Atsushi Yamaguchi UBS
The buy side says: “He has an incredible wealth of knowledge.”
Atsushi Yamaguchi, 46, of UBS is the sector’s top analyst for a tenth straight year. “He is No. 1 in terms of quality, quantity and speed,” asserts one devotee. Others praise Yamaguchi for maintaining a cautious view on steel producers throughout the past year, on overcapacity and lackluster demand. In the 12 months through February, the sector dropped 22.8 percent and underperformed Japan’s broad market by 9.6 percentage points. “Yamaguchi has a deep understanding of each company’s history, which enables him to grasp the strengths and weaknesses that don’t necessarily appear on financial statements,” says another fan. The analyst’s trips to overseas plants also garner plaudits. “He provides such frequent reports of his field visits, you need a good-size mailbox to keep up,” quips a third admirer. One example: a May 2011 update about the overcapacity in Chinese and South Korean steel factories that is putting further downward pressure on prices. Yet one client laments, “Yamaguchi did not have a good year as a stock picker.” — Ben Mattlin
