< The 2014 All-Japan Research Team

Yasuhito Tsuchiya

Bank of America Merrill Lynch

First-Place Appearances: 1 Total Appearances: 5 Analyst Debut: 2008

In his fifth appearance on this lineup Bank of America Merrill Lynch’s Yasuhito Tsuchiya advances from runner-up to claim his first top finish, ending the reign of UBS’s Jun Harada after 12 years. "Not part of the consensus," according to one booster, Tsuchiya has "a unique way of looking at the industry." Among the analyst’s preferred Japanese transportation companies are Tokyo-based global shipper Nippon Express Co., rated a buy on his contention that freight volume is poised for growth and expectation, "once deflation is overcome, [of] an upside in the stock price," he advises. Other catalysts include "cost-structure reform driving higher profitability" and "a medium-term outlook for higher import-export volume," adds Tsuchiya, after Japan joins the Trans-Pacific Partnership. In mid-March the shares were trading hands at ¥481, a 35.1 percent discount to his price objective of ¥650. The researcher also recommends that clients buy Central Japan Railway Co., a rail and bus services provider based in Aichi. Central Japan should generate higher profits as passenger numbers increase on high-speed bullet trains, "a lagging economic indicator," he notes, while management wrings out excess costs. His price objective for the shares is ¥14,500, which represents a 29.2 percent upside to their mid-March trading value. Tsuchiya, 42, joined Merrill Lynch Japan Securities Co. in October 2005 from Mitsubishi Securities Co. He earned a master’s degree in economics at Hyogo’s Kobe University.