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Financials/Other

Tomotaka Oshio of Daiwa Institute of Research claims the No. 1 spot for a fourth straight year.

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

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