总出场:9
分析师亮相:2008
这是她自2010年以来第六次登顶，也是连续第五次登顶拿俄米高木涉一位基金经理肯定说，瑞银“非常深思熟虑”，而且“在及时发布股票信息方面非常出色”。这位分析师的研究范围包括17个国内品牌，她对未来一年的食品生产商细分行业持乐观态度。她预测，尽管该集团的利润增长可能会在价格上涨导致的最初飙升之后放缓，但应该会受到销售增长的支撑。如果这些价格水平能够维持下去，原材料成本的降低将会增加，并且正在进行重组。48岁的Takagi说:“市场担心通货膨胀将结束，通货紧缩将蔓延，但我们预计通货紧缩不会持续下去。”“食品价格上涨最初是由日元贬值导致的成本上升引发的，但我们认为，它本质上是由需求上升推动的。即使在价格上涨后，需求也没有下降，这增强了管理层对新的价格结构的信心，并增加了他们对利润的重视。”即便如此，这位研究人员警告说，日圆估值的进一步变化可能需要重新评估这一头寸。她补充称，尽管“我们不认为这些(企业)会将降价作为一种简单的解决方案，但最近日元的过度升值，将加大零售商降价的压力，并可能危及这一假设。”在这个主题上，高木最喜欢的两家公司是位于东京的味之素公司(Ajinomoto Co.)，该公司的产品包括饮料、包装食品、药品和特殊化学品;以及乳制品、保健食品和制药企业明治控股(Meiji Holdings Co.)。 Preferred since August 2014, Meiji is best positioned to avoid deflation, she believes, and should deliver double-digit gains thanks to higher revenue and structural reform. By mid-March its shares had soared 107.8 percent, on a split-adjusted basis, to ¥8,800, compared with the domestic sector’s 28.7 percent gain. She assigns Meiji a price objective of ¥12,000. Ajinomoto is appealing for its increasingly globalized and more balanced operations, which improve the producer’s resilience, the analyst advises. “Acquisition synergies should really kick in from here,” she explains, “and we see room for growth in terms of products and regions, demonstrating its ability to withstand changes in the operating climate.” From mid-June — when Takagi began urging clients to buy — through mid-March, the stock climbed 6.7 percent, to ¥2,718.50, outperforming its peers by 8.1 percentage points. She projects a further rise to ¥3,400.