The 2014 All-Japan Research Team: Electronics/Consumer, No. 2: Yasuo Nakane
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The 2014 All-Japan Research Team: Electronics/Consumer, No. 2: Yasuo Nakane

< The 2014 All-Japan Research Team Yasuo Nakane & team Deutsche Securities First-place appearances: 2

Total appearances: 8

Team debut: 2007 Although he slips back to No. 2 after a year on top, Deutsche Securities’ Yasuo Nakane retains a loyal following among clients who continue to appreciate his analyses, which encompass “what’s happening in Taiwan, [South] Korea and China, as well as Japan,” one money manager reports. Nakane’s only buy rating is on Panasonic Corp. He reasons that the Osaka-based manufacturer’s stronger-than-expected earnings and free cash flow will continue through this fiscal year, which ends in March 2015. In addition, he forecasts that Panasonic will use extra cash to accelerate restructuring activities and invest in such areas as batteries and auto electronics, leading to a new stage of growth into the next fiscal year. On the contrary, Nakane maintains a hold rating on Sony Corp., which is headquartered in Tokyo. Although he applauds management’s efforts to reorganize and optimize Sony’s operations and assets portfolio, “I still think their action is not big enough in terms of transforming their organization structure to fit into the fast-changing business environment,” the analyst advises. Moreover, its semiconductor sensors and smartphones segments are “facing tougher competition,” he adds, and yen weakness is not boosting earnings.

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