The 2014 All-Japan Research Team: Retailing, No. 2: Toshio Takahashi
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The 2014 All-Japan Research Team: Retailing, No. 2: Toshio Takahashi

< The 2014 All-Japan Research Team Toshio Takahashi & team Mizuho Securities Group First-place appearances: 0


Total appearances: 10


Team debut: 2002 In his best showing to date, Toshio Takahashi leaps from runner-up to seize the No. 2 position. The Mizuho Securities Group analyst, who reports on 18 Japanese retailers and keeps tabs on 13 more with colleagues, “is very knowledgeable,” one portfolio manager offers, “and his insight is very helpful.” Particularly useful, admirers say, are his updates of convenience-store industry data. Takahashi is cautious on this sector. During the fiscal year that ended last month, retailers prioritized the consolidation of sales market share and opening of new stores amid an increase in costs from the weak yen, he notes. So for the current fiscal year, “in addition to the impact of the consumption tax hike, we are concerned about cost inflation for personnel, distribution, utilities and other items.” The analyst, does, however, foresee an opportunity for select names to position themselves for growth in the wake of the sales tax increase from 5 percent to 8 percent that took effect this month. “We believe companies that combine cost-management capabilities with supply-chain competitive advantages are likely to expand share,” he explains. Retailers most likely to do so, Takahashi contends, are Tokyo-based discount retailer Don Quijote Holdings Co., household and consumer goods vendor Ryohin Keikaku Co. and diversified giant Seven & i Holdings Co.; as well as Nitori Holdings Co., a furniture and interior-goods chain operator that is headquartered in Hokkaido.



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