< The 2014 All-Japan Research Team Hiroki Kawashima & team SMBC Nikko Securities First-place appearances: 0
Total appearances: 8
Team debut: 2007 Climbing one position to capture second place is SMBC Nikko Securities’ Hiroki Kawashima, who records his highest ranking on this list since 2010, the last year he covered construction stocks for Daiwa Securities Group. Increasing his frequency of client interactions stands him in good stead with them. “Kawashima is nimble and energetic in his coverage and in answering our questions,” asserts one backer. Last March the researcher, who tracks 12 stocks in this sector and an additional 13 in housing and real estate, reiterated his outperform rating on Taisei Corp. Demand was rising for the Tokyo-based road and residential property builder, he explains, and the company was enjoying “solid results on the back of its margin-focused order policy.” By the middle of March 2014, Taisei’s shares had soared 64.3 percent, to ¥447, outperforming the sector by 19.9 percentage points. Another Kawashima favorite is Tokyo-headquartered multinational civil engineering and contracting company Obayashi Corp. In January he advised investors that the builder was enjoying rising orders and unit prices and elevated its stock from neutral to outperform. The shares subsequently jumped 4.6 percent, closing at ¥611 in mid-March, while the sector declined by 5.8 percent. “This is an analyst who just keeps getting better and better,” insists another fund manager.