Electronics/Precision Instruments

In first place for a third straight year is Masahiro Nakanomyo, “the most investor-friendly analyst in his sector,” according to one happy client.

Masahiro Nakanomyo Mitsubishi UFJ

second team Tetsuya Wadaki Nomura

third team Kunihiko Kanno Credit Suisse

runner-up Hisashi Moriyama JPMorgan

In first place for a third straight year is Masahiro Nakanomyo, “the most investor-friendly analyst in his sector,” according to one happy client. Among the Mitsubishi UFJ Securities Co. analyst’s best picks of the past year was medical-device manufacturer Shimadzu Corp. Nakanomyo, 48, told investors in March 2008 that the company would outperform, because of strong, stable demand. It did: By late February the stock had outpaced the sector by 12.0 percentage points. Money managers say “deep industry knowledge” and “quality reports” help Tetsuya Wadaki of Nomura Securities Co. advance one level to capture second place for the third time in the past five years. Valuation concerns prompted Wadaki to downgrade Tokyo Electron, which makes semiconductor production equipment, to sell in June, at ¥7,300. By the end of February, the share price had plummeted 54.2 percent, to ¥3,340. Newcomer Kunihiko Kanno, who debuts in third place, “tries to find nonconsensus views on individual companies and the industry,” according to one portfolio manager. Anticipating declining demand for photocopiers and laser printers, the Credit Suisse researcher downgraded Konica Minolta Holdings to sell in February 2008. Through February 2009 the stock tumbled 48.3 percent. Kanno downgraded Canon to sell in October, at ¥3,340, on valuation. As of late February the stock was down 24.0 percent, to ¥2,540.

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2009 All-Japan Research Team Rankings

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