< The 2016 All-Japan Research Team

Total appearances: 12

Team debut: 1997

In the No. 3 spot is Yoshio Ando, who captured the same position last year. The Daiwa Securities Group researcher, 53, “is very good at answering very detailed questions about the underlying drivers of specific companies within the Japanese telecommunications space,” says one fan. Ando maintains ratings on 11 domestic stocks and follows two more. In general, his outlook on the sector is neutral. Although the group rose just 1.7 percent during the 12 months through mid-March, that performance was far better than the domestic broad market’s decline of 16.8 percent. “One risk factor is that we do not perceive an end to rate cuts in response to the government’s call for lower smartphone charges,” he says, “though it is unclear whether this will have a significant impact.” Despite this potential challenge, Nippon Telegraph and Telephone Corp. should remain an outperformer, Ando believes. Shares of the Tokyo-based diversified fixed- and mobile-communications services provider rose 29.9 percent in the trailing 12 months through mid-March, to ¥4,815. “We like NTT due to its prospects for multiple expansion driven by the company’s enhanced strategy,” he advises, “as well as improvement in stock supply-demand due to share buybacks.”