Industries — REITs: Third
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Industries — REITs: Third

Toshiyuki Anegawa

Bank of America Merrill Lynch

Toshiyuki Anegawa of Bank of America Merrill Lynch spends a second straight year in third place. Officially covering just 13 real estate investment trusts and another 13 related companies, Anegawa anticipates broadening his universe. In August he upgraded Japan Excellent from neutral to buy, at ¥405,000, predicting that office vacancies had peaked and rents would increase. These forecasts proved accurate, and by mid-March shares of the Tokyo-based commercial REIT had catapulted 60 percent, to ¥648,000, and led the sector by 3.6 percentage points. “They still have some more upside in terms of valuation,” he insists. One New York–based buy-sider praises Anegawa for being “correct on earnings directions and generally understanding fundamentals much better than others.” — Ben Mattlin



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