The 2014 All-Japan Research Team: Trading Companies, No. 3: Akifumi Hayashi
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The 2014 All-Japan Research Team: Trading Companies, No. 3: Akifumi Hayashi

< The 2014 All-Japan Research Team Akifumi Hayashi Mizuho Securities Group First-place appearances: 0

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Analyst debut: 2014 A newcomer to this roster claims the No. 3 position, Akifumi Hayashi of Mizuho Securities Group. Actively tracking five Japanese trading companies, plus three metals producers, Hayashi is a longtime bull on this sector, maintaining buy ratings on every name he covers. But his top pick is Tokyo-based diversified trading company Mitsui & Co. Indeed, this player has been a favorite of the analyst’s since October 2011, when its shares were trading at ¥1,057. Hayashi then cited management’s proven ability to control risks and maximize expansion opportunities. This January he reiterated his position, crediting volume growth as well as management’s plan to reduce investments and increase free cash flow. The stock subsequently slipped 1.5 percent, closing at ¥1,450 in mid-March, against the sector’s 5.4 percent decline. “Hayashi is like an encyclopedia on the trading companies,” cheers one advocate, “providing thoughtful long-term analyses rather than quick trading ideas, which suits our investment style.”

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