< The 2015 All-Japan Research Team

Total appearances: 9

Analyst debut: 2007

For a second year running, Hiroki Kawashima of SMBC Nikko Securities captures second place. Deemed “strong on fundamentals and stock picking” by one buy-side fan, Kawashima, 41, follows 27 Japanese construction companies and rates Kajima Corp. a likely outperformer. He upgraded the Tokyo-based large-scale builder’s stock from neutral in January 2014, crediting in part its civil-engineering projects ahead of the 2020 Summer Olympics in Tokyo. By late last month the shares had advanced 44.3 percent, to ¥577, and led the sector by 34.3 percentage points. He maintains a price objective of ¥630, anticipating strong earnings growth. “Kawashima is cynical enough to get true information, while his bullish stance on the big contractors has helped us a lot,” attests a second investor. Another major player that the analyst continues to prefer is Obayashi Corp., which provides civil engineering and infrastructure services and is also headquartered in Tokyo. Its stock jumped 35.2 percent during the 12 months through late March, rising to ¥803 and outdistancing its peers by 15.6 percentage points over the period. Kawashima continues to like the builder, citing an upturn in domestic construction.