The 2014 All-Japan Research Team: Trading Companies, No. 1: Yasuhiro Narita
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The 2014 All-Japan Research Team: Trading Companies, No. 1: Yasuhiro Narita


< The 2014 All-Japan Research Team

Yasuhiro Narita Nomura First-Place Appearances: 4

Total Appearances: 7

Analyst Debut: 2008 Recapturing first place after a year at No. 2, Nomura’s Yasuhiro Narita marks his fourth top finish in the past five years. With seven stocks under his purview, the 39-year-old researcher impresses clients with his coverage of "balance-sheet management, especially going back in history to show how balance-sheet strength does or does not affect equity values," as one wealth manager puts it. Case in point: Narita’s November report about the trend of companies’ switching from using U.S. Generally Accepted Accounting Principles in preparing their financial statements to adopting International Financial Reporting Standards. In it, he outlined the argument for likely share-price improvements for those making the change, citing the IFRS accounting’s "fair value recognition of shareholdings in unlisted companies [where] trading companies book dividend income." At the same time, he highlighted his long-standing buy rating on Sumitomo Corp., noting that the Tokyo-based diversified trading company had adopted IFRS accounting in 2011. The analyst had upgraded Sumitomo from neutral in August 2010, deeming it a bargain at ¥1,016, and by mid-March 2014 the shares had climbed to ¥1,295, inching up 1.6 percent since his November reiteration while the sector dipped 2.8 percent. Sumitomo remains Narita’s top pick. "Unlike others in this space," another supporter contends, "he is attuned to outside-the-box events."


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