The 2014 All-Japan Research Team: Electronics/Consumer, No. 3: Takashi Watanabe
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The 2014 All-Japan Research Team: Electronics/Consumer, No. 3: Takashi Watanabe

Takashi Watanabe debuts in the No. 3 position, returning Goldman Sachs Japan Co. to this lineup for the first time since 2009.

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Takashi Watanabe Goldman Sachs Japan Co. First-place appearances: 0


Total appearances: 1


Analyst debut: 2014 Takashi Watanabe debuts in the No. 3 position, returning Goldman Sachs Japan Co. to this lineup for the first time since 2009, when four-time sector champion Yuji Fujimori jumped to Barclays. Watanabe earns praise “for being able to identify the positive and negative factors behind stock movements,” as one money manager puts it. Acceleration of commoditization in the hardware space is one issue that captures the analyst’s attention. He also is focusing on companies’ strategic investments that target future growth, especially where those allocations strengthen positions in already healthy industries — such as automobiles and housing for Panasonic Corp. of Osaka; and games, entertainment and financials for Tokyo-based Sony Corp. Although he maintains no buy ratings in this sector, Watanabe thinks Sony could become attractive. Management’s recent announcements of job cuts and of the sale of its personal computer operations were good news, he notes, but restructuring of the electronics business might not be enough to turn Sony around. At the same time, however, he expects that the shift of Sony’s more successful operations from offline to online will create increasing opportunities that can in turn sustain profit growth. “We use a sum-of-the-parts valuation for Sony,” explains Watanabe, “and less negative value in the hardware business and more value in profitable businesses could offer a revaluation opportunity.”



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