Industries – Metals: Second
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Industries – Metals: Second

Harunobu Goroh

Morgan Stanley MUFG Securities Co.

Capturing second-place honors for a fourth consecutive year is Morgan Stanley MUFG Securities Co.’s Harunobu Goroh, whose “research analysis is always based on detailed work,” in the words of one investor. Goroh is bullish on Tokyo-based steel manufacturer JFE Holdings. “We expect a significant improvement in apparent earnings toward the end of fiscal 2014 [which closes next March], as inventory valuation losses totaling ¥103 billion [$1.1 billion] disappear and cost cuts of around ¥100 billion are continued,” he says. The analyst is also recommending Dowa Holdings Co., a Tokyo-based diversified metals and mining concern, on the view that “earnings growth prospects are greater than its peers’, thanks to growth in its environmental and recycling business,” he reports. Moreover, the company is expanding its operations in Southeast Asia, “where operating profit margins are between 30 and 60 percent,” he adds. — Paul Sweeney



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