Industries – Paper & Textiles: Second
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Industries – Paper & Textiles: Second

Hiroyuki Okaseri

SMBC Nikko Securities

Hiroyuki Okaseri claims the No. 2 spot for a third year running; the SMBC Nikko Securities analyst also captures a runner-up position in Ceramics & Textiles. Domestic paper prices have been declining since February 2012, prompting him to advise caution toward companies that are heavily reliant on the Japanese market. However, “since there is a possibility that domestic printing-paper prices may be hiked in the future, I think it’s necessary for investors to form investment strategies with this in mind,” Okaseri says. Containerboard manufacturers present their own cause for concern: “We see a high likelihood that margins will narrow,” he explains, adding that many of those stocks — including such Tokyo-based outfits as Hokuetsu Kishu Paper Co., Nippon Paper Group and Oji Holdings Corp. — are too expensive. “Okaseri is good at capturing prices and volume growth trends of the printing paper and cardboard box industries thanks to his vast network of contacts,” observes one portfolio manager. “He is not a number cruncher, but he provides us investors with a feel for what is actually happening in the real world of the paper business.” — Leslie Kramer



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