We set our target price at ¥1,200 using an excess return approach. We apply a PBR of c0.6x to our FY2/25 BPS forecast of ¥2,167. We derive this PBR from an RoE of 5.5% (our FY2/27 forecast), a risk-free rate of 0.5%, an overall market expected return rate of 6.7%, a beta of 0.7, and an adjustment coefficient of 0.5. Our scenario analysis puts the anticipated share price range between ¥700 and ¥1,900.