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2016 All-Asia Research Team: Autos & Auto Parts, No. 3: Ming (Jeff) Chung, Euisup (Andy) Lee & team
Recording its best showing since 2013, Bank of America Merrill Lynch earns third place.
Total appearances: 5
Team debut: 2011
Recording its best showing since 2013, Bank of America Merrill Lynch earns third place. Its regional autos and auto parts team merited a runner-spot last year, whenMing (Jeff) Chungdebuted on this roster.Euisup (Andy) Leehas been a leader of BofA Merrill’s squad in each of its five appearances. With the firm since May 2014, Chung previously covered autos for Daiwa Capital Markets Hong Kong and was an associate at Bank of Tokyo-Mitsubishi UFJ. He graduated with an MSc in economics from England’s University of Manchester after earning a bachelor of science degree with honors in the same subject from the U.K.’s University of Warwick. Investors applaud these researchers for their comprehensive coverage; responsive client service; and accurate, timely reporting on the sector’s downturn. Their “frequent market updates on sales situations and contacts with corporates” are especially valuable to one portfolio manager. A second fan echoes that sentiment: “They have the best data set on autos and trucks in China. This robust data set allows for real-time analysis that is better than their peers’.” On the subject of the region’s biggest market, Chung advises that although “short-term seasonality in China auto demand is difficult to predict, the following two areas will not change over the next three to four years: We expect the entry-level luxury car and new-energy vehicle segments to outperform the industry due to consumption upgrades and policy tailwinds.” In addition, he says, “from a bottom-up perspective, platform integration and a higher degree of common auto parts should speed up the R&D cycle going forward.” Companies likely to benefit most significantly from this trend, the group believes, include Brilliance China Automotive Holdings, a Hong Kong–headquartered diversified manufacturer that produces and sells auto components, BMW vehicles and minibuses on the mainland; vehicle and battery maker BYD Co. of China; and Geely Automobile Holdings, a China-based multinational supplier of autos and parts.