Daishin Securities, UBS Are Home to Asia’s Best Stock Pickers

The Asia ex-Japan region may be the engine of global growth these days, but that doesn’t mean all stocks will benefit equally from rising investor interest. In fact, research directors at the most highly ranked firms on亚博赞助欧冠’s2016 All-Asia Research Team说选择性变得越来越重要。

为了找出哪些公司和个人提供了最有利可图的建议，蒂姆集团（timgroup）评估了约33家公司，该集团总部位于伦敦，是全球最大的网络运营商，将投资者与机构经纪公司的交易理念联系起来，它去年向投资亚洲股票的对冲基金和传统资产管理公司分发了800份股票建议。

“The growth of ideas as a content set in Asia is remarkable,” reports William Herkelrath, New York–based head of business development. “Total stock coverage has doubled in under four years as the buy side has become increasingly interested in moving money into markets like China. Asia now represents approximately a third of the TIM global ideas universe.”

That universe also includes Australia and New Zealand,Europe,JapanandNorth America.Contributors are evaluated on the basis of idea performance, volume and consistency, among other factors.

With regard to the Asia ranking, “we use local country benchmarks, where available, and default to MSCI Asia ex-Japan where not,” explains Robert Schuessler, director of analytics. “Benchmarking allows us to compare contributor performance across a diverse region without overweighting high or low performance on a specific exchange.”

瑞银(UBS)不仅是蒂姆集团顶级投行穿孔ormer in Asia, it’s also the only firm to finish in the regional top three every year since this ranking was introduced, in 2013. Eligible members of its team produced 685 trade ideas, with an average outperformance of 3.79 percentage points, last year. Bank of America Merrill Lynch claims second place, with nearly 1,200 suggestions that beat the benchmark by 3.65 points, on average. Goldman Sachs (Asia) ranks third; its 256 recommendations likewise generated returns that outpaced the market by 3.65 points.

Among smaller firms, South Korea’s Daishin Securities is No. 1 despite having only one eligible participant, Ester Kang — a remarkable salesperson who came up with nearly 170 suggestions that bested the market by an incredible 20.95 points.

蒂姆集团（timgroup）只认可大型券商中的前三名；然而，它在小型券商中排名前十。这是完整的名单，平均表现包括在括号内。

•Daishin Securities, South Korea (20.95 percent)

•CIMB Securities, Malaysia (7.99 percent)

•印度Batlivala&Karani证券公司（14.03%）

•中国国际金融公司（5.46%）

•印度证券（13.81%）

•Nomura (4.07 percent)

•印度Equirus证券公司（11.85%）

•CLSA (3.93 percent)

•麦格理资本证券（3.86%）

•BGC&Mint Partners（3.76%）

美国银行-美林宣称阿四f the ten top-performing individuals among Asia’s biggest brokerages:

•乔恩康纳,Bank of America Merrill Lynch (9.50 percent)*

•科林·西姆,UBS (6.20 percent)*

•Raymond Chan,UBS (10.26 percent)

•曾玛丽安,Morgan Stanley (5.21 percent)*

•Kevin Lai,Bank of America Merrill Lynch (7.40 percent)

•Anthony Iser，瑞银（5.51%）*

•叶珍妮特,Morgan Stanley (6.32 percent)

•约瑟夫米尔普里,Bank of America Merrill Lynch (5.21 percent)*

•Oliver Tetlow,Bank of America Merrill Lynch (5.96 percent)

•埃里克·希梅尔瑞士信贷（4.07%）

中档和精品店的赢家：

•Ester Kang,Daishin Securities (20.95 percent)

•金钟民里昂证券（11.59%）*

•王兰琪,Nomura (10.55 percent)*

•Daniel Raats麦格理资本证券（8.96%）*

•Nicholas Lu，中国国际金融公司（8.94%）*

•玛丽·贝思·麦克纳马拉中集证券（6.87%）*

•Hari Srinivasan,Batlivala & Karani Securities (14.03 percent)

•蒂姆·弗兰克斯,HSBC (6.42 percent)*

•赵雪莉，海通国际（7.02%）*

•维涅什·苏雷什,IndiaNivesh Securities (13.81 percent)

*业绩优于排名较低的销售人员，因为他们提供了更多的有利可图的电话和/或那些持续时间较长的电话。

韩国央行4月底发布报告称，韩国第一季度实际国内生产总值（gdp）增幅仅为0.4%，低于2015年最后三个月的0.7%。大信证券（Daishin Securities）的康思德（Ester Kang）认为，经济低迷只是暂时的。

“The whole paradigm of South Korea’s leading industry is changing,” she observes. “I think another interesting market will be back with different leading sectors.”

首尔的销售人员补充说，这样的环境创造了机会。“这项工作最好的部分是当你发现一只有很大增长潜力的股票时，市场就会同意你的观点。“韩国仍有许多伟大的公司没有适当地介绍给投资者。”

她称赞大信的研究部门激发了她的最佳想法，但同时也指出，“监控新闻更新在决策中起着重要作用。”例如，5月中旬有消息称，韩国最大的私募股权基金之一IMM Private Equity，她计划向在线市场运营商SK Planet投资5000亿韩元（约合4.28亿美元），决定仔细研究母公司SK Telecom及其拟议收购CJ HelloVision，后者是美国领先的互联网电视内容提供商。

Kang has taken a circuitous route to equity research sales. She earned a degree in clothing and textiles at Seoul’s Yonsei University, then worked for 11 years in the investor relations department of Korean Air Lines Co. before joining Daishin in 2012. “I guess we never know what life holds out there for us,” she says of her varied career. “I was supposed to become a fashion designer!”

金钟民,who celebrates his third appearance in four years as one of TIM Group’s top performers in the region, followed a more traditional path to his current position. “I joined CLSA in 2004 initially as a research assistant after a three-month internship at HSBC,” says Kim, who earned a bachelor’s degree in economics at the U.K.’s University of Bristol.

“When I was first moved onto the sales desk, the person who hired me left for a bigger role within the firm shortly thereafter,” he recalls. “I was clueless as to what I was supposed to be doing, but my mentor had simple words of advice: ‘Learn from your clients not from other brokers.’ So I just called my clients all day. I must have been very irritating and useless in the beginning, but then a few used me as the young, locally based assistant to gather data by visiting companies, and visiting all these companies enabled me to form an independent view to complement that of the research analysts.”

Frequent meetings with management teams and animated discussions with analysts and investors remain Kim’s greatest sources of inspiration, he adds.

As for independent views, the Seoul-based head of country sales for South Korea was largely on his own in late 2014 when he began urging clients to buy shares of Kolon Corp., a holding company whose chemicals subsidiary had lost a very high-profile intellectual property lawsuit brought by U.S.-based E.I. du Pont de Nemours and Co.

“Everybody hated that group,” Kim recalls. “Its largest operating affiliate, Kolon Industries, had been ordered to pay $920 million toDuPonton infringement accusations, and two thirds of its market cap was lost.”

那是在2011年。三年后，美国联邦上诉法院推翻了这一裁决，去年12月底，这家母公司宣布，将增持科龙实业59.4万股，将持股比例提高到30%左右，以便对科龙实业施加更大的控制。

“科隆工业的核心业务拥有很高的市场份额，可能会成为低油价的受益者，”Kim解释道。“因此，我推荐这两家实体的理由是，对整个集团的折扣太大了。”

Kolon Corp.’s stock advanced 261.5 percent last year, while shares of Kolon Industries gained 29.9 percent. During the same period, South Korea’s benchmark Kospi Index inched up 2.4 percent.

上个月，这家控股公司同意向杜邦支付2.75亿美元，以解决此案。

In mid-May 2015 he told clients to short Leaders Cosmetics Co. (then known as Sansung Life & Science Co.). “The stock had risen sixfold since the beginning of the year, but it’s a one-product wonder, and too many people were suggesting ambitious mathematics on how its face masks were going to sell in China,” Kim reports. “My Chinese colleagues were telling me how its products were increasingly losing shelf space — market euphoria was typical of what you see quite frequently in Korea on all things China consumer–related, and thus the decision to short it. The stock eventually ended the year where it began.”

These days he is recommending other ostracized stocks such as Hanjin Transportation Co., which is “overly depressed and heavily discounted due to problems within Hanjin Shipping Co. that are more perceived than real — it owns a significant amount of property and terminal assets that have not been marked to market, and its core logistics business has always shown great volume growth.”

该子公司是韩国以运力衡量的最大集装箱运输公司，该公司第一季度净亏损2610亿韩元，主要原因是运价低和需求疲软，但金正恩认为，转机在即。

他说：“作为一名股票销售员，最棒的部分是接触到比你聪明得多的人的分析和意见，无论是在公司内部还是外部，他们都比你的智力能力强得多。”。“销售人员基本上可以背着别人，而不用花上几个小时的分析工作——对不起，伙计们！-并拥有连接其他人努力提供的点的奢侈。在一个越来越被机器和量化策略所主导的时代，我下床的目的仍然是回到最基本的方法，即专注于人的因素，即出去踢轮胎，基本上提取发现价值！”

Follow Thomas W. Johnson on Twitter at@tjohnson_nyc.