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Telecommunications

Daisaku Masuno, who last year was in second place, reclaims the top spot.

Daisaku Masuno Nomura

second team Hironobu Sawake JPMorgan

third teamMakio Inui UBS

runner-upHitoshi Hayakawa Credit Suisse

Daisaku Masuno, who last year was in second place, reclaims the top spot. The Nomura Securities Co. analyst "has a good perspective on the industry landscape," notes one fund manager. Masuno, 44, told investors in late October to buy shares of SoftBank Corp., at ¥750, on the telecommunications services provider’s improving cash flow. The stock skyrocketed to ¥1,200 through February, a 60.0 percent gain that put the sector’s 1.5 percent loss to shame. After two years at No. 3, Hironobu Sawake of JPMorgan Securities Japan climbs to No. 2, owing in part to what one client calls his "accurate earnings estimates." Sawake upgraded Okinawa Cellular Telephone Co. in July to buy, at ¥173,000, on its growing subscriber base. The stock had risen 2.4 percent, to ¥177,100, by late February. Although he slips from first place to third, Makio Inui of UBS still earns praise for "in-depth research," according to one client. Inui also recommended SoftBank in October, although much earlier and at a higher price than the first-teamer. Even so, the stock outpaced the sector by 9.7 percentage points through February.

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2009 All-Japan Research Team Rankings

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