Frontier Management Inc. | FMI


Specialists with Extensive Industry Knowledge

Knowledge, experience and exceptional insights from industry specialists

Our veteran specialists, keen observers of their respective sectors for 10–20 years, provide corporate clients with advice they can use and profit from.
Each project is assigned an analyst with extensive consulting or work experience in a variety of industries, to provide optimum planning for the client’s needs.



  • audiovisual equipment
  • consumer electronics
  • FPD
  • game devices
  • automotive electronics

Person in charge

Hiroshi Kuriyama

Managing Director, Industry Research Department

Joined Frontier Management after careers at Daiwa Securities and Goldman Sachs. Has served as an analyst covering technology-related fields for 22 years. Conversant in a wide range of technology-related companies in Japan, including companies in the consumer electronics, general electrical machinery, electronic parts, precision machinery and electronic game industries. Also analyzes industries in upstream technologies such as lifestyle industries and electronic materials, as well as commodity chemicals. Has consistently stood in the top three of analyst rankings in Japan and overseas since 1994.

Electronic Devices and Materials


  • electronic parts
  • automotive parts
  • electronic materials
  • high-tech trading companies
  • EMS
  • electricity storage and natural energy

Person in charge

Tomohiro Murata

Executive Officer, Head of Industry Research Department

Joined Frontier Management after careers at Daiwa Securities and Morgan Stanley Securities (now Morgan Stanley MUFG Securities). Has 17 years’ experience as an industry analyst. Has long boasted top-level billing in key rankings of industry analysts, including the No. 1 spot on the Nikkei analyst ranking in 2001. Author of Denshi Buhin Dake ga Naze Tsuyoi (“Why Japan Is Only Strong in Electronic Components”, Nikkei Business Publications, 2011), Keiei Kiki niwa Kyuryo wo Fuyasu! (“Increase Pay during Management Crisis!”, Nikkei Business Publications, 2013), Denshi Buhin: Eigyo Rieki Ritsu 20% no Business Model (“Electronic Components: 20% OPM Business Model”, Nikkei, 2016), Kono Hon wo Yomazu ni Shinu na! (“Guidance of 15 Selected Gem of Books”, seizandobook, 2018) and Saishin Denshi Buhin no Doko to Karakuri ga Yo-ku Wakaru Hon (“Trend Guide Book of Electronic Component”, Shuwa System, 2018).



  • department stores
  • GMS and SM
  • convenience stores
  • apparel
  • retail and specialty stores
  • e-commerce

Person in charge

Taketo Yamate

Managing Director

Joined Frontier Management after careers at Warburg Dillon Reed Securities (now UBS Securities and Credit Suisse. Has worked in industry and company analysis in consumer industries (retail, foodstuffs and consumer goods) for 18 years and has graded shares of over 50 listed companies. In 2002 became the youngest-ever Senior Analyst at UBS Securities (with responsibility for the foods and consumer-goods sectors). Consistently enjoys top-level billing in Nikkei Veritas’ “Popular Analysts” ranking (reaching his highest-ever ranking in 2010 with the No. 2 spot for the general retail sector).

Real Estate and Construction


  • real estate
  • residence
  • general construction

Person in charge

Toshihiko Okino

Senior Analyst, Industry Research Department

Held positions at a management consulting company and a real estate company, then Smith New Court Securities, Dresdner Kleinwort Benson Securities, Schroder Securities and UBS Securities, before joining Frontier Management. Selected by Institutional Investor for 12 consecutive years (2004–2015) and by Nikkei Veritas for 14 consecutive years (2003–2016) and in 2018 as the top analyst in the residential and real-estate sectors.



  • Electricity
  • City Gas
  • LP Gas
  • Petroleum
  • Chemical
  • Trading Company

Person in charge

Hidetoshi Shioda

Senior Analyst, Industry Research Department

Hidetoshi Shioda Joined Frontier Management after working at Nomura Research Institute, Ltd., Nomura Securities Co., Ltd., Mizuho Securities Co., Ltd., SMBC Nikko Securities Co., Ltd., Circle Cross Corporation, and so forth. He consistently engaged in analyst business related to the energy sector for more than 20 years. Surveys sub-sectors such as electricity, city gas, LP gas, oil and natural gas development, oil refining and primary distribution, trading companies, and chemicals. He won first place in the Starmine Analyst Awards in 2008, 2010 and 2013. Served as a member of the Advisory Committee for Natural Resources and Energy of the Ministry of Economy, Trade and Industry.

Steel / Non-ferrous metal


  • Iron and steel (blast furnace, electric furnace, special steel)
  • Iron and steel trading company
  • Non-ferrous smelting
  • Electric wire

Person in charge

Kazuhiro Harada

Senior Analyst, Industry Research Division

Joined Frontier Management Inc. after working at Credit Suisse Trust Bank, Deutsche Securities Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., and SMBC Nikko Securities Co., Ltd. For 34 years, he has consistently engaged in analyst businesses on the sell side and the buy side. In the Nikkei Veritas analyst ranking, continued to rank top 3 for 12 years from 2005 to 2016 in charge of the steel, non-ferrous metal, and wire industries. Since 2017, in charge of small-and medium-sized stocks and engaged in surveys of the service industries.

Other Industries

  • Consumer goods
    • Foods and agricultural and fishery processing
    • apparel
    • daily necessities and luxury grocery items
  • Healthcare
    • Pharmaceuticals
    • medical institutions
    • medical equipment and materials
    • distribution, wholesaling and information
  • Food and beverage/services
    • Restaurants
    • leisure
    • travel and hotels
    • education and academic support
  • Finance
    • Banking
    • securities
    • credit cards and sales on credit
    • other finance-related fields
  • Automobiles
    • Automobiles
    • automotive parts
  • Infrastructure
    • Communications
    • transportation
  • Construction / real estate
    • General construction
    • manufacture and sale of construction materials

contact us

Please address any inquiries to
Frontier Management Inc. here.