Meguro. Meguro was another company that was already producing this Meguro BSA A10 clone (albeit with a Kawasaki sourced engine), and when Kawasaki took over in late 1965, they continued to produce this model. This was when they introduced the Kawasaki badge.
To me it looks like the W650 was based more on its successor; the Kawasaki W1. Makes sense, too, as the W1 was 650cc as well as the W650 of course; although apparently in the last year of the Meguro it had some styling changes and was bored out to 650cc.
#1: 1965 Kawasaki 500 Meguro
#2: 1966-1968 Kawasaki W1
#3: Another shot of the W1
#4: 1960 BSA A10 Super Rocket for comparison. Not sure if this is exactly the right model, there were a hell of a lot of different A10s.
EDIT #5: The W650, of course
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