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2015 All-Japan Research Team: Housing & Real Estate, No. 1: Toshihiko Okino

Toshihiko Okino of UBS extends his winning streak to a 12th year.

Toshihiko Okino
First-Place Appearances: 12

Total Appearances: 16

Analyst Debut: 2000

Toshihiko Okino of UBS extends his winning streak to a 12th year. The All-Japan Research Team Hall of Famer is hailed as “the most experienced and trustworthy analyst in the sector,” in the words of one asset manager. Okino follows 20 Japanese housing and real estate companies with “unparalleled honesty,” observes another buy-side fan. Indeed, looking back at 2014, Okino readily acknowledges that “it was a tough year for my sector.” At the same time, though, he sees a few bright lights in the group. One such name he has been touting is Sekisui House. Citing the Osaka-based homebuilder’s heavy order backlog and high dividend yield, in October 2013 he upgraded the stock from neutral to buy. Sure enough, by late last month Sekisui had leaped 32.2 percent, to ¥1,732, beating its domestic peers by 29.8 percentage points. More broadly, for the year ahead the analyst favors large property developers, advising that rising commercial rental fees should be sustainable given the limited office space supply. Tokyo’s Sumitomo Realty & Development Co. is a favorite Okino play on this theme. His target for the builder is ¥5,900, which implies a 33.9 percent upside potential from its late March price. “Whether or not I agree,” says a third constituent, “I always appreciate his opinions.”

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