Nobuyoshi Miura Nikko Citi
second team Naomi Takagi JPMorgan
third team Tokushi Yamasaki Daiwa Institute
runners-up Hiroshi Saji Mizuho; Ritsuko Tsunoda BofA–Merrill Lynch
Holding on to the top spot for a second straight year is Nikko Citi’s Nobuyoshi Miura, praised by clients for his “deep industry knowledge” and “reliable guidance.” In February 2008, Miura urged investors to buy Toyo Suisan Kaisha, at ¥1,714, on the belief that the instant-food manufacturer’s price increases would more than offset the rising cost of wheat. By the end of February 2009, the share price had jumped to ¥2,330, advancing 35.9 percent and outpacing the sector by a whopping 72.6 percentage points. Naomi Takagi, who leaps from runner-up to second place, is “rich in both short-term and long-term investment ideas,” according to one buy-sider. Case in point: In February 2008 the JPMorgan Securities Japan analyst initiated coverage with a buy recommendation on Yamazaki Baking Co., at ¥886, citing strong growth prospects. One year later the stock had risen 39.7 percent, to ¥1,238. “Clear, precise evaluations,” in the words of one money manager, help Tokushi Yamasaki of Daiwa Institute of Research finish in third place for a third year running. In February 2008, Yamasaki told investors to buy Asahi Breweries, at ¥1,841, on increasing market share. In August, after the stock had bubbled up 7.9 percent, to ¥1,986, he downgraded it to hold; by the end of February, Asahi’s shares were 0.2 percentage point ahead of the sector.
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2009 All-Japan Research Team Rankings