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2016 All-Asia Research Team: Property, No. 3: Cheong-Ga (Karl) Choi, Chi Hung (Raymond) Ngai & team
Bank of America Merrill Lynch slips from second place to third, the position it held in 2012 through 2014.
Total appearances: 10
Team debut: 1997
Bank of America Merrill Lynch slips from second place to third, the position it held in 2012 through 2014. Its regional property research efforts are co-led byCheong-Ga (Karl) Choi, 46, and 48-year-oldChi Hung (Raymond) Ngai. These 15 property analysts “are very responsive to clients and knowledgeable in their coverage,” insists one loyal buy-sider. From offices throughout the region, the BofA Merrill squad monitors 120 names. “We see 2016 as a year of stock picking in Asia-Pacific real estate, within narrow valuation ranges and corporate action themes,” says Ngai, who teams with Angello Chan in managing the No. 3 group on the Hong Kong lineup. “Concerns over rate spikes may linger, but this could increasingly ease in light of macro.” In addition, they forecast that real estate investment trusts “will remain a relevant asset class,” he advises, “and believe that government policies could turn more accommodative in the future.” Another fund manager highlights the leadership pair’s appeal, remarking that “Karl is one of the most solid analysts covering the sector — great industry insight and always prudent when doing due diligence and forecasts. Raymond is among the most experienced analysts covering Hong Kong and China property, and having someone who has been through cycles makes his calls very convincing.”