Toshihiko Okino UBS
second team Daisuke Fukushima Nomura
third team Yoji Otani Credit Suisse
Toshihiko Okino of UBS is No. 1 for a sixth straight year. In October, on the belief that the recent bankruptcy of Lehman Brothers Holdings would devastate real estate markets around the world, Okino downgraded property developers to neutral, including NTT Urban Development Corp., at ¥126,400. The stock fell 41.4 percent, to ¥74,100, and trailed the sector by 1.0 percentage point in late November, then Okino upgraded it to buy, on valuation. Through February, NTT’s stock dipped to ¥70,000, but its 5.5 percent decline was 8.0 percentage points ahead of the sector’s. Daisuke Fukushima of Nomura Securities Co. leaps from runner-up to No. 2. Fukushima upgraded condominium developer Goldcrest Co. to buy in January, at ¥1,945, on its strong balance sheet. Although the stock had slipped to ¥1,769 by late February, it still bested the sector by 8.6 percentage points. Yoji Otani drops one notch to third place. Falling prices prompted the Credit Suisse analyst to downgrade Tokyu Land Corp. to underperform in April. By late February the stock lagged the sector by 7.1 percentage points.
