Tomotaka Oshio Daiwa Institute
second team Natsumu Tsujino JPMorgan
third team Takehiro Tsuda Nikko Citi
runners-up Masao Muraki Daiwa Institute; Koichi Niwa Mizuho; Masamitsu Ohki Deutsche; Takehito Yamanaka Goldman Sachs
Tomotaka Oshio of Daiwa Institute of Research claims the No. 1 spot for a fourth straight year. Oshio, 42, did not make any buy recommendations in 2008, but did advise clients to sell quite a few stocks. One example: Orix Corp., a major nonbank lender, which he downgraded in February 2008, at ¥16,030, because of “the harsh conditions in the industry.” By late February 2009 the stock price had sunk to ¥2,040, a loss of 87.3 percent that lagged behind the sector by 14.1 percentage points. Investors praise Oshio for his “outstanding work” and “detailed analyses.” Leaping from runner-up to second place is Natsumu Tsujino of JPMorgan Securities Japan, who is also ranked No. 2 in Financials/Insurance. Weak capitalization prompted Tsujino to downgrade Aiful Corp. to sell in February 2008, at ¥1,735. In September, after the consumer lender’s stock had dropped to ¥657, she upgraded it to neutral, on valuation. But the upgrade was premature; by early January, when Tsujino discontinued coverage, Aiful’s share price had slid to ¥288. Nikko Citi’s Takehiro Tsuda repeats at No. 3. Tsuda downgraded Takefuji Corp. to sell in February 2008, because of the consumer finance company’s high debt levels. By late February 2009 the stock had plummeted 88.9 percent.
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2009 All-Japan Research Team Rankings
