| Takahiro Kazahaya |
| Deutsche Securities |
After two years in first place,Takahiro Kazahayaslips to second place. “Interest in retail shares will likely decrease further going forward,” the Deutsche Securities researcher predicts. Increased competition and rising materials costs are squeezing margins, he adds; while “there is some hope for inflation,” there is also concern that consumer spending will slow in anticipation of an increase in the consumption tax, the first phase of which will be implemented in April 2014. Because of these factors, “it would be reasonable to take a neutral stance on the overall retail sector,” Kazahaya says. The analyst’s “earnings estimates and monthly sales reports are very precise,” applauds one buy-side enthusiast. —Pam Baker
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