2016 All-Japan Research Team: Trading Companies, No. 1: Jiro Iokibe

Jiro Iokibe

Daiwa Securities Group

First-Place Appearances: 3

Total Appearances: 7

Analyst Debut: 2010

Jiro Iokibe, 44, headlines this roster for a second straight year, recording his third appearance at No. 1 since 2013. The Daiwa Securities Group researcher tracks eight Japanese trading houses, one more than a year ago, and no longer follows steel companies, having recently transferred coverage of that industry to a colleague. He earns high marks from investors for turning more circumspect in his outlook for Tokyo-based Mitsubishi Corp., the largest player in this space. Citing earnings pressure from weak aluminum, coal and salmon pricing, Iokibe lowered his rating on the diversified giant from buy to neutral in August. The shares had gained 5.7 percent over the trailing 12 months, while the domestic sector was nearly flat. Through mid-March, Mitsubishi’s stock tumbled 11.3 percent, to ¥2,036, compared with the 9.1 percent loss posted by its Japanese peers. “Iokibe-san’s cautious view helped me a lot,” one investor attests. Going forward, his top pick is Toyota Tsusho Corp., a Nagoya-based exporter and marketer of autos and auto parts, which the analyst rates outperform owing in large part to its earnings stability and the growth potential of its sales to Africa. At ¥3,270, his price target represents a 29.1 percent upside from its mid-March trading level. “His knowledge is encyclopedic, and he’s honest in his appraisals,” a second advocate declares.