2016 All-Japan Research Team: Electronics/Components, No. 2: Fumihide Goto
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2016 All-Japan Research Team: Electronics/Components, No. 2: Fumihide Goto

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Repeating in second place is Mizuho Securities Group’s Fumihide Goto.

< The 2016 All-Japan Research Team

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Fumihide Goto

Mizuho Securities Group

First-Place Appearances: 3


Total Appearances: 18


Analyst Debut: 1998


Repeating in second place, Mizuho Securities Group’s Fumihide Goto, 47, was “one of the very first analysts to forecast smartphone production adjustments,” one fund manager reports. Indeed, Goto believes that the technology industry is entering a structural and historical “peaking-out phase,” as evidenced by indications that the smartphone market in China has reached its high point and that demand for U.S.-based Apple’s iPhone has slowed. As a result, he is recommending that investors favor companies with “good exposure to automobile-related areas and limited exposure to smartphones.” Examples include Chiba-based Mabuchi Motor Co., Kyoto’s Nidec Corp. and NGK Spark Plug Co. of Aichi. The automobile-related business, he adds, is benefiting from structural tailwinds, such as heightened standards related to fuel economy and active safety. Even so, the researcher cautions, the future of iPhones and Chinese smartphones will remain a key factor influencing tech fundamentals this year. He tracks 13 Japanese electronics components companies, as last year, and characterizes the main downside risk to the broader group as generally weakening markets for the mobile devices. At the same time, however, Goto identifies areas where demand is promising, such as the stronger-than-expected appetite for iPhone 6s and iPhone 6s Plus upgrades. Similarly, expansion of high-end smartphone sales in China and other emerging markets can serve as an additional upside catalyst if spending on the units is stronger than suggested by economic conditions, he contends.



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