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The 2014 All-Asia Research Team: Gaming & Lodging, No. 1: Mark Bryan, Billy Ng & team
Bank of American Merrill Lynch’s five-person crew holds on to first place on this lineup despite a shift in leadership. Hong Kong–basedBilly Ng, 39, shares the reins now with newcomerMark Bryan, who works out of Sydney. Ng’s co-leader the past two years, Melvyn Boey, joined Nomura in October. This team, which also has members in South Korea and the Philippines, follows about 25 of the region’s gaming and lodging stocks. It foresees expanding its portfolio because improving Chinese consumption power is driving an increase in demand for research on the sector, whose shares jumped 25.4 percent over the 12 months through late April, besting the broader regional market by 21.6 percentage points. In light of this strong growth story and their belief that the group will continue to face an undersupply situation, the analysts hold a positive outlook. A particularly attractive name, they believe, is Macau-based Sands China, owner and operator of several local luxury hotel and casino resorts, including the Venetian, which was the first big gaming house to open on the Cotai Strip and is the world’s largest casino. Sands China is poised to benefit from its “strong mass-market exposure” and the fact that it has “the largest capacity in town,” Bryan says. The BofA Merrill squad “has consistently provided us with succinct, relevant and differentiated research that has assisted us in identifying excellent investment opportunities,” cheers one money manager. Bryan, 39, also co-leads, with Ming Hsun Lee, a runner-up team in Small- & Midcapitalization Stocks. Before relocating from London to join the firm in 2010, he covered European technology stocks at Deutsche Bank and ABN Amro. He holds a bachelor’s degree in economics from England’s University of East Anglia. |
