Industries — Ceramics & Glass: Third
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Industries — Ceramics & Glass: Third

Akiko Kuwahara

Bank of America Merrill Lynch

Bank of America Merrill Lynch’s Akiko Kuwahara rises from runner-up to third place; she is also No. 1 in the Paper & Textiles. The analyst expects the market for window glass to remain weak in Europe but predicts that demand could rise in North America, spurred by recovery in the U.S. housing market. “We estimate that the volume of liquid-crystal-display glass will grow in 2013 too, but price-decline pressure should continue,” Kuwahara says, noting that those prices plummeted in the first three months of last year because of excess capacity. Even so, “what we thought was important was the ability of cost reduction to offset declining prices even partially, and because of that we have kept our buy rating on Asahi Glass Co., which reorganized its production site structure earlier than its peers on both its LCD glass business and flat glass business,” she explains. Kuwahara’s research based on her “fundamental approach with data analysis is always worth reading,” declares one portfolio manager. — Leslie Kramer



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