Capturing a 12th consecutive first-place finish and joining the inaugural All-Japan Research Team Hall of Fame is Citi’s Hidemaru Yamaguchi, who is “a very experienced analyst with in-depth insights,” proclaims one supporter. “He is responsive to all queries and provides detailed charts and breakdowns in his reports.” The 47-year-old researcher is generally bearish for the year. “We anticipate a positive earnings direction for the sector, with major companies overcoming patent expirations and entering a period of profit recovery,” he explains. “However, as the stock market rebound has been supported by expectations for a weaker yen and the new government’s fiscal policy, we think investors may be less interested in pharmaceuticals stocks,” which are generally viewed as defensive plays. For those willing to consider the industry, Yamaguchi recommends stocks with “undemanding valuations” and stable earnings; Tokyo’s Astellas Pharma, Kyoto-based Nippon Shinyaku Co. and Takeda Pharmaceutical Co. of Osaka are among his current favorites. — Leslie Kramer |