2014年新兴EMEA研究团队：化学品，2号：Sriharsha Pappu，Yonah Weisz＆Team

汇丰银行在指导下的队伍Sriharsha Pappu.和yonah weisz.in Tel Aviv repeats at No. 2. The three-member team reports on 34 regional chemicals stocks, earning praise for their “deep knowledge of both industry dynamics and companies’ specifics projects, which creates a holistic understanding of supply and demand trends and companies’ earnings power,” as one money manager puts it. Commodity chemicals in the Middle East climbed some 12 percent year-to-date through late May, owing to a rerating of that subsector on the back of an improving supply-demand outlook, notes Dubai-based Pappu. In the agrichemicals space, says Weisz, who works out of Tel Aviv, “potash is making a slow recovery, yet the risk of overproduction prevents a full return to normal industry structure, following the chaos of 2013.” Demand and pricing for phosphates has been very strong in the short term, he adds, and long-term consolidation also suggests good prospects for that segment. In February the strategists reiterated their overweight rating on Saudi Basic Industries Corp., better known as Sabic, and assigned a price target of 130 riyals. The diversified petrochemicals manufacturer enjoyed significant leverage to improving industry fundamentals, they advised, and its growth potential was underappreciated while its cash-usage risks were overstated. Sabic’s stock was trading at 115.94 at the end of May.