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Technology, Media & Telecoms
自2000年以来首次宣称最高荣誉是美国证券-Merrill Lynch Squad的五大强烈Banc。
Julien Roch & teamBOFA-MERRILL LYNCH
second team马球唐和团队UBS
第三队Nicholas Bertolotti & teamCredit Suisse
runners-upPaul Reynolds & teamDeutsche;Filippo Lo Franco & teamJ.P. Morgan;Sarah Simon, Patrick Wellington & teamMorgan Stanley;Colin Tennant & teamNomura
自2000年以来首次宣称最高荣誉是美国证券-Merrill Lynch Squad的五大强烈Banc。在方向下Julien Roch根据一项货币经理，该团队赢得了赞扬的“联系着对欧洲股票产生影响的全球数据和事件”。致电消费者出版商和广播公司“结构上挑战和周期性”，团队降级了爱丁堡的约翰斯顿新闻出版社，美国第二大报发布者和独立新闻和媒体，是一名基于Dublin的集团，六月表现不佳。到12月31日，股票分别落后于63.1和59.3个百分点。39岁的Roch于1993年赢得了MBA，在法国EcoleSupérieuredscerciqueset商业商业公司赢得了MBA，并在雷曼兄弟曾在2003年加入Merrill之前作为媒体分析师工作。爬到第二名的竞赛是六会员的瑞银团队Polo Tang., who, according to one client, provides "exceptional access to management." Anticipating a slowdown in advertising, the team downgraded Britain’s ITV to sell in March, at 67.90p; by year-end the stock had plunged 41.5 percent, to 39.75p. The five-analyst Credit Suisse team guided byNicholas Bertolotti, which advances from runner-up to third, "excels at incisive, long-term, ‘forensic’ reports," declares one buy-sider. Case in point: the team’s March report, "Stormy Waters," which predicted that a sharp drop in earnings at media companies throughout the European Union would result in plummeting stock prices. The MSCI EU media index fell 25.5 percent in local currency terms in the final nine months of 2008.
Technology/Semiconductors
Nicolas Gaudois & teamUBS
second teamSandeep Deshpande.& teamJ.P. Morgan
第三队Janardan Menon & teamDresdner Kleinwort
runner-upJonathan CrossfieldBOFA-MERRILL LYNCH
UBS, unranked in this sector since 2005, shoots straight to the top, led by 38-year-oldNicolas Gaudois德意志银行(Deutsche Bank),他驾驶squad to No. 1 in 2007 and joined UBS in June. The two-member team is applauded for "sounding the warning notes early — and they paid off," insists one grateful buy-sider. The analysts downgraded STMicroelectronics to sell in September, at €8.15, citing margin pressure. Shares of the Swiss computer-chip manufacturer had plummeted 41.3 percent, to €4.78, by year-end. The J.P. Morgan Securities duo directed bySandeep Deshpande.slips one spot, to second place. The team broke with the consensus in April by downgrading Dutch etching-equipment developer ASML Holding to neutral. "Other analysts were talking up the stock while the fundamental outlook was deteriorating, but Sandeep’s people knew it wouldn’t last," recalls one investor. ASML’s share price had tumbled 21.4 percent by December 31 but still beat the sector’s loss by 20.4 percentage points. Advancing from runner-up to third place is the three-member Dresdner Kleinwort team guided byJanardan Menon, which offers "some of the best information and most rational argumentation anywhere," declares one client. In January 2008 the team reiterated its long-standing sell recommendation on ARM Holdings, a U.K.-based manufacturer of computer chips for cellular phones, on falling demand. The stock had sunk 15.4 percent by the end of the year.
Technology/Software
迈克尔特里斯特& teamUBS
second teamRaimo Lenschow & teamBOFA-MERRILL LYNCH
第三队Gerardus vos.& teamCiti
runners-upMark Bryan & teamDeutsche;James Dawson, Patrick Standaert & teamMorgan Stanley
Leaping from runner-up to capture first-place honors for the first time is the UBS duo directed by迈克尔特里斯特36岁。团队提供一个基金经理所说的s "a good, old-fashioned, outside-the-box observation" by recommending Autonomy Corp. in January 2008, at 905.00p, saying sales of the U.K.-based company’s data management and e-commerce applications would remain strong despite the faltering economy. The stock ended the year at 951.00p, a gain of 5.1 percent that outpaced the sector’s return by 28.1 percentage points. Briest, who earned a bachelor’s degree in economics at the University of Oxford in 1993, worked as a software analyst at Cazenove before joining UBS in 2000.Raimo Lenschowleads the two-member Banc of America Securities–Merrill Lynch team up one rung to second place. One impressed investor describes the analysts as "contrarian and prescient," citing a June downgrade to sell on France’s Capgemini, an information-technology services provider, on falling demand. The stock had slumped 36.9 percent by December 31. Slipping two notches to third place is the three-strong Citi team, led since June by newcomerGerardus vos., following Marc Geall’s departure for Autonomy. Reasoning that economic uncertainty would prompt companies to cut spending on IT services, in September the team downgraded several providers to sell, including France’s Atos Origin, which by the end of the year had fallen 50.7 percent; U.K.-based Logica, down 46.2 percent; and Finland’s TietoEnator Corp., down 38.0 percent.
Telecommunications Equipment
Kulbinder Garcha & teamCredit Suisse
second teamGareth JenkinsUBS
第三队Roderick Hall & teamJ.P. Morgan
runners-upSherief BakrCiti;Timothy Boddy & teamGoldman Sachs;Andrew Griffin & team
BOFA-MERRILL LYNCH;Stuart Jeffrey & teamNomura
四个强大的信用瑞士队队在第三年落在首位 - 并在过去六年的第五次。团队，在31岁的方向下Kulbinder Garcha, wins praise for its global perspective, which, according to one money manager, "gives us a more coherent sense of the competitive landscape." The analysts initiated coverage on U.S. handset manufacturer Motorola in June with an underperform rating, at $7.39, owing to fierce competition in the sluggish North American market. The share price had plunged 40.1 percent, to $4.43, by December 31. UBS spent the past four years in the runner-up position; newcomerGareth Jenkinsjoined the firm from Deutsche Bank in December 2007 and finishes in second place. Jenkins, who covers the sector all by himself, is a "wizard when it comes to market share and no slouch on appraising managements’ ability to execute," insists one happy client. The analyst downgraded Finland’s Nokia Corp., the world’s biggest mobile phone maker, from buy to sell in April, on declining sales. The share price had tumbled 39.3 percent by the end of the year. In third place is the previously unranked J.P. Morgan Securities trio led byRoderick Hall, who "knows the telecommunications industry better than most," according to one buy-side supporter. In December 2007 the team initiated coverage with a sell rating on Germany’s Balda, which supplies components for iPhones. The group made the case that the stock was overvalued at €9.90. By year-end 2008 it had taken a 94.8 percent nosedive, to €0.51. During the same period the sector plunged 53.7 percent.
Telecommunications Services
Hannes Wittig & teamJ.P. Morgan
second teamNicholas Delfas & team Morgan Stanley
第三队Laura Janssens & team UBS
runners-upTerence Sinclair & teamCiti;Jan-Willem Brand, Justin Funnell & teamCredit Suisse;Jesus Romero & teamBOFA-MERRILL LYNCH;格雷梅皮尔森＆团队Nomura
The seven-member J.P. Morgan Securities squad rockets from runner-up to capture the crown for the first time. The team, directed byHannes Wittigfollowing Raj Sinha’s August departure for HSBC Bank, enjoyed "a nearly flawless year," according to one impressed client. Among the group’s successful calls was a January 2008 downgrade of Germany’s Deutsche Telekom to sell, at €15.08, on the belief that investors were too optimistic about the company’s near-term prospects. In July, after the stock had slumped 31.0 percent, to €10.40, the analysts upgraded it to neutral, on valuation. It finished the year up 3.4 percent, at €10.75. Wittig, 44, worked as a telecommunications analyst at Dresdner Kleinwort before moving to J.P. Morgan in 2006; he earned a master’s degree in politics and philosophy from Munich’s Ludwig-Maximilians-Universität in 1992. Praised by one money manager for "demonstrating the strength of its convictions — and being proven right," the Morgan Stanley quintet led byNicholas Delfasrepeats in second place. The team downgraded Vodafone Group, the world’s biggest wireless-services provider, from buy to sell in March, at 157.00p, after determining that the European Union’s plans to restrict charges on calls routed to cell phones would sharply reduce the company’s profits. Vodafone shares fell 17.8 percent by late July, to 129.00p, at which point the team upgraded the stock to neutral, on valuation. It finished the year at 139.00p. Unranked last year, the five-member UBS team finishes third. Led byLaura Janssens, who moved from Merrill Lynch in 2007, the analysts are "a great source of moneymaking ideas," says one buy-sider, singling out the team’s May advice to buy U.K.-based data-services provider Inmarsat as a defensive play. Good call. By the end of the year, the stock had inched up 1.3 percent; the sector had tumbled 17.2 percent.