2020 Institutional Investor - All-Asia Research Team Survey - Nomura
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2020 Institutional Investor All-Asia Research Team Survey We challenge our analysts to be curious and creative in their analysis of companies, and to provide our clients with a first-class service. Please recognize Nomura’s research efforts by voting for our teams in the 2020 All-Asia Institutional Investor Awards. Voting starts now
Introduction Nomura’s Asia-Pacific research team has over 250 professionals, spanning twelve countries from our home in Japan. Nomura is your natural partner for all Japan-related intelligence including political, economic, corporate and social institutions. Beyond Japan, Nomura sees the Asia-Pacific as our home market extension. Our roots in these complementary 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 ideas. 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. Nomura’s APAC equity research team covers over 1,120 stocks in the region and regards itself as a market leader in a number of sectors including Industrials, TMT and Consumer. Our holistic views are often presented in our flagship Anchor products. These are designed to give investors more detailed industry knowledge which can help formulate investment decisions. Our own readership data consistently advise us that this product captures most investors’ attention. Our recent Anchor Reports include our 2020 APAC Equity Strategy Outlook. This report highlights a positive scenario for APAC equities as an asset class in 2020. 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 products 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. We see a significant change in how investors view APAC markets in the coming years. This change pivots around how major index providers classify markets. The convention of sub-dividing APAC into Asia ex-Japan and Japan will disintegrate in the next few years. This, we believe will be replaced by a single APAC equity asset class which is dominated by China in 2023. Against this background, we are tasking our analysts to view companies through a wider APAC lens, as we see companies in each sector competing and cooperating at local levels in all APAC markets. We hope to develop our product offering in 2020 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. Jim McCafferty Katsushi Saito Joint-Head of APAC Equity Research Joint-Head of APAC Equity Research +852 2252 1189 / jim.mccafferty@nomura.com +81 3 6703 1160 / katsushi.saito@nomura.com i
Asia ex-Japan Research Analyst Directory Table of Contents Regional Management 1 Equity Analysts 2 China / Hong Kong 3 India 7 Malaysia 10 Philippines 12 Singapore 13 South Korea 14 Taiwan 16 Thailand 18 Japan 19 Fixed Income Analysts 20 Economics 21 ii
Analysts by Sector Name Phone e-mail Research Management Head of Global Research Takashi Tachi 81 3 6703 1100 takashi.tachi@nomura.com Joint-Head of APAC Equity Research Jim McCafferty 852 2252 1189 jim.mccafferty@nomura.com Joint-Head of APAC Equity Research Katsushi Saito 81 3 6703 1160 katsushi.saito@nomura.com Head of Global Macro Research Rob Subbaraman 65 6433 6548 rob.subbaraman@nomura.com Equity Strategy Asia-Pacific Chetan Seth, CFA 65 6433 6986 chetan.seth1@nomura.com Asia-Pacific Nirransh Jain 91 22 305 32092 nirransh.jain@nomura.com India Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com India Neelotpal Sahu 91 22 4037 4023 neelotpal.sahu1@nomura.com Malaysia Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com South Korea CW Chung 82 2 3783 2312 cwchung@nomura.com South Korea Jung Cho 822 3783 2332 jung.cho@nomura.com Autos & Auto Parts China Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com China Joseph Wong 852 2252 6111 josephmh.wong@nomura.com China Martin Heung 852 2252 1414 martin.heung@nomura.com India Kapil Singh 91 22 4037 4199 kapil.singh@nomura.com India Siddhartha Bera, CFA 91 22 4037 4362 siddhartha.bera@nomura.com South Korea Angela Hong 82 2 3783 2360 angela.hong@nomura.com South Korea Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com Basic Materials Greater China Jamie Wang 852 2252 2195 jamie.wang@nomura.com India Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com India Aditya Bansal 91 22 40374194 aditya.bansal1@nomura.com India Priyankar Biswas, CFA 91 22 4037 4992 priyankar.biswas@nomura.com Philippines Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com South Korea Cindy Park 82 2 3783 2324 cindy.park@nomura.com Southeast Asia Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com Southeast Asia Bineet Banka, CFA 91 22 4053 3784 bineet.banka@nomura.com Consumer China / Hong Kong Emily Lee 852 2252 1407 emily.lee@nomura.com China / Hong Kong Sandy Shao, CFA 852 2252 6177 sandy.shao@nomura.com China / Hong Kong Joseph Wong 852 2252 6111 josephmh.wong@nomura.com India Mihir Shah 91 22 403 74232 mihir.shah1@nomura.com Malaysia / Singapore Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com Philippines Angelo Torres 63 2 8784967 angelo.torres@nomura.com Philippines Diane Nicole Go 63 2 6881227 dianenicole.go@nomura.com South Korea Cara Song 82 2 3783 2328 cara.song@nomura.com Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com Thailand Thanatcha Jurukul 66 2 081 2799 thanatcha.jurukul.1@nomura.com Thailand Rajesh Kumar 91 22 3053 2910 rajesh.kumar@nomura.com iii
Asia ex-Japan Research Analyst Directory Analysts by Sector (cont’d) Name Phone e-mail Financials (Banks, Insurance and non-bank financials) China / Hong Kong Shengbo Tang 852 2252 6210 shengbo.tang@nomura.com China / Hong Kong Martin Ma 852 2252 2154 martin.ma@nomura.com India Adarsh Parasrampuria 91 22 4037 4034 adarsh.parasrampuria@nomura.com India Amit Nanavati 91 22 4037 4361 amit.nanavati@nomura.com India Tanuj Kyal 91 22 40374220 tanuj.kyal1@nomura.com Malaysia Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com Healthcare & Pharmaceuticals India Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com India Prateek Mandhana 91 22 40374219 prateek.mandhana@nomura.com Malaysia / Singapore / Taiwan Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com South Korea Cara Song 82 2 3783 2328 cara.song@nomura.com Thailand Thanatcha Jurukul 66 2 081 2799 thanatcha.jurukul.1@nomura.com Thailand Rajesh Kumar 91 22 3053 2910 rajesh.kumar@nomura.com Industrials China / Hong Kong Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com China / Hong Kong Jamie Wang 852 2252 2195 jamie.wang@nomura.com India Priyankar Biswas, CFA 91 22 4037 4992 priyankar.biswas@nomura.com India Neelotpal Sahu 91 22 4037 4023 neelotpal.sahu1@nomura.com Malaysia Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com Philippines Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com South Korea Jaehyung Choi 82 2 3783 2318 jaehyung.choi@nomura.com Southeast Asia Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com Southeast Asia Divya Thomas 91 22 672 35184 divya.thomas@nomura.com Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com Internet / Media China Jialong Shi 852 2252 1409 jialong.shi@nomura.com China Jessie Xu 852 2252 6197 jessie.xu@nomura.com China Thomas Shen 852 22521400 thomas.shen@nomura.com India Rishit Parikh 91 22 4037 4360 rishit.parikh@nomura.com South Korea Angela Hong 82 2 3783 2360 angela.hong@nomura.com South Korea Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com Oil & Gas and Chemicals Greater China Jamie Wang 852 2252 2195 jamie.wang@nomura.com India Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com India Aditya Bansal 91 22 40374194 aditya.bansal1@nomura.com Southeast Asia Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com Southeast Asia Bineet Banka, CFA 91 22 4053 3784 bineet.banka@nomura.com Philippines Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com South Korea Cindy Park 82 2 3783 2324 cindy.park@nomura.com Power & Utilities China Jamie Wang 852 2252 2195 jamie.wang@nomura.com Hong Kong Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com Hong Kong Martin Heung 852 2252 1414 martin.heung@nomura.com iv
Analysts by Sector (cont’d) Name Phone e-mail Power & Utilities (cont’d) India Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com India Aditya Bansal 91 22 40374194 aditya.bansal1@nomura.com Malaysia Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com Malaysia Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com Philippines Angelo Torres 63 2 8784967 angelo.torres@nomura.com South Korea Cindy Park 82 2 3783 2324 cindy.park@nomura.com Property China Leif Chang 852 2252 1554 leif.chang@nomura.com China Stella Guo 852 2252 1419 stella.guo@nomura.com Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com Technology Greater China Aaron Jeng, CFA 886 2 2176 9962 aaron.jeng@nomura.com Greater China Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com Greater China Donnie Teng 852 2252 1439 donnie.teng@nomura.com China Joel Ying, CFA 852 2252 2153 joel.ying@nomura.com China Bing Duan 852 2252 2141 bing.duan1@nomura.com China Ethan Zhang 852 2252 2157 ethan.zhang@nomura.com India Rishit Parikh 91 22 4037 4360 rishit.parikh@nomura.com Malaysia Heng Siong Kong 603 2027 6894 hengsiong.kong@nomura.com Malaysia Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com South Korea CW Chung 82 2 3783 2312 cwchung@nomura.com South Korea Jung Cho 822 3783 2332 jung.cho@nomura.com Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com Taiwan Benson Pan 886 2 2176 9970 benson.pan@nomura.com Taiwan Bruno Cheng 886 2 2176 9965 bruno.cheng@nomura.com Taiwan Martin Lee 886 2 2176 9963 martin.lee@nomura.com Telecommunications China Bing Duan 852 2252 2141 bing.duan1@nomura.com Hong Kong Ethan Zhang 852 2252 2157 ethan.zhang@nomura.com Malaysia Heng Siong Kong 603 2027 6894 hengsiong.kong@nomura.com Malaysia Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com Philippines Diane Nicole Go 63 2 6881227 dianenicole.go@nomura.com South Korea Angela Hong 82 2 3783 2360 angela.hong@nomura.com South Korea Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com v
Asia ex-Japan Research Analyst Directory Fixed Income Name Phone e-mail Economics Head of Global Macro Research and Rob Subbaraman 65 6433 6548 rob.subbaraman@nomura.com Co-head of Global Markets Research Chief Economist, India and Asia ex-Japan Sonal Varma 65 6433 6527 sonal.varma@nomura.com Chief China economist Ting Lu 852 2252 1306 ting.lu@nomura.com Chief ASEAN economist Euben Paracuelles 65 6433 6956 euben.paracuelles@nomura.com China Lisheng Wang 852 2252 2057 lisheng.wang@nomura.com China Jing Wang 852 22521011 jing.wang@nomura.com India Aurodeep Nandi 91 22 40374087 aurodeep.nandi@nomura.com Thailand and Singapore Charnon Boonnuch 65 6433 6189 charnon.boonnuch@nomura.com Indonesia and Malaysia Rangga Cipta 65 6433 4520 rangga.cipta@nomura.com vi
Analysts by Country Name Phone e-mail Research Management Head of Global Research Takashi Tachi 81 3 6703 1100 takashi.tachi@nomura.com Joint-Head of APAC Equity Research Jim McCafferty 852 2252 1189 jim.mccafferty@nomura.com Joint-Head of APAC Equity Research Katsushi Saito 81 3 6703 1160 katsushi.saito@nomura.com Head of Global Macro Research Rob Subbaraman 65 6433 6548 rob.subbaraman@nomura.com Hong Kong / China Head of Hong Kong equity research, Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com Autos / Conglomerates / Utilities Autos / Conglomerates / Utilities Martin Heung 852 2252 1414 martin.heung@nomura.com Home appliances / Autos Joseph Wong 852 2252 6111 josephmh.wong@nomura.com Consumer Emily Lee 852 2252 1407 emily.lee@nomura.com Consumer Sandy Shao, CFA 852 2252 6177 sandy.shao@nomura.com Industrials / Materials Jamie Wang 852 2252 2195 jamie.wang@nomura.com Insurance, Banks and Shengbo Tang 852 2252 6210 shengbo.tang@nomura.com non-bank financials Insurance, Banks and Martin Ma 852 2252 2154 martin.ma@nomura.com non-bank financials Internet / Media Jialong Shi 852 2252 1409 jialong.shi@nomura.com Internet / Media Thomas Shen 852 22521400 thomas.shen@nomura.com Internet / Education Jessie Xu 852 2252 6197 jessie.xu@nomura.com Property Leif Chang 852 2252 1554 leif.chang@nomura.com Property Stella Guo 852 2252 1419 stella.guo@nomura.com Technology (Semiconductors) Donnie Teng 852 2252 1439 donnie.teng@nomura.com Technology (Semiconductors) Aaron Jeng, CFA 886 2 2176 9962 aaron.jeng@nomura.com Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com Technology / Telecommunications Bing Duan 852 2252 2141 bing.duan1@nomura.com Technology / Telecommunications Ethan Zhang 852 2252 2157 ethan.zhang@nomura.com Technology / Telecommunications Joel Ying, CFA 852 2252 2153 joel.ying@nomura.com India Head of India equity research, Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com Healthcare / Strategy Strategy / Industrials Neelotpal Sahu 91 22 403 74023 neelotpal.sahu1@nomura.com Healthcare Prateek Mandhana 91 22 40374219 prateek.mandhana@nomura.com Autos & Auto Parts / Media Kapil Singh 91 22 4037 4199 kapil.singh@nomura.com Autos & Auto Parts / Media Siddhartha Bera, CFA 91 22 4037 4362 siddhartha.bera@nomura.com Banks and Financials Adarsh Parasrampuria 91 22 4037 4034 adarsh.parasrampuria@nomura.com Banks and Financials Amit Nanavati 91 22 4037 4361 amit.nanavati@nomura.com Banks and Financials Tanuj Kyal 9122 4037 4220 tanuj.kyal1@nomura.com Consumer Mihir Shah 91 22 403 74232 mihir.shah1@nomura.com Industrials / Metals Priyankar Biswas, CFA 91 22 4037 4992 priyankar.biswas@nomura.com IT Services and Internet Rishit Parikh 91 22 4037 4360 rishit.parikh@nomura.com Oil & Gas and Chemicals / Materials Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com Oil & Gas and Chemicals / Materials Aditya Bansal 91 22 40374194 aditya.bansal1@nomura.com vii
Asia ex-Japan Research Analyst Directory Analysts by Country Name Phone e-mail Malaysia Head of Malaysia equity research, Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com Financials / Gaming / Construction Financials / Gaming / Construction Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com Healthcare Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com (Singapore, Malaysia, Taiwan) Transport & Logistics / Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com Oil & Gas / Utilities Transport and Logistics Divya Thomas 91 22 672 35184 divya.thomas@nomura.com Oil & Gas / Utilities Bineet Banka, CFA 91 22 4053 3784 bineet.banka@nomura.com Technology / Telecoms / Rubber Gloves Heng Siong Kong 603 2027 6894 hengsiong.kong@nomura.com Technology / Telecoms / Rubber Gloves Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com Philippines Head of Philippines equity research, Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com Banks / Property Consumer-related / Utilities Angelo Torres 63 2 8784967 angelo.torres@nomura.com Consumer / Gaming / Telco Diane Nicole Go 63 2 6881227 dianenicole.go@nomura.com Conglomerates / Industrials Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com Singapore Equity Strategy (Asia Pacific) Chetan Seth, CFA 65 6433 6986 chetan.seth1@nomura.com Equity Strategy (Asia Pacific) Nirransh Jain Conglomerates Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com Gaming Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com Healthcare Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com (Singapore, Malaysia, Taiwan) Transportation (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com South Korea Head of Korea equity research, CW Chung 82 2 3783 2312 cwchung@nomura.com Technology (Semiconductors/Hardware) / Strategy Technology (Semiconductors/Hardware) Jung Cho 822 3783 2332 jung.cho@nomura.com / Strategy Oil & Gas & Chemicals / Basic Materials Cindy Park 82 2 3783 2324 cindy.park@nomura.com Oil & Gas & Chemicals / Basic Materials Soobin Park 822 3783 2320 soobin.park@nomura.com Autos / Internet / Telecommunications Angela Hong 82 2 3783 2360 angela.hong@nomura.com Autos / Internet / Telecommunications Eunjae So 822 3783 2338 eunjae.so@nomura.com Autos / Internet / Telecommunications Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com Consumer / Healthcare Cara Song 82 2 3783 2328 cara.song@nomura.com Consumer / Healthcare Nam Hweu Jo 822 3783 2333 namhweu.jo@nomura.com Industrials Jaehyung Choi 82 2 3783 2318 jaehyung.choi@nomura.com Taiwan Head of Taiwan equity research, Aaron Jeng, CFA 886 2 2176 9962 aaron.jeng@nomura.com Technology (Semiconductors) Technology (Semiconductors) Benson Pan 886 2 2176 9970 benson.pan@nomura.com Technology (Semiconductors/Hardware) Bruno Cheng 886 2 2176 9965 bruno.cheng@nomura.com Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com Technology (Hardware) Martin Lee 886 2 2176 9963 martin.lee@nomura.com viii
Analysts by Country (cont’d) Name Phone e-mail Taiwan (Cont’d) Technology (Semiconductors/Hardware) Donnie Teng 852 2252 1439 donnie.teng@nomura.com Small/mid-caps (Technology/Non-Tech) Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com Healthcare Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com (Singapore, Malaysia, Taiwan) Materials Jamie Wang 852 2252 2195 jamie.wang@nomura.com Thailand Healthcare / Consumer-related Thanatcha Jurukul 66 2 081 2799 thanatcha.jurukul.1@nomura.com Healthcare / Consumer-related Rajesh Kumar 91 22 3053 2910 rajesh.kumar@nomura.com Industrials / Energy Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com Japan Healthcare Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com (Singapore, Malaysia, Taiwan) ix
Asia ex-Japan Research Analyst Directory Research Management Takashi Tachi Years in industry: Head of Global Research 31 years +81 3 6703 1100 / takashi.tachi@nomura.com Qualifications: Master’s Degree in Takashi Tachi is Head of Global Research and oversees equity research in Japan, Science and Engineering AeJ, EMEA, and the Americas, as well as fixed income and economic research (Keio University) globally. Takashi’s remit also includes the Fiduciary Service Research Center and the Nomura Institute of Capital Markets Research. Additionally, he serves as general manager of the Market Strategy Research Department and joint head of Global Markets Research, Japan. Prior to this, Takashi was managing director of Nomura’s Institutional Fixed Income Sales Department for three years. Equity Research Jim McCafferty Years in industry: Joint-Head of APAC equity research 27 years +852 2252 1189 / jim.mccafferty@nomura.com Qualifications: BA (Hons) Economics Jim joined Nomura in July 2015 after five years with RBS/CIMB in Hong Kong, (Heriot Watt University); where he was head of Asia Pacific Research. Prior to moving to Hong Kong in MSc Political Economy 2010, Jim was a top-ranked telecoms analyst and Head of Research in London of East Asia with senior roles at ABN AMRO, Societe Generale and Seymour Pierce. He was (University of Sheffield) 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. Jim has a BA (Hons) degree in Economics from Heriot-Watt University and a MSc degree in Political Economy of East Asia from the University of Sheffield. Katsushi Saito Years in industry: Joint-Head of APAC equity research 29 years Head of equity research, Japan and Head of Asia-Pacific industrials research Qualifications: +81 3 6703 1160 / katsushi.saito@nomura.com BA Arts & Sciences (University of Tokyo) Katsushi Saito is Head of Asia-Pacific industrial and machinery research. He Coverage: aims to provide investment ideas based on a two-pronged approach: top-down Machinery analysis to anticipate global economic cycles based on macro indicators and bottom-up analysis based on company-specific competitive capabilities and growth strategies. Katsushi joined Nomura Research Institute in 1988. He gained experience researching unlisted companies, consulting on IPOs, and conducting equity research on German companies in Frankfurt before becoming an analyst covering the Japanese machinery sector in 1996. Fixed Income Research Rob Subbaraman Years in industry: Head of Global Macro Research and Co-head of Global Markets Research 30 years +65 6433 6548 / rob.subbaraman@nomura.com Qualifications: MEc (Hons) Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where (Macquarie University); he was Chief Economist, Asia ex-Japan. His team of economists and strategists MSc Economics is responsible for forecasting the outlook of 10 Asian economies and developing (Warwick University) market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 22 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. 1
Equity Analysts
Asia ex-Japan Research Analyst Directory China / Hong Kong Autos / Conglomerates / Utilities Benjamin Lo, CFA Years in industry: Head of Hong Kong equity research; 18 years Head of China autos and Hong Kong conglomerates/utilities research Qualifications: +852 2252 6220 / benjamin.lo@nomura.com LLB, BEcon (University of Sydney); Benjamin joined Nomura in June 2012. Prior to this, he headed Asia conglomerates CFA charterholder research at JP Morgan. Benjamin was ranked #2 in the 2013 Institutional Investors Coverage: All Asia Research Team survey for Conglomerates and #3 from 2010 to 2012. He Autos, Conglomerates, first joined Nomura in October 2008 as regional head of Conglomerates research Utilities from Lehman Brothers, previously, he also worked at Deutsche Bank. Martin Heung Years in industry: Analyst 5 years +852 2252 1414 / martin.heung@nomura.com Qualifications: MBA (Vanderbilt Uni- Martin joined Nomura in October 2018 as part of the China Autos, Hong versity), CFA Level III Kong Conglomerates & Utilities team. Previously, he was a senior associate candidate with PricewaterhouseCoopers. He also worked in long-only equity at Jacobs Coverage: Investment Management in the US. Autos, Conglomerates, Utilities Home appliances / Autos Joseph Wong Years in industry: Vice President 8 years +852 2252 6111 / josephmh.wong@nomura.com Qualifications: HKICPA charterholder; Joseph joined Nomura in July 2012 to cover the China auto sector with a more MBA (Chinese University recent focus on home appliances names. Before his current role, he was with of Hong Kong) Daiwa and Ernst & Young. He holds an MBA from the Chinese University of Hong Coverage: Kong and is a chartered accountant under HKICPA. Home appliances / Autos Consumer Emily Lee Years in industry: Vice President 10 years +852 2252 1407 / emily.lee@nomura.com Qualifications: Bachelor’s degree in Emily covers the Hong Kong/China consumer sector. Prior to joining Nomura in Finance and minor in 2016, Emily was an equity analyst for 10 years covering the HK/China consumer International Business discretionary retail, OEM, education and media sectors, and was last with BNP and Economics Paribas. Prior to her equity research career, she was a management trainee (Pennsylvania State at Esprit. She holds a bachelor’s degree in Finance from Pennsylvania State University) University. Coverage: HK/China Consumer Sandy Shao, CFA Years in industry: Associate 2 years +852 2252 6177 / sandy.shao@nomura.com Qualifications: BBA in Accounting and Sandy joined Nomura in August 2016 and covers the China consumer sector now Finance (Hong Kong Poly- after 2 years’ experience in the China banks sector. Prior to this, Sandy worked in technic University); KPMG as an auditor focusing on financial institutions. CFA; HKICPA Coverage: Consumer 3
China / Hong Kong (cont’d) Financials (Insurance, Banks and non-bank financials) Shengbo Tang Years in industry: Head of Hong Kong and China financials research 13 years +852 2252 6210 / shengbo.tang@nomura.com Qualifications: BS, MS Applied Shengbo Tang joined Nomura in 2015 as head of Hong Kong and China insurance Mathematics and non-bank financials research from CICC, where he was Head of China (Tongji University); insurance research. He has been a consistently top-ranked insurance analyst for Certified Fellow of the China in various industry polls, including Institutional Investor, Asiamoney and China Association of Thomson Reuters’ Starmine. Before CICC, Shengbo had worked as an actuarial Actuaries manager at China Taiping Insurance. Shengbo is a Fellow of the China Association Coverage: of Actuaries. Insurance, Banks and Non-Bank Financials Martin Ma Years in industry: Associate 4 years +852 2252 2154 / martin.ma@nomura.com Qualifications: Bachelor’s degree in Martin joined Nomura in October 2018 as part of the Insurance team. He currently Economics and Finance covers China Insurance for Nomura. Previously, he was a PE associate with China (University of Hong Kong) Minsheng Investment Group, with a focus on Fintech. He has also worked for Coverage: Jefferies. Insurance, Banks and Non-Bank Financials Internet & Media Jialong Shi Years in industry: Head of China internet and media research 10 years +852 2252 1409 / jialong.shi@nomura.com Qualifications: Masters of Finance Jialong joined Nomura in October 2015 as Head of China internet research from (Shanghai Jiao Tong Credit Suisse, where he covered mid-cap Chinese internet stocks. Jialong’s team University) was a runner-up in China Internet research in the 2018 II All Asia/China poll, and Coverage: he ranked the No 1 Earnings Estimator in the 2019 StarMine Analyst Awards in the Internet / Media Asia Interactive Media & Service category. Prior to Credit Suisse, 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. Thomas Shen, CFA Years in industry: Analyst 3 years +852 2252 1400 / thomas.shen@nomura.com Qualifications: Bachelor of Social Thomas joined Nomura in 2019 and covers the China Internet sector. He has 3 Science in Economics years of prior experience on both the sell-side and buy-side, covering the internet (Chinese University of and technology sectors. Hong Kong); Master of Finance (University of Hong Kong); CFA charterholder Coverage: Internet / Media 4
Asia ex-Japan Research Analyst Directory China / Hong Kong (cont’d) Internet and Education Jessie Xu Years in industry: Associate 6 years +852 2252 6197 / jessie.xu@nomura.com Qualifications: MSc in Economics (the Jessie joined Nomura in Dec 2017 and covers the China internet and education Chinese University of sectors. Prior to this, Jessie worked at Credit Suisse and Citigroup as a research Hong Kong) associate. Jessie received a Master’s Degree in Economics from the Chinese Coverage: University of Hong Kong. Internet and Education Industrials and Materials Jamie Wang Years in industry: Associate 7 years +852 2252 2195 / jamie.wang@nomura.com Qualifications: Masters in Finance Jamie joined Nomura in September 2014 covering the Greater China chemicals (National Taiwan sector, and has expanded his coverage to materials, gas, and industrial spaces University) in recent years. Prior to this, he worked at Macquarie Capital Securities as an Coverage: associate analyst and at Fubon Financial Holding as a management associate in Greater China Industrials Corporate and Investment Banking. Jamie’s experience and knowledge include not and Materials only equities but also credit, derivatives, and project finance. Property Leif Chang Years in industry: Head of China property research 7 years +852 2252 1554 / leif.chang@nomura.com Qualifications: BBA (National Taiwan Leif joined Nomura in December 2018. He leads coverage of the China property University) sector. Before joining Nomura, Leif was China Property analyst with Morgan Coverage: Stanley and BNP Paribas. China Property Stella Guo Years in industry: Analyst 3 years +852 2252 1419 / stella.guo@nomura.com Qualifications: MSc in Finance (The Chi- Stella joined Nomura in March 2019 as part of the China property team. Previously, nese University of Hong she worked at CITIC Securities. Kong) Coverage: China Property Technology Donnie Teng Years in industry: Vice President 6 years +852 2252 1439 / donnie.teng@nomura.com Qualifications: Bachelor of Business Donnie has about six years of buy-/sell-side experience in global semiconductor Administration, M.S in research after working with UMC for two-and-a-half years. Donnie now covers Industrial Engineering Greater China Semiconductor and Tech companies. (National Taiwan University) Coverage: Technology (Semiconductors/ Hardware) 5
China / Hong Kong (cont’d) Technology / Telecommunications Joel Ying, CFA Years in industry: Vice President 8 years +852 2252 2153 / joel.ying@nomura.com Qualifications: BS Law Joel joined Nomura in August 2015 and covers the China technology and telecom (Fudan University); sectors. Joel worked in Barclays from May 2014 as an Assistant Vice President in CFA charterholder the regional autos and capital goods research team; prior to that, he spent four Coverage: years working in Asian telecoms equity research in Shanghai. Technology/Telecoms Bing Duan Years in industry: Associate 2 years +852 2252 2141 / bing.duan1@nomura.com Qualifications: MS Computer Science Bing joined Nomura in January 2017 and covers the China technology and telecom (Shanghai Jiaotong sectors. Bing worked at China UnionPay from February 2012 as a risk manager; Univeristy); prior to that, he has worked at China Telecom and in Morgan Stanley’s technology MBA (Hong Kong department. University of Science and Technology) Coverage: Technology/Telecoms Ethan Zhang Years in industry: Analyst 3 years +852 2252 2157 / ethan.zhang@nomura.com Qualifications: BBA in Accountancy (City Ethan joined Nomura in October 2017 and covers the China technology and University of Hong Kong); telecom sectors. Prior to this, he worked at Ernst & Young as an auditor focusing CFA charterholder on corporates. Coverage: Technology/Telecoms 6
Asia ex-Japan Research Analyst Directory India Healthcare / Strategy Saion Mukherjee Years in industry: Head of India equity research 14 years +91 22 4037 4184 / saion.mukherjee@nomura.com Qualifications: BTech Chemical Saion joined Nomura in October 2008. He is head of India equity research and Engineering (IIT, Delhi); covers the India healthcare and pharmaceuticals sectors. Prior to this, he covered PGDM (IIM, Ahmedabad) the pharmaceuticals and construction sectors at Lehman Brothers. Coverage: Healthcare and Strategy Neelotpal Sahu Years in industry: Associate 4 years +91 22 4037 4023 / neelotpal.sahu1@nomura.com Qualifications: Master’s of Science Neelotpal joined Nomura in November 2017. She is a part of the India strategy in Economics (Indian research team. Prior to joining Nomura, she was associated with J.P Morgan India Institute of Technology Pvt. Ltd where she worked as a part of the Asia and Emerging Markets Equity Kharagpur) Strategy team. She holds a Master’s of Science in Economics from the Indian Coverage: Institute of Technology, Kharagpur. She is a CFA charter holder. India Equity Strategy & Industrials Prateek Mandhana Years in industry: Associate 2 years +91 22 40374219 / prateek.mandhana@nomura.com Qualifications: MBA, IIM Calcutta Prateek joined Nomura in November 2018 as part of the India research team. He Coverage: currently covers the India healthcare sector for Nomura. Previously, he was an Healthcare investment advisor for UHNI clients with Avendus Wealth Management. Autos & Auto Parts / Media Kapil Singh Years in industry: Executive Director 13 years +91 22 4037 4199 / kapil.singh@nomura.com Qualifications: BTech IT (IET, Lucknow); Kapil Singh has been amongst the top-ranked auto sector analysts in India. He MMgmt (ESCP EAP, Paris) was ranked #1 in his sector by Institutional Investor Magazine in 2015 and 2016 PGDM (IIM, Lucknow) 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 Coverage: previously worked at Lehman Brothers covering the same sector. Autos & Auto Parts and Media Siddhartha Bera, CFA Years in industry: Associate 7 years +91 22 4037 4362 / siddhartha.bera@nomura.com Qualifications: B-Tech, MBA (Finance), Siddhartha joined Nomura in August 2015 after 2.5 years with a leading domestic CFA charterholder brokerage, Edelweiss. Prior to this, he had stints at HSBC and Emkay Global. He Coverage: has overall equity research experience of nearly 7 years covering the auto and Autos & Auto Parts and auto ancillary sectors in India. At Nomura, he covers nearly 13 companies, and has Media developed close relationships with managements. He holds the CFA charter. 7
India (cont’d) Financials Adarsh Parasrampuria Years in industry: Executive Director 11 years +91 22 4037 4034 / adarsh.parasrampuria@nomura.com Qualifications: BBM (Christ College, Adarsh joined Nomura in June 2014 and covers the India financials space, Bangalore); including insurance. He has significant depth in his coverage with ~21 stocks MBA in Finance across banks/ NBFCs/Insurance companies. Adarsh has been ranked highly in (SP JIMR, Mumbai); the latest II and Asia Money surveys. Adarsh has ~10 years of work experience CFA charterholder in the industry, and has previously worked at Goldman Sachs, JP Morgan and a Coverage: domestic broker. India Banks and Financials Amit Nanavati Years in industry: Vice President 10 years +91 22 4037 4361 / amit.nanavati@nomura.com Qualifications: MBA (Finance) (M.E.T), Amit joined Nomura in September 2010 and currently tracks Indian banks and CFA financials. He has over nine years of equity research experience in Banks and Coverage: Financial Services. He received his MBA (Finance) from M.E.T (2007 batch), Financials Mumbai, along with other professional courses such as CFA and FRM. Tanuj Kyal Years in industry: Analyst
Asia ex-Japan Research Analyst Directory Industrials & Metals Priyankar Biswas, CFA Years in industry: Vice President 6 years +91 22 4037 4992 / priyankar.biswas@nomura.com Qualifications: BTech Electronics & Priyankar joined Nomura in April 2015 after three years at HSBC. He is part of Communication the Indian industrials, transportation, metals and capital goods equity research Engineering team based out of Mumbai. He started his career with Reliance Infrastructure (NIT Durgapur); Limited (2008-2010) in project management before completing his MBA from IIM PGDIM (IIM Kozhikode) Kozhikode (2010-2012). After his MBA, Priyankar joined HSBC (2012-2015) and Coverage: worked with the Global Oil & Gas equity research team. Industrials, Infrastructure, Metals, Transport and logistics IT Services and Internet Rishit Parikh Years in industry: Associate 5 years +91 22 4037 4360 / rishit.parikh@nomura.com Qualifications: B.E. Computer, MBA Rishit joined Nomura in 2015 and covers the Indian IT services and Internet space. (NMIMS) Prior to Nomura, Rishit worked as an analyst with Goldman Sachs and had total Coverage: work experience of 5 years including a year with an advisory firm and 2.5 years IT Services and Internet with Infosys. Rishit holds a B.Tech (Mumbai University), and a management degree (NMIMS, Mumbai). Consumer Mihir Shah Years in industry: Vice President 13 years +91 22 403 74232 / mihir.shah1@nomura.com Qualifications: B.Com (Vocational Tax) Mihir joined Nomura in January 2020 and covers the India Consumer Staples Diploma in Mkt. Mgm. & Discretionary (Retail, Paints, QSR) sector. Prior to this, he has worked with MMS – Finance Deutsche Equities, Axis Capital, Daiwa Capital Markets, Reliance Equities Coverage: International covering the same sector. He has consistently been a part of Top India Consumer Rated India Consumer Analyst teams by Institutional Investor and Asia Money. 9
Malaysia Financials / Gaming / Construction Tushar Mohata, CFA Years in industry: Head of Malaysia equity research 11 years +60 3 2027 6895 / tushar.mohata@nomura.com Qualifications: BEng Electronics and Tushar joined Nomura Malaysia in December 2011 and covers the financials, Communication construction and gaming sectors, along with equity strategy. He has 11 years Engineering of ASEAN research experience covering a wide range of sectors such as (BIT, Ranchi, India) transportation, property and consumer. He is a CFA charterholder. MBA (IIM, Kozhikode); CFA charterholder Coverage: Financials, Gaming and Construction Alpa Aggarwal, CFA Years in industry: Associate 7 years +91 22 3053 2250 / alpa.aggarwal@nomura.com Qualifications: Bachelor of Engineer- Alpa is an associate at Nomura Powai since June 2012 and currently covers the ing (Electronics), MBA financials, construction and gaming sectors, along with equity strategy. She has (Finance, IIM Kozhikode), also covered airport and property sectors in the past. She received an MBA from CFA charterholder the Indian Institute of Management, Kozhikode in 2012, and is a CFA charterholder. Coverage: Financials, Gaming and Construction Industrials / Transport / Energy and Chemicals / Utilities Ahmad Maghfur Usman Years in industry: Vice President 12 years +60 3 2027 6892 / ahmad.maghfurusman@nomura.com Qualifications: BBA (Hons) from Yarmouk Ahmad Maghfur Usman joined Nomura in December 2015 as an equity research University, Jordan analyst and currently looks at industrials, transportation, energy, chemicals and Coverage: utilities sectors in ASEAN. He joined from RHB Research Institute (Malaysia). Industrials, Transport, He has 12 years of sell-side research experience, primarily covering the ASEAN Energy and Chemicals, transportation sector, first at OSK, and then at RHB after the latter’s acquisition of Utilities OSK. Ahmad has ranked among the Top-5 transportation analyst in Malaysia by Asiamoney Broker Polls over the past three consecutive years. Divya Thomas Years in industry: Associate 4 years +91 22 672 35184 / divya.thomas@nomura.com Qualifications: BE Mechanical (Manipal Divya has been a part of the ASEAN Transport and Logistics team since October University), MBA (IIM 2017 and previously worked in the Risk and Finance team in Nomura. She Kozhikode) received an MBA degree from IIM Kozhikode in 2015 and a degree in Mechanical Coverage: Engineering from Manipal University in 2013. ASEAN Transport and Logistics Bineet Banka, CFA Years in industry: Vice President 9 years +91 22 4053 3784 / bineet.banka@nomura.com Qualifications: Bachelor of Technology Bineet is a part of at Nomura since June 2010 and currently covers the ASEAN (BTech), MBA (Finance), Oil & Gas and Utilities sectors. He has also covered the airport, consumer and CFA charterholder property sectors in the past. Bineet holds an MBA in Finance degree from XLRI Coverage: Jamshedpur and B.Tech from IIT Kharagpur. He is also a CFA charterholder and ASEAN Oil & Gas certified FRM. & Utilities 1`0
Asia ex-Japan Research Analyst Directory Malaysia (cont’d) Telco / Rubber Gloves / Technology / Small/mid-caps Heng Siong Kong Years in industry: Associate 11 years +603 2027 6894 / hengsiong.kong@nomura.com Qualifications: Bachelor of Commerce – Kong Heng Siong joined Nomura Malaysia in July 2018 and currently looks at the Actuarial Studies Malaysia telco, rubber gloves, technology, and small/mid-caps sectors. In his Coverage: previous stints, he covered sectors such as healthcare, rubber gloves, gaming, Malaysia Telco, Rubber construction and utilities, focusing predominantly on the Malaysian market. Gloves, Technology and Small/mid-caps Oil & Gas / Utilities Rahul Dohare Years in industry: Associate 3 years +91 22 672 34560 / rahul.dohare@nomura.com Qualifications: MBA (Finance), B. Tech & Rahul joined Nomura in February 2017 and covers the Malaysia telcos, rubber M. Tech (Civil Engineering) gloves, technology, and small/mid-caps sectors. Prior to this, he covered US Coverage: consumer staples and restaurant sectors at Goldman Sachs Asset Management. Malaysia Telco, Rubber He has received an MBA in Finance from IIM Lucknow and B.Tech & M.Tech from Gloves, Technology and IIT, Madras. Small/mid-caps 11
Philippines Banks / Property Abigail Chiw, CFA Years in industry: Head of Philippines equity research 15 years +63 2 8784590 / abigail.chiw@nomura.com Qualifications: BS Business Abi joined BDO Nomura in October 2016. Prior to joining Nomura, Abi was Administration and connected with BDO Private Bank as vice president for equity and fixed income Accountancy (Cum research; she has also worked at Bahay Financial Services, Inc. (an asset Laude), University of the management firm under the Deutsche Bank group) as a senior analyst; at Roasters Philippines; CPA; CFA Philippines, Inc. (local operator for Kenny Rogers Roasters & Seattle’s Best Coffee) Coverage: as an executive assistant for special projects, and at Ayala Land, Inc. as a corplan Banks and Property analyst. Consumer Angelo Torres Years in industry: Research analyst 10 years +63 2 8784967 / angelo.torres@nomura.com Qualifications: AB Management Angelo joined BDO Nomura in November 2016. He covers the consumer sector Economics, Ateneo de in the Philippines. Angelo started his career with the asset management group of Manila University; the Bank of the Philippine Islands in 2008. After his postgraduate studies in 2013, Master of Business he joined the M&A advisory team of BDO Capital & Investment Corporation, the Administration, Singapore investment banking arm of BDO Unibank, Inc. Management University (Dean’s List) Coverage: Consumer Conglomerates / Industrials Thomas Earll A Huang Years in industry: Research analyst 5 years +63 2 8784968 / thomasearll.huang@nomura.com Qualifications: Business Management, Thomas Earll Huang covers the Philippine conglomerates and Industrials sectors. DLS – College of Saint Prior to joining BDO Nomura, he was with BPI Securities covering the Philippine Benilde; Master’s of consumer, telecom, and utility sectors. He received his Master’s Degree in Business Administration, Business Administration from the Asian Institute of Management. Asian Institute of Management (Dean’s List) Coverage: Conglomerates / Industrials Consumer / Telco / Gaming Diane Nicole Go Years in industry: Research analyst 1 year +63 2 6881227 / dianenicole.go@nomura.com Qualifications: BS Applied Economics Diane joined BDO Nomura in February 2019. She covers the Philippine consumer, and BS Accountancy telco and gaming sectors. Prior to joining Nomura, Diane was connected with (Magna Cum Laude), De BDO Securities as a fixed income analyst. La Salle University; CPA Coverage: Consumer, Telco and Gaming 12
Asia ex-Japan Research Analyst Directory Singapore Equity Strategy Chetan Seth, CFA Years in industry: Vice President 13 years +65 6433 6986 / chetan.seth1@nomura.com Qualifications: CFA charterholder, Char- Chetan is Nomura’s Regional Equity Strategist based in Singapore. He has more tered Accountant (ICAI), than 10 years’ experience in Equity Strategy research having previously been an B.Com (Hons) Asia ex JP/Global Equities Strategist at Macquarie’s highly rated equity strategy Coverage: team in Hong Kong, and stints at other investment banks including Lehman Asia Pacific Equity Brothers. Chetan’s investment framework draws heavily from his global macro Strategy experience; and a data-driven/analytical approach to form an investment view on equities in the region. He started his career in 2002 at McKinsey in India, before joining the equities business in 2006 at Lehman Brothers. He is a qualified Chartered Accountant, and also a CFA charterholder. Nirransh Jain Years in industry: Analyst 2 years +91 22 3053 2092 / nirransh.jain@nomura.com Qualifications: MBA (XLRI Jamshedpur), Nirransh is an analyst at Nomura Powai since March 2019 and currently covers B.E. (NSIT,DU) Asia Pacific Equity Strategy. Prior to that, he worked with ICICI Bank where he Coverage: worked in the Global Clients Group. He has also cleared all the levels of CFA and is Asia Pacific Equity a certified FRM. Strategy 13
South Korea Technology (Semiconductors) CW Chung Years in industry: Head of Korea equity research; Head of pan-Asia Tech/Semiconductors research 20 years +82 2 3783 2312 / cwchung@nomura.com Qualifications: BS Biochemistry, CW (Changwon) joined Nomura in January 2009 and is head of equity research for MBA Finance Korea. He also covers the Korea technology and semiconductors sectors. Prior to (Yonsei University) this, he was a technology/semiconductors analyst at Lehman Brothers. CW was Coverage: ranked #1 Semiconductor Analyst by Chosun Ilbo, Hankook Ilbo, Mail Economy Technology and Herald Economy from 2004 to 2006. (Semiconductors) Jung Cho Years in industry: Analyst 1 year +822 3783 2332 / jung.cho@nomura.com Qualifications: BBA at Boston college Jung Cho joined Nomura in December 2018 and covers the Korea technology Coverage: and semiconductor sectors. Prior to this, he was at Daiwa Securities covering the Technology Korea tech sector. (Semiconductors) Oil & Gas and Chemicals / Steel / Utility Cindy Park Years in industry: Head of Basic Materials research, Asia ex-Japan 25 years +82 2 3783 2324 / cindy.park@nomura.com Qualifications: BA Economics Cindy joined Nomura in 2004 and is regional head of basic materials, energy and (Yonsei University) EV battery research. She leads research and price forecasts for oil & gas/chemical Coverage: and metals, in addition to her stock coverage. Prior to joining Nomura, she was Oil & Gas and Chemicals, with Merrill Lynch and Samsung Corporation’s chemical trading division. Steel, Utility Autos & Auto Parts / Internet / Telecommunications Angela Hong Years in industry: Executive Director 13 years +82 2 3783 2360 / angela.hong@nomura.com Qualifications: BA Economics Angela joined Nomura in September 2011 and is the Korea autos, internet and (Yonsei University); telecom analyst. Prior to her current role, she was at HSBC covering Korean autos MBA (The Wharton stocks and before that was at JP Morgan covering internet and telecom stocks. School, University of Angela also held a consultant role at Accenture in Seoul, Korea and Munich, Pennsylvania) Germany, and advised global TMT companies on establishing business strategies. Coverage: Autos, Internet, Telecoms Akash Gupta Years in industry: Anslyst 5 years +91 22 672 35492 / akash.gupta3@nomura.com Qualifications: B.Com(Hons.), Chartered Akash joined the Research team at Nomura Powai in September 2017 and currently Accountant, cleared all covers the auto, tire, internet and telecom sectors in Korea. Prior to joining levels of the CFA and Nomura, he worked at Goldman Sachs as Financial Controller for the Merchant Company Secretary Banking Division. Akash received his B.com (Hons.) from St. Xavier’s College, Exams Kolkata. He is a qualified Chartered Accountant and has cleared all levels of the Coverage: CFA and the Company Secretary course. Korea Autos, Internet, Telecoms, Transport/ Logistics 14
Asia ex-Japan Research Analyst Directory South Korea (cont’d) Consumer / Healthcare Cara Song Years in industry: Executive Director 14 years +82 2 3783 2328 / cara.song@nomura.com Qualifications: BBA (Hansung University) Cara joined Nomura in 2005 and covers the Korea consumer sector, including Coverage: discretionary retail (department stores, duty free stores), food retail (hypermarkets), Consumer, Healthcare online retail (TV home shoppers), F&B (tobacco, confectionery, beverage), cosmetics (brands, ODMs), medical beauty (botox, fillers), furniture (including interior materials) and healthcare sectors. 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. Industrials Jaehyung Choi Years in industry: Vice President 7 years +82 2 3783 2318 / jaehyung.choi@nomura.com Qualifications: BA Economics Jaehyung Choi joined Nomura’s research team in February 2014 and covers the (Boston College) Korean shipbuilding, construction, defence and machinery sectors. Prior to his Coverage: current role, Jaehyung was a research associate for the auto/shipbuilding sector. Shipbuilding, He holds a BA in Economics from Boston College. Construction, Defence, Machinery 15
Taiwan Technology (Semiconductors) Aaron Jeng, CFA Years in industry: Head of Taiwan equity research; Greater China semiconductor analyst 14 years +886 2 2176 9962 / aaron.jeng@nomura.com Qualifications: BBA Finance (National Aaron joined Nomura in 2010 and has 14 years’ technology research experience. Central University); He is the lead sector analyst for Greater China semiconductor research and Head MBA International of Taiwan equity research. Aaron’s often contrarian structural approach to research Finance (National has made him an opinion leader in the Greater China semiconductor space. Aaron Chengchi University); was ranked no. 3 technology semiconductor analyst in Institutional Investors’ 2016 CFA charterholder All-Asia research team survey. Coverage: Technology (Semiconductors) Benson Pan Years in industry: Associate 3 years +886 2 2176 9970 / benson.pan@nomura.com Qualifications: Master in Finance Benson joined Nomura in Sep 2017 as a part of the Greater China semiconductor (National Chengchi research team. Prior to joining Nomura, Benson has 3 years equity research University) experience with Macquarie and another 3-year experience in corporate finance Coverage: with Vanguard International Semiconductor. Benson now mainly supports Aaron Technology for Greater China semiconductor stocks. (Semiconductors) Bruno Cheng Years in industry: Associate 4 years +886 2 2176 9965 / bruno.cheng@nomura.com Qualifications: Master in Finance Bruno has about four years of sell-side experience in semiconductor research (National Chengchi after graduating from National Chengchi University. Bruno supports the Taiwan University) technology team in expanding the regional tech franchise. Coverage: Technology (Semiconductors/ Hardware) Technology (Hardware) Anne Lee, CFA Years in industry: Executive Director; Greater China Hardware/Handset analyst 14 years +886 2 2176 9966 / anne.lee@nomura.com Qualifications: BA Finance, Anne joined Nomura in 2007 and covers the Greater China handset sector. With MBA in Finance a background in small- and mid-cap companies, her strength lies in monitoring (National Taiwan market dynamics through broad channel checks and tracking of high volatility mid- University); cap names. In recent years, she has been focusing on Apple supply chain, China CFA charterholder handsets, and new technology developments. Coverage: Technology (Hardware) Martin Lee Years in industry: Analyst 3 years +886 2 2176 9963 / martin.lee@nomura.com Qualifications: Master in Finance (Simon +886 2 2176 9963 / martin.lee@nomura.com Business School at Uni- Martin joined Nomura in October 2018 as a part of the Taiwan technology team. versity of Rochester) He now supports Anne Lee to cover handset and components. Prior to his current Coverage: role, he worked at Daiwa Capital Markets as a research associate focusing on the Technology (Hardware) semiconductor industry, and also at PwC Taiwan (Advisory, Deals Service). Martin holds a Master’s degree in Finance from Simon Business School, University of Rochester. 16
Asia ex-Japan Research Analyst Directory Taiwan (cont’d) Small/mid-caps (Technology/Non-Tech) Shaotang Lee Years in industry: Associate 7 years +886 2 2176 9978 / shaotang.lee@nomura.com Qualifications: BA Finance (National Shaotang Lee joined Nomura in November 2014, covering small-/mid-caps in Taiwan University) Taiwan in both the tech and non-tech spaces, including sub-sectors like auto Coverage: parts, machinery, optical communication, CCL, textile/footwear, consumer and the Small/mid-caps handset component industry. Prior to his current role, he was at BofA Merrill Lynch (technology/non-tech) and Yuanta Investment Consulting covering the semiconductor industry. He holds a Bachelor’s of Finance degree from National Taiwan University, and is currently based in Taipei, Taiwan. 17
Thailand Healthcare / Consumer-related Thanatcha Jurukul Years in industry: Research analyst 6 years +66 2 081 2799 / thanatcha.jurukul.1@nomura.com Qualifications: Bachelor of Accounting Thanatcha joined Nomura in June 2013 and covers the healthcare and consumer- (Thammasat University) related sectors. Prior to this she was an intern at KPMG Thailand’s financial service Coverage: audit department. Healthcare / Consumer related Rajesh Kumar Years in industry: Associate 3 years +91 22 3053 2910 / rajesh.kumar@nomura.com Qualifications: MBA (IIM Udaipur), Rajesh joined Nomura in September 2018 and is currently part of the Thailand B.Tech (VIT University), Healthcare and Consumer teams. He has previously covered the China Education CFA charterholder and ASEAN Internet sectors. He previously worked with HSBC where he covered Coverage: LatAm Financials. He has completed CFA Level 3, and has a basic understanding Healthcare / of Mandarin language. Consumer related 18
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