Toshiya Mizutani Mitsubishi UFJ
second team Atsushi Takagi Morgan Stanley
third team Hiroki Kawashima Daiwa Institute
runner-up Toshihiko Okino UBS
Claiming top honors for the third time in three years is Toshiya Mizutani of Mitsubishi UFJ Securities Co. One buy-side backer says that Mizutani, 50, “knows the industry well and probably has the most contacts in the sector.” In November the analyst upgraded engineering company Taikisha to buy, telling investors that it had rolled out “plans aimed to strengthen earnings.” Although Taikisha’s share price slipped 1.5 percent through late February, it was still 13.5 percentage points ahead of the sector. In second place for a third straight year is Atsushi Takagi of Morgan Stanley Japan, whose reports are “well-summarized and company-specific,” according to one client. In January 2008, Takagi highlighted several contrarian upgrades, saying “improvements in gross margins” would enable electrical engineering concern Kandenko Co. and mechanical contractor Kinden Corp. to continue to outperform. Through February 2009 the stocks outpaced the sector by 39.2 and 22.4 percentage points, respectively. It’s three straight years in third place for Hiroki Kawashima of Daiwa Institute of Research. Kawashima upgraded asphalt manufacturer Nippo Corp. to buy in November, at ¥567, on government increases in infrastructure spending. The stock had shot up 38.8 percent by late February, besting the sector by a stunning 53.5 percentage points.
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2009 All-Japan Research Team Rankings