daiwa Securities
10/23/24	Initiated	Outperform	X
GRAB Grab Daiwa Securities
$4.60
3/14/24	Upgrades	Neutral Outperform	X
GS Goldman Sachs Daiwa Securities
$410 $430
1/6/21	Initiated	Outperform	X
GS Goldman Sachs Daiwa Securities
$300
2/18/21	Downgrades	Buy Outperform	X
HMC Honda Motor Daiwa Securities
10/31/22	Downgrades	Outperform Neutral	X
HON Honeywell Daiwa Securities
$206 $194
3/12/25	Downgrades	Outperform Neutral	X
HPE Hewlett Packard Enterprise Daiwa Securities
$16
3/10/21	Upgrades	Neutral Outperform	X
HPE Hewlett Packard Enterprise Daiwa Securities
$12 $17
3/11/25	Initiated	Buy	X
HSAI Hesai Group Daiwa Securities
$35
10/27/22	Upgrades	Outperform Buy	X
HTHT Huazhu Group Daiwa Securities
$43 $34
8/30/22	Downgrades	Buy Outperform	X
HTHT Huazhu Group Daiwa Securities
6/1/22	Upgrades	Outperform Buy	X
HTHT Huazhu Group Daiwa Securities
5/6/19	Downgrades	Outperform Underperform	X
HTHT Huazhu Group Daiwa Securities
5/29/18	Initiated	Outperform	X
HTHT China Lodging Daiwa Securities
$50
11/16/22	Upgrades	Outperform Buy	X
HUYA HUYA Daiwa Securities
$4 $3.60
2/9/21	Downgrades	Outperform Neutral	X
HUYA HUYA Daiwa Securities
7/8/19	Upgrades	Neutral Outperform	X
HUYA HUYA Daiwa Securities
1/14/19	Initiated	Neutral	X
HUYA HUYA Daiwa Securities
8/16/24	Upgrades	Neutral Buy	X
ILMN Illumina Daiwa Securities
$120 $154
6/2/21	Initiated	Buy	X
IMAB I-MAB Daiwa Securities
4/29/19	Downgrades	Outperform Neutral	X
INTC Intel Daiwa Securities
3/15/23	Initiated	Outperform	X
INTU Intuit Daiwa Securities
$444
1/10/25	Downgrades	Underperform Sell	X
JKS JinkoSolar Daiwa Securities
2/5/24	Downgrades	Outperform Neutral	X
JKS JinkoSolar Daiwa Securities
$25
1/26/24	Initiated	Outperform	X
JKS JinkoSolar Daiwa Securities
$33.30
7/23/24	Downgrades	Outperform Neutral	X
JNJ Johnson & Johnson Daiwa Securities
$160 $150
6/22/22	Initiated	Outperform	X
JNJ Johnson & Johnson Daiwa Securities
8/20/24	Downgrades	Buy Outperform	X
JPM JPMorgan Chase Daiwa Securities
$240
12/18/23	Upgrades	Outperform Buy	X
JPM JPMorgan Chase Daiwa Securities
1/6/21	Initiated	Outperform	X
JPM JPMorgan Chase Daiwa Securities
$139
11/13/18	Upgrades	Neutral Outperform	X
KEP Korea Electric Power Corp Daiwa Securities
5/22/23	Initiated	Buy	X
LEGN Legend Biotech Daiwa Securities
2/26/21	Upgrades	Neutral Buy	X
LI Li Auto Daiwa Securities
$33 $34
12/21/23	Downgrades	Buy Outperform	X
LLY Eli Lilly Daiwa Securities
$660 $610
3/10/22	Initiated	Outperform	X
LLY Eli Lilly Daiwa Securities
$286
4/24/19	Downgrades	Outperform Neutral	X
LPL LG Display Daiwa Securities
11/4/21	Upgrades	Outperform Buy	X
LYFT Lyft Daiwa Securities
$60
5/10/21	Upgrades	Neutral Outperform	X
LYFT Lyft Daiwa Securities
$59 $56
8/16/22	Downgrades	Outperform Neutral	X
MA Mastercard Daiwa Securities
$385 $375
5/18/21	Upgrades	Neutral Outperform	X
MA MasterCard Daiwa Securities
$402
8/5/24	Downgrades	Buy Neutral	X
MBLY Mobileye Global Daiwa Securities
4/19/23	Initiated	Buy	X
MBLY Mobileye Global Daiwa Securities
$50
7/30/19	Upgrades	Outperform Buy	X
MLCO Melco Resorts & Entertainment Daiwa Securities
1/23/19	Initiated	Outperform	X
MLCO Melco Resorts & Entertainment Daiwa Securities
11/11/24	Downgrades	Buy Neutral	X
MRK Merck Daiwa Securities
7/6/22	Upgrades	Neutral Buy	X
MRK Merck Daiwa Securities
$89 $102
12/16/21	Initiated	Neutral	X
MRK Merck Daiwa Securities
$70
3/2/21	Upgrades	Neutral Outperform	X
MS Morgan Stanley Daiwa Securities
$86
1/6/21	Initiated	Neutral	X
MS Morgan Stanley Daiwa Securities
$71
2/18/21	Initiated	Buy	X
MU Micron Daiwa Securities
$140
9/4/18	Upgrades	Neutral Outperform	X
MUFG Mitsubishi Financial Daiwa Securities
10/25/22	Upgrades	Neutral Outperform	X
NFLX Netflix Daiwa Securities
$226 $330
3/5/21	Initiated	Outperform	X
NIU Niu Technologies Daiwa Securities
8/1/18	Downgrades	Outperform Neutral	X
NMR Nomura Holdings Daiwa Securities
2/26/21	Upgrades	Neutral Outperform	X
NTAP NetApp Daiwa Securities
$70
6/30/23	Upgrades	Neutral Outperform	X
NVDA NVIDIA Daiwa Securities
$408 $475
9/2/22	Downgrades	Outperform Neutral	X
NVDA NVIDIA Daiwa Securities
$215 $133
4/1/24	Initiated	Outperform	X
NXT Nextracker Daiwa Securities
$63
10/26/23	Upgrades	Outperform Buy	X
OKTA Okta Daiwa Securities
$87
6/24/21	Initiated	Buy	X
OKTA Okta Daiwa Securities
$282
4/1/22	Initiated	Neutral	X
ORCL Oracle Daiwa Securities
$87
5/29/24	Initiated	Outperform	X
PANW Palo Alto Networks Daiwa Securities
$350
7/1/22	Initiated	Neutral	X
PARA Paramount Global Daiwa Securities
$26
8/7/24	Upgrades	Neutral Outperform	X
PFE Pfizer Daiwa Securities
5/11/23	Downgrades	Outperform Neutral	X
PFE Pfizer Daiwa Securities
$38
2/7/23	Upgrades	Neutral Outperform	X
PFE Pfizer Daiwa Securities
$51
7/8/19	Initiated	Outperform	X
PTR PetroChina Daiwa Securities
3/15/23	Upgrades	Outperform Buy	X
PUK Prudential Plc Daiwa Securities
12/19/22	Initiated	Outperform	X
PUK Prudential Plc Daiwa Securities
2/24/25	Downgrades	Outperform Neutral	X
PWR Quanta Services Daiwa Securities
12/6/24	Initiated	Outperform	X
PWR Quanta Services Daiwa Securities
$355
8/9/24	Upgrades	Neutral Outperform	X
PYPL PayPal Daiwa Securities
$68 $72
2/13/24	Downgrades	Outperform Neutral	X
PYPL PayPal Daiwa Securities
$64 $62
8/16/22	Upgrades	Neutral Outperform	X
PYPL PayPal Daiwa Securities
$85 $116
8/9/23	Downgrades	Buy Outperform	X
QCOM Qualcomm Daiwa Securities
$125
3/28/22	Initiated	Outperform	X
RBLX Roblox Daiwa Securities
$56
5/17/19	Downgrades	Outperform Neutral	X
SATS Echostar Holdings Daiwa Securities
2/2/24	Upgrades	Neutral Buy	X
SE Sea Limited Daiwa Securities
8/17/22	Downgrades	Buy Neutral	X
SE Sea Limited Daiwa Securities
12/23/22	Initiated	Neutral	X
SEDG SolarEdge Technologies Daiwa Securities
$325
9/18/24	Downgrades	Buy Outperform	X
SONY Sony Daiwa Securities
12/29/20	Initiated	Neutral	X
SPLK Splunk Daiwa Securities
$189
11/15/23	Upgrades	Outperform Buy	X
SQ Block Daiwa Securities
$71 $77
12/23/21	Initiated	Neutral	X
T AT&T Daiwa Securities
$26
8/15/19	Downgrades	Outperform Neutral	X
TAK Takeda Pharma Daiwa Securities
3/9/22	Upgrades	Neutral Buy	X
TAL TAL Education Daiwa Securities
7/27/21	Downgrades	Buy Neutral	X
TAL TAL Education Daiwa Securities
$38 $6.90
4/26/19	Upgrades	Neutral Outperform	X
TAL TAL Education Daiwa Securities
9/22/22	Upgrades	Neutral Buy	X
TCOM Trip.com Group Daiwa Securities
11/26/24	Downgrades	Outperform Neutral	X
TGT Target Daiwa Securities
$170 $130
8/22/23	Downgrades	Outperform Neutral	X
TGT Target Daiwa Securities
$134
9/5/23	Upgrades	Neutral Buy	X
TIGR UP Fintech Daiwa Securities
8/13/24	Downgrades	Outperform Neutral	X
TME Tencent Music Daiwa Securities
1/13/23	Initiated	Buy	X
TME Tencent Music Daiwa Securities
12/23/21	Initiated	Neutral	X
TMUS T-Mobile US Daiwa Securities
$128
2/6/24	Downgrades	Outperform Neutral	X
TSLA Tesla Daiwa Securities
$245 $195
4/24/23	Reiterated	Outperform	X
TSLA Tesla Daiwa Securities
$218 $185
4/18/24	Downgrades	Buy Outperform	X
TSM Taiwan Semiconductor Manufacturing Daiwa Securities
9/14/22	Upgrades	Outperform Buy	X
TSM Taiwan Semiconductor Manufacturing Daiwa Securities
7/1/21	Initiated	Buy	X
TWLO Twilio Daiwa Securities
$463
5/11/22	Downgrades	Outperform Neutral	X
U Unity Software Daiwa Securities
$110 $34
3/28/22	Initiated	Outperform	X
U Unity Software Daiwa Securities
$110
10/17/24	Downgrades	Outperform Neutral	X
UBER Uber Daiwa Securities
$84
6/28/23	Downgrades	Buy Outperform	X
UBER Uber Daiwa Securities
$42 $51
3/12/21	Upgrades	Outperform Buy	X
UBER Uber Daiwa Securities
$68
3/15/23	Upgrades	Outperform Buy	X
UMC United Micro Daiwa Securities
8/26/22	Downgrades	Outperform Neutral	X
UNP Union Pacific Daiwa Securities
$235 $242
12/26/23	Downgrades	Outperform Neutral	X
UPS UPS Daiwa Securities
$155
8/16/22	Downgrades	Outperform Neutral	X
V Visa Daiwa Securities
$230 $225
5/18/21	Upgrades	Neutral Outperform	X
V Visa Daiwa Securities
$259
3/29/23	Upgrades	Neutral Outperform	X
VIPS Vipshop Daiwa Securities
$17.30
8/16/19	Upgrades	Neutral Buy	X
VIPS Vipshop Daiwa Securities
8/14/18	Downgrades	Neutral Underperform	X
VIPS Vipshop Daiwa Securities
5/16/18	Downgrades	Outperform Neutral	X
VIPS Vipshop Daiwa Securities
6/11/21	Downgrades	Outperform Neutral	X
VRTX Vertex Pharma Daiwa Securities
$210
12/30/20	Initiated	Outperform	X
VRTX Vertex Pharma Daiwa Securities
$250
3/5/25	Initiated	Neutral	X
VST Vistra Corp. Daiwa Securities
$120
1/24/24	Upgrades	Neutral Outperform	X
VZ Verizon Daiwa Securities
$36 $47
12/23/21	Initiated	Neutral	X
VZ Verizon Daiwa Securities
$57
11/20/18	Downgrades	Outperform Neutral	X
WMT Wal-Mart Daiwa Securities
5/23/24	Upgrades	Neutral Buy	X
XPEV XPeng Daiwa Securities
$11
12/14/22	Downgrades	Buy Sell	X
XPEV XPeng Daiwa Securities
$13 $8
3/9/21	Upgrades	Sell Buy	X
XPEV Xpeng Inc. Daiwa Securities
$34
8/13/24	Downgrades	Outperform Neutral	X
ZI ZoomInfo Daiwa Securities
$15 $9
9/28/22	Initiated	Buy	X
ZI ZoomInfo Daiwa Securities
$66
5/31/22	Upgrades	Underperform Outperform	X
ZM Zoom Video Daiwa Securities
$107 $121
11/30/21	Upgrades	Sell Underperform	X
ZM Zoom Video Daiwa Securities
$207
3/31/21	Initiated	Sell	X
ZM Zoom Video Daiwa Securities
$250
6/6/22	Upgrades	Neutral Buy	X
ZNH China Southern Airlines Daiwa Securities
12/29/20	Downgrades	Buy Neutral	X
ZNH China Southern Airlines Daiwa Securities
4/5/19	Downgrades	Outperform Neutral	X
ZNH China Southern Airlines Daiwa Securities