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Jefferies appreciates your support in the 2025 Extel All Japan Research Survey
Our Nominees
Christopher Wood
Equity Strategy
Christopher Wood
Equity Strategy
Mr. Christopher Wood has been publishing his renowned weekly investment report GREED & fear since July 1996. He has been ranked No. 1 Equity Strategist in the Asia Money polls between 2002-2004 and 2006-2022. In 2005, his employer did not enter the polls.
Wood is also the author of three acclaimed books. “Boom and Bust: The Rise and Fall of the World’s Financial Markets,” published in 1989; “The Bubble Economy: Japan’s Extraordinary Speculative Boom of the ’80s and the Dramatic Bust of the ’90s,” published in 1992; and “The End of Japan Inc.: And How the New Japan Will Look,” published in 1994.
What I am Known For
- Asia Pacific ex-Japan relative-return asset allocation.
- Asia ex-Japan thematic equity portfolio for long-only absolute-return investors.
- China long-only equity portfolio for absolute-return investors.
- India long-only equity portfolio for absolute-return investors.
- Japan thematic equity portfolio for long-only absolute-return investors.
- Japan dividend income equity portfolio.
- Global long-only equity portfolio.
- Global sovereign bond portfolio.
- Recommended long-only asset allocation for US-dollar-based pension funds.
How We Are/I am Different:
There is a real risk that the Bank of Japan is done with rate hikes after the unfortunate surge in downside volatility triggered by the combination of the 15bp rate hike in late July and the worst US labour employment data in a long while.
The political pressures on the BoJ to normalise monetary policy, which were real going into the last meeting, have now probably reversed to the exact opposite.
Key Research Highlights:
- GREED & fear – Bond fiddling and collision courses 15 August 2024
- GREED & fear – Carry trades and cave dwellers 8 August 2024
- GREED & fear – Episodes in activism 1 August 2024
- Asia Maxima: The fetish of data dependence 3 July 2024
Atul Goyal
Equity Strategy, Gaming & Internet
Atul Goyal
Equity Strategy, Gaming & Internet
Atul Goyal is a Managing Director at Jefferies. He joined Jefferies in March 2013. As a TMT Senior Analyst, he covers Japan Technology, Games and Telecom stocks. His experience in Pan-Asian Equities spans multiple roles in Equity Investment/Advisory, across multiple Asian countries over the course of 20 years. Most recently, he has been writing a series of Japan Strategy Research Reports (“From Lost Decade to The Golden Age”). Atul holds an MBA from the Indian Institute of Management, Ahmedabad (IIMA); is a qualified Chartered Accountant (CA) and holds the Chartered Financial Analyst (CFA) designation.
EQUITY STRATEGY
What We Are/I Am Known For:
- Strong bottom-up analysis and identifying high-conviction ideas based on risk-reward asymmetry.
How We Are/I Am Different:
Having spent 20 years looking at Japanese companies/ market, he has almost always been skeptical. Now, he is a convert into believing that this is Japan’s transformation decade. We have differentiated ourselves by successfully identifying companies that truly transformed vs. those that held out the promise. This experience will come in handy now as we embark on this journey to identify the next Sony, Hitachi.
3-5 Key Research Highlights:
- From Lost Decade to Golden Age: A New Paradigm for Japan Inc. (https://javatar.bluematrix.com/docs/html/d61a5fdd-dfd7-42a3-82c9-4e8a806887c8.html) 17 October 2024
- ‘Lost Decade to Golden Age’: Japan at new highs; What more is needed? (https://content.jefferies.com/report/e6fad531-4cb8-48ae-9dea-0c71b31fdcd0) 3 March 2024
- ‘Stairs up, Elevator down’…or ‘Stairs up, Cliff Plunge’? Eye on Buybacks (https://content.jefferies.com/report/9e7d8612-76c6-418b-9119-876e73f8e8ea) 5 August 2024
GAMING & INTERNET
What We Are/I Am Known For:
- Balanced approach to stock ratings with a meaningful proportion of Buy/ Hold/ UNPF calls
- Willingness to take risk in conviction calls, especially where a view is non-consensus
- Focus on asymmetry of risk and reward that leads to building / strengthening conviction. Understanding of long-term sector drivers, company culture and corporate strategy
How We Are/I Am Different:
- Sony (Buy): Remains our highest conviction long term investment. Best in class management, leadership position of businesses in consolidated industries with healthy growth runway and high quality of earnings. Potential for 2x in 3-4 years. While maintaining BUY rating, we also flagged the price levels where risk-reward was favorably asymmetric.
- Nintendo (Buy): Arguably the best IP library in the gaming world. Switch cycle (2017 ~ ) is coming to an end and a hardware refresh driven up cycle lies ahead. We believe consensus is not factoring in a refresh this year or next.
- Nexon (Buy): Given its game portfolio (across mobile/ PC) backed by successful IPs (DNF, MS, FC, Arc Raiders etc.), LT partners (Tencent, EA, Embark Studios etc) Nexon is well positioned to sustain industry leading earnings growth (CY21-24 at 22% CAGR). Given the latest results/ trends, we forecast CY23-26 OP CAGR c. 22%, with stock at 15x PER with the street high target price.
- Square Enix (Hold): Has remained a stock on which we have not had a BUY rating for a while; we flagged the risks all along; initially downgrading to Sell; and stepped to sidelines with Hold rating, when the risk reward changed.
Key Research Highlights:
- Sony: Game Segment Margins Are Too Low; We Like LT Position; But NT Challenges… 4 March 2024
- Nintendo: FY Sales & Profits at Risk Without Switch2 Launch This Holiday 2 August 2024
- Square Enix: Weak FY3/24 Results and FY3/25e Guide, Not Confident in New MTP. D/G to UNPF 14 May 2024
- SoftBank Group: NAV Disc c. 60%; Potentially Large upside. Corp-action post 2Q results? 11 July 2024
- Nexon: Favorable Risk-reward asymmetry presents itself. Reiterate BUY
Corporate & Strategic Access:
- Conferences: SONY Group, at the Jefferies Asia Forum (March 2024)
- Expert Events: Dinner with Japan Game Expert, Daniel Robson, Chief Editor, IGN Japan (March 2024)
- IR Events: Frequent (once or twice a quarter) conference calls with company executives
Shrikant Kale
Equity Strategy, Quantitative Research
Shrikant Kale
Equity Strategy, Quantitative Research
Shrikant Kale joined Jefferies as Senior Quantitative Strategist in May of 2019. Prior to that, he was an Analyst with a highly rated Microstrategy research product at CLSA for more than 12 years. He began his equity research career in 2007 in Mumbai, focusing on building bespoke quant products and assisting India strategy research, before relocating to Hong Kong in 2011.
Desh is Global Head of Quantitative Strategy and has over 20 years of experience in equities research. Prior to joining Jefferies, he was the head of the highly rated Microstrategy product at CLSA for nearly 10 years. He held similar roles with Macquarie in HK and with Deutsche bank both in Sydney and HK.
What We Are/I Am Known For:
- TSE Reform Report series – In-depth research reports on cross-holdings, activism, parent-sub and reform beneficiaries
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests: Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Ad-hoc requests – providing screens, data, charts, presentations, etc
How We Are/I Am Different:
- A unique mix of fundamentals and quantitative strategy: Our models and screening processes rely heavily on bottom-up company fundamentals, making them more sustainable and transparent.
- Incorporating macro into micro: We have been quite early to realize that macro factors are dominating equity investing and have fully incorporated various macro and event studies into our research.
- Screens with a view: All our research is distilled into screening ideas, where we use our experience to shortlist stocks beyond our quantitative processes.
3-5 Key Research Highlights:
- The Yen Puzzle: Carry-Trade and Earnings Impact 19 August 2024
- Japan Quant Strategy: Potential Buyout Opportunities 24 June 2024
- Japan Quant Strategy – Focus On Yen-Decorrelated Basket 8 May 2024
- Japan Quant Strategy: Insurance X-Holdings: The Chain Reaction (II) 15 Feb 2024
- TSE Shakeup (II) – Restructuring Candidates 4 Feb 2024
- Cross-Holding Activism — Identifying Mispriced Opportunities 20 November 2023
- Japan Quant Strategy: Value at Risk 6 November 2023
Aniket Shah
Sustainability (ESG)
Aniket Shah
Sustainability (ESG)
What We Are/I Am Known For:
- • Thematic Research with Decision-Useful Data, related to Climate & Energy Transition, Human Capital, Corporate Governance & Business Strategy
- • Policy & Regulation Research, including the investment implications of the US Presidential Election
- • Expert & Corporate Access, including over 200 expert calls in just the last year and dozens of company calls.
How We Are/I Am Different:
- • Objective, data-driven, and forward-thinking related to sustainable investing and energy transition topics
- • Pragmatic approach to energy transition analysis
- • Deep understanding of how investors can analyze the human capital and corporate governance strategies of companies, and impact to stock prices
3-5 Key Research Highlights:
- No Transition Without Transmission — An Investor Guide to Grid Bottlenecks 5 February 2024
- Washington Strategy: Day One: 10 Policies if Trump Wins & Stock Implications 19 July 2024
- Human Capital Stocks | 3Q24 3 September 2024
- The Voice of Asset Owners — How Allocators Aim To Invest In The Transition 8 January 2024
Stephen Barker
Biotechnology & Pharmaceuticals
Stephen Barker
Biotechnology & Pharmaceuticals
Stephen Barker joined Jefferies in July 2019, extending a 20-year career spanning the finance and pharmaceutical industries. Stephen’s sell-side experience includes roles at UBS, Credit Suisse and CLSA, where he was ranked number one in investor surveys. Stephen worked on the buy side for five years, including a stint as co-manager of an Asia-focused healthcare fund. Stephen’s roles in the pharmaceutical industry include establishing and operating the Japanese subsidiary of a publicly traded European pharmaceutical company. Stephen holds graduate and undergraduate degrees in Biochemistry from Universities in Australia and has pursued post-graduate research in biophysics at the University of Tokyo.
What We Are/I Am Known For:
- Deep understanding of healthcare stock market from global perspective
- Detail sector knowledge on development pipelines
- A focus on upcoming catalysts, estimating upside/downside of an event
How We Are/I Am Different:
- Otsuka（BUY): Expecting further upside on Abilify Asimtufii and acquisition of Jnana
- Takeda （BUY): Reiterating Buy on attractive valuation with multiple catalysts including Ph3 ata readout of TAK-279 for psoriasis and Ph2 POC data presentation of TAK-079 for IgAN.
- Toho（BUY): Bullish call on potential capital allocation improvement by activist’s advice.
Key Research Highlights:
- Healthcare Conference and US Marketing Report 10 June 2024
- Otsuka : Raising Estimates and PT, Reiterating Buy 16 August 202
- Takeda: Raising Estimates and PT on Restructuring Benefits, Reiterate Buy 12 August 2024
- Toho: Further Upside Possible, Raising PT to ¥5,300 8 July 2024
- Capital Allocation Policies Improving 24 April 2024
Corporate & Strategic Access:
- Tour: Japan Healthcare Tour (March 2024)
- Conferences: Takeda, Nxera, PeptiDream and GNI at Jefferies New York Healthcare Conference (June 2024)
- Expert Events: Pharma Patent Litigation call with a p
Miyabi Yamakita
Biotechnology & Pharmaceuticals
Miyabi Yamakita
Biotechnology & Pharmaceuticals
Miyabi Yamakita joined Jefferies in September of 2022 and started his equity research career in healthcare research. He covers Japanese pharmaceutical wholesaler, generic, biotech and digital healthcare companies as a lead analyst. Prior to joining Jefferies, he spent 3.5 years at Nomura as a junior investment banker in the healthcare sector in Tokyo. Miyabi holds a Master’s of Agriculture from Kyoto University, majoring in microbiology.
What We Are/I Am Known For:
- Deep understanding of healthcare stock market from global perspective
- Detail sector knowledge on development pipelines
- A focus on upcoming catalysts, estimating upside/downside of an event
How We Are/I Am Different:
- Otsuka（BUY): Expecting further upside on Abilify Asimtufii and acquisition of Jnana
- Takeda （BUY): Reiterating Buy on attractive valuation with multiple catalysts including Ph3 ata readout of TAK-279 for psoriasis and Ph2 POC data presentation of TAK-079 for IgAN.
- Toho（BUY): Bullish call on potential capital allocation improvement by activist’s advice.
Key Research Highlights:
- Healthcare Conference and US Marketing Report 10 June 2024
- Otsuka : Raising Estimates and PT, Reiterating Buy 16 August 202
- Takeda: Raising Estimates and PT on Restructuring Benefits, Reiterate Buy 12 August 2024
- Toho: Further Upside Possible, Raising PT to ¥5,300 8 July 2024
- Capital Allocation Policies Improving 24 April 2024
Corporate & Strategic Access:
Expert Events: Pharma Patent Litigation call with a p
Tour: Japan Healthcare Tour (March 2024)
Conferences: Takeda, Nxera, PeptiDream and GNI at Jefferies New York Healthcare Conference (June 2024)
Hiroko Sato
Gaming & Internet, IT & Software
Hiroko Sato
Gaming & Internet, IT & Software
Hiroko Sato is Head of Japanese IT, Internet and Domestic Disposable/ Commerce Equity Research based in Tokyo. Hiroko joined Jefferies in October 2013, bringing eighteen years of experience as an analyst on both the sell and buy side. Prior to Jefferies she worked with Citi Global Markets, and has also worked with Fusion Investments, Oasis, JPMorgan and UBS. In addition to her experience in banking, she worked for eleven years as a software engineer and sales support for Asia and Japan for Sun Microsystems.
GAMING & INTERNET
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, FCF and accounting
- Closely monitoring companies with IR and CFO interviews every quarter therefore all the models are up to date.
- Long-term sector knowledge feeding into franchise reports.
How We Are/I Am Different:
- Mercari (BUY): Deep dives into the ongoing clash between the company and the activist investor, to highlight downside risks that remain in the event of an extraordinary general meeting on the launch of a poison pill.
- Timee (BUY): Only broker to cover this stock at IPO. Very useful in investor teach in on this name, stock doing well going from ¥1450 to north of ¥2000.
Key Research Highlights:
- MonotaRO: Needs Catalysts to Boost Valuation: Downgrade to Underperform 20 August 2024
- Japan Internet: Updating Internet Sector Estimates 14 August 2024
- TIMEE: Time for Timee: Three Barriers to Entry in a Growing Market—Initiate at Buy 25 July 2024
Corporate & Strategic Access:
- Conferences: IT Services and Internet and Staffing NY Conference (April 2024)
- Non-Deal Roadshows: Many CEO MTGs Free Rakus IIJ Monotaro
- Expert Events: Sep 2024 Metro Residence CEO
IT AND SOFTWARE
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, FCF and accounting
- Closely monitoring companies with IR and CFO interviews every quarter therefore all the models are up to date.
- Long-term sector knowledge feeding into franchise reports.
How We Are/I Am Different:
- Baycurrent (BUY): Bullish call on high shareholder returns, recovering utilization rates, and the listing of the metals business to realize value hidden under the ENEOS conglomerate
- OBIC (BUY): Correctly predicted that there were further room for shareholder returns and capital efficiency, in line with TSE Reform.
Key Research Highlights:
- MonotaRO: Needs Catalysts to Boost Valuation: Downgrade to Underperform 20 August 2024 (https://jefferies-portal.bluematrix.com/report/96a5cc1c-40c3-4e6a-b80b-c9eae2702d82)
- Japan Internet: Updating Internet Sector Estimates 14 August 2024 (https://jefferies-portal.bluematrix.com/report/d63293b8-4bd7-40a7-b478-b33a5abef5c9)
- TIMEE: Time for Timee: Three Barriers to Entry in a Growing Market—Initiate at Buy 25 July 2024 (https://jefferies-portal.bluematrix.com/report/9bc10035-3a5a-4114-a73b-1c26b2c00f2d)
Corporate & Strategic Access:
- Conferences: IT Services and Internet and Staffing NY Conference (April 2024)
- Non-Deal Roadshows: Many CEO MTGs Free Rakus IIJ Monotaro
- Expert Events: Sep 2024 Metro Residence CEO
Hisae Kawamoto
Cosmetics & Personal Care
Hisae Kawamoto
Cosmetics & Personal Care
Hisae Kawamoto joined Jefferies in March 2024, covering the Japanese Cosmetics and HPC sector in UBS and MUFG previously. Kawamoto was ranked at 4th in II 2024.
What We Are/I Am Known For:
- Long-term sector knowledge and structural shift, providing which companies demonstrate a breakthrough in the industry
- In-depth analysis of cosmetics branding and earnings drivers
- A focus on competitiveness among global peers in HPC, factoring in pricing power, volume demand and portfolio optimization.
How We Are/I Am Different:
- Shiseido (Underperform): Although the market expects a recovery from low comps in China business and Japan price hikes, we have a bearish view on structural weakness in competition with local peers.
- Kao (Hold): Pricing strength in fabric and home care is acknowledged, China cosmetics profit downside is larger than other HPC names due to high EC exposure and mass price range in skincare.
Key Research Highlights:
- Japan Demand Robust, While Valuation Uncertainty Remains 27 June 2024
- Shiseido (4911) High Expectations Priced In: Assumes at Underperform 27 June 2024
Corporate & Strategic Access:
- Expert Events: Jef U: China Duty Free in-depth, How Japan brands regain shares? (August 2024)
- Jef U: Can Japanese Cosmetic Brands Peform Well on China’s New Online Platforms? (July 2024)
Ken Oiwa
Gaming & Internet, IT & Software
Ken Oiwa
Gaming & Internet, IT & Software
Ken Oiwa joined Jefferies Tokyo office in April 2024, working on the business services and recruiting companies coverage. Prior to Jefferies, Ken was at Sawakami Asset Management, a long only asset manager. He covered a wide range of sectors including food and beverage, consumer discretionary, financials, medical devices, and retail. He holds a BSC in Neurosciences from Leeds University and CFA Charterholder.
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, FCF and accounting
- Closely monitoring companies with IR and CFO interviews every quarter therefore all the models are up to date.
- Long-term sector knowledge feeding into franchise reports.
How We Are/I Am Different:
- Mercari (BUY): Deep dives into the ongoing clash between the company and the activist investor, to highlight downside risks that remain in the event of an extraordinary general meeting on the launch of a poison pill.
- Timee (BUY): Only broker to cover this stock at IPO. Very useful in investor teach in on this name, stock doing well going from ¥1450 to north of ¥2000.
Key Research Highlights:
- MonotaRO: Needs Catalysts to Boost Valuation: Downgrade to Underperform 20 August 2024
- Japan Internet: Updating Internet Sector Estimates 14 August 2024
- TIMEE: Time for Timee: Three Barriers to Entry in a Growing Market—Initiate at Buy 25 July 2024
Corporate & Strategic Access:
- Conferences: IT Services and Internet and Staffing NY Conference (April 2024)
- Non-Deal Roadshows: Many CEO MTGs Free Rakus IIJ Monotaro
- Expert Events: Sep 2024 Metro Residence CEO
IT AND SOFTWARE
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, FCF and accounting
- Closely monitoring companies with IR and CFO interviews every quarter therefore all the models are up to date.
- Long-term sector knowledge feeding into franchise reports.
How We Are/I Am Different:
- Baycurrent (BUY): Bullish call on high shareholder returns, recovering utilization rates, and the listing of the metals business to realize value hidden under the ENEOS conglomerate
- OBIC (BUY): Correctly predicted that there were further room for shareholder returns and capital efficiency, in line with TSE Reform.
Key Research Highlights:
- MonotaRO: Needs Catalysts to Boost Valuation: Downgrade to Underperform 20 August 2024 (https://jefferies-portal.bluematrix.com/report/96a5cc1c-40c3-4e6a-b80b-c9eae2702d82)
- Japan Internet: Updating Internet Sector Estimates 14 August 2024 (https://jefferies-portal.bluematrix.com/report/d63293b8-4bd7-40a7-b478-b33a5abef5c9)
- TIMEE: Time for Timee: Three Barriers to Entry in a Growing Market—Initiate at Buy 25 July 2024 (https://jefferies-portal.bluematrix.com/report/9bc10035-3a5a-4114-a73b-1c26b2c00f2d)
Corporate & Strategic Access:
- Conferences: IT Services and Internet and Staffing NY Conference (April 2024)
- Non-Deal Roadshows: Many CEO MTGs Free Rakus IIJ Monotaro
- Expert Events: Sep 2024 Metro Residence CEO
Shunki Nakamura
Gaming & Internet
Shunki Nakamura
Gaming & Internet
Atul Goyal is a Managing Director at Jefferies. He joined Jefferies in March 2013. As a TMT Senior Analyst, he covers Japan Technology, Games and Telecom stocks. His experience in Pan-Asian Equities spans multiple roles in Equity Investment/Advisory, across multiple Asian countries over the course of 20 years. Most recently he has been writing a series of Japan Strategy Research Reports (“From Lost Decade to The Golden Age”). Atul holds an MBA from the Indian Institute of Management, Ahmedabad (IIMA); is a qualified Chartered Accountant (CA) and also holds the Chartered Financial Analyst (CFA) designation.
Shunki Nakamura joined Jefferies Tokyo office in February 2024, working on TMT companies coverage. Prior to Jefferies, Shunki was at Nomura. He was covering the HR service sector for two years. Prior to that, he worked at Houlihan Lokey as an M&A investment banker. He holds a BA in Economics from Keio University and is a CFA Charterholder.
What We Are/I Am Known For:
- Balanced approach to stock ratings with a meaningful proportion of Buy/ Hold/ UNPF calls
- Willingness to take risk in conviction calls, especially where a view is non-consensus
- Focus on asymmetry of risk and reward that leads to building / strengthening conviction. Understanding of long-term sector drivers, company culture and corporate strategy
How We Are/I Am Different:
- Sony (Buy): Remains our highest conviction long term investment. Best in class management, leadership position of businesses in consolidated industries with healthy growth runway and high quality of earnings. Potential for 2x in 3-4 years. While maintaining BUY rating, we also flagged the price levels where risk-reward was favorably asymmetric.
- Nintendo (Buy): Arguably the best IP library in the gaming world. Switch cycle (2017 ~ ) is coming to an end and a hardware refresh driven up cycle lies ahead. We believe consensus is not factoring in a refresh this year or next.
- Nexon (Buy): Given its game portfolio (across mobile/ PC) backed by successful IPs (DNF, MS, FC, Arc Raiders etc.), LT partners (Tencent, EA, Embark Studios etc) Nexon is well positioned to sustain industry leading earnings growth (CY21-24 at 22% CAGR). Given the latest results/ trends, we forecast CY23-26 OP CAGR c. 22%, with stock at 15x PER with the street high target price.
- Square Enix (Hold): Has remained a stock on which we have not had a BUY rating for a while; we flagged the risks all along; initially downgrading to Sell; and stepped to sidelines with Hold rating, when the risk reward changed.
Key Research Highlights:
- Sony: Game Segment Margins Are Too Low; We Like LT Position; But NT Challenges… 4 March 2024
- Nintendo: FY Sales & Profits at Risk Without Switch2 Launch This Holiday 2 August 2024
- Square Enix: Weak FY3/24 Results and FY3/25e Guide, Not Confident in New MTP. D/G to UNPF 14 May 2024
- SoftBank Group: NAV Disc c. 60%; Potentially Large upside. Corp-action post 2Q results? 11 July 2024
- Nexon: Favorable Risk-reward asymmetry presents itself. Reiterate BUY
Corporate & Strategic Access:
- Conferences: SONY Group, at the Jefferies Asia Forum (March 2024)
- Expert Events: Dinner with Japan Game Expert, Daniel Robson, Chief Editor, IGN Japan (March 2024)
- IR Events: Frequent (once or twice a quarter) conference calls with company executives
Sayaka Shimonishi
Electronic Components
Sayaka Shimonishi
Electronic Components
Sayaka Shimonishi joined Jefferies in November 2023, covering the Japanese electronic components sector as a Secondary Analyst. Prior to Jefferies, she worked at Credit Suisse and SMBC Nikko Securities.
What We Are/I Am Known For:
- A focus on industry trends and channel checks for the technology sector and the component sector
- Covering electronic component sector for 20yrs and deep industry and company knowledge
How We Are/I Am Different:
- TDK (BUY): Raising TP to reflect expansion potential of compact rechargeable batteries
- Murata Mfg (BUY): MLCC AI Benefits Exceed Expectations, Raising PT in Anticipation of Cycle Peak
- Taiyo Yuden (BUY): MLCC AI Benefits Exceed Expectations, Expecting Sharp Earnings Growth from 2Q
Key Research Highlights:
- Electronic Component sector Initiation 11 April 2024
- Asia Channel Check (Summer 2024): Focus on MLCC Content Growth 15 July 2024
Corporate & Strategic Access:
IR Small Meetings: Rohm, Murata (May 2024)
Akinori Kanemoto
Electronic Components
Akinori Kanemoto
Electronic Components
Akinori Kanemoto joined Jefferies in December 2023 from Credit Suisse (2010-2023), where he covered the Japanese Electronic Component sector. Akinori was ranked #1 in 2019 and #4 in 2020-2022 by Institutional Investor. Previously, Akinori worked at Goldman Sachs (2003-2008) and Deutsche Bank (2008-2010) as a Research Analyst.
What We Are/I Am Known For:
- A focus on industry trends and channel checks for the technology sector and the component sector
- Covering electronic component sector for 20yrs and deep industry and company knowledge
How We Are/I Am Different:
- TDK (BUY): Raising TP to reflect expansion potential of compact rechargeable batteries
- Murata Mfg (BUY): MLCC AI Benefits Exceed Expectations, Raising PT in Anticipation of Cycle Peak
- Taiyo Yuden (BUY): MLCC AI Benefits Exceed Expectations, Expecting Sharp Earnings Growth from 2Q
Key Research Highlights:
- Electronic Component sector Initiation 11 April 2024
- Asia Channel Check (Summer 2024): Focus on MLCC Content Growth 15 July 2024
Corporate & Strategic Access:
IR Small Meetings: Rohm, Murata (May 2024)
Hisako Furusumi
Electronics Industrial, Electronics Precision Instruments
Hisako Furusumi
Electronics Industrial, Electronics Precision Instruments
Masahiro Nakanomyo
Electronics Industrial, Electronics Precision Instruments
Masahiro Nakanomyo
Electronics Industrial, Electronics Precision Instruments
Masahiro Nakanomyo has covered the Japanese SPE sector for 25 years, with SPE 10 major companies and 6 mid-small cap with cutting edge technology. Broadest SPE coverage among Japan brokers.
ELECTRONICS INDUSTRIAL
What We Are/I Am Known For:
- Fundamental analysis based on industry data, supply chain interview, and individual company research with broadest coverage on the street.
How We Are/I Am Different:
- Lasertec (BUY): Contrarian view among peers. Share price jumped up in Aug after strong order.
- KOKUSAI Electric initiation
Key Research Highlights:
- KOKUSAI Electric: Film Deposition Specialist, Opportunities in 3D Processes; Initiate at Buy 30 October 2023
- TOWA: Sustained Earnings Growth in FY3/25 10 May 2024
- Lasertec: Earnings Review: Order recovery 6 May 2024
Corporate & Strategic Access:
- Top Management meetings : Lasertec, Nikon, TOWA, ULVAC etc 11 companies (2023-2024)
- JEF U Event: Advanced Packaging technology (Aug 2024)
- Semicon Japan tour(2023 Dec)
ELECTRONICS PRECISION INSTRUMENTS
What We Are/I Am Known For:
- Fundamental analysis based on industry data, supply chain interview, and individual company research with broadest coverage in the street.
- Deep analysis for precision companies based on long-term career.
How We Are/I Am Different:
- Lasertec (BUY): Contrarian view among peers. Share price jumped up in Aug after strong order.
- Fujifilm HD (Buy to Hold): report indicate risk of CDMO profit trends and share price reacted following report.
Key Research Highlights:
- KOKUSAI Electric: Film Deposition Specialist, Opportunities in 3D Processes; Initiate at Buy 30 October 2023
- Fujifilm HD (Buy to Hold) 9 July 2024
Corporate & Strategic Access:
- Top Management meetings : Lasertec, Nikon, TOWA, ULVAC etc 11 companies (2023-2024)
- JEF U Event: Advanced Packaging technology (Aug 2024)
- Semicon Japan tour (2023 Dec)
Sho Fukuhara
Electronics Industrial, Machinery
Sho Fukuhara
Electronics Industrial, Machinery
Sho Fukuhara has been covering the Japanese machinery sector for more than 15 years. His expertise includes cross-border research on Chinese and Taiwanese competitors for the machinery stocks under his coverage. The monthly follow-up on industrial data points offers timely insights for investors to determine the action point for investment opportunities toward the next cycle. His in-depth fundamental analysis on companies’ earnings and capital policy differentiates him among sell-side analysts.
What We Are/I Am Known For:
- Cross-border channel checks on machinery companies in Japan, China, and Taiwan
- Monthly industrial data book
- Comprehensive insights from cross-sector coverage, i.e., machinery, heavy industries, home equipment, and industrial electronics
How We Are/I Am Different:
- Field trips to industrials companies in Japan, China, and Taiwan
- Monthly data book for industrial data
- Comprehensive insights from cross-sector coverage, i.e., machinery, heavy industries, home equipment, and industrial electronics
Key Research Highlights:
- Hitachi: Essences to Inspire the Next 20 August 2024
- Keyence: Fireside Chat with a Former Keyence Sales Manager 5 August, 2024
- Monthly industrial data: Monthly check on industrial data for the market cycle-Japan Capital Goods: June Industrial Data: Ongoing Uncertainties 2 August 2024
Corporate & Strategic Access:
• Site visits in Japan, China, and Taiwan
• Quarterly update calls with corporates
• Expert calls: Keyence, Defense
• Joint calls with European ESG and Capital Goods sector teams
Thanh Ha Pham
Energy & Utilities, Metals
Thanh Ha Pham
Energy & Utilities, Metals
Thanh Ha Pham has covered the Japanese Materials sector for 20 years, bringing industry-leading breadth of coverage across the materials supply-chain, including steelmakers, trading companies, non-ferrous metals, mining companies, oil refiners, specialty chemicals, and machinery.
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, FCF and accounting
- Agility in recommendations and ideas, factoring in near-term catalysts and tide changes
- Long-term sector knowledge and historical modeling, providing views on companies through-the-cycle trading and valuation
How We Are/I Am Different:
- Mitsubishi Corp (BUY) and Sumitomo Corp (BUY): Identifying additional shareholder returns as likely share price supports, new mid-term plan as highlighting improvements in portfolio management for Sumitomo Corp in particular.
- Cosmo Energy (BUY): Deep dives on latest domestic refining margins, sector shareholder return profiles, and valuation comparisons, identifying Cosmo as a top pick with abundant catalysts (stock splits, dividend hikes, buybacks, and guidance upward revision all in the next 3-9 months).
Key Research Highlights:
- The Japan Steel Works: Nuclear & Defense Focus: Paradigm Shift Post EV Burst 29 February 2024
- Eneos/Idemitsu 4Q: Large Buybacks, Strong Refining Margins. Top Sector 14 May 2024
- Iwatani: Major Beneficiary of Hydrogen Act. DPS Hike in Q4. Raise PT & Reiterate Buy 2 July 2024
Corporate & Strategic Access:
- Conferences: Mitsubishi Corp, Mitsui & Co at the Jefferies Asia Forum (March 2024)
- Non-Deal Roadshows: Cosmo Energy HD (President), Mitsubishi Corp (IR), Mitsui & Co (IR)
- Expert Events: Dr. Fesharaki on Oil S/D Outlook (April 2024), US Election and Japanese Monetary Policy Outlook with ex-BOJ Assistant Governer Mr. Akinari Horii (July 2024), Rising Engagement & TSE Reforms with Concordia Group Board Member Mr. Yamada Yoshinobu (August 2024), Nankai Trough Megaquake Risks and Implications with Seismologist and Prof. Emeritus a UTokyo (August 2024), Analysis on Japan’s Next PM with former Head of LDP Policy Research Office Mr. Shigenobu Tamura (August 2024)
Shun Igarashi
Energy & Utilities, Metals
Shun Igarashi
Energy & Utilities, Metals
Shun Igarashi joined Jefferies in October 2019, covering the Japanese non-ferrous metals, energy, and semiconductor materials sectors as lead analyst, with industry-leading breadth of coverage across the materials supply-chain, from steelmakers to trading companies, non-ferrous metals, mining companies, oil refiners, specialty chemicals, and machinery.
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, FCF and accounting
- Agility in recommendations and ideas, factoring in near-term catalysts and tide changes
- Long-term sector knowledge and historical modeling, providing views on companies through-the-cycle trading and valuation
How We Are/I Am Different:
- Mitsubishi Corp (BUY) and Sumitomo Corp (BUY): Identifying additional shareholder returns as likely share price supports, new mid-term plan as highlighting improvements in portfolio management for Sumitomo Corp in particular.
- Cosmo Energy (BUY): Deep dives on latest domestic refining margins, sector shareholder return profiles, and valuation comparisons, identifying Cosmo as a top pick with abundant catalysts (stock splits, dividend hikes, buybacks, and guidance upward revision all in the next 3-9 months).
Key Research Highlights:
- The Japan Steel Works: Nuclear & Defense Focus: Paradigm Shift Post EV Burst 29 February 2024
- Eneos/Idemitsu 4Q: Large Buybacks, Strong Refining Margins. Top Sector 14 May 2024
- Iwatani: Major Beneficiary of Hydrogen Act. DPS Hike in Q4. Raise PT & Reiterate Buy 2 July 2024
Corporate & Strategic Access:
- Expert Events: Dr. Fesharaki on Oil S/D Outlook (April 2024), US Election and Japanese Monetary Policy Outlook with ex-BOJ Assistant Governer Mr. Akinari Horii (July 2024), Rising Engagement & TSE Reforms with Concordia Group Board Member Mr. Yamada Yoshinobu (August 2024), Nankai Trough Megaquake Risks and Implications with Seismologist and Prof. Emeritus a UTokyo (August 2024), Analysis on Japan’s Next PM with former Head of LDP Policy Research Office Mr. Shigenobu Tamura (August 2024)
- Conferences: Mitsubishi Corp, Mitsui & Co at the Jefferies Asia Forum (March 2024)
- Non-Deal Roadshows: Cosmo Energy HD (President), Mitsubishi Corp (IR), Mitsui & Co (IR)
Sam Wong
Insurance
Sam Wong
Insurance
Sam Wong joined Jefferies in January 2022, covering Asia financials and real estate, including regional insurance. Sam started covering Japan insurance in March 2024. Prior to Jefferies, Sam had over five years of experience in equity research and equity sales and trading at Citigroup. Sam covered a wide range of financials including banks, insurers, brokers, fintech and diversified financials in Hong Kong, Taiwan and Korea. Sam holds the Chartered Financial Analyst designation and received a B.Sc. in Quantitative Finance from the Chinese University of Hong Kong with First Class Honor.
What We Are/I Am Known For:
- Connecting the dots – looks at Japan insurance in a global and regional context; leverages cross-market expertise
- A strong focus on fundamentals, timely result preview
- Agile stock recommendations yielding positive return
How We Are/I Am Different:
Tokio Marine (Buy): Non-consensual downgrade at the peak of the market on stretched relative value vs. global peers and subsequently upgraded back to Buy during market-wide dislocation on solid fundamentals
3-5 Key Research Highlights:
- Tokio Marine: Valuation Attractive, Upgrade to Buy
- Japan Insurance: The Limits of Optimism
- JP Insurance Initiation: The Quantum Leap
Corporate & Strategic Access:
- Non-Deal Roadshows: Tokio Marine in London
- Expert Events: China-Japan Financial Dialogue with Hideyasu Ban (Jun 2024)
Takashi Yanahira
Retailing
Takashi Yanahira
Retailing
Takashi Yanahira has covered the Japanese Retail sector for 30 years, with industry-leading breadth of knowledge across the retail industry, including department stores, drugstores, and clothing specialty stores.
What We Are/I Am Known For:
- A focus on stock drivers, earnings quality, growth strategy
- Recommendations and ideas, factoring in near-term catalysts such as monthly sales and tide changes in mid-term view
- Long-term sector knowledge and historical modeling, providing views on companies through-the-cycle trading and valuation
Key Research Highlights:
・Initiating Coverage on Japan’s Retail Sector 15 August 2024
・Takashimaya（BUY：Initiating Coverage with Buy Rating. Expecting Strong/Record-High Earnings 15 August 2024
・J Front Retailing（BUY：Initiating Coverage with Buy Rating; Expecting Record-High Earnings 15 August 2024
・Kusuri no Aoki（BUY)：Initiating Coverage with Buy Rating; Expecting Continuation of High Growth 15 August 2024
Shunsuke Kuriyama
Retailing
Shunsuke Kuriyama
Retailing
Shunsuke Kuriyama joined Jefferies in January 2020, covering the Japanese retailers and consumer service companies as Lead Analyst, after covering real estate and JREIT sectors for two years.
What We Are/I Am Known For:
- A focus on data tracking, earnings drivers, momentum and management quality
- Flexibility in recommendations and ideas, factoring in near-term catalysts and structural shifts
- Sector knowledge and historical modeling
How We Are/I Am Different:
- Sanrio (8136 JP, BUY): Bullish on IP character market and Sanrio’s diversification strategy on its character portfolio.
- Round One (4680 JP, BUY): Bullish on RO’s US business and amusement stregnth to continue coupled with new unit expansion
Key Research Highlights:
- Round One: Updating Estimates: Rising US Competitiveness 24 May 2024
- Oriental Land: Q1 Earnings Outlook 17 July 2024
- 7&i Holdings: Value of CVS Revisited, Ito-Yokado For Sale? 29 Feburary 2024
Corporate & Strategic Access:
- Conferences: Ryohin Keikaku and Round One at the Jefferies Kyoto Summit (December 2024). Investor call on Couche-Tard’s acquisition offer on 7&i Holdings (August 2024). Investor call with Descente (May 2024).
- Expert Events: Jef U – Japan consumer call with Yoichiro Kato (April 2024)