Industries – Beverages, Food & Tobacco: Second
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Industries – Beverages, Food & Tobacco: Second

Ritsuko Tsunoda

J.P. Morgan

Ritsuko Tsunoda, who repeats in second place, wins praise for her “storytelling approach based on deep fundamental research as well as qualitative analysis,” in the words of one money manager. In September the J.P. Morgan researcher urged investors to buy Chiba-based Kikkoman Corp., a packaged-foods producer perhaps best known for its soy sauce, on its aggressive international expansion plans, among other considerations. Good call: The stock soared 52.5 percent, from ¥1,020 to ¥1,555, and shot past the sector by 20.6 percentage points, through mid-March. “Tsunoda-san was one of the first analysts to take note of the important changes in business models and shareholder-return policies that are taking place in her sector — her positive call on Kikkoman is a good example of this,” declares another buy-side backer. Looking ahead Tsunoda is bullish on tobacco companies, which have “the strongest pricing power within the entire consumer staples sector in Japan,” she says. — Pam Baker



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