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The 2014 Emerging EMEA Research Team: Middle East & North Africa Equity Strategy, No. 1: Michael Harris, Stephen Pettyfer & team
首先抓住这个roster for the third time since 2011, and for a second straight year, is the Bank of America Merrill Lynch squad, which wins particular investor praise for its customer service. These analysts “distinguish themselves from others by their client-friendly approach,” as one admirer says. “When it comes to answering questions and communicating ideas clearly, the BofA Merrill team really stands out.”Michael Harrisin London and Dubai-basedStephen Pettyferco-captain the five-person troupe. As he did last year, Pettyfer also co-pilots with Haim Israel theNo. 2 squad in Telecommunications. Harris also directs the first-place teams inCEEMEA Equity Strategy,Emerging-Europe Equity StrategyandTurkey Equity Strategy; he left the firm in April to lead Turkey coverage for Rennaisance Capital. Preferred names in the Middle East & North Africa region include long-standing favorite Emaar Properties, a United Arab Emirates–based global real estate and property management concern, “for its continued strong retail growth,” reports Pettyfer, as well as its “sustained profitability from Dubai hotels.” The developer’s accelerated project launches in that emirate should also improve free cash flow, he adds. Over the 12 months through May, Emaar’s shares rocketed 92.4 percent, to 10.45 dirhams, soaring past its emerging-markets peers by 83.7 percentage points. BofA Merrill’s strategists are also positive on the prospects for Qatar National Bank. The Gulf region’s largest bank is “a best-of-breed name,” Pettyfer says, “that’s well placed to capitalize on growth of ‘Qatar Inc.,’ with more than 50 percent market share and sector-leading return on equity” of 21 percent. Moreover, QNB’s trailing dividend yield of 4 percent compares favorably with 2.4 percent yield on the Qatari government’s six-year bonds, he adds, and management’s prudent international expansion “provides another lever for future growth beyond Qatar.” The team’s target price of 215 riyals represents an 18.1 percent upside to the shares trading value in late May. |
