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2015 All-Japan Research Team: Broadcasting, No. 3: Yoshitaka Nagao
Yoshitaka Nagao, 36, drops from second place to third, the position he earned in 2012 and 2011.
Total appearances: 5
Team debut: 2011
Yoshitaka Nagao, 36, drops from second place to third, the position he earned in 2012 and 2011. The Tokyo-based Nomura analyst reduced coverage by ten names over the past year and now reports on 20 Japanese broadcasters, maintaining a neutral stance on the sector overall. “We see no need for an excessively pessimistic outlook on Japan ad demands, but [they] have continued to be relatively weak since the consumption tax increase,” he explains. “Ad demand in the country as a whole has been slow to recover because it has been weaker in the regions other than greater Tokyo.” Indeed, notes Nagao, data for television placements in the quarter through March 2016 “indicate sluggish ad demands.” Even so, he adds, “from a valuation perspective, we believe that broadcasters look appealing, but we’re cautious on advertising agencies.”