This content is from: Research

Housing & Real Estate

Toshihiko Okino of UBS is No. 1 for a sixth straight year.

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.

Back to the main article and list of sectors

2009 All-Japan Research Team Rankings

Related Content