Mr. Takemura covers J-REIT (Japanese version of Real Estate Investment Trust) and the real estate industry in the Research Division. After graduating from the Faculty of Commerce and Management at Hitotsubashi University in Tokyo, he worked at a number of financial institutions and then joined the firm in 2016.
As a stock analyst, I analyze industry trends and write forecast reports on future stock prices of various corporations. Discussions held with institutional investors based on my reports enable me to deepen my understanding not only of my clients but also of the industry and the stock market, which is what makes this job very special.
The firm’s training for analysts which I participated immediately after I joined the firm provided me with a great opportunity to prepare for my role. In addition to gaining knowledge on methods of analysis and effective ways to conduct business from our highly experienced analysts, it also gave me a chance to discuss with my overseas counterparts the business environments affecting the industry and what the expectations are as an analyst. What I learned through the program has set important guidelines for me in execution of my day-to-day work.
When deciding on a particular analytical approach, I always use the analyses used by our analysts in other countries as a point of reference. Regional differences in my coverage are not that significant but analytical methods can differ considerably among analysts. I therefore make it a point to read reports written by my overseas counterparts and always try to consider what conclusions I can draw when applying their analyses to Japan’s REIT/real estate market.
How has your experience outside of the financial securities industry affected the way you approach your role at the firm?
At the Japanese bank that I joined after graduating, I worked in corporate sales and then in the credit management of the real estate industry. It was then that I decided that I wanted to learn more about the industry and corporations, so I moved to the research division at a securities firm. The J-REIT/real estate industry has more financial leverage than other sectors, and often times the focus is placed on the lending attitude of the bank. On such occasions, I can draw on my past experience and understand the bank’s rationale behind the decisions that they make, which I feel is my competitive edge.
To understand J-REIT/real estate stock prices, it is important to capture changes in the real estate price outlook. This is because in the past, changes in stock prices trends had been brought about by changes in the price outlook. It is important to note, however, causes for the changes in price outlook differ depending on the era and circumstances, so in order to correctly forecast stock prices, it is important to pay close attention to the attitude of the government at that time and the macroeconomic trends, in addition to the fundamentals of the real estate industry.
When I joined Morgan Stanley, what surprised me most was the great deal of interaction and collaboration among analysts as well as with other departments/divisions. The analyst teams participate in global calls about three times a month, exchanging information on the world’s real estate market conditions, stock price trends and investor opinions. In our office in Tokyo, there is an atmosphere that makes it easy for us to consult not only with other analysts within the team, but also with colleagues in other departments/divisions. I feel there is a firm culture that promotes the synergy effect.
“Giving Back” is one of the firm’s most important principles. Morgan Stanley designates June as Global Volunteer Month and encourages employees to join volunteer projects. I had opportunities to participate in volunteer activities at my previous companies, but it was only after I joined Morgan Stanley that I actually participated. The concept of “Giving Back” I feel is one of the most significant motivational forces in my work and my desire to “give back” to investors who have provided me with advices and feedbacks has become a powerful driving force for me at my work.