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| 斯蒂芬·霍格， 闵tan. ＆ 团队 |
| 瑞士信贷 |
| 一场出场：10 总出现：16 团队首次亮相：1994年 |
斯蒂芬·霍尔，50，和闵tan.那45, shepherd their Credit Suisse squad to No. 1 for a fourth consecutive year, raising to ten the firm’s total number of top finishes on this lineup since 2002. “They have stayed a tight team for over a decade, rare in our industry,” says one investor. The seven Kuala Lumpur–based researchers are assisted by four colleagues with regionwide sector coverage responsibilities. Among the 45 Malaysian companies under the group’s coverage is Tenaga Nasional, the country’s largest electricity supplier, which the analysts boosted from neutral to outperform in May 2013. General elections that month resulted in a 60 percent parliamentary majority for Prime Minister Najib Razak’s ruling coalition, prompting optimism that power sector reforms would follow. Indeed, the government in December announced that beginning in 2014 it would cut the fuel subsidy to power companies and allow an electricity tariff hike of some 15 percent, on average, the first such increase since June 2011. Through late April shares of Kuala Lumpur–based provider surged 44 percent, to 11.94 ringgit, besting Malaysia’s broad market by 40 percentage points. The team continues to tout Tenaga, maintaining a target price of 12.40 ringgit. Also last May the crew downgraded Pavilion Real Estate Investment Trust from outperform to neutral, primarily on valuation. The Kuala Lumpur–based retail REIT’s stock had fallen 7.4 percent by late April, to 1.38 ringgit, while the nation’s broad market had advanced by 9.6 percent. “They were the first to reverse positions on the REITs, which was the right call,” cheers another portfolio manager.