| Keiichi Ito. |
| SMBC Nikko Securities. |
在第三名开始亮相Keiichi Ito.SMBC Nikko证券。9月份，研究人员使用股利折扣和剩余收入模型评估日本股市，得出结论，股票“严重低估”，自3月以来，折扣一直在加深，“股价将从目前的水平汇编得以大致翻倍the market risk premium down to the average for 2002–’10.” A loss of liquidity had spurred deterioration in both beta and price-to-book factor returns, he recalls, but rising investor interest was signaling a reversal that would become evident in the quarter ending in December. “We see a strong likelihood that factor returns for price-to-book will outperform price-to-earnings” through the end of the year, he told clients. Good call. “High-beta and high-price-to-book stocks have outperformed strongly in the share price rally that began in mid-November,” he reported in January, noting that another about-face was imminent and that price-to-earnings was poised to become the most effective value factor. “From our risk-premium analysis, the autos sector still implies a higher risk premium than other sectors, so I recommend it,” Ito says. Not recommended: electric power companies. “While Ito-san is a quants specialist, he always tries to work closely with strategists and analysts at SMBC Nikko,” says one supporter. “That makes his presentations and messages very practical for us.”. —托马斯W. Johnson. |
