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2010 All-Japan Research Team
Overview | Leaderboard | Top Analysts | Runners Up | Weighted Results | What Investors Want | Firm Index | Analyst Index | Methodology | 2009 Results | View Article |


Overview

Daiwa, Nomura Tie For No. 1 In All-Japan Survey

As Japan struggles to find its footing in the post-crisis financial landscape – consumer spending rose for four straight months, through February, but deflation remains a serious concern and many economists worry that a double-dip recession is imminent – the country’s equity analysts are looking with hopeful eyes toward Asia, especially China, to rescue the export-driven economy from further deterioration.

"Japan is shrinking – you can’t just stay at home," says Nobuyuki Takagi, Tokyo-based director of Japanese equity research at Nomura Securities Co.

With so much uncertainty looming over Japan's economy, investors value guidance that not only alerts them to potential problems but also informs them of opportunities to be found by investing in Japanese companies that have made significant inroads into Asia’s dynamic markets. The analysts who do the best job at providing this type of research can be found at Daiwa Securities Group and Nomura, which share top honors on the 2010 All-Japan Research Team, Institutional Investor’s 17th annual ranking of the nation's top equity analysts.

Daiwa repeats in the No. 1 spot, with 24 team positions — the same number as in 2009 — while Nomura adds six positions to the 18 it won last year, when it finished in second place. UBS holds steady in third place despite picking up four positions, for a total of 21. The biggest gainer is Mitsubishi UFJ Securities Co., which vaults from seventh place to fourth after adding three positions, for a total of 16.

At first glance it appears that UBS is the lone exception to investors' preference for local firms over global banks, but looks can be deceiving. Damien Horth, who in January was named director of Japanese equity research for UBS, notes that all 34 of the Swiss bank's analysts in Tokyo are Japanese.

"We've got ten senior guys here with huge experience — the average is 17 years in the business, and many have been in research for more than 20 years," he says. That experience pays off: UBS wins more first-place positions — ten — than any other firm.

To view the list of winning firms, click on the Leaderboard tab above.

To view the winning teams in each of the survey's 31 sectors, click on Top Analysts.

For information about how this ranking was compiled, click on Methodology.

The Runners Up rankings are available to subscribers only. Click here to subscribe for more detailed results.


More-detailed coverage of the 2010 All-Japan Research Team can be found in the April issue of Institutional Investor. To start your subscription, click here.

For information about our detailed Research Team reports, please contact Alyssa Walker at awalker@iiresearchgroup.com.



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