2018 Institutional Investor All-Asia Research Team Survey Our analysts are tasked with delivering creative and original ideas. Please recognize their efforts by voting for our research and sales teams in the 2018 Institutional Investor Awards. Voting starts now
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2018 Institutional Investor / Malaysia / Thailand Abhishek Nigam 65 6433 6969 [email protected] Indonesia / Malaysia / Thailand Bineet Banka 91 22 4053 3784 [email protected]
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2018 Institutional InvestorAll-Asia Research Team Survey
Our analysts are tasked with delivering creative and original ideas.
Please recognize their efforts by voting for our research and sales teams
in the 2018 Institutional Investor Awards.
Voting starts now
i
IntroductionNomura’s Asia-Pacific research team is one of the most comprehensive in the region. We have more than 160 research professionals spanning twelve countries from our heart in Japan. Our Japan equity research team is widely regarded as a market leader. It provides on-the-ground coverage of more than 600 listed companies. Nomura provides access to all Japan-related activities including political, economic and social institutions. This makes Nomura a vital partner for the world’s second-largest developed equity market. Beyond Japan, Nomura sees Asia-Pacific as a home market extension. Our roots in these markets date back some fifty years.
Our fixed-income research team covers economics, FX, rates and quantitative strategies. This team provides forecasts on macro-economies and thought-leadership on fundamental themes. Our value proposition covers three areas. First, impactful research. Nomura aims to be one of the first in the market to publish views on freshly released economic data via our First Insights report. Second, collaborative studies. Our economists and strategists work very closely together and co-author Asia Insights reports on the implications of new data or breaking events. Third, the team publishes close to twenty Asia Special Reports each year. These reports consider fundamental, longer-term thematic research ideas. Our recent Asia Special Report on Korea published in April 2017 is a good example. This report predicted economic policy changes based on a Moon victory in the presidential election. It also included an equity view which anticipated a re-rating of the Korea equity market based on corporate governance reforms.
Nomura recognizes that investors can access a lot of information from sources that can compete with equity research products. For this reason, Nomura is pivoting its product to idea-driven material. This requires our analysts to give an informed opinion on industries and issuers rather than simply echo the views of company management.
Our analysts are mandated with shifting the financial discussion beyond the income statement. We think investors can be overly dependent on metrics such as eps which can be easily manipulated. Nomura encourages its analysts to look at company balance sheets and reconcile cash-flows from one financial year to the next. As many fund managers embrace ESG investing, we also ask our analysts to consider the role of other stakeholders of the business. This will help analysts challenge the capital allocation decisions of management and generate a considered debate over shareholder priorities.
In addition to the preparation of robust fundamental research, Nomura requires its analysts to consider the role of Japan and how it affects companies, industries and countries in the wider Asia-Pacific. We have constructed a research identity that we have named “Kokoro”. “Kokoro” is a Japanese word which means “heart” in an emotional sense. Our depth of understanding of Japan is one of our strongest cards and we mandate our analysts in the wider Asia Pacific region to explore Japanese linkages and relevance when evaluating investment cases for listed equities. Our analysts have drawn parallels between post-bubble Japan and investor concerns in present day China and Korea. These relate to demographics, exchange rate management, trade wars and capital flight. Our Korea research team has extensively analyzed corporate governance reform prospects in Korea based on implementation of the Stewardship Code in Japan. Here, Korea and Japan have similar structures, agencies and norms which lead to a compelling case for comparative analysis.
Nomura will further extend its research identity through a concept called “Kokusai Kankaku” which means “international mind”. In particular, we see the status of Asia Pacific’s developed and developing market definitions changing over the next few years. This will cause the legacy partitions of Japan and Asia ex-Japan to dissolve, leading to more holistic APAC regional framework. We expect China to replace Japan as the region’s largest equity market as MSCI recalibrates country weightings. Similarly, we expect Korea to replace Australia as the region’s third-largest market. This will drive investors to compare companies and sectors across the region. Nomura requires its analysts to view listed companies within a genuine APAC context as these geographic silos begin to deconstruct.
Japan has always been relevant to its neighbours in Asia, but has become increasingly more so in recent years. Japan’s stock market is trading at a 21-year high; the Topix index has appreciated by 144% since the beginning of 2012. Japan is projecting a new confidence as political stability under Prime Minister Shinzo Abe has allowed the implementation of new legislation and is driving institutional and structural change. Much of this is positively affecting listed companies, with the Stewardship Code being particularly successful. Japan’s drive to implement change in the corporate governance arena is evidenced in an empowered GPIF, which is making companies more accountable to their owners. We see potential for this same implementation process to grip Korea with a similarly empowered NPS demanding more of investee companies in 2018.
We hope to develop our product offering in 2018 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 traverse geographies and lead stock selection in other proximate markets.
Nomura’s research team is tasked with the preparation of creative and imaginative content that challenges convention. Our undertaking is to give our clients a considered opinion rather than historic commentary. We are confident that Nomura’s research will make sense of the intricacies of the Asia-Pacific region. We welcome your feedback.
Jun KonomiHead of Equity Research, Asia-PacificDirector of Financial & Economic Research Centre, Japan+81 3 6703 1110 / [email protected]
Jim McCaffertyHead of Equity Research, Asia ex-Japan+852 2252 1189 / [email protected]
Rob SubbaramanHead of Emerging Markets EconomicsHead of AEJ FI Research+65 6433 6548 / [email protected]
Jun Konomi Head of equity research, Asia Pacific;Director of Financial & Economic Research Centre, Japan+81 3 6703 1110 / [email protected]
Jun has over 30 years’ experience working for the Nomura group. Prior to his current role, Jun was product manager and also led sector research teams including construction, transportation, financials, SMID caps, IT and housing/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 was appointed as principal managing director in April 2017.
Years in industry: +30 years
Qualifications: Bachelor of Economics (Waseda University)
Hong Kong
Jim McCaffertyHead of equity research, Asia ex-Japan+852 2252 1189 / [email protected]
Jim joined Nomura in July 2015 after 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. In 2012 he published “UK Fund Managers and Institutional attitudes towards Japanese Equities” in the journal The Japanese Economy.
Years in industry: 25 years
Qualifications: BA (Hons) Economics (Heriot Watt University); MSc Political Economy of East Asia (University of Sheffield)
Richard Wainwright CAO for Execution Services, Asia ex-Japan+852 2252 6188 / [email protected]
Richard joined Nomura in September 2014 in Hong Kong as head of product management and marketing, Asia ex-Japan. He took on his current broader management role in January 2016. Richard was previously deputy head of Asia Pacific research at BNP Paribas Securities (Asia) in Hong Kong. He is an Asia specialist with over 26 years of experience covering Asian Equity markets in both research and sales management roles – head of sales, head of product management, director of research and global sector head, based in Hong Kong, Singapore and London. Richard worked at Credit Suisse (CSFB), HSBC, Cazenove Asia / Standard Chartered and ABN AMRO Hoare Govett Asia. Richard started his financial career in 1990 on the buy side in Scotland managing Asian funds.
Years in industry: 26 years
Qualifications: BA and MA (Joint Hons) Modern Languages (French and German) and History of Art (King’s College, Cambridge University)
Singapore
Trevor Kalcic Head of product management and marketing, Asia ex-Japan; Head of ASEAN research+65 6433 6968 / [email protected]
Trevor joined Nomura in his current capacity in January 2016. Prior to this, he has 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 Hong Kong. Trevor has 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.
Years in industry: 20 years
Qualifications: BA Hons, Economics (University of Pretoria); CFA charterholder
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Regional Management (cont’d)
Singapore
Rob Subbaraman Head of emerging markets economics; Head of AEJ FI Research+65 6433 6548 / [email protected]
Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where he was Chief Economist, Asia ex-Japan. His team of economists and strategists is responsible for forecasting the outlook of 10 Asian economies and developing market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 19 years living in Asia, including Hong Kong and Tokyo. He has a central banking background, having worked in the Economic Analysis Department at the Reserve Bank of Australia for seven years prior to joining Lehman Brothers.
Wendy Mingdi Liu Head of China equity research; Chief equity strategist, Greater China+852 2252 6180 / [email protected]
Wendy joined Nomura in May 2012. She headed China research and China strategy at RBS from 2007 to 2012. Prior to that, Wendy had 10 years’ of experience in sell and buy side equity research, and M&A and advisory in New York and Hong Kong. Previous employers include Merrill Lynch, Prudential Securities and JP Morgan. Wendy’s team/herself were ranked in Institutional Investor’s US Research Team Surveys and All Asia Research Team surveys.
Years in industry: 21 years
Qualifications: BS Economics (University of Kentucky); MBA (Columbia University)
Yiran joined Nomura in October 2011. Yiran has eight years’ experience in equity research and five years’ experience in equity strategy research. In 2016, she joined the Greater-China strategy team to cover Greater-China equities. Prior to this, she worked at Macquarie Securities as a regional strategist. She also worked at Huatai United Securities and Jefferies.
Years in industry: 8 years
Qualifications: MA Economics (New York University); CFA Level III passed in 2010
Erin joined Nomura China Strategy team in May 2014. Prior to this, she worked at EDHEC Risk Institute on index analysis in France, and UBS Global Asset Management on capability management in the UK.
Years in industry: 5 years
Qualifications: MSc Financial Markets (EDHEC Business School); CFA Level III passed in 2012
Coverage: Equity Strategy, China
Autos & Auto Parts / Conglomerates / Utilities
Benjamin Lo, CFA Head of Hong Kong and China conglomerates and autos research +852 2252 6220 / [email protected]
Benjamin joined Nomura in June 2012. 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.
Years in industry: 15 years
Qualifications: LLB, BEcon (University of Sydney); CFA charterholder
Sylvia joined Nomura in June 2012 as a research associate in the conglomerates team. Prior to this, she has worked at JP Morgan, Lehman Brothers and Deutsche Bank.
Years in industry: 10 years
Qualifications: Bachelor of Science (University of Manitoba)
Joseph joined Nomura in July 2012 to cover China’s auto sector with a focus on EV, auto components and dealership 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.
Years in industry: 6 years
Qualifications: HKICPA charterholder; MBA (Chinese University of Hong Kong)
Emily covers the Hong Kong/China consumer sector. Prior to joining Nomura in 2016, Emily has been an equity analyst for 9 years covering the HK/China consumer discretionary retail, OEM, education and media, and was last with BNP Paribas. Prior to her equity research career, she was a management trainee at Esprit. She holds a bachelor’s degree in Finance from Pennsylvania State University.
Years in industry: 9 years
Qualifications: Bachelor’s degree in Finance and minor in International Business and Economics (Pennsylvania State University)
Scott covers the Hong Kong/China consumer sector. Prior to joining Nomura in 2016, Scott was an equity analyst with CIMB, covering the HK/China financials sector.
Years in industry: 4 years
Qualifications: MSc in Finance (Clark University)
Coverage: HK/China Consumer
Financials (Banks)
Sophie Jiang Head of Hong Kong and China banks research +852 2252 2194 / [email protected]
Sophie joined Nomura in February 2015, before which she worked for Religare Capital Markets as head of China banks research covering H-share listings. Prior to that, Sophie worked at CCBI as a research analyst covering China banks, and at Ernst & Young as an auditor since 2006, focusing on China financial institutions.
Years in industry: 9 years
Qualifications: Bachelor of Finance and Bachelor of Management (Renmin University of China); China CPA
Sandy joined Nomura in August 2016 and covers the China banks sector. Prior to this, Sandy worked in KPMG as an auditor focusing on financial institutions.
Years in industry: 1 year
Qualifications: BBA in Accounting and Finance (Hong Kong Polytechnic University); CFA; HKICPA
Jessie joined Nomura in February 2017 and covers the China banks sector. Prior to this, Jessie worked in Moody’s as a financial data analyst focusing on financial institutions, and in PwC as an auditor focusing on corporates.
Years in industry: 1 year
Qualifications: BBA in Accounting (Chinese University of Hong Kong) HKICPA
Coverage: Banks
Financials (Insurance and non-bank financials)
Shengbo Tang Head of Hong Kong and China insurance and non-bank financials research +852 2252 6210 / [email protected]
Shengbo joined Nomura in July 2015 as head of Hong Kong and China insurance and non-bank financials research from CICC, where he held a similar role. He has been consistently ranked #1 insurance analyst for China in various industry polls, including Institutional Investor, Asiamoney and Thomson Reuters’ Starmine. He previously worked as an insurance analyst at Everbright Securities and as an actuarial manager at China Taiping Insurance.
Years in industry: 10 years
Qualifications: BS, MS Applied Mathematics (Tongji University); Certified Fellow of the China Association of Actuaries
Haifeng Cao joined Nomura in 2015 and covers HK / China’s non-bank financial sectors. Prior to this, he researched on HK / China’s non-bank financial sectors for two years at Evalueserve for a Tier-1 European investment bank.
Stella Xing joined Nomura in 2014 and covers China healthcare and pharmaceuticals sectors. Prior to this, she worked in equity research at CIMB Securities in Hong Kong.
Years in industry: 5 years
Qualifications: BBA Accounting & Fi-nance (Hong Kong); CFA charterholder
Joyce joined Nomura in January 2017 and currently covers China Healthcare sector. Prior to this, she worked in PwC as an auditor. Joyce obtained her bachelor degree of Accounting and Finance from the University of Hong Kong.
Years in industry: 1 year
Qualifications: Bachelor’s in Accounting & Finance (Hong Kong)
Patrick joined Nomura in December 2014 to cover the China industrials sector. He previously worked as an analyst in the infrastructure and transport equity research team at Barclays Capital from 2010, and at DBS in equity research from 2007.
Years in industry: 10 years
Qualifications: BA International Economics & Trade (Tongji University); MA Economics (East China Normal University)
Ethan joined Nomura in October 2017 and covers the China industrials sector. Prior to this, he worked in Ernst & Young as an auditor focusing on corporates.
Years in industry: 1 year
Qualifications: BBA in Accountancy (City University of Hong Kong)
Shirley Lam joined Nomura in 2007, covering the China transport sector. Before joining Nomura, Shirley was at BNP Paribas from 2003 to 2007. Shirley received her BS and MPhil degrees in Statistics from the Chinese University of Hong Kong in 2000 and 2002, respectively. She also obtained her Diploma in Russian Language from the People’s Friendship University of Russia in 2003.
Years in industry: 13 years
Qualifications: MPhil (Statistics in Chinese University of Hong Kong)
Coverage: Transport & Logistics, China Basic Materials
Internet & Media
Jialong Shi Head of China internet and Media research +852 2252 1409 / [email protected]
Jialong joined Nomura in October 2015 as head of China internet research from Credit Suisse where he covered mid cap Chinese internet stocks. Jialong’s team was ranked No 3 in China Internet research in 2016 II All China poll. Before CS, Jialong worked at CLSA and Lehman Brothers as a research analyst in the China internet sector. Before he joined the finance industry, Jialong was a college lecturer on ecommerce technology at a Chinese university and a part-time teacher at New Oriental School.
Years in industry: 9 years
Qualifications: Masters of Finance (Shanghai Jiao Tong University)
Coverage: Internet / Media
Andrew Orchard, CFAVice President +852 2252 1400 / [email protected]
Andrew joined Nomura in February 2015 to cover China internet and media sectors. Previously, he was a regional transport and logistics analyst with CIMB Securities and RBS. He also worked in Asian equity strategy for RBS and ABN AMRO.
Years in industry: 9 years
Qualifications: BBA (University of Michigan, Ann Arbor), CFA charterholder
Michael joined Nomura in June 2017 and covers the China Internet sector. Prior to this, he worked in the deal advisory team at KPMG.
Years in industry: 5 months
Qualifications: Bachelor Accounting and Finance (The University of Hong Kong)
Coverage: Internet / Media
Energy
Lin ChenHead of Greater China Energy +852 2252 1555 / [email protected]
Lin joined Nomura in September 2017 and covers broader energy sector including oil & gas, chemicals and utilities. Prior to this Lin had 10 years of experience on both buyside and sellside (Morgan Stanley and Citi) covering oil & gas, chemicals and utilities sector.
Years in industry: 10 years
Qualifications: MSc in Banking and International Finance (Cass Business School)
Jamie joined Nomura in September 2014 and covers Greater China chemical industry and China gas sectors. Prior to this, he worked at Macquarie Capital Securities as an associate analyst and at Fubon Financial Holding as a management associate in Corporate and Investment Banking. Jamie’s experience and knowledge include not only equities but also credit, derivatives, and project finance.
Years in industry: 5 years
Qualifications: Masters in Finance (National Taiwan University)
Coverage: Oil & Gas and Chemicals, China Gas
Property (China)
Elly Chen Head of China property research+852 2252 2181 / [email protected]
Elly is the head of China property at Nomura. She joined Nomura in early 2014, prior to which she was a property analyst at Credit Suisse. She currently covers 18 stocks including developers and agents.
Years in industry: 7 years
Qualifications: BS Finance (Peking University); MS Finance (Washington University, St. Louis)
Chloe is the research associate of China property at Nomura. She joined Nomura in 2017, prior to which she spent 2 years as an analyst at Oriental Patron. Chloe had 2 years audit experience in Big Four before joining the equity research. Chloe has ACCA qualification.
Years in industry: 2 years
Qualifications: BS Finance (Xi’an Ji-aotong University); MS Finance (The Chinese University of Hong Kong); ACCA
Coverage: China property
Property (Hong Kong)
Joyce Kwock Head of Hong Kong property research +852 2252 1569 / [email protected]
Joyce is the head of Hong Kong property at Nomura. She joined Nomura from Bank of America Merrill Lynch, where she spent a year on the equity sales team. Prior to her stint at Merrill Lynch, she spent seven years as an analyst at Credit Suisse, covering Hong Kong/China property, conglomerates and logistics. Joyce had an accountant training, at Ernst & Young LLP in London and at PricewaterhouseCoopers in Hong Kong, prior joining the equity research. Joyce has CPA and FRM qualifications.
Years in industry: 9 years
Qualifications: BS Accountancy (The Chinese University of Hong Kong), CPA, FRM
Wayne joined Nomura’s research team in May 2017 and covers the Hong Kong Property sector. Prior to this, he was with Mizuho Securities and Credit Suisse as research analyst, covering China/Hong Kong Property and Conglomerates sectors. Wayne holds a BSc degree in Statistics from University College London. He is a CFA charterholder and a chartered accountant.
Years in industry: 5 years
Qualifications: BS Statistics (University College London), CFA, CPA
Joel Ying joined Nomura in August 2015 and covers China’s technology and telecom sectors. Joel worked in Barclays from May 2014 as an Assistant Vice President in the regional autos and capital goods research team; prior to that he spent four years working in Asian telecoms equity research in Shanghai.
Years in industry: 7 years
Qualifications: BS Law (Fudan University); CFA Charterholder
Bing Duan joined Nomura in January 2017 and covers China’s technology and telecom sectors. Bing worked in China UnionPay from February 2012 as a risk manager; prior to that, he has worked in China Telecom and Morgan Stanley’s technology department.
Years in industry: 1 year
Qualifications: MS Computer Science (Shanghai Jiaotong Univeristy);
MBA (Hong Kong University of Science and Technology)
Donnie has about 4 years of buy-/sell-side experience of global semiconductor research after working with UMC for 2.5 years. Donnie now supports Aaron in covering Greater China semiconductor stocks.
Years in industry: 4 years
Qualifications: Bachelor of Business Administration, M.S in Industrial Engineering (National Taiwan University)
Coverage: Technology (Semiconductors)
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Asia-Pacific Research Analyst Directory
IndiaHealthcare / Strategy
Saion Mukherjee Head of India equity research +91 22 4037 4184 / [email protected]
Saion joined Nomura in October 2008. He is head of India equity research and covers the India healthcare and pharmaceuticals sectors. Prior to this, he covered the pharmaceuticals and construction sectors at Lehman Brothers.
Years in industry: 12 years
Qualifications: BTech Chemical Engineering (IIT, Delhi); PGDM (IIM, Ahmedabad)
Neelotpal joined Nomura in November 2017. She is a part of the India strategy and healthcare research teams. Prior to joining Nomura, she was associated with J.P Morgan India Pvt. Ltd where she worked as a part of the Asia and Emerging Markets Equity Strategy. She has completed Masters of Science in Economics from the Indian Institute of Technology Kharagpur. She’s currently pursuing CFA level III.
Years in industry: 2 years
Qualifications: Masters of Science in Economics (Indian Institute of Technology Kharagpur)
Kapil Singh has been amongst the top-ranked auto sector analysts in India. He was ranked number 1 in his sector by Institutional Investor Magazine in 2015 and 2016 and #2 in 2017. He has completed his PGDM from IIM Lucknow and Masters in Management from ESCP-EAP, Paris. He has been at Nomura since 2008 and has previously worked at Lehman Brothers covering the same sector.
Years in industry: 10 years
Qualifications: BTech IT (IET, Lucknow); MMgmt (ESCP EAP, Paris)
Siddhartha joined Nomura on August 2015 after 2.5 years in a leading domestic brokerage – Edelweiss. Prior to this, he had stints in HSBC and Emkay Global. He has an overall equity research experience of nearly 6 years covering the auto and auto ancillary sector in India. At Nomura, he covers nearly 13 companies and has developed close relationships with the managements. He also regularly interacts with many clients and has received votes from some of them. He holds the CFA charter.
Years in industry: 6 years
Qualifications: B-Tech, MBA (Finance), CFA charterholder
Manish joined Nomura in October 2008 and covers the Indian consumer sector. Prior to this, he covered the Indian consumer and autos & auto parts sectors at Lehman Brothers, which he joined in 2007. Manish also covered the auto & auto parts sector for three years at ICICI Securities.
Years in industry: 11 years
Qualifications: BCom Hons (BES College); MBA (Symbiosis College, Pune)
Adarsh joined Nomura in June 2014 and covers the India financials space, including insurance. He has significant depth in his coverage with ~21 stocks across banks/ NBFCs/Insurance companies. Adarsh has been ranked highly in latest II and Asia Money surveys. Adarsh has ~10 years of work experience in the industry, and has previously worked with Goldman Sachs, JP Morgan and a domestic broker.
Years in industry: +10 years
Qualifications: BBM (Christ College, Bangalore); MBA in Finance (SP JIMR, Mumbai); CFA charterholder
Amit Nanavati joined Nomura in September 2010 and currently tracks Indian banks and financials. He has over nine years of equity research experience in Banks and Financial Services. He has done his MBA (Finance) from M.E.T (2007 batch), Mumbai, along with other professional courses such as CFA and FRM.
Riddhi joined Nomura in October 2015, and currently covers the India Financials (Banks and NBFCs). She is a chartered accountant and a commerce graduate from Shri Ram College of Commerce (SRCC), University of Delhi. Before Nomura, she worked with one of the Big 4 audit firms, Ernst & Young (EY), for two years with healthcare and automotive sector clients. She is also a CFA Charterholder.
Years in industry: 1 year
Qualifications: Chartered Accountant, Bcom (Hons) (University of Delhi), CFA
Amar joined Nomura in August 2008 and covers the Indian transport infrastructure and capital goods sectors. Prior to this, he was an analyst at ICICI Securities covering the aviation, logistics and infrastructure sectors.
Years in industry: 12 years
Qualifications: BCom (GM College); MBA (IIM, Lucknow)
Priyankar joined Nomura in April 2015 after three years at HSBC. He is part of the Indian industrials, transportation and capital goods equity research team based out of Mumbai. He started his career with Reliance Infrastructure Limited (2008-2010) in project management before completing his MBA from IIM Kozhikode (2010-2012). After his MBA, Priyankar joined HSBC (2012-2015) and worked with the Global Oil & Gas equity research team. He is currently pursuing CFA Level III.
Coverage: Industrials, Infrastructure, Transport and logistics
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Asia-Pacific Research Analyst Directory
India (cont’d)
Information Technology
Ashwin Mehta Regional Head of software & services research +91 22 4037 4465 / [email protected]
Ashwin is regional head of software & services research and also covers the India internet space. Prior to joining Nomura in September 2010, Ashwin was the lead analyst in the IT sector at Motilal Oswal. Ashwin has nearly 12 years of experience as the lead analyst in IT services. Prior to that, Ashwin worked for around six years in the IT services industry with companies like Infosys, Dresdner Kleinwort Investment Banking IT (Webtek) and Headstrong, across a range of roles including development, project management, pre sales and business analysis.
Years in industry: 12 years
Qualifications: BTech (IIT); MS Computational Finance (Carnegie Mellon); MBA (IIM, Lucknow); CFA charterholder
Rishit joined Nomura in 2015 and covers the Indian IT services and Internet space. Prior to Nomura, Rishit worked as an analyst with Goldman Sachs and had a total work experience of 5 years including a year with an advisory firm and 2.5 years with Infosys. Rishit holds a B.Tech (Mumbai University) and a management degree (NMIMS, Mumbai) and is currently pursuing CFA Level 3.
Anil joined Nomura in October 2008 and covers the Indian oil & gas, chemicals and cement sectors. Prior to joining sell-side research in 2007, Anil worked in the oil & gas industry for 14 years, with nine years at Reliance Industries and before that five years at GAIL. Anil has been amongst top-ranked analysts. He has been ranked #1 for two consecutive years (2016 and 2017), and was # 2 in 2015 by Institutional Investor magazine.
Years in industry: 10 years
Qualifications: BTech Chemical Engineering (IIT, Kanpur); PGDM (IMT, Ghaziabad)
Ravi joined Nomura in October 2008. Ravi covers the Indian oil & gas sector. Prior to Nomura, Ravi has worked at Lehman Brothers, Crisil and ONGC. Ravi is a chartered accountant and also holds the CFA charter.
Years in industry: 9 years
Qualifications: B.com (H), Chartered Accountant, CFA charterholder
Anirudh joined Nomura in May 2010 and covers the Indian power utilities, coal and telecom sectors. Prior to this he covered the Indian telecom & media sector at JM Financial Institutional Securities. Having previously worked at Morgan Stanley and Goldman Sachs, he has 17 years’ experience in India equity research across various sectors including telecoms, utilities, capital goods and oil & gas.
Years in industry: 17 years
Qualifications: BBA Business Studies, Masters Finance & Control (University of Delhi)
Coverage: Power Utilities, Coal, Renewables, Telcos
Sanjay Kadam joined Nomura in October 2008. He has 20 years of experience in the industry. He started his career from SSKI-IDFC in Aug 1995 as a research assistant. His previous employers include Dresdner Kleinwort, ABN AMRO, BRICS Securities & Lehman Brothers. He is a commerce graduate from Mumbai University.
Years in industry: 20 years
Qualifications: B.Com (Mumbai University)
Coverage: Database Analyst
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Asia-Pacific Research Analyst Directory
IndonesiaConsumer / Autos
Elvira Tjandrawinata Head of Indonesia equity research +62 21 2991 3341 / [email protected]
Elvira joined Nomura in 2014 as head of Indonesia equity research and covers the Indonesia auto and consumer sectors. Prior to this she was the co-head of Asia Pacific consumer research and head of research for Indonesia at BNP Paribas. She has more than 20 years of combined experienced as a sell side analyst and in industry, with positions at Enron Europe and Charoen Pokphand Indonesia.
Years in industry: 15 years
Qualifications: Bachelor of Business Administration (University of Wisconsin Madison); MBA (INSEAD)
Archit Kshetrapal joined Nomura in September 2015 as an analyst for the Indonesian consumer team after earning a Bachelor’s of Science in Finance and Economics (HONS) from the University of Texas at Dallas. During his undergraduate program, he interned with Civitas Capital Group in Dallas and ICICI Venture Funds Management Company in Mumbai. He was also an analyst for a student-managed investment fund at his university, covering the consumer discretionary sector in the United States.
Years in industry: 1 year
Qualifications: Bachelor of Science in Finance and Economics (The University of Texas at Dallas)
Deidy joined Nomura in June 2015 to cover consumer related sectors. His current coverage includes tobacco, food related staples (MYOR, ROTI, AISA), some retailers (ACES, MPPA, AMRT) as well as hospitals (MIKA, SILO). Previously, he was with DBS Vickers Securities covering infrastructure sectors (cement, toll road and construction), who he joined in 2012. Prior to that, he worked in the investor relations department at PT Media Nusantara Citra Tbk. Before moving to Indonesia, Deidy spent six years working as a firmware engineer at Broadcom Corporation in San Diego.
Years in industry: 5 years
Qualifications: BS Computer Science (UC San Diego); CFA charterholder
Anthony joined Nomura in August 2014 to cover property (BSDE, SMRA, CTRA, and LPKR) and infrastructure stocks (Toll road, Cement, and Contractors). Prior to this, he worked at Maybank Kim Eng Securities and NISP Securities as an equity analyst covering several sectors. He has 7 years of combined experienced as a sell side analyst and in banking, with position at Citibank Indonesia. He holds a Bachelor degree, double majoring in Finance & Operations management from Indiana University, USA.
Years in industry: 7 years
Qualifications: BSc Finance & Operation Management (University of Indiana, Bloomington)
Illona Freddy joined Nomura in January 2015 to assist coverage on the infrastructure related sector. Prior to her current role, she was with BNP Paribas Securities and she also honed her skills at the Boston Consulting Group (BCG) as an intern. She holds a Bachelor of Management from the Bandung Institute of Technologys.
Years in industry: 3 years
Qualifications: Bachelor of Management (Bandung Institute of Technology)
Coverage: Consumer, Property and Materials
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MalaysiaFinancials / Gaming / Construction
Tushar Mohata, CFA Head of Malaysia equity research +60 3 2027 6895 / [email protected]
Tushar joined Nomura Malaysia in December 2011 and covers financials, construction and gaming sectors. Previously, he has experience covering a wide range of sectors such as transportation, property and consumer. He is a CFA charterholder.
Years in industry: 9 years
Qualifications: BEng Electronics and Communication Engineering (BIT, Ranchi, India) MBA (IIM, Kozhikode); CFA charterholder
Alpa is an associate at Nomura Powai since June 2012 and currently covers the financials, construction and gaming sectors. She has also covered airport and property sectors in the past. She received an MBA from Indian Institute of Management Kozhikode in 2012, and is a CFA charterholder.
Years in industry: 5 years
Qualifications: Bachelor of Engineering (Electronics), MBA (Finance), CFA charterholder
June joined Nomura in January 2015 and covers the ASEAN utilities, palm oil and Malaysia- oil & gas sectors. Prior to this, she covered the utilities and coal sectors at DBS Vickers.
Years in industry: 13 years
Qualifications: BA Finance, MA Economics (University of Malaya)
Rahul joined Nomura in February 2017 and covers the ASEAN utilities and palm oil and Malaysia oil & gas sectors. Prior to this, he covered US consumer staples and restaurant sectors at Goldman Sachs Asset Management. He has received an MBA in Finance from IIM Lucknow and B. Tech & M. Tech from IIT Madras.
Years in industry: 2 years
Qualifications: MBA (Finance), B. Tech & M. Tech (Civil Engineering)
Coverage: Utilities, Oil & Gas and Palm Oil
Transport / Logistics
Ahmad Maghfur Usman Vice President +60 3 2027 6892 / [email protected]
Ahmad Maghfur Usman joined Nomura in December 2015 as an equity research analyst covering the transportation and industrials sector in ASEAN. He joined from RHB Research Institute (Malaysia). He has 10 years of sell-side research experience, primarily covering the ASEAN transportation sector, first at OSK, and then at RHB after the latter’s acquisition of OSK. Ahmad ranks among the top 5 transportation analyst in Malaysia by Asiamoney Broker Polls over the past three consecutive years.
Years in industry: 10 years
Qualifications: BBA (Hons) from Yarmouk University, Jordan
Coverage: Transport and Logistics
16
Asia-Pacific Research Analyst Directory
PhilippinesConglomerates / Utilities / Strategy
Dante Tinga Jr Head of Philippines equity research+63 2 8784969 / [email protected]
Dante is the head of research and strategy for BDO Nomura Philippines. He has over 20 years of experience in the financial services industry, mostly as an equity research analyst. Prior to joining BDO Nomura in December 2016, he was head of research for the Philippine Equity Partners-Bank of America Merrill Lynch joint venture. In his career, Dante has also served as the head of research at Credit Suisse Securities Philippines, the head of investment banking and special assets at the Land Bank of the Philippines, and as project developer for ABB Energy Ventures.
Years in industry: 20 years
Qualifications: BA University of the Philippines; MBA, University of Pennsylvania, The Wharton School
Abi joined BDO Nomura in October 2016. Prior to joining Nomura, Abi was connected with BDO Private Bank as vice president for equity and fixed income research; she has also worked at Bahay Financial Services, Inc. (an asset management firm under the Deutsche Bank group) as a senior analyst, at Roasters Philippines, Inc. (local operator for Kenny Rogers Roasters & Seattle’s Best Coffee) as an executive assistant for special projects, and at Ayala Land, Inc. as a corplan analyst.
Years in industry: 15 years
Qualifications: BS Business Administration and Accountancy (Cum Laude), University of the Philippines; CPA; CFA
Angelo joined BDO Nomura in November 2016. He covers the consumer sector in the Philippines. Angelo started his career with the asset management group of the Bank of the Philippine Islands in 2008. After his postgraduate studies in 2013, he joined the M&A advisory team of BDO Capital & Investment Corporation, the investment banking arm of BDO Unibank, Inc.
Years in industry: 8 years
Qualifications: AB Management Economics, Ateneo de Manila University; Master of Business Administration, Singapore Management University (Dean’s List)
Coverage: Consumer
Industrials / Telecommunications
Thomas Earll A Huang Research analyst+63 2 8784968 / [email protected]
Thomas Earll Huang covers the Philippine industrial and telecommunication companies. Prior to joining BDO Nomura, he was with BPI Securities covering the Philippine consumer, telecom, and utility sectors. He received his Master’s Degree in Business Administration from the Asian Institute of Management.
Years in industry: 5 years
Qualifications: Business Management,
DLS – College of Saint Benilde; Master of Business Administration, Asian Institute of Management (Dean’s List)
Marcus joined Nomura in September 2016 and now covers the Singapore and Indonesia banking sector. He has been covering various ASEAN banking sectors since 2014, with his last position at Fitch Ratings as an Associate Director.
Years in industry: 1 year
Qualifications: BSc (Hons) Banking & Finance (University of London)
Guo Hao joined Nomura in 2015 and now covers the ASEAN media, consumer sectors, having initially been part of the ASEAN offshore and marine team. Prior to this, he had relevant research/internship experience at Moody’s, Jefferies and Nikko Asset Management. He holds a Bachelor of Business Administration (Hons) from National University of Singapore.
Years in industry: 2 years
Qualifications: BBA (Hons) (National University of Singapore)
Abhishek joined Nomura in September 2011 and now covers the Singapore Industrials and ASEAN oil and gas sectors, having initially been part of the ASEAN offshore and marine team. Prior to this, he worked at an Indian brokerage house in Mumbai and at CRISIL, a ratings agency in India and a subsidiary of Standard & Poor’s.
Years in industry: 6 years
Qualifications: BCom (Hons) (SRCC, Delhi University); MBA (IBS, Hyderabad)
Bineet is an associate at Nomura Powai since June 2010 and currently covers the ASEAN oil & gas and chemicals sectors. He has also covered airport, consumer, property sectors in the past. Bineet is an MBA in Finance from XLRI Jamshedpur and B.Tech from IIT Kharagpur. He is also a CFA charter holder and certified FRM.
Years in industry: 6 years
Qualifications: Bachelor of Technology (BTech), MBA (Finance), CFA charterholder
Min Chow joined Nomura in October 2008 and covers the Singapore property/ REITs sector. Prior to this, he covered the same space at Lehman Brothers and has also worked at Net Research and CIMB-GK.
Years in industry: 11 years
Qualifications: BEng (National University of Singapore)
Royston joined Nomura in September 2015 as an analyst covering the Property/REITs sectors in Singapore and Malaysia. Prior to joining Nomura, he was with KPMG Corporate Finance providing valuation advisory services to corporate clients. He graduated with a Bachelor of Accountancy degree from Nanyang Technological University, Singapore.
Gopa covers telcos in ASEAN and Hong Kong for the Asia Telecom research team. He joined Nomura in June 2010 and has been a member of the Asia Telecom team since 2011. Prior to joining Nomura, he had three years of experience working as a software engineer at telecoms solution provider Aricent in India.
Years in industry: 5 years
Qualifications: BTech Electronics and Communication (College of Engineering Trivandrum, India); MBA (IIM, Kozhikode)
Ankur joined Nomura in November 2014 as an associate in the European Telecoms Research team. He is currently working as an associate in the ASEAN Telecom Research team. Prior to joining Nomura, Ankur worked as a consultant in the Capital Markets Group at TCS. Ankur is an MBA and a certified FRM and has also cleared CFA Level 3 exam.
Years in industry: 2 years
Qualifications: BTech Mechanical Engineering (MSRIT); MBA (NITIE)
Sulabh joined Nomura in January 2016 as an associate in the Asian Telecoms Research team. He has about 4 years of industry experience across the telecom and media space. Sulabh received an MBA from XLRI Jamshedpur, BE from Delhi College of Engineering and has cleared all three levels of CFA.
Years in industry: 4 years
Qualifications: MBA (XLRI Jamshedpur), BE (Delhi College of Engineering), CFA Level 3
Coverage: Telecoms
19
20
South KoreaTechnology (Semiconductors)
CW Chung Head of Korea equity research; Head of pan-Asia Tech/Semiconductors research +82 2 3783 2312 / [email protected]
CW (Changwon) joined Nomura in January 2009 and is head of equity research for Korea. He also covers the Korean technology and semiconductors sectors. Prior to this, he was a technology/semiconductors analyst at Lehman Brothers. CW was ranked #1 Semiconductor Analyst by Chosun Ilbo, Hankook Ilbo, Mail Economy and Herald Economy from 2004 to 2006.
Years in industry: 20 years
Qualifications: BS Biochemistry, MBA Finance (Yonsei University)
Chris joined Nomura in September 2009. He covers the IT hardware/display (lead analyst for global display) and mobile game sectors. Prior to his current role, Chris covered the steel, chemical and refining sectors.
Michael joined Nomura in July 2017 and covers Korean technology and IT hardware/display, shipbuilding and construction sectors. Prior to joining Nomura, Michael worked as Credit Risk Analyst at Bank of America Merrill Lynch. Michael holds a Bachelor of Commerce degree from University of Toronto.
Years in industry: 1 year
Qualifications: BComm Finance and Economics (University of Toronto)
Coverage: Technology (Hardware), Shipbuilding, Construction
Oil & Gas and Chemicals / Steel / Utility
Cindy Park Head of Basic Materials research, Asia ex-Japan+82 2 3783 2324 / [email protected]
Cindy joined Nomura in 2004 and is regional head of basic materials research, leads the Asian chemicals research team and covers both Korea energy-related and steel stocks. Prior to joining Nomura, she was with Merrill Lynch and also worked at Samsung Corporation’s chemical marketing division.
Yoonki joined Nomura in July 2015 and covers the Korean basic materials and energy sectors. He received his BA degree in Economics and Mathematics from Cornell University.
Years in industry: 2 years
Qualifications: BA (Cornell University)
Coverage: Oil & Gas and Chemicals, steel, utility
Asia-Pacific Research Analyst Directory
South Korea (cont’d)
Autos & Auto Parts / Internet / Telecommunications
Angela joined Nomura in September 2011 and is the Korean autos, internet and telecom analyst. Prior to her current role, she was at HSBC covering Korean autos stocks and before that was at JP Morgan covering the internet and telecom stocks. Angela also held a consultant role at Accenture in Seoul, Korea and Munich, Germany, and advised global TMT companies on establishing business strategies.
Years in industry: 11 years
Qualifications: BA Economics (Yonsei University); MBA (The Wharton School, University of Pennsylvania)
Daye joined Nomura in February 2016 and covers the Korean autos, internet and telecom sectors. Prior to this, Daye worked in General Electric’s finance division. She received her Bachelor’s Degree in Business Administration from Yonsei University.
Cara joined Nomura in 2005 and covers the Korean consumer sector, including discretionary retail (department stores, duty free stores), food retail (hypermarkets), on line retail (TV home shoppers), F&B (tobacco, confectionery, beverage), cosmetics (brands, ODMs), medical beauty (botox, fillers) and furniture (including interior materials). Prior to this she spent three years as an investor relations manager at Hankook Tire and four and a half years as a customer service manager for freight forwarding company Skygate Express.
Jiun joined Nomura in August 2015 and covers Korea’s consumer-related sectors. Prior to this, he spent three years with Daiwa Securities and LIG Investment & Securities in Seoul. He holds a Bachelor’s of Mathematics and Statistical Science from University College London.
David joined Nomura in 2014 and is covering the Korean banks. Prior to joining Nomura, David covered macroeconomics at Woori Investment & Securities. David received his BA degree in Economics from New York University.
Years in industry: 5 years
Qualifications: BA Economics (New York University)
Jaehyung Choi joined Nomura’s research team in February 2014 and covers the Korean shipbuilding, construction and defence sector. Prior to the current role, Jaehyung was a research associate for the auto/shipbuilding sector. He holds BA in Economics from Boston College.
Years in industry: 5 years
Qualifications: BA Economics (Boston College)
Coverage: Shipbuilding, Construction, Defence
22
Asia-Pacific Research Analyst Directory
TaiwanTechnology (Semiconductors)
Aaron Jeng, CFA Head of Taiwan equity research +886 2 2176 9962 / [email protected]
Aaron joined Nomura in 2010 and has 12 years’ technology research experience. He is the lead sector analyst for Greater China semiconductor research and Head of Taiwan equity research. Aaron’s often contrarian structural approach to research has made him an opinion leader in the Greater China semiconductor space. Aaron was ranked no. 3 technology semiconductor analyst in Institutional Investors’ 2016 All-Asia research team survey.
Years in industry: 12 years
Qualifications: BBA Finance (National Central University); MBA International Finance (National Chengchi University); CFA charterholder
Benson joined Nomura on Sep 2017 as part of Greater China semiconductor research team. Prior to joining Nomura, Benson has 3-year equity research experience with Macquarie and another 3-year experience in corporate finance with Vanguard International Semiconductor. Benson now mainly supports Aaron for Greater China semiconductor stocks.
Years in industry: 3 years
Qualifications: Master in Finance (National Chengchi University)
Bruno has about two years of sell-side experience of semiconductor research after graduating from National Chengchi University. Bruno supports Taiwan technology team in expanding regional tech franchise.
Years in industry: 2 years
Qualifications: Master in Finance (National Chengchi University)
Caren joined Nomura in March 2014 and covers Taiwan’s non tech sectors. Prior to this, she covered the same space at JP Morgan for four years and at Deutsche Asset Management and AllianceBernstein covering Taiwan non tech and the North Asia non-banking financial sectors (insurance & brokers).
Years in industry: 16 years
Qualifications: BA Statistics, BCom Finance (Auckland); MBA (Cambridge)
Coverage: Consumer / Industrial
Technology (Hardware)
Anne Lee, CFA Executive Director +886 2 2176 9966 / [email protected]
Anne joined Nomura in 2007 and covers the Greater China handset sector. With a background in small and mid-cap companies, her strength lies in monitoring market dynamics through broad channel checks and tracking of high volatility mid-cap names.
Years in industry: 12 years
Qualifications: BA Finance, MBA in Finance (National Taiwan University); CFA charterholder
Patrick joined Nomura in May 2014 and covers PC, display, industrial PC and telecoms sectors. Prior to this, he worked at UBS and Citi covering technology hardware, at Merrill Lynch covering telecom and media, and at Nomura covering financials.
Years in industry: 10 years
Qualifications: BBA (National Taiwan University); MBA (University of Virginia)
Shaotang Lee joined Nomura in November 2014, covering auto parts, optical communication, and handset component industry in Taiwan and supporting Anne Lee on the Asian handset supply chain. Prior to his current role, he was at BofA Merrill Lynch and Yuanta Investment Consulting covering the semiconductor industry. He obtained his Bachelor of Finance degree from National Taiwan University and is currently based in Taipei, Taiwan.
Years in industry: 5 years
Qualifications: BA Finance (National Taiwan University)
Coverage: Technology (hardware) / Auto & auto parts
Pallav joined Nomura in June 2017 as an Associate for Taiwan Technology and Telecom team after completing MBA from Indian Institute of Management, Indore. Prior to that he worked for two years in Indian Real Estate sector. He holds Bachelors in Commerce (Hons.) from Shri Ram College of Commerce (DU) in 2013. He is also a CFA Level 2 candidate.
Years in industry: 6 months
Qualifications: Bachelors of Commerce (Hons.)- SRCC, MBA (Finance and Strategy) – IIM Indore
Coverage: Technology and Telecom
24
Asia-Pacific Research Analyst Directory
ThailandConsumer
Marcin Spiewak, CFA Research analyst+66 2 287 6796 / [email protected]
Marcin joined Nomura in 2015 and covers the consumer sector. He has covered the Thai consumer sector since mid-2012, working at CIMB (Thailand), then at Asia Plus Securities (in partnership with Jefferies). He started as a Thai banks analyst for Asia Plus (in partnership with RBS) after moving to Thailand and receiving his CFA charter in 2011. Before moving to Thailand, Marcin spent six years working as a fund accountant at National Australia Bank, followed by Goldman Sachs Asset Management. He is a proficient Thai speaker.
Years in industry: 6 years
Qualifications: BCom (Melbourne); MFin (RMIT University); CFA charterholder
Annapurna holds a MSc Finance degree from Grenoble Ecole de Management, Singapore. She completed a double degree in BA Economics and BSc Business Administration from University at Buffalo, New York. She has also completed a Fintech Certificate Course in Future Commerce from the Massachusetts Institute of Technology. She initially interned with Nomura and later joined the research team in September’17.
Years in industry: 6 months
Qualifications: MSc Finance -Grenoble Ecole de Management BSc Business Adminis-tration & BA Economics -SUNY, University at Buffalo
Narumol joined Nomura 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.
Years in industry: 13 years
Qualifications: BBA, MBA (Assumption University, Bangkok)
Coverage: Banks and consumer lenders
Healthcare / Property
Thanatcha Jurukul Research analyst+66 2 287 6799 / [email protected]
Thanatcha joined Nomura in June 2013 and covers the property and healthcare sectors. Prior to this she held an internship at KPMG Thailand’s financial service audit department.
Years in industry: 4 years
Qualifications: Bachelor of Accounting (Thammasat University)
Coverage: Property / Healthcare / Pharmaceuticals
25
Fixed Income Analysts
Asia-Pacific Research Analyst Directory
EconomicsAsia ex-Japan
Rob Subbaraman Head of emerging markets economics; Head of AEJ FI Research+65 6433 6548 / [email protected]
Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where he was Chief Economist, Asia ex-Japan. His team of economists and strategists is responsible for forecasting the outlook of 10 Asian economies and developing market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 19 years living in Asia, including Hong Kong and Tokyo. He has a central banking background, having worked in the Economic Analysis Department at the Reserve Bank of Australia for seven years prior to joining Lehman Brothers.
Michael Loo joined Nomura in February 2014 and assists the Asia Chief Economist in conducting thematic macroeconomic research on Asia Ex-Japan. His prior experience includes internships in funds research and investment management at Bank of Singapore and Lend Lease. He holds a master degree in applied economics from Singapore Management University, where he emerged top of his cohort with a perfect GPA score.
Yang Zhao, Ph.D.Chief China economist+852 2252 1306 / [email protected]
Yang Zhao joined Nomura in February 2015 as Chief China Economist. Before joining Nomura, Dr. Zhao worked at China International Capital Corporation as Senior China economist for 4 years. Prior to that, Dr. Zhao spent 2 years at the Hong Kong Monetary Authority as researcher on China’s macro economy and financial markets.
Years in industry: 8 years
Qualifications: BA and MA Economics (Fudan University, Shanghai); Ph.D. Economics (University of Pittsburgh)
Wendy Chen joined Nomura in September 2008 and works in the China macroeconomic team. Her responsibilities include analysing and reporting on key economic dynamics in China and forecasting the economic trends. Prior to her current role, she joined Lehman Brothers in April 2007, also working in the China macro team.
Years in industry: 10 years
Qualifications: BA Literature (Zhejiang University); MA Management (Fudan University)
Lisheng Wang joined Nomura in May 2017 and works in the China macroeconomic team. His responsibilities include analysing economic dynamics and conducting thematic researches on the China economy. Prior to his current role, Lisheng interned at Hong Kong Monetary Authority, the People’s Bank of China, and the International Monetary Fund. His researches have been published or to be published at Review of Financial Studies, Asian Economic Policy Review, IMF Working Paper and PBC Working Paper.
Years in industry: 1 year
Qualifications: BA Economics and BA Management (Zhejiang University), M.Phil. and Ph.D. Economics (Chinese University of Hong Kong)
Sonal joined Nomura in October 2008 from Lehman Brothers, where she served as India economist. Her responsibilities include analysing and reporting the key economic trends in India as well as publishing in-depth reports on India. She previously worked as an Economist at ICICI Bank and CRISIL, with broad exposure to both the domestic and external workings of the Indian economy. Sonal was rated #1 on Research in India from 2012 to 2015 by The Asset Magazine and was among the Top 3 economists in India as ranked by the All-India Institutional Investor survey in 2013, 2014 and 2015.
Years in industry: 13 years
Qualifications: BA Economics (Delhi University); MA Economics (Delhi School of Economics)
Coverage: Economics (India)
Korea / Taiwan / Hong Kong
Young Sun Kwon Senior economist, Korea, Taiwan and Hong Kong+852 2536 7430 / [email protected]
Young Sun Kwon joined Nomura in September 2008 from Lehman Brothers, where he worked as senior Korea economist. Prior to that, he spent 15 years working at the Bank of Korea, where he was responsible for presenting research papers on monetary and exchange rate policy to the Monetary Policy Committee. Young Sun was ranked Top 30 Best Analyst (Overall Korea) in the Asiamoney Poll 2009 and his team was ranked #3 (Asia Economics) in Institutional Investor Poll 2010. He was also a member of the team that ranked Runner Up in the 2014 Institutional Investor survey.
Years in industry: 25 years
Qualifications: BA Business Economics (Korea University); MBA (Tuck School, Dartmouth College)
Minoru joined Nomura in April 2006. Since July 2015 he has been a Hong Kong-based member of the AEJ team, focusing on the economies of Taiwan and Hong Kong. Prior to his current role, Minoru worked in Tokyo as an economist covering the Japanese economy. For two years from January 2011 he was seconded to the Economic and Social Research Institute of the Cabinet Office where he worked in the National Account Department. Here, among other things, he helped in the calculation of national GDP statistics.
Years in industry: 11 years
Qualifications: BA Economics (Kyushu University); MA Economics (Hitotsubashi University)
Euben joined Nomura in February 2010 and focuses on the economies of Southeast Asia, covering Singapore, Indonesia, the Philippines, Thailand, and Malaysia. Prior to this he worked at RBS and before that Credit Suisse and DBS Bank. Euben was a member of the team that ranked Runner-Up in the 2014 Institutional Investor survey.
Years in industry: 13 years
Qualifications: BSc Business Econ (University of the Philippines); MSc Econ (NUS, Singapore); Advanced Certificate in International Econ (Kiel Institute, Germany)
Brian Tan is a Southeast Asia economist based in Singapore, focusing on the economies of Indonesia, Singapore and Malaysia. He won the 2016 Forecast Accuracy Awards for Singapore and Malaysia for his forecasts of Singapore and Malaysia GDP growth and consumer price inflation from Consensus Economics, the world’s leading economic survey organisation. Brian joined Nomura in July 2014 from Citi where he also covered Singapore and Malaysia. Brian has a Bachelor of Social Sciences (Hons) from the National University of Singapore where he read Economics.
Craig Chan Head of Emerging Markets Strategy; Head of Global EM FX Strategy +65 6433 6106 / [email protected]
Craig Chan joined Nomura in October 2008, from Lehman Brothers, which he joined in 2006 with an investment banking background. Prior to Nomura, Craig worked for Lehman Brothers in Hong Kong and Singapore. He has been working in the FX, fixed income and economic research fields since 1995, in both Hong Kong and Singapore, with a focus on Asia and major currency markets. In the 2013 and 2014 Institutional Investor poll for Asia FX & rates strategy, Nomura was ranked #1 and #2, respectively.
Years in industry: 22 years
Qualifications: BSc (Hons) Statistics and Economics (Heriot Watt)
Coverage: FX
Wee Choon Teo Vice President / FX strategist +65 6433 6107 / [email protected]
Wee Choon Teo joined Nomura in 2008 as a member of the FX strategy team. Prior to that, he held a comparable position at Lehman Brothers. Wee Choon was a member of the Asia FX & rates strategy team that ranked #1 and #2, respectively, in the 2013 and 2014 Institutional Investor poll.
Years in industry: 9 years
Qualifications: BS and MS Electrical and Computer Engineering (Carnegie Mellon); MFE (Nanyang Technological University)
Coverage: FX
Dushyant Padmanabhan Vice President / FX strategist +65 6433 6526 / [email protected]
Dushyant Padmanabhan joined Nomura in 2015 from Vanda Securities, an independent macro research house. Prior to this, he worked as an interest rates trader at ANZ Bank in Singapore and Hong Kong, followed by a stint at a global macro hedge fund. Since 2008, Dushyant has worked across asset classes and brings this experience to his current role as an FX strategist.
Years in industry: 7 years
Qualifications: BSc (Singapore Management University); Master of Finance (MIT); CFA charterholder
Coverage: FX
Peter Dragicevich Vice President / G10 FX strategist +65 6433 6513 / [email protected]
Peter joined Nomura in 2017 as a G10 FX Strategist in Singapore. In addition to covering the G10 currencies in the Asian time zone, Peter’s major focus is on the AUD and NZD as well as the Australian and New Zealand economies. Prior to joining Nomura, Peter worked at the Commonwealth Bank of Australia (CBA) in both London and Sydney as an interest rate and FX strategist and member of the international economics team.
Years in industry: 7 years
Qualifications: B. Economics (Hons) (University of New South Wales); LLB (University of New South Wales)
Coverage: G10 FX, Australia, New Zealand
Asia-Pacific Research Analyst Directory
Interest Rate StrategyAustralia
Andrew Ticehurst Interest rates strategist, Australia +61 2 8062 8611 / [email protected]
Andrew Ticehurst joined Nomura in December 2014 as a rates strategist, covering Australia and assisting with dollar bloc rate strategy. He has over 20 years of market experience, as an economist, investment strategist, portfolio manager and proprietary trader. Andrew has worked across the buy and sell side, including roles with Queensland Investment Corp and Suncorp Investment Management, and has worked with debt issuers, including the Commonwealth Treasury and Queensland Treasury Corporation.
Years in industry: 25 years
Qualifications: BEcon (Hons) (Macquarie); graduate of Australia’s Company Directors course; CFA charterholder
Coverage: Australia
Hong Kong
Albert Leung Interest rate strategist, North Asia +852 2252 1401 / [email protected]
Albert joined Nomura in June 2015 as North Asia rates strategist covering the China (both onshore and offshore), Hong Kong, Korea and Taiwan markets. Prior to Nomura, Albert worked at Bank of America Merrill Lynch which he joined in 2011 as an Asia local market strategist. Before Merrill Lynch he held a similar position at Citi, having moved across to fixed income research in 2007. Before that move Albert had been a member of Citi’s Asia and global equity strategy teams.
Years in industry: 14 years
Qualifications: BA Economics (Cambridge); MA Economics (Warwick)
Coverage: China on/offshore, Hong Kong, Korea, Taiwan
Singapore
Vivek Rajpal Interest rate strategist, South and Southeast Asia +65 6433 6555 / [email protected]
Vivek Rajpal joined Nomura and the rates strategy team in August 2010. Prior to that, he was rates desk strategist at Morgan Stanley. Early in his career, Vivek worked at GE Capital Analytics, where he developed in house interest rate models. Vivek has been receiving the region’s best local currency bond individuals award since 2013 in Asset survey for local bond currency research. He was a member of the currency and rates strategy team that achieved #1 and #2 rankings, respectively, in Institutional Investor’s All Asia research team survey in 2013 and 2014.
Years in industry: 14 years
Qualifications: B.Tech (IIT (ISM) Dhan-bad); MBA (IIT Bombay)
Prashant Pande has been a member of Nomura’s rates strategy team, focusing on Asia ex-Japan rates markets, for three years. He joined Nomura in 2010 as a member of the FX strategy team, with a focus on Asia ex-Japan currencies. He previously worked at Lehman Brothers in the fixed income risk technology department in Mumbai, and interned with the Barclays FX structuring desk in London.
Years in industry: 6 years
Qualifications: BE (VJTI, Bombay); MBA (IIM Calcutta)
Coverage: Rates strategist
31
Disclaimers
This publication contains material that has been prepared by the Nomura Group entity identified on page 1 and, if applicable, with the contributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified elsewhere in the publication. The term “Nomura Group” used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including: Nomura Securities Co., Ltd. (‘NSC’) Tokyo, Japan; Nomura International plc (‘NIplc’), UK; Nomura Securities International, Inc. (‘NSI’), New York, US; Instinet, LLC (‘ILLC’); Nomura International (Hong Kong) Ltd. (‘NIHK’), Hong Kong; Nomura Financial Investment (Korea) Co., Ltd. (‘NFIK’), Korea (Information on Nomura analysts registered with the Korea Financial Investment Association (‘KOFIA’) can be found on the KOFIA Intranet at http://dis.kofia.or.kr); Nomura Singapore Ltd. (‘NSL’), Singapore (Registration number 197201440E, regulated by the Monetary Authority of Singapore); Nomura Australia Ltd. (‘NAL’), Australia (ABN 48 003 032 513), regulated by the Australian Securities and Investment Commission (‘ASIC’) and holder of an Australian financial services licence number 246412; PT Nomura Sekuritas Indonesia (‘PTNSI’); Nomura Securities Malaysia Sdn. Bhd. (‘NSM’), Malaysia; NIHK, Taipei Branch (‘NITB’), Taiwan; Nomura Financial Advisory and Securities (India) Private Limited (‘NFASL’), Mumbai, India (Registered Address: Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India; Tel: +91 22 4037 4037, Fax: +91 22 4037 4111; CIN No: U74140MH2007PTC169116, SEBI Registration No. for Stock Broking activities : BSE INB011299030, NSE INB231299034, INF231299034, INE 231299034, MCX: INE261299034; SEBI Registration No. for Merchant Banking : INM000011419; SEBI Registration No. for Research: INH000001014 and NIplc, Madrid Branch (‘NIplc, Madrid’). ‘CNS Thailand’ next to an analyst’s name on the front page of a research report indicates that the analyst is employed by Capital Nomura Securities Public Company Limited (‘CNS’) to provide research assistance services to NSL under an agreement between CNS and NSL. ‘NSFSPL’ next to an employee’s name on the front page of a research report indicates that the individual is employed by Nomura Structured Finance Services Private Limited to provide assistance to certain Nomura entities under inter-company agreements. The “BDO-NS” (which stands for “BDO Nomura Securities, Inc.”) placed next to an analyst’s name on the front page of a research report indicates that the analyst is employed by BDO Unibank Inc. (“BDO Unibank”) who has been seconded to BDO-NS, to provide research assistance services to NSL under an agreement between BDO Unibank, NSL and BDO-NS. BDO-NS is a Philippines securities dealer, which is a joint venture between BDO Unibank and the Nomura Group.
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