日本钢铁、有色金属与矿业、贸易公司、电线电缆行业投资者报告

Investor Presentation| Japan Steel, Nonferrous Metals & Mining, TradingCompanies, Wire & Cable lSteel: CautiousOW: Nippon SteelEW: JFE, HanwaUW: Tokyo Steel, Kobe SteellNonferrous Metals & Mining: In-LineOW: Mitsui Kinzoku, UACJEW: JX Advanced Metals, Nippon Light Metal, Sumitomo Metal Mining, DOWAlTrading Companies: In-LineOW: Itochu, Mitsui & Co.EW: Sojitz, Marubeni, Sumitomo Corp, Mitsubishi CorplWire & Cable: AttractiveOW: Furukawa ElectricEW: Sumitomo Electric, Fujikura Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Click here for access TOPIX-Relative Stock Performance:Steel Stock Performance & Valuations Source: FactSet, Morgan Stanley Research TOPIX-Relative Stock Performance:Trading Companies, Nonferrous, Wire & Cable Source: FactSet, Morgan Stanley Research Price Target Analysis–Market-expected ROE the Key Driver Valuation Comps:Trading Companies and Global Majors Source: FactSet, Morgan Stanley Research Valuations–P/B and P/E:Global Steel Majors Dividend Yield:Steel, Trading Companies, Nonferrous, and Cable Source: Bloomberg, MySteel, CISA, Morgan Stanley Research ChinaSteel Inventory, Utilization and GP/t (HRC) Source: Mysteel, CISA. Morgan Stanley Research China Exports Source: CISA, Morgan Stanley Research China Exports Source: CISA, Morgan Stanley Research Source: TEX Report, Japan Metal Daily, Japan Metal Bulletin, Nikkei, Bloomberg, JISF, Morgan Stanley Research Source: TEX Report, Japan Metal Daily, Japan Metal Bulletin, Nikkei, Bloomberg, JISF, Morgan Stanley Research Japan Exports Note: ASEAN5 consists of Singapore, Indonesia, Thailand, Malaysia, PhilippinesSource: CRU, JISF, Morgan Stanley Research Japan Imports 1 Source: Bloomberg, CRU, JISF, Morgan Stanley Research Japan Steel Spot Prices and Inventory Tokyo Steel Source: Bloomberg,JISF, Japan Metal Bulletin Company data, Morgan Stanley Research Blast Furnace Shipment/Inventory Cycle Source: FactSet, Bloomberg, Morgan Stanley Research Nippon Steel Shipment Breakdown Export ratio increased to 46% of total volume JFE Steel Sales Breakdown JFE Steel export breakdown:Export weight is over 50%, contract sales 40%, alliancecustomers 40%, Only-one products 20% Steel Global Supply / DemandIron Ore Global Supply / DemandMetallurgical Coal Cu: 4 Key Charts [main players: Mitsubishi Materials (5711), SMM (5713)] Copper mine interest & sensitivity (FY2024) Zn:4 Key Charts[main players: DOWA HD (5714), MitsuiKinzoku(5706)] Al:4 Key Charts [main players: UACJ (5741), NLM (5703)] DCInvestment/ DC CAPEX Source: Morgan Stanley Research,e=Morgan Stanley Research estimates Sensitivity to Metal Prices Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co., Ltd. and its affiliates (collectively, "Morgan Stanley"). For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch,or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA. For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America+1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention:Research Management), New York, NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressingspecific recommendations or views in this report: Yu Shirakawa. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morgan