2015 All-Japan Research Team: Metals, No. 1: Atsushi Yamaguchi
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2015 All-Japan Research Team: Metals, No. 1: Atsushi Yamaguchi

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Atsushi Yamaguchi of UBS is buy-siders’ preferred anayst covering Japanese metals shares, as he has been every year since 2003.

< The 2015 All-Japan Research Team

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Atsushi Yamaguchi

UBS

First-Place Appearances: 13


Total Appearances: 17


Analyst Debut: 1999


Atsushi Yamaguchi of UBS is buy-siders’ preferred anayst covering Japanese metals shares, as he has been every year since 2003. The All-Japan Research Team Hall of Famer, 49, possesses “abundant knowledge” and “tremendous experience,” in the words of one portfolio manager. “I don’t think anyone drills down more or understands the global nature of the industry the way he does. No matter how busy he is, he always makes himself available.” Yamaguchi remains bullish on Hitachi Metals. The Tokyo-based specialty steel and metals provider has been exiting underperforming enterprises while building up its core business, he notes. For example, with deals like its $1.3 billion purchase of U.S. iron caster Waupaca Foundry in November, the company is building relationships and increasing its push into key markets. In addition, he says, Hitachi Metals is continuing to build share in the automotive industry, which uses its brackets, exhaust manifolds and suspension components, among other products. Beyond its Japanese customer base of Fuji Heavy Industries (maker of the Subaru autos line), Honda Motor Co. and Nissan Motor Co., the manufacturer is supplying Germany’s BMW as well as the U.S.’s Big Three carmakers. Finally, it is homing in on the materials market for power-grid systems and electronics. “Due to its future investment in high-performance metals,” explains Yamaguchi, “I’m expecting continuous growth.” Late last month Hitachi Metals’ stock was trading at ¥1,907, up 38.9 percent over the trailing 12-month period and ahead of its domestic peers by 7.4 percentage points. The analyst projects a rise to ¥2,400.



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