Natsumu Tsujino J.P. Morgan
second team Masao Muraki Daiwa
third team Makoto Kasai Citi
Natsumu Tsujino of J.P. Morgan reclaims her first-place perch after a season in second place. “She provides an unbelievable amount of data on the fundamentals, both micro and macro,” says one backer. Clients cheer Tsujino for her spirited defense of financial services conglomerate Orix Corp. “I was trying to let people know that the company would not go under during the early 2009 market crisis,” she explains. Tsujino upgraded Orix to overweight in May, at ¥5,950, and it had zipped to ¥7,220 by January before starting to slip; by late February it was trading at ¥6,820, up 14.6 percent since the call and ahead of the sector by 33.4 points. Tsujino remains bullish.
Daiwa’s Masao Muraki, who drops a notch to second place, “understands the regulatory environment in both Japan and the U.S., which has gotten so important since the events of 2008,” explains one investor. Muraki removed Mizuho Securities Co. from his list of recommended stocks in October, after it had posted year-to-date gains of 67.7 percent, because he believed the shares were fully valued at ¥322. The stock tumbled 18.3 percent, to ¥263, through February.
Makoto Kasai repeats at No. 3. “His stock selection has been excellent,” cheers one admirer. In February 2009 the Citi analyst reiterated his buy recommendation on Aioi Insurance Co., at ¥342, in anticipation of gains ahead of its merger with both Mitsui Sumitomo Insurance Group Holdings and Nissay Dowa General Insurance Co. By the end of February 2010, the stock had risen 27.2 percent, to ¥435. The merger is expected to be completed later this year.
