Analyst Coverage

Company (in alphabetical order)	Analyst
China International Capital Corporation Limited	Amanda Wang
Citigroup Global Markets Japan Inc.	Hiroki Watanabe
CLSA Securities Japan Co., Ltd.	Oliver Matthew
Daiwa Securities Co. Ltd.	Katsuro Hirozumi
Goldman Sachs Japan Co., Ltd.	Takashi Miyazaki
Jefferies (Japan) Limited	Hisae Kawamoto
JPMorgan Securities Japan Co., Ltd.	Akiko Kuwahara
Macquarie Capital Limited	Sunny Chow
Mizuho Securities Co., Ltd.	Mitsuko Miyasako
Morgan Stanley MUFG Securities Co., Ltd.	Wakako Sato
Nomura Securities Co., Ltd.	Yuji Ohana
Sanford C. Bernstein (Hong Kong) Limited	Melinda Hu
SMBC Nikko Securities Inc.	Shima Yamanaka
UBS Securities Co. Limited	Ingrid Zhang

Last update: Oct. 1, 2025

*The analysts listed above have authored reports on Shiseido during the past one year. We update this list every quarter, or when there is a change regarding coverage or a company name.

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