< The 2014 All-Japan Research Team

Hiroyuki Okaseri & team
SMBC Nikko Securities
First-place appearances: 2

Total appearances: 11

Team debut: 2004

Capturing the No. 2 spot for a fourth year running is SMBC Nikko Securities’ Hiroyuki Okaseri, who also merits a runner-up position in Ceramics & Glass this year. In late February he published a report in which he assigned the sector an equal weighting and noted that domestic demand for Japanese-manufactured coated and lightweight coated paper was up 5.2 percent in January. “Shipments were solid overall, and calendar effects also boosted demand,” Okaseri advised. “As for downstream corrugated products,” he added, “we think the rise in prices for containerboard has prompted major corrugated product makers to initiate negotiations on price hikes for corrugated products.” Against this backdrop, the analyst is bullish on Osaka-based paper box maker Rengo Co. Forecasting strong operating-profit growth for the fiscal year ending in March 2015, he deems the shares undervalued. They were trading at ¥563 in mid-March, and Okaseri believes that ¥685 is a reasonable price.