2016全亚洲研究团队:Gaming & Lodging, No. 1: Kam Chung (Kenneth) Fong & Team

方锦涌(Kenneth瑞士信贷(Credit Suisse)的地区博彩和住宿业务从第三名首次跻身赢家之列，将3年冠军美国银行美林(Bank of America Merrill Lynch)挤到了第二名。考虑到客户的广泛赞誉，这也不足为奇。例如，一位投资组合经理指出，方和他的同事们“一直都能做出很好的判断，撰写详细的研究报告，拥有最好的企业渠道和行业人脉，最先预测行业触底，与管理层关系良好。”该组织有8名分析师在香港、吉隆坡、马尼拉和首尔工作，监控着该领域的20家公司。他们对整个行业的前景持乐观态度，并预计2016年游戏总收入将增长8%。这位38岁的领导人表示:“我们相信，中国流动性的改善、签证的逐步放宽以及房地产价格表现的改善，可能会逐渐渗入需求，推动经济持续复苏。”他补充称，从中期来看，“可能会出台更多支持性政策，比如增加广东省个人赴港旅游项目和商务签证，这将是一个有利的选择，但目前我们还没有这样的选择。”综合赌场和度假村设施运营商永利澳门(Wynn Macau)是研究人员首选的参与者。他们建议，考虑到永利的奢侈品定位，它是澳门高端需求复苏的主要受益者，并最可能通过8月份新赌场的开业来利用该行业复苏带来的收益。此外，Fong指出，该公司的管理团队有着良好的业绩记录，其股票的估值并不高，相当于新项目账面价值的1倍。 Credit Suisse pegs Wynn shares at HK$14.50; they closed at HK$11.54 late last month. Fong has directed the firm’s regional gaming and lodging research efforts since signing on in June 2014 from J.P. Morgan, whose crews he led to three appearances on this roster, including third-place showings that year and in 2013. He previously worked on the research desks at Nomura and Lehman Brothers and spent several years in auditing at PricewaterhouseCoopers. The analyst holds an MBA from the Columbia Business School in New York, as well as a bachelor’s degree in accountancy from Hong Kong Polytechnic University. Fong “was among the first to recommend taking profits after the stocks he picked outperformed massively,” another admirer attests. “I follow his research calls very closely.”