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2016 Institutional Investor

All-Asia Research Team Survey

Our analysts aim to deliver insight and ideas to

our clients.

If you have received good service from our analysts

and sales teams, please vote for them in the 2016

Institutional Investor Awards.

Voting open now

How to Vote

If you If you

voted for us did not vote for us

last year: last year:

You will have

already received a Please request ballot directly from a ballot at Institutional Investor www.institutional investor.com/ranking asiarankings@ assistance.



  As the only global investment bank with deep roots in the region, Nomura delivers unparalleled access to, from and within Asia. Over decades of building financial markets in Japan and fostering growth across this part of the world, we have developed the skills and network that enable business opportunities, global connections and nimble execution for our clients. This, combined with a principled way of working instilled in the firm by our founder, makes us the ideal partner to tap into the world’s most vibrant growth markets.

Nomura AEJ Research is positioned as a home market extension to our leading franchise in Japan.

Nomura has 56 analysts in AEJ covering over 600 companies and has been established as a top provider of research for more than twenty years.

Our analysts are tasked with preparing creative and imaginative research which challenges convention. Our industry is changing. Nomura recognizes that our clients can access a lot of information from other sources which often compete with equity research products. For this reason, we are choosing to reorient our product offering to idea-driven material. This requires our analysts to give their opinion of industries and issuers rather than echoing the views of company management. We encourage our analysts to think with a CEO vision. Consideration is given as to how companies choose to allocate capital, how shareholders are rewarded and how management is incentivized to deliver for the principals.

Our analysts are mandated with shifting financial discussion towards a balance-sheet approach.

Balance sheets need be reconciled from one year to the next to develop an understanding of capex, dividends, tax and other cash uses. This type of discipline is more rigorous than sticking with conventional malleable variables such as EPS.

In addition to preparing robust fundamental research, Nomura asks its analysts to consider the role of Japan and how it affects companies in AEJ sectors.

Japan has become increasingly relevant in its neighboring geographies in the last few years. First, the Japanese stock market has doubled in value; the Topix index has appreciated by 110% since the beginning of 2012. Second, Japan is projecting a new confidence. Political stability under its prime minister, Shinzo Abe, has allowed it to implement new legislation and drive institutional and structural change. Much of this has positively affected listed companies with governance reforms being particularly successful. Third, Japan’s demographic challenge is well-known and its companies are seeking growth opportunities outside of the home market. The biggest opportunities often lie in infrastructure-poor and demographically attractive countries in AEJ.

We hope to develop our product in 2016 by addressing topical themes and filtering our vision through to stock selection. Our expertise in Japan will be championed to identify precedents or trends that can cross geographies and lead stock selection in other markets. Disruptive technologies are especially active in this decade. Nomura’s research will help you navigate through transition.

Jim McCafferty Head of Equity Research, Asia ex-Japan Nomura International (HK) Limited 30/F Two International Finance Centre 8 Finance Street, Central, Hong Kong Phone: +852 2252 1189 Email: jim.mccafferty@nomura.com         Table of Contents     Analysts by Country

Analysts by Sector

Research Management

Equity Strategy

Autos & Auto Parts


Basic Materials


Gaming, Hotels & Leisure

Healthcare & Pharmaceuticals




Oil & Gas and Chemicals

Power & Utilities




Transport / Logistics


–  –  –

With over 30 years of experience working for the Nomura group, Jun is head of equity research, Asia Pacific and co-head of global markets research, Japan. Prior to being appointed to his current role, he was product manager and also led sector research teams including construction, transportation, financials, SMID caps, IT and housing and real estate. Before transferring to Nomura Securities Co. in 1997, Jun covered several sectors as an analyst with Nomura Research Institute, where he achieved #1 ranking in the housing / real estate sector and also worked as an equities strategist in Frankfurt. He graduated from Waseda University with a Bachelor of Economics.

–  –  –

Jim joined Nomura as head of equity research, Asia ex-Japan in July 2015. This followed five years with RBS/CIMB in Hong Kong where he was most recently head of Asia-Pacific research.

Jim started his career with County NatWest in 1991 and moved to ABN AMRO in 1993, where he became a top-ranked telco analyst in 1998. He moved to Société Générale in 1999 to become head of European telecoms research. Jim joined Seymour Pierce as head of research in 2004 and was named Financial Times AIM analyst of the year in 2008. Jim has an Economics degree from Heriot-Watt University, Edinburgh and a Master of Political Economy of East Asia from the University of Sheffield.

He published “UK Fund Managers and Institutional attitudes towards Japanese Equities” in The Japanese Economy in 2012.

Richard Wainwright 852-2252-6188 / richard.wainwright@nomura.com

Richard joined Nomura in September 2014 in Hong Kong as head of product management and marketing, Asia Ex-Japan. In January 2016, he took on the broader role of director of research, AEJ, Global Markets. Richard was previously deputy head of Asia-Pacific research at BNP Paribas Securities (Asia) based in Hong Kong. He has 25 years of experience covering Asian Equity markets in both research and sales management roles – head of sales, head of product management and director of research, based in Hong Kong, Singapore and London. Richard has worked at Credit Suisse First Boston, HSBC CIB, Cazenove Asia / Standard Chartered and ABN Amro Hoare Govett Asia. Richard started his career on the buy-side in Scotland in 1990 after graduating from Cambridge University (King’s College).

–  –  –

Trevor joined Nomura as Head of Product Management and Marketing for AEJ in January 2016. Prior to joining Nomura, Trevor held various positions in equity research at ABN AMRO / RBS / CIMB. Trevor started his career in equities as a banks analyst in Europe, and later moved to Singapore and then Hong Kong. Apart from his role as banks analyst, Trevor also held various management positions, including head of ASEAN research for RBS in Singapore, and Head of Asian Financials Research for CIMB in Hong Kong. Trevor has nearly 20 years’ experience in cash equities. Prior to entering cash equities, Trevor held various positions in government and strategy consulting in various parts of the world. Trevor graduated from the University of Pretoria with an honors degree in economics, and he is a CFA charter holder.


–  –  –

Michael is chief Asian equity strategist and global head of equity strategy. Prior to joining Nomura in October 2011, Michael was Asian regional equity strategist at Macquarie Securities Hong Kong, having first served in 2008 as Macquarie’s Shanghaibased China strategist and head of China research. Michael has more than twenty years of experience in the financial industry, including seven years as the Hong Kong-based head of Asian economics and strategy for Bear Stearns. He also worked at IDEAglobal in New York as an Asian FX strategist and Polyconomics as an emerging markets policy analyst.

Michael earned an MBA in international finance and an MA in International Relations from George Washington University, and a BA in Political Science from Pennsylvania State University. He also studied at National Taiwan University in Taipei and Nankai University in Tianjin, PRC, and is a proficient Mandarin speaker.

–  –  –

Prabhat is head of equities, India and writes India strategy. He joined Nomura in October 2008 as the head of India equity research, before which he held the same position at Lehman Brothers. He received his MS degree from the Indian Institute of Management in Lucknow.

–  –  –

Mixo joined Nomura’s Singapore Research team in September 2014 as ASEAN equity strategist, relocating from Hong Kong where he had been a member of the Asia ex-Japan equity strategy team since October 2008. Prior to that, he was part of the regional equity strategy team at Lehman Brothers. He holds an MBA equivalent degree from the Indian Institute of Management, Ahmedabad and a Bachelor’s in Computer Science from the Indian Institute of Technology, Bombay.

–  –  –

Wendy joined Nomura’s Research team in May 2012 as head of China equity research. Prior to this, she was head of China research and China strategist at RBS. Wendy has over 15 years’ experience of both the sell and buy sides, and in investment banking. Previous employers include Merrill Lynch and Prudential Securities, where she was consistently ranked in Institutional Investor’s All-Asia Research Team surveys. Wendy holds a BS in Economics from the University of Kentucky and an MBA from Columbia University.

Michael Na 82-2-3783-2334 / michael.na@nomura.com

Michael joined Nomura’s Korea Research team in March 2011 and covers the Korean financials and construction sectors.

Prior to this, he worked at Keystone Investment Partners where he consulted on sector views and investment stock picks. He also worked at Macquarie Securities Korea as an equity analyst covering the insurance, brokerage and construction sectors.

Michael holds an MA (Accountancy) from Ohio State University and a BSc (Finance) from Boston College.


–  –  –

Angela joined Nomura’s Korea Research team in September 2011 and covers the Korea autos and shipbuilding sectors. Prior to this she worked at HSBC covering the Korea autos sector. She holds a Wharton MBA, University of Pennsylvania and a BA from Yonsei University.

–  –  –

Benjamin joined Nomura’s Hong Kong Research team in June 2012 and is head of regional conglomerates and China autos research. Prior to this he headed Asia conglomerate research at JP Morgan. Benjamin was ranked #2 in the 2013 Institutional Investors All-Asia Research Team survey for Conglomerates and #3 from 2010 to 2012. He first joined Nomura in October 2008 as regional head of Conglomerates research from Lehman Brothers and also previously worked at Deutsche Bank.

–  –  –

Kapil joined Nomura’s India Research team in October 2008 and covers the autos and auto parts sector. Prior to this, he covered the same space for Lehman Brothers. He holds a Post-Graduate Diploma in Management from the Indian Institute of Management, Lucknow.

–  –  –

Elvira joined Nomura’s Research team in 2014 as head of Indonesia equity research and covers the Indonesia consumer sector. Prior to this she was the co-head of Asia-Pacific consumer research and head of research for Indonesia at BNP Paribas. She has 20 years of combined experienced as a sell-side analyst and in industry, with positions at Enron Europe and Charoen Pokphand Indonesia. She has an MBA from INSEAD and a Bachelor of Business Administration from the University of Wisconsin-Madison.

–  –  –

Joseph joined Nomura in July 2012 to cover China’s auto sector with a focus on auto component stocks. Before his current role, he was with Daiwa and Ernst & Young. He holds an MBA from the Chinese University of Hong Kong and is a chartered accountant under HKICPA.


–  –  –

Narumol joined Capital Nomura Securities in 2014 to cover Thai banks. She has over 10 years of experience in the analysis of financial institutions. She joined from DBS Vickers Securities, but prior to that was head of the Thai financial institutions credit rating team at Fitch Ratings and a fixed income credit analyst at Standard Chartered Bank covering Thai, Korean and Malaysian banks. Narumol graduated with a BBA and an MBA from Assumption University, Bangkok.

Sophie Jiang 852-2252-2194 / sophie.jiang@nomura.com

Sophie joined Nomura’s Research team in February 2015 as head of Hong Kong and China banks research. Prior to this, she worked at Religare Capital Markets as head of China banks research, covered H-share listings as a research analyst at CCBI and was an auditor at Ernst & Young. She holds a Bachelor of Finance and a Bachelor of Management from Renmin University of China.

Michael Na 82-2-3783-2334 / michael.na@nomura.com

Michael joined Nomura’s Korea Research team in March 2011 and covers the Korean financials and construction sectors.

Prior to this, he worked at Keystone Investment Partners where he consulted on sector views and investment stock picks. He also worked at Macquarie Securities Korea as an equity analyst covering the insurance, brokerage and construction sectors.

Michael holds an MA (Accountancy) from Ohio State University and a BSc (Finance) from Boston College.

–  –  –

Adarsh joined Nomura’s India Research team in June 2014 and covers the Indian financials sector. Prior to this, he worked at a domestic Indian broker and JP Morgan covering India financials and energy. He holds an MBA in Finance from SP Jain Institute of Management and Research and is also a CFA charterholder.

Jaj Singh 65-6433-6973 / jaj.singh@nomura.com

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