2015 All-Japan Research Team: REITs, No. 1: Hiroshi Torii
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2015 All-Japan Research Team: REITs, No. 1: Hiroshi Torii

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Hiroshi Torii extends his run at the top of this list to a fourth year.

< The 2015 All-Japan Research Team

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Hiroshi Torii

SMBC Nikko Securities

First-Place Appearances: 4


Total Appearances: 6


Analyst Debut: 2010


Hiroshi Torii extends his run at the top of this list to a fourth year. To clients, that comes as no surprise. “Torii has comprehensive coverage and first-rate stock calls,” avows one portfolio manager in Singapore. The SMBC Nikko Securities researcher, 36, reports on 44 Japanese real estate investment trusts, seven more than a year ago. With the sector up 21.1 percent for the 12 months through late March, he is upbeat on the group. In particular, he continues to prefer Tokyo-based Kenedix Office Investment Corp., whose holdings include commercial and office buildings and housing stock. Kenedix’s steadily improving occupancy rates impresses the analyst, who also points favorably to an upturn in rental income from existing properties. The stock closed at ¥656,000 in late March, and he forecasts a rise to ¥895,000. He is especially bullish on Tokyo’s Ichigo Real Estate Investment Corp., which invests in offices and residential properties. Promoted from neutral to outperform in January on aggressive property acquisitions, Ichigo’s shares had by late last month climbed 5.3 percent, to ¥97,900. During the same period, J-REITs overall slumped 2.1 percent. Torii’s price objective for the stock is ¥122,000. “He stands out for his deep market insights, his closeness with company managements and his responsiveness to inquiries,” reports another fan.



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