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Nissan Motor Co., Ltd. 11 July 2008

Update Report – 4Q 08 & FY 2008 Results

High exposure to the North American region a concern

Common HOLD Fundamental research indicates a 2% upside in the common stock over the next 6-24 months. We
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http://www.iirgroup.com/researchoracle/viewreport/show/20297
Ticker: 7201.T
Target price: ¥876
Current price: ¥858 We downgrade the common stock from a BUY to a HOLD, with a 6-24 month target price of ¥876 per
share.

ADR HOLD The ADR is expected to depreciate approximately 2% over the next 6-24 months. We anticipate
neutral currency impact of the Japanese yen against the US dollar over the same period.
Ticker: NSANY
Target price: US$16.37
Current price: US$16.05 We downgrade the ADR (1 ADR = 2 common shares) from a BUY to a HOLD, with a 6-24 month target
price of US$16.37.

Analyst: Ujwal Shah

Editor: Adil Bahar; PhD
Global Research Director:
Satish Betadpur, CFA
Next news due:
1Q 091 results, 31 July 2008
Investment horizon - short term actionable trading strategies
This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months. If this
report is provided to you by your broker under the Global Settlement, you may now also access (free of charge) the
short term trading outlook that we publish from time to time for this issuer, looking at the coming 5-30 days for
readers with a shorter trading horizon. These are available online only at www.researchoracle.com

Report summary
Nissan Motor Co., Ltd’s (Nissan) 4Q 08 revenues exceeded our expectations while operating
performance was marginally below our expectations. We remain skeptical about Nissan’s greater
exposure to the North American region. Moreover, the recent steep increase in crude oil prices has
resulted in significant weakness in demand and exerts significant pressure on all global automobile
companies including Nissan. However we continue to expect the General Overseas Markets (GOM) to
continue to experience strong sales volume growth over the next few years. Furthermore,
Management’s increasing focus on emerging markets, coupled with strategic joint ventures and
partnerships are expected to partially offset the abovementioned negatives. We continue to expect
firm prices for basic raw materials, which are expected to contract margins, going forward. However, at
current levels we believe the stock appears to be an attractive investment opportunity on fundamental
grounds and therefore reiterate the Nissan common stock a BUY.

Currency impact for US investors

The impact by itself of the anticipated currency movements on the ADR (now US$16.05), without
considering changes in the share price, is positive and is expected to be:

Over 6 months: US$18.65

Over 12 months: US$16.34
Over 24 months: US$16.04

Page 1 Refer to page 4 for footnotes