2019 Institutional Investor - All-Asia Research Team Survey Our analysts are tasked with delivering creative and original ideas - Nomura
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2019 Institutional Investor
All-Asia Research Team Survey
Our analysts are tasked with
delivering creative and original ideas.
Please recognize their efforts by
voting for our research teams in the
2019 Institutional Investor Awards.
Voting starts now
Introduction
Nomura’s Asia-Pacific research team has over 300 professionals spanning twelve countries from our home in Japan. Our
Japan equities and fixed-income research teams are widely acknowledged as market leaders. Nomura is your natural partner
for all Japan-related intelligence including political, economic, corporate and social institutions. Beyond Japan, Nomura sees
the Asia-Pacific as our home market extension. Our roots in these complementary markets date back some fifty years.
Our fixed-income research team covers economics, FX, rates and quantitative strategies. This team provides forecasts on
macro-economies and thought leadership on fundamental ideas. Our value proposition covers three areas. First, impactful
research. Nomura aims to be one of the first in the market to publish views on freshly released economic data via our First
Insights report. Second, collaborative studies. Our economists and strategists work very closely together and co-author Asia
Insights reports on the implications of new data or breaking events. Third, the team publishes close to twenty Asia Special
Reports each year. These reports consider fundamental, longer-term thematic research ideas.
Nomura recognizes that investors can access a lot of information from sources that can compete with equity research
products. For this reason, Nomura is pivoting its product to idea-driven material. This requires our analysts to give an
informed opinion on industries and issuers rather than simply echo the views of company management.
Our analysts are mandated with shifting the financial discussion beyond the income statement. We think investors can be
overly dependent on metrics such as EPS which can be easily manipulated. Nomura encourages its analysts to look at
company balance sheets and reconcile cash-flows from one financial year to the next. As many fund managers embrace ESG
investing, we also ask our analysts to consider the role of other stakeholders of the business. This will help analysts challenge
the capital allocation decisions of management and generate a considered debate over shareholder priorities.
In addition to the preparation of robust fundamental research, Nomura requires its analysts to consider the role of Japan
and how it affects companies, industries and countries in the wider Asia-Pacific. We have constructed a research identity
that we have named “Kokoro”. “Kokoro” is a Japanese word which means “heart” in an emotional sense. Our depth of
understanding of Japan is one of our strongest cards, and we mandate our analysts in the wider Asia Pacific region to explore
Japanese linkages and relevance when evaluating investment cases for listed equities. Our analysts have drawn parallels
between post-bubble Japan and investor concerns in present day China and Korea. These relate to demographics, exchange
rate management, trade wars and capital flight. Our Korea research team has extensively analyzed corporate governance
reform prospects in Korea based on implementation of the Stewardship Code in Japan. Here, Korea and Japan have similar
structures, agencies and norms which lead to a compelling case for comparative analysis.
We see significant change in how investors view APAC markets in the coming years. This change pivots around how major
index providers classify markets. The convention of sub-dividing APAC into Asia ex-Japan and Japan will disintegrate in the
next few years. This will be replaced by a single APAC equity asset class which is dominated by China in 2023. Against this
background we are tasking our analysts to view companies through a wider APAC lens, as we see companies in each sector
competing and cooperating at local levels in all APAC markets.
The world is changing quickly. Nomura’s research team is actively embracing AI technology to complement our fundamental
analysis. At the end of 2018, Nomura launched its Hotaru research note. This Hotaru note highlights our company-specific
stock recommendation at a time when we receive a supportive signal from our proprietary quantitative AI system. These
signals are generated when share price movements, volumes and shareholder register changes confluence to support our
research recommendation.
We hope to develop our product offering in 2019 by addressing topical themes and filtering our vision through to stock
selection. Our expertise in Japan will be championed to identify precedents or trends that can traverse geographies and lead
stock selection in other proximate markets.
Nomura’s research team is tasked with the preparation of creative and imaginative content that challenges convention. Our
undertaking is to give our clients a considered opinion rather than historic commentary. We are confident that Nomura’s
research will make sense of the intricacies of the Asia-Pacific region. We welcome your feedback.
Jun Konomi
Head of Equity Research, Asia-Pacific
Director of Financial & Economic Research Centre, Japan
+81 3 6703 1110 / jun.konomi@nomura.com
Jim McCafferty
Head of Equity Research, Asia ex-Japan
+852 2252 1189 / jim.mccafferty@nomura.com
Rob Subbaraman
Head of Fixed Income Research, Asia ex-Japan
Head of global Emerging Markets Economics
+65 6433 6548 / rob.subbaraman@nomura.com
i
Asia ex-Japan Research Analyst Directory Table of Contents Regional Management 1 Equity Analysts 2 China / Hong Kong 3 India 8 Indonesia 11 Malaysia 12 Philippines 14 Singapore 15 South Korea 17 Taiwan 20 Thailand 22 Fixed Income Analysts 23 Economics 24 ii
Analysts by Sector
Name Phone e-mail
Regional Management
Equity Research Jun Konomi 81 3 6703 1110 jun.konomi@nomura.com
Equity Research Jim McCafferty 852 2252 1189 jim.mccafferty@nomura.com
Equity Research Trevor Kalcic 65 6433 6968 trevor.kalcic@nomura.com
Fixed Income Research Rob Subbaraman 65 6433 6548 rob.subbaraman@nomura.com
Equity Strategy
ASEAN Chetan Seth 65 6433 6986 chetan.seth1@nomura.com
ASEAN Jayant Parasramka 91 22 672 35152 jayant.parasramka@nomura.com
India Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com
India Neelotpal Sahu 91 22 4037 4023 neelotpal.sahu1@nomura.com
India Sanjay Kadam 91 22 4037 4187 sanjay.kadam@nomura.com
Indonesia Elvira Tjandrawinata 62 21 2991 3341 elvira.tjandrawinata@nomura.com
Malaysia Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com
South Korea CW Chung 82 2 3783 2312 cwchung@nomura.com
South Korea Jung Cho 822 3783 2332 jung.cho@nomura.com
Autos & Auto Parts
China Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com
China Joseph Wong 852 2252 6111 josephmh.wong@nomura.com
China Martin Heung 852 2252 1414 martin.heung@nomura.com
India Kapil Singh 91 22 4037 4199 kapil.singh@nomura.com
India Siddhartha Bera 91 22 4037 4362 siddhartha.bera@nomura.com
Indonesia Elvira Tjandrawinata 62 21 2991 3341 elvira.tjandrawinata@nomura.com
South Korea Angela Hong 82 2 3783 2360 angela.hong@nomura.com
South Korea Eunjae So 822 3783 2338 eunjae.so@nomura.com
South Korea Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com
Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com
Banks / Diversified Financials
China Shengbo Tang 852 2252 6210 shengbo.tang@nomura.com
China Yiran Zhong 852 2252 1413 yiran.zhong@nomura.com
China Martin Ma 852 2252 2154 martin.ma@nomura.com
India Adarsh Parasrampuria 91 22 4037 4034 adarsh.parasrampuria@nomura.com
India Amit Nanavati 91 22 4037 4361 amit.nanavati@nomura.com
India Tanuj Kyal 91 22 40374220 tanuj.kyal1@nomura.com
Indonesia / Singapore Marcus Chua 65 6433 6960 marcus.chua@nomura.com
Malaysia Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com
Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com
Insurance
China Shengbo Tang 852 2252 6210 shengbo.tang@nomura.com
China Martin Ma 852 2252 2154 martin.ma@nomura.com
India Adarsh Parasrampuria 91 22 4037 4034 adarsh.parasrampuria@nomura.com
Basic Materials
Greater China Jamie Wang 852 2252 2195 jamie.wang@nomura.com
India Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com
India Ravi Adukia, CFA 91 22 4037 4232 ravikumar.adukia@nomura.com
India Priyankar Biswas, CFA 91 22 4037 4992 priyankar.biswas@nomura.com
iii
Asia ex-Japan Research Analyst Directory
Analysts by Sector (cont’d)
Name Phone e-mail
Basic Materials (cont’d)
Indonesia Ricky Ho 62 21 2991 3348 ricky.ho@nomura.com
Indonesia / Malaysia / Thailand Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Indonesia / Malaysia / Thailand Bineet Banka 91 22 4053 3784 bineet.banka@nomura.com
Philippines Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com
South Korea Cindy Park 82 2 3783 2324 cindy.park@nomura.com
South Korea Soobin Park 822 3783 2320 soobin.park@nomura.com
Consumer
China / Hong Kong Tina Long 852 2252 6180 tina.long@nomura.com
China / Hong Kong Emily Lee 852 2252 1407 emily.lee@nomura.com
China / Hong Kong Sandy Shao 852 2252 6177 sandy.shao@nomura.com
Indonesia Elvira Tjandrawinata 62 21 2991 3341 elvira.tjandrawinata@nomura.com
Indonesia Illona Freddy 62 21 2991 3343 illona.freddy@nomura.com
Indonesia Sanjna Thakeria 91 22 672 34084 sanjna.thakeria@nomura.com
Malaysia / Singapore Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com
Philippines Angelo Torres 63 2 8784967 angelo.torres@nomura.com
Singapore Guo Hao Yong 65 6433 6967 guohao.yong@nomura.com
South Korea Cara Song 82 2 3783 2328 cara.song@nomura.com
South Korea Nam Hweu Jo 822 3783 2333 namhweu.jo@nomura.com
Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com
Thailand Thanatcha Jurukul 66 2 287 6799 thanatcha.jurukul.1@nomura.com
Thailand Annapurna Chatterjee 91 22 672 35459 annapurna.chatterjee@nomura.com
Healthcare & Pharmaceuticals
China / Hong Kong Stella Xing, CFA 852 2252 6134 stella.xing@nomura.com
India Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com
India Prateek Mandhana 91 22 40374219 prateek.mandhana@nomura.com
Malaysia / Singapore / Taiwan Raghavendra Divekar 81 3 6703 1229 raghavendra.divekar@nomura.com
South Korea Cara Song 82 2 3783 2328 cara.song@nomura.com
South Korea Nam Hweu Jo 822 3783 2333 namhweu.jo@nomura.com
Thailand Thanatcha Jurukul 66 2 287 6799 thanatcha.jurukul.1@nomura.com
Industrials
China Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com
India Priyankar Biswas 91 22 4037 4992 priyankar.biswas@nomura.com
Indonesia Ricky Ho 62 21 2991 3348 ricky.ho@nomura.com
Malaysia Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com
Philippines Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com
Singapore Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Singapore Bineet Banka 91 22 4053 3784 bineet.banka@nomura.com
South Korea Jaehyung Choi 82 2 3783 2318 jaehyung.choi@nomura.com
Southeast Asia Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com
Internet / Media
China Jialong Shi 852 2252 1409 jialong.shi@nomura.com
China / ASEAN Andrew Orchard, CFA 852 2252 1400 andrew.orchard@nomura.com
China Carson Lo, CFA 852 2252 1552 carson.lo@nomura.com
iv
Analysts by Sector (cont’d)
Name Phone e-mail
Internet / Media (cont’d)
China Michael Tam 852 2252 1431 michael.tam@nomura.com
Indonesia / Malaysia / Thailand Guo Hao Yong 65 6433 6967 guohao.yong@nomura.com
South Korea Angela Hong 82 2 3783 2360 angela.hong@nomura.com
South Korea Eunjae So 822 3783 2338 eunjae.so@nomura.com
South Korea Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com
Oil & Gas and Chemicals
China Lin Chen 852 2252 1555 lin.chen@nomura.com
China Jessie Xu 852 2252 6197 jessie.xu@nomura.com
India Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com
India Ravi Adukia, CFA 91 22 4037 4232 ravikumar.adukia@nomura.com
Malaysia / Thailand Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Malaysia / Thailand Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com
Philippines Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com
South Korea Cindy Park 82 2 3783 2324 cindy.park@nomura.com
South Korea Soobin Park 822 3783 2320 soobin.park@nomura.com
Taiwan Jamie Wang 852 2252 2195 jamie.wang@nomura.com
Power & Utilities
China Lin Chen 852 2252 1555 lin.chen@nomura.com
China Jessie Xu 852 2252 6197 jessie.xu@nomura.com
HK Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com
HK Martin Heung 852 2252 1414 martin.heung@nomura.com
India Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com
India Ravi Adukia, CFA 91 22 4037 4232 ravikumar.adukia@nomura.com
Indonesia / Malaysia Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Indonesia / Malaysia Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com
Philippines Angelo Torres 63 2 8784967 angelo.torres@nomura.com
South Korea Cindy Park 82 2 3783 2324 cindy.park@nomura.com
South Korea Soobin Park 822 3783 2320 soobin.park@nomura.com
Property
China Leif Chang 852 2252 1554 leif.chang@nomura.com
Hong Kong Joyce Kwock 852 2252 1569 joyce.kwock@nomura.com
Indonesia Illona Freddy 62 21 2991 3343 illona.freddy@nomura.com
Indonesia Ricky Ho 62 21 2991 3348 ricky.ho@nomura.com
Philippines Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com
Singapore Min Chow Sai 65 6433 6959 minchow.sai@nomura.com
Thailand Thanatcha Jurukul 66 2 287 6799 thanatcha.jurukul.1@nomura.com
Technology
Greater China Aaron Jeng, CFA 886 2 2176 9962 aaron.jeng@nomura.com
Greater China Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com
Greater China Donnie Teng 852 2252 1439 donnie.teng@nomura.com
China Joel Ying, CFA 852 2252 2153 joel.ying@nomura.com
China Bing Duan 852 2252 2141 bing.duan1@nomura.com
China Ethan Zhang 852 2252 2157 ethan.zhang@nomura.com
India Ashwin Mehta 91 22 4037 4465 ashwin.mehta@nomura.com
India Rishit Parikh 91 22 4037 4360 rishit.parikh@nomura.com
v
Asia ex-Japan Research Analyst Directory
Analysts by Sector (cont’d)
Name Phone e-mail
Technology (cont’d)
Malaysia Heng Siong Kong 603 2027 6894 hengsiong.kong@nomura.com
South Korea CW Chung 82 2 3783 2312 cwchung@nomura.com
South Korea Chris Chang 82 2 3783 2316 chris.chang@nomura.com
South Korea Jung Cho 822 3783 2332 jung.cho@nomura.com
Taiwan Patrick Chen 886 2 2176 9974 patrick.chen@nomura.com
Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com
Taiwan Benson Pan 886 2 2176 9970 benson.pan@nomura.com
Taiwan Bruno Cheng 886 2 2176 9965 bruno.cheng@nomura.com
Taiwan Pallav Jain 91 22 672 35121 pallav.jain@nomura.com
Telecommunications
China Joel Ying, CFA 852 2252 2153 joel.ying@nomura.com
China Bing Duan 852 2252 2141 bing.duan1@nomura.com
ASEAN / Hong Kong Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
ASEAN / Hong Kong Ankur Pant 91 22 6723 5578 ankur.pant@nomura.com
South Korea Angela Hong 82 2 3783 2360 angela.hong@nomura.com
South Korea Eunjae So 822 3783 2338 eunjae.so@nomura.com
South Korea Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com
Taiwan Patrick Chen 886 2 2176 9974 patrick.chen@nomura.com
Taiwan Pallav Jain 91 22 672 35121 pallav.jain@nomura.com
vi
Fixed Income
Name Phone e-mail
Economics
Head of FI research, Asia ex-Japan; Rob Subbaraman 65 6433 6548 rob.subbaraman@nomura.com
Head of global emerging markets economics
Chief China economist Ting Lu 852 2252 1306 ting.lu@nomura.com
Chief India economist Sonal Varma 65 6433 6527 sonal.varma@nomura.com
Senior economist (Korea/Taiwan/HK) Young Sun Kwon 852 2252 1370 youngsun.kwon@nomura.com
Senior economist (ASEAN) Euben Paracuelles 65 6433 6956 euben.paracuelles@nomura.com
Economist (Asia ex-Japan) Michael Loo 65 6433 6296 michael.loo@nomura.com
Economist (China) Wendy Chen 86 21 6193 7237 wendy.chen@nomura.com
Economist (China) Lisheng Wang 852 2252 2057 lisheng.wang@nomura.com
Economist (China) Jing Wang 852 22521011 jing.wang@nomura.com
Economist (Hong Kong/Taiwan) Minoru Nogimori 852 2252 6462 minoru.nogimori1@nomura.com
Economist (India) Aurodeep Nandi 91 22 40374087 aurodeep.nandi@nomura.com
Economist (Thailand/Singapore) Charnon Boonnuch 65 6433 6189 charnon.boonnuch@nomura.com
vii
Asia ex-Japan Research Analyst Directory
Analysts by Country
Name Phone e-mail
Hong Kong / China
Head of Hong Kong equity research, Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com
Autos / Conglomerates / Utilities
Autos / Conglomerates / Utilities Martin Heung 852 2252 1414 martin.heung@nomura.com
EV / Auto Parts / Autos Joseph Wong 852 2252 6111 josephmh.wong@nomura.com
Head of China equity research, Tina Long 852 2252 6180 tina.long@nomura.com
Consumer
Consumer Emily Lee 852 2252 1407 emily.lee@nomura.com
Consumer Sandy Shao 852 2252 6177 sandy.shao@nomura.com
Banks Yiran Zhong 852 2252 1413 yiran.zhong@nomura.com
Energy and utilities Lin Chen 852 2252 1555 lin.chen@nomura.com
Energy and utilities Jessie Xu 852 2252 6197 jessie.xu@nomura.com
Energy and materials Jamie Wang 852 2252 2195 jamie.wang@nomura.com
Healthcare Stella Xing, CFA 852 2252 6134 stella.xing@nomura.com
Insurance and non-bank financials Shengbo Tang 852 2252 6210 shengbo.tang@nomura.com
Insurance and non-bank financials Martin Ma 852 2252 2154 martin.ma@nomura.com
Internet / Media Jialong Shi 852 2252 1409 jialong.shi@nomura.com
Internet / Media Andrew Orchard, CFA 852 2252 1400 andrew.orchard@nomura.com
Internet / Media Carson Lo, CFA 852 2252 1552 carson.lo@nomura.com
Internet / Media Michael Tam 852 2252 1431 michael.tam@nomura.com
Internet / Media Rajesh Kumar 91 22 3053 2910 rajesh.kumar@nomura.com
Property (China) Leif Chang 852 2252 1554 leif.chang@nomura.com
Property (Hong Kong) Joyce Kwock 852 2252 1569 joyce.kwock@nomura.com
Technology / Telecommunications Joel Ying, CFA 852 2252 2153 joel.ying@nomura.com
Technology / Telecommunications Bing Duan 852 2252 2141 bing.duan1@nomura.com
Technology / Telecommunications Ethan Zhang 852 2252 2157 ethan.zhang@nomura.com
Technology (Semiconductors) Donnie Teng 852 2252 1439 donnie.teng@nomura.com
Technology (Semiconductors) Aaron Jeng, CFA 886 2 2176 9962 aaron.jeng@nomura.com
Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com
Technology (PC & Display) Patrick Chen 886 2 2176 9974 patrick.chen@nomura.com
Telecommunications (HK) Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
India
Head of India equity research, Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com
Healthcare / Strategy
Strategy Neelotpal Sahu 91 22 403 74023 neelotpal.sahu1@nomura.com
Healthcare Prateek Mandhana 91 22 40374219 prateek.mandhana@nomura.com
Autos & Auto Parts / Media Kapil Singh 91 22 4037 4199 kapil.singh@nomura.com
Autos & Auto Parts / Media Siddhartha Bera 91 22 4037 4362 siddhartha.bera@nomura.com
Banks and Financials Adarsh Parasrampuria 91 22 4037 4034 adarsh.parasrampuria@nomura.com
Banks and Financials Amit Nanavati 91 22 4037 4361 amit.nanavati@nomura.com
Banks and Financials Tanuj Kyal 9122 4037 4220 tanuj.kyal1@nomura.com
Industrials / Metals Priyankar Biswas, CFA 91 22 4037 4992 priyankar.biswas@nomura.com
IT Services and Internet Ashwin Mehta 91 22 4037 4465 ashwin.mehta@nomura.com
IT Services and Internet Rishit Parikh 91 22 4037 4360 rishit.parikh@nomura.com
Oil & Gas and Chemicals Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com
Oil & Gas and Chemicals Ravi Adukia, CFA 91 22 4037 4232 ravikumar.adukia@nomura.com
Database Analyst Sanjay Kadam 91 22 4037 4187 sanjay.kadam@nomura.com
viii
Analysts by Country
Name Phone e-mail
Indonesia
Head of Indonesia equity research, Elvira Tjandrawinata 62 21 2991 3341 elvira.tjandrawinata@nomura.com
Autos / Consumer / Strategy
Consumer-related Illona Freddy 62 21 2991 3343 illona.freddy@nomura.com
Consumer-related Sanjna Thakeria 91 22 672 34084 sanjna.thakeria@nomura.com
Banks Marcus Chua 65 6433 6960 marcus.chua@nomura.com
Cement / Industrials / Property Ricky Ho 62 21 2991 3348 ricky.ho@nomura.com
Industrials / Oil & Gas & Chemicals Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Media Guo Hao Yong 65 6433 6967 guohao.yong@nomura.com
Telecommunications (ASEAN) Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
Transport and Logistics (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
Malaysia
Head of Malaysia equity research, Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Financials / Gaming / Construction
Financials / Gaming / Construction Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com
Healthcare Raghavendra Divekar 81 3 6703 1229 raghavendra.divekar@nomura.com
Industrials / Oil & Gas & Chemicals Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Media Guo Hao Yong 65 6433 6967 guohao.yong@nomura.com
Transport and Logistics (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
Transport and Logistics (ASEAN) Divya Thomas 91 22 672 35184 divya.thomas@nomura.com
Technology / Small/mid-caps Heng Siong Kong 603 2027 6894 hengsiong.kong@nomura.com
Telecommunications (ASEAN) Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
Oil & Gas / Utilities Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com
Philippines
Head of Philippines equity research, Abigail Chiw, CFA 63 2 8784590 abigail.chiw@nomura.com
Banks / Property
Consumer-related Angelo Torres 63 2 8784967 angelo.torres@nomura.com
Conglomerates / Industrials Thomas Earll Huang 63 2 8784968 thomasearll.huang@nomura.com
Telecommunications (ASEAN) Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
Transport and Logistics (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
Singapore
Banks Marcus Chua 65 6433 6960 marcus.chua@nomura.com
Conglomerates Benjamin Lo, CFA 852 2252 6220 benjamin.lo@nomura.com
Gaming Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Healthcare Raghavendra Divekar 81 3 6703 1229 raghavendra.divekar@nomura.com
Internet / Media Andrew Orchard, CFA 852 2252 1400 andrew.orchard@nomura.com
Industrials / Oil & Gas & Chemicals Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Industrials / Oil & Gas & Chemicals Bineet Banka 91 22 4053 3784 bineet.banka@nomura.com
Media / Consumer / Small/mid-caps Guo Hao Yong 65 6433 6967 guohao.yong@nomura.com
Property Min Chow Sai 65 6433 6959 minchow.sai@nomura.com
Property Joyce Kwock 852 2252 1569 joyce.kwock@nomura.com
Telecommunications (ASEAN) Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
Telecommunications (ASEAN) Ankur Pant 91 22 6723 5578 ankur.pant@nomura.com
Transport and Logistics (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
Strategy (ASEAN) Chetan Seth 65 6433 6986 chetan.seth1@nomura.com
Strategy (ASEAN) Jayant Parasramka 91 22 672 35152 jayant.parasramka@nomura.com
ixAsia ex-Japan Research Analyst Directory
Analysts by Country (cont’d)
Name Phone e-mail
South Korea
Head of Korea equity research, CW Chung 82 2 3783 2312 cwchung@nomura.com
Technology (Semiconductors) / Strategy
Technology (Semiconductors) Jung Cho 822 3783 2332 jung.cho@nomura.com
Technology (Hardware) / Mobile games Chris Chang 82 2 3783 2316 chris.chang@nomura.com
Oil & Gas and Chemicals / Cindy Park 82 2 3783 2324 cindy.park@nomura.com
Basic Materials
Oil & Gas and Chemicals / Soobin Park 822 3783 2320 soobin.park@nomura.com
Basic Materials
Autos / Internet / Telecommunications Angela Hong 82 2 3783 2360 angela.hong@nomura.com
Autos / Internet / Telecommunications Eunjae So 822 3783 2338 eunjae.so@nomura.com
Autos / Internet / Telecommunications Akash Gupta 91 22 672 35492 akash.gupta3@nomura.com
Consumer / Healthcare Cara Song 82 2 3783 2328 cara.song@nomura.com
Consumer / Healthcare Nam Hweu Jo 822 3783 2333 namhweu.jo@nomura.com
Industrials Jaehyung Choi 82 2 3783 2318 jaehyung.choi@nomura.com
Taiwan
Head of Taiwan equity research, Aaron Jeng, CFA 886 2 2176 9962 aaron.jeng@nomura.com
Technology (Semiconductors)
Technology (Semiconductors) Benson Pan 886 2 2176 9970 benson.pan@nomura.com
Technology (Semiconductors/Hardware) Bruno Cheng 886 2 2176 9965 bruno.cheng@nomura.com
Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com
Technology (Hardware) Martin Lee 886 2 2176 9963 martin.lee@nomura.com
Technology (PC & Display) / Telecoms Patrick Chen 886 2 2176 9974 patrick.chen@nomura.com
Technology (PC & Display) / Telecoms Pallav Jain 91 22 672 35121 pallav.jain@nomura.com
Technology (Semiconductors/Hardware) Donnie Teng 852 2252 1439 donnie.teng@nomura.com
Small/mid-caps (Technology/Non-Tech) Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com
Healthcare Raghavendra Divekar 81 3 6703 1229 raghavendra.divekar@nomura.com
Materials Jamie Wang 852 2252 2195 jamie.wang@nomura.com
Thailand
Consumer / Healthcare / Property Thanatcha Jurukul 66 2 287 6799 thanatcha.jurukul.1@nomura.com
Consumer Annapurna Chatterjee 91 22 672 35459 annapurna.chatterjee@nomura.com
Media Guo Hao Yong 65 6433 6967 guohao.yong@nomura.com
Oil & Gas and Chemicals / Industrials Abhishek Nigam 65 6433 6969 abhishek.nigam@nomura.com
Telecommunications (ASEAN) Gopa Kumar 65 6433 6961 gopa.kumar@nomura.com
Transport and Logistics (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
xRegional Management
Equity Research (Asia Pacific)
Jun Konomi Years in industry:
Head of equity research, Asia Pacific; +30 years
Director of Financial & Economic Research Centre, Japan Qualifications:
+81 3 6703 1110 / jun.konomi@nomura.com Bachelor of Economics
(Waseda University)
Jun has over 30 years’ experience working for the Nomura group. Prior to his
current role, Jun was product manager and also led sector research teams
including construction, transportation, financials, SMID caps, IT and housing/real
estate. Before transferring to Nomura Securities Co. in 1997, Jun covered several
sectors as an analyst with Nomura Research Institute, where he achieved #1
ranking in the housing/real estate sector and also worked as an equities strategist
in Frankfurt. He was appointed as principal managing director in April 2017.
Equity Research (Asia ex-Japan)
Jim McCafferty Years in industry:
Head of equity research, Asia ex-Japan 27 years
+852 2252 1189 / jim.mccafferty@nomura.com Qualifications:
BA (Hons) Economics
Jim joined Nomura in July 2015 after five years with RBS/CIMB in Hong Kong, (Heriot Watt University);
where he was most recently head of Asia Pacific research. Jim started his career MSc Political Economy
with County NatWest in 1991 and moved to ABN AMRO in 1993, where he became of East Asia
a top-ranked telco analyst in 1998. He moved to Société Générale in 1999 to (University of Sheffield)
become head of European telecoms research. Jim joined Seymour Pierce as head
of research in 2004 and was named Financial Times AIM analyst of the year in
2008. In 2012 he published “UK Fund Managers and Institutional attitudes towards
Japanese Equities” in the journal The Japanese Economy.
Equity Research (Asia ex-Japan)
Trevor Kalcic Years in industry:
Head of product management and marketing, Asia ex-Japan; 20 years
Head of ASEAN research Qualifications:
+65 6433 6968 / trevor.kalcic@nomura.com BA Hons, Economics
(University of Pretoria);
Trevor joined Nomura in his current capacity in January 2016. Prior to this, he held CFA charterholder
various positions in equity research at ABN AMRO/RBS/CIMB. Trevor started his
career in equities as a banks analyst in Europe, and later moved to Singapore and
Hong Kong. Trevor has also held various management positions, including head of
ASEAN research for RBS in Singapore and Head of Asian Financials Research for
CIMB in Hong Kong. Trevor has nearly 20 years’ experience in cash equities. Prior
to entering cash equities, Trevor held various positions in government and strategy
consulting in various parts of the world.
Fixed Income Research (Asia ex-Japan)
Rob Subbaraman Years in industry:
Head of FI research, Asia ex-Japan; Head of global emerging markets economics 30 years
+65 6433 6548 / rob.subbaraman@nomura.com Qualifications:
MEc (Hons) (Macquarie
Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where University); MSc
he was Chief Economist, Asia ex-Japan. His team of economists and strategists Economics (Warwick
is responsible for forecasting the outlook of 10 Asian economies and developing University)
market trade recommendations, and has a solid reputation for in-depth thematic
reports. Rob is based in Singapore and has spent 22 years living in Asia, including
Hong Kong and Tokyo. He has a central banking background, having worked in the
Economic Analysis Department at the Reserve Bank of Australia for seven years
prior to joining Lehman Brothers.
xi
1Equity Analysts
China / Hong Kong
Autos / Conglomerates / Utilities
Benjamin Lo, CFA Years in industry:
Head of Hong Kong equity research; 18 years
Head of China autos and Hong Kong conglomerates/utilities research Qualifications:
+852 2252 6220 / benjamin.lo@nomura.com LLB, BEcon
(University of Sydney);
Benjamin joined Nomura in June 2012. Prior to this he headed Asia conglomerate CFA charterholder
research at JP Morgan. Benjamin was ranked #2 in the 2013 Institutional Investors Coverage:
All Asia Research Team survey for Conglomerates and #3 from 2010 to 2012. He Autos, Conglomerates,
first joined Nomura in October 2008 as regional head of Conglomerates research Utilities
from Lehman Brothers and also previously worked at Deutsche Bank.
Martin Heung Years in industry:
Analyst 5 years
+852 2252 1414 / martin.heung@nomura.com Qualifications:
MBA (Vanderbilt Uni-
Martin joined Nomura in October 2018 as part of the China Autos, Hong versity), CFA Level III
Kong Conglomerates & Utilities team. Previously, he was a senior associate candidate
with PricewaterhouseCoopers. He also worked in long-only equity at Jacobs Coverage:
Investment Management in the United States. Autos, Conglomerates,
Utilities
EV / Auto Parts / Autos
Joseph Wong Years in industry:
Vice President 6 years
+852 2252 6111 / josephmh.wong@nomura.com Qualifications:
HKICPA charterholder;
Joseph joined Nomura in July 2012 to cover China’s auto sector with a focus on MBA (Chinese University
EV, auto components and dealership stocks. Before his current role, he was with of Hong Kong)
Daiwa and Ernst & Young. He holds an MBA from the Chinese University of Hong Coverage:
Kong and is a chartered accountant under HKICPA. EV / Auto Parts / Autos
Financials (Insurance and non-bank financials)
Shengbo Tang Years in industry:
Head of Hong Kong and China financials research 12 years
+852 2252 6210 / shengbo.tang@nomura.com Qualifications:
BS, MS Applied
Shengbo Tang joined Nomura as head of Hong Kong and China insurance Mathematics
and non-bank financials research firstly and then head of Hong Kong China (Tongji University);
financials, from CICC where he headed China insurance research. He has been Certified Fellow of the
a consistently top-ranked insurance analyst for China in various industry polls, China Association of
including Institutional Investor, Asiamoney and Thomson Reuters’ Starmine. Before Actuaries
CICC, Shengbo had worked as an actuarial manager at China Taiping Insurance. Coverage:
Shengbo is a Fellow of the China Association of Actuaries. Insurance and Non-Bank
Financials
Martin Ma Years in industry:
Associate 4 years
+852 2252 2154 / martin.ma@nomura.com Qualifications:
Bachelor (University of
Martin joined Nomura in October 2018 as part of the Insurance team. He currently Hong Kong)
covers China Insurance for Nomura. Previously, he was a PE associate with China Coverage:
Minsheng Investment Group, with a focus on Fintech. He also worked for Jefferies. Insurance and Non-Bank
Financials
3Asia ex-Japan Research Analyst Directory
China / Hong Kong (cont’d)
Consumer
Tina Long Years in industry:
Head of China equity research 10 years
+852 2252 6180 / tina.long@nomura.com Qualifications:
Master of Finance,
Tina joined Nomura in January 2019 as Head of China Equity Research, and Concordia University,
as a lead analyst for China consumer staples. Previously, she covered China CFA Charterholder
consumer stocks, with a focus on consumer staples, for more than 10 years, Coverage:
at Bank of America Merrill Lynch (Hong Kong). She was ranked as the #1 China HK/China consumer
consumer staples analyst in the Institutional Investor Survey in 2015 and 2016. She staples
holds a Master of Finance degree from Concordia University, and is also a CFA
Charterholder.
Emily Lee Years in industry:
Vice President 10 years
+852 2252 1407 / emily.lee@nomura.com Qualifications:
Bachelor’s degree in
Emily covers the Hong Kong/China consumer sector. Prior to joining Nomura in Finance and minor in
2016, Emily was an equity analyst for 10 years covering the HK/China consumer International Business
discretionary retail, OEM, education and media sectors, and was last with BNP and Economics
Paribas. Prior to her equity research career, she was a management trainee (Pennsylvania State
at Esprit. She holds a bachelor’s degree in Finance from Pennsylvania State University)
University. Coverage:
HK/China Consumer
Sandy Shao Years in industry:
Associate 2 years
+852 2252 6177 / sandy.shao@nomura.com Qualifications:
BBA in Accounting and
Sandy joined Nomura in August 2016 and covers the China consumer sector now Finance (Hong Kong Poly-
after 2 years’ experience in the China banks sector. Prior to this, Sandy worked in technic University);
KPMG as an auditor focusing on financial institutions. CFA; HKICPA
Coverage:
Consumer
Energy
Lin Chen Years in industry:
Head of Greater China Energy 10 years
+852 2252 1555 / lin.chen@nomura.com Qualifications:
MSc in Banking and
Lin joined Nomura in September 2017 and covers the broader energy sector International Finance
including oil & gas, chemicals and utilities. Prior to this Lin had 10 years of (Cass Business School)
experience on both buyside and sellside (Morgan Stanley and Citi) covering the oil Coverage:
& gas, chemicals and utilities sectors. Oil & Gas, Chemicals and
Utilities
Jessie Xu Years in industry:
Associate 4 years
+852 2252 6197 / jessie.xu@nomura.com Qualifications:
MSc in Economics (the
Jessie joined Nomura in Dec 2017 and covers the China energy sector. Prior to Chinese University of
this, Jessie worked at Credit Suisse and Citigroup as a research associate. Jessie Hong Kong)
received a Master’s Degree of Economics from the Chinese University of Hong Coverage:
Kong. Oil & Gas, Chemicals
and Utilities
4China / Hong Kong (cont’d)
Energy (cont’d)
Jamie Wang Years in industry:
Associate 7 years
+852 2252 2195 / jamie.wang@nomura.com Qualifications:
Masters in Finance
Jamie joined Nomura in September 2014 and covers the Greater China chemical (National Taiwan
sector and recently expanded his coverage into the material and non-ferrous metal University)
spaces. Prior to this, he worked at Macquarie Capital Securities as an associate Coverage:
analyst and at Fubon Financial Holding as a management associate in Corporate Energy and materials
and Investment Banking. Jamie’s experience and knowledge include not only
equities but also credit, derivatives, and project finance.
Internet & Media
Jialong Shi Years in industry:
Head of China internet and Media research 10 years
+852 2252 1409 / jialong.shi@nomura.com Qualifications:
Masters of Finance
Jialong joined Nomura in October 2015 as head of China internet research from (Shanghai Jiao Tong
Credit Suisse where he covered mid cap Chinese internet stocks. Jialong’s team University)
was ranked No 3 in China Internet research in the 2016 II All China poll. Before CS, Coverage:
Jialong worked at CLSA and Lehman Brothers as a research analyst in the China Internet / Media
internet sector. Before he joined the finance industry, Jialong was a college lecturer
on ecommerce technology at a Chinese university and a part-time teacher at New
Oriental School.
Andrew Orchard, CFA Years in industry:
Vice President 10 years
+852 2252 1400 / andrew.orchard@nomura.com Qualifications:
BBA (University of
Andrew joined Nomura in February 2015 as part of the China internet team. Michigan, Ann Arbor),
He currently covers China education and South East Asia internet for Nomura. CFA charterholder
Previously, he was a regional transport and logistics analyst with CIMB Securities Coverage:
and RBS. He also worked in Asian equity strategy for RBS and ABN AMRO. Internet / Media
Carson Lo, CFA Years in industry:
Associate 3 years
+852 2252 1552 / carson.lo@nomura.com Qualifications:
BBA in Accountancy
Carson joined Nomura in 2015 and is part of the China internet team. He currently (Chinese University of
covers China media and entertainment sector for Nomura. Prior to this, he worked Hong Kong);
in Ernst & Young as an auditor. CFA Charterholder
Coverage:
Internet / Media
Michael Tam Years in industry:
Analyst 1 year
+852 2252 1431/ michael.tam@nomura.com Qualifications:
Bachelor Accounting and
Michael joined Nomura in June 2017 and covers the China Internet sector. Prior to Finance (The University of
this, he worked in the deal advisory team at KPMG. Hong Kong)
Coverage:
Internet / Media
5Asia ex-Japan Research Analyst Directory
China / Hong Kong (cont’d)
Internet & Media (cont’d)
Rajesh Kumar Years in industry:
Analyst 1 year
+91 22 3053 2910 / rajesh.kumar@nomura.com Qualifications:
PGDM (IIM Udaipur), CFA
Rajesh joined Nomura in September 2018 as part of the China media and internet Level 3
team. He currently covers China education and South East Asia internet. He Coverage:
worked previously with HSBC, where he was part of the Financial sector research Internet / Media
team. He has completed CFA Level 3 and has basic level understanding of
Mandarin language.
Healthcare
Stella Xing, CFA Years in industry:
Vice President 7 years
+852 2252 6134 / stella.xing@nomura.com Qualifications:
BBA Accounting & Fi-
Stella joined Nomura in 2014 and covers the China healthcare and pharmaceuticals nance (Hong Kong); CFA
sectors. Prior to this, she worked in equity research at CIMB Securities in Hong charterholder
Kong. Coverage:
Healthcare
Property (China)
Leif Chang Years in industry:
Head of China Property Research 7 years
+852 2252 1554 / leif.chang@nomura.com Qualifications:
BBA (National Taiwan
Leif joined Nomura in December 2018. He leads coverage of China Property. University)
Before joining Nomura, Leif was China Property analyst with Morgan Stanley and Coverage:
BNP Paribas. China Property
Property (Hong Kong)
Joyce Kwock Years in industry:
Head of Hong Kong property research 10 years
+852 2252 1569 / joyce.kwock@nomura.com Qualifications:
BS Accountancy
Joyce is the head of Hong Kong property research at Nomura. She joined Nomura (The Chinese University
from Bank of America Merrill Lynch, where she spent a year on the equity sales of Hong Kong), CPA, FRM
team. Prior to her stint at Merrill Lynch, she spent seven years as an analyst Coverage:
at Credit Suisse, covering Hong Kong/China property, conglomerates and HK Property
logistics. Joyce trained as an accountant, at Ernst & Young LLP in London and at
PricewaterhouseCoopers in Hong Kong, prior to joining equity research. Joyce has
CPA and FRM qualifications.
Technology
Donnie Teng Years in industry:
Associate 5 years
+852 2252 1439 / donnie.teng@nomura.com Qualifications:
Bachelor of Business
Donnie has about 5 years of buy-/sell-side experience in global semiconductor Administration, M.S in
research after working with UMC for 2.5 years. Donnie now covers Greater China Industrial Engineering
Semi and Tech companies. (National Taiwan
University)
Coverage:
Technology
(Semiconductors/
Hardware)
6China / Hong Kong (cont’d)
Technology / Telecommunications
Joel Ying, CFA Years in industry:
Vice President 8 years
+852 2252 2153 / joel.ying@nomura.com Qualifications:
BS Law
Joel Ying joined Nomura in August 2015 and covers China’s technology and (Fudan University);
telecom sectors. Joel worked in Barclays from May 2014 as an Assistant Vice CFA Charterholder
President in the regional autos and capital goods research team; prior to that he Coverage:
spent four years working in Asian telecoms equity research in Shanghai. Technology/Telecoms
Bing Duan Years in industry:
Associate 2 year
+852 2252 2141 / bing.duan1@nomura.com Qualifications:
MS Computer Science
Bing Duan joined Nomura in January 2017 and covers China’s technology and (Shanghai Jiaotong
telecom sectors. Bing worked at China UnionPay from February 2012 as a risk Univeristy);
manager; prior to that, he has worked at China Telecom and in Morgan Stanley’s MBA (Hong Kong
technology department. University of Science
and Technology)
Coverage:
Technology/Telecoms
Ethan Zhang Years in industry:
Analyst 1 year
+852 2252 2157 / ethan.zhang@nomura.com Qualifications:
BBA in Accountancy (City
Ethan joined Nomura in October 2017 and covers the China technology and University of Hong Kong)
telecom sectors. Prior to this, he worked at Ernst & Young as an auditor focusing Coverage:
on corporates. Technology/Telecoms
Banks
Yiran Zhong Years in industry:
Vice President 9 years
+852 2252 1413 / yiran.zhong@nomura.com Qualifications:
MA Economics
Yiran joined Nomura in October 2011. Yiran has nine years’ experience in equity (New York University);
research including seven years’ experience in equity strategy research. In 2018, CFA Level III passed in
she joined the China financials team to cover China banks. Prior to this, she worked 2010
at Macquarie Securities as a regional strategist. She also worked at Huatai United Coverage:
Securities and Jefferies. Banks
7Asia ex-Japan Research Analyst Directory
India
Healthcare / Strategy
Saion Mukherjee Years in industry:
Head of India equity research 14 years
+91 22 4037 4184 / saion.mukherjee@nomura.com Qualifications:
BTech Chemical
Saion joined Nomura in October 2008. He is head of India equity research and Engineering (IIT, Delhi);
covers the India healthcare and pharmaceuticals sectors. Prior to this, he covered PGDM (IIM, Ahmedabad)
the pharmaceuticals and construction sectors at Lehman Brothers. Coverage:
Healthcare and Strategy
Neelotpal Sahu Years in industry:
Associate 3 years
+91 22 4037 4023 / neelotpal.sahu1@nomura.com Qualifications:
Masters of Science
Neelotpal joined Nomura in November 2017. She is a part of the India strategy in Economics (Indian
research team. Prior to joining Nomura, she was associated with J.P Morgan India Institute of Technology
Pvt. Ltd where she worked as a part of the Asia and Emerging Markets Equity Kharagpur)
Strategy team. She has completed a Masters of Science in Economics from the Coverage:
Indian Institute of Technology Kharagpur. She has completed CFA Level III. Strategy
Prateek Mandhana Years in industry:
Associate 2 years
+91 22 40374219 / prateek.mandhana@nomura.com Qualifications:
MBA, IIM Calcutta
Prateek joined Nomura in November 2018 as part of the India research team. He Coverage:
currently covers the India healthcare sector for Nomura. Previously, he was an Healthcare
investment advisor for UHNI clients with Avendus Wealth Management.
Autos & Auto Parts / Media
Kapil Singh Years in industry:
Executive Director 10 years
+91 22 4037 4199 / kapil.singh@nomura.com Qualifications:
BTech IT (IET, Lucknow);
Kapil Singh has been amongst the top-ranked auto sector analysts in India. He MMgmt (ESCP EAP, Paris)
was ranked #1 in his sector by Institutional Investor Magazine in 2015 and 2016 PGDM (IIM, Lucknow)
and #2 in 2017. He has completed his PGDM from IIM Lucknow and Masters in
Management from ESCP-EAP, Paris. He has been at Nomura since 2008 and has Coverage:
previously worked at Lehman Brothers covering the same sector. Autos and Auto Parts and
Media
Siddhartha Bera Years in industry:
Associate 7 years
+91 22 4037 4362 / siddhartha.bera@nomura.com Qualifications:
B-Tech, MBA (Finance),
Siddhartha joined Nomura on August 2015 after 2.5 years in a leading domestic CFA charterholder
brokerage – Edelweiss. Prior to this, he had stints at HSBC and Emkay Global. Coverage:
He has overall equity research experience of nearly 7 years covering the auto and Autos and Auto Parts and
auto ancillary sector in India. At Nomura, he covers nearly 13 companies and has Media
developed close relationships with managements. He holds the CFA charter.
8India (cont’d)
Financials
Adarsh Parasrampuria Years in industry:
Executive Director 11 years
+91 22 4037 4034 / adarsh.parasrampuria@nomura.com Qualifications:
BBM (Christ College,
Adarsh joined Nomura in June 2014 and covers the India financials space, Bangalore);
including insurance. He has significant depth in his coverage with ~21 stocks MBA in Finance
across banks/ NBFCs/Insurance companies. Adarsh has been ranked highly in (SP JIMR, Mumbai);
the latest II and Asia Money surveys. Adarsh has ~10 years of work experience CFA charterholder
in the industry, and has previously worked at Goldman Sachs, JP Morgan and a Coverage:
domestic broker. India Banks and
Financials
Amit Nanavati Years in industry:
Associate 10 years
+91 22 4037 4361 / amit.nanavati@nomura.com Qualifications:
MBA (Finance) (M.E.T),
Amit joined Nomura in September 2010 and currently tracks Indian banks and CFA
financials. He has over nine years of equity research experience in Banks and Coverage:
Financial Services. He received his MBA (Finance) from M.E.T (2007 batch), Financials
Mumbai, along with other professional courses such as CFA and FRM.
Tanuj Kyal Years in industry:
AnalystAsia ex-Japan Research Analyst Directory
India (cont’d)
IT Services and Internet
Ashwin Mehta Years in industry:
Regional Head of software & services research 13 years
+91 22 4037 4465 / ashwin.mehta@nomura.com Qualifications:
BTech (IIT);
Ashwin is regional head of software & services research and also covers the MS Computational
India internet space. Prior to joining Nomura in September 2010, Ashwin was the Finance
lead analyst in the IT sector at Motilal Oswal. Ashwin has 13 years of experience (Carnegie Mellon);
as lead analyst in IT services. Prior to that, Ashwin worked for around six years MBA (IIM, Lucknow);
in the IT services industry with companies like Infosys, Dresdner Kleinwort CFA charterholder
Investment Banking IT (Webtek) and Headstrong, across a range of roles including Coverage:
development, project management, pre sales and business analysis. IT Services and Internet
Rishit Parikh Years in industry:
Associate 3 years
+91 22 4037 4360 / rishit.parikh@nomura.com Qualifications:
B.E. Computer, MBA
Rishit joined Nomura in 2015 and covers the Indian IT services and Internet space. (NMIMS)
Prior to Nomura, Rishit worked as an analyst with Goldman Sachs and had total Coverage:
work experience of 5 years including a year with an advisory firm and 2.5 years IT Services and Internet
with Infosys. Rishit holds a B.Tech (Mumbai University), and a management degree
(NMIMS, Mumbai) and is currently pursuing CFA Level 3.
Oil & Gas, Chemicals and Cement
Anil Sharma Years in industry:
Executive Director 10 years
+91 22 4037 4338 / anil.sharma.1@nomura.com Qualifications:
BTech Chemical
Anil joined Nomura in October 2008 and covers the Indian oil & gas, chemicals and Engineering (IIT, Kanpur);
cement sectors. Prior to joining sell-side research in 2007, Anil worked in the oil PGDM (IMT, Ghaziabad)
& gas industry for 14 years, with nine years at Reliance Industries and before that Coverage:
five years at GAIL. Anil has been amongst the top-ranked analysts in his sectors. Oil & Gas, Chemicals and
He ranked #1 for two consecutive years (2016 and 2017), and was # 2 in 2015 by Cement
Institutional Investor magazine.
Ravi Adukia, CFA Years in industry:
Vice President 10 years
+91 22 4037 4232 / ravikumar.adukia@nomura.com Qualifications:
B.com (H),
Ravi joined Nomura in October 2008. Ravi covers the Indian oil & gas sector. Prior Chartered Accountant,
to Nomura, Ravi worked at Lehman Brothers, Crisil and ONGC. Ravi is a chartered CFA charterholder
accountant and also holds the CFA charter. Coverage:
Oil & Gas
Strategy / Database
Sanjay Kadam Years in industry:
Associate 22 years
+91 22 4037 4187 / sanjay.kadam@nomura.com Qualifications:
B.Com
Sanjay joined Nomura in October 2008. He has 22 years of experience in the (Mumbai University)
industry. He started his career with SSKI-IDFC in August 1995 as a research Coverage:
assistant. His previous employers include Dresdner Kleinwort, ABN AMRO, Database Analyst
BRICS Securities & Lehman Brothers. He is a commerce graduate from Mumbai
University.
10Indonesia
Consumer / Autos
Elvira Tjandrawinata Years in industry:
Head of Indonesia equity research 16 years
+62 21 2991 3341 / elvira.tjandrawinata@nomura.com Qualifications:
Bachelor of Business
Elvira joined Nomura in 2014 as head of Indonesia equity research and covers the Administration (University
Indonesia auto and consumer sectors. Prior to this she was the co-head of Asia of Wisconsin Madison);
Pacific consumer research and head of research for Indonesia at BNP Paribas. MBA (INSEAD)
She has more than 20 years of combined experienced as a sell side analyst and in Coverage:
industry, with positions at Enron Europe and Charoen Pokphand Indonesia. Consumer and Autos
Illona Freddy Years in industry:
Associate 3 years
+62 21 2991 3343 / illona.freddy@nomura.com Qualifications:
Bachelor of Management
Illona joined Nomura in January 2015 to assist coverage on the infrastructure (Bandung Institute of
related sector. Prior to her current role, she was with BNP Paribas Securities and Technology)
she also honed her skills at the Boston Consulting Group (BCG) as an intern. She Coverage:
holds a Bachelor of Management from the Bandung Institute of Technologys. Consumer, Property and
Materials
Sanjna Thakeria Years in industry:
Analyst 3 months
+91 22 672 34084/ sanjna.thakeria@nomura.com Qualifications:
MSc. Finance & Manage-
Sanjna joined Nomura in February 2018 as an Analyst for the Indonesian Consumer ment (University of Exeter,
team. She has completed her MSc. Finance & Management from University of UK), BSc. Economics
Exeter, UK and her BSc. Economics from NMIMS University, Mumbai. She has (NMIMS University)
interned at Aditya Birla Group with their Corporate Economic Cell working on Free Coverage:
Trade Agreements. She is also a CFA Level II candidate. Indonesia Consumer
Related
Materials / Industrials / Property
Ricky Ho Years in industry:
Associate 5 years
+62 21 2991 3348 / ricky.ho@nomura.com Qualifications:
BS Finance (Universitas
Ricky joined Nomura in December 2018 as part of the Indonesia research team. He Pelita Harapan); Master
will be responsible for covering the cement, infrastructure, property and industrial of International Business
sectors. Prior to this, he spent five years working for other sell-side firms (Bahana, (Hult IBS)
Yuanta and Credit Suisse). Coverage:
Cement, infrastructure,
property and industrials
11Asia ex-Japan Research Analyst Directory
Malaysia
Financials / Gaming / Construction
Tushar Mohata, CFA Years in industry:
Head of Malaysia equity research 10 years
+60 3 2027 6895 / tushar.mohata@nomura.com Qualifications:
BEng Electronics and
Tushar joined Nomura Malaysia in December 2011 and covers financials, Communication
construction and gaming sectors. Previously, he covered a wide range of sectors Engineering
such as transportation, property and consumer. He is a CFA charterholder. (BIT, Ranchi, India)
MBA (IIM, Kozhikode);
CFA charterholder
Coverage:
Financials, Gaming and
Construction
Alpa Aggarwal, CFA Years in industry:
Associate 6 years
+91 22 3053 2250 / alpa.aggarwal@nomura.com Qualifications:
Bachelor of Engineering
Alpa is an associate at Nomura Powai since June 2012 and currently covers (Electronics), MBA
the financials, construction and gaming sectors. She has also covered airport (Finance),
and property sectors in the past. She received an MBA from Indian Institute of CFA charterholder
Management Kozhikode in 2012, and is a CFA charterholder. Coverage:
Financials, Gaming
and Construction
Transport / Logistics
Ahmad Maghfur Usman Years in industry:
Vice President 11 years
+60 3 2027 6892 / ahmad.maghfurusman@nomura.com Qualifications:
BBA (Hons) from Yarmouk
Ahmad Maghfur Usman joined Nomura in December 2015 as an equity research University, Jordan
analyst covering the transportation and industrials sector in ASEAN. He joined Coverage:
from RHB Research Institute (Malaysia). He has 11 years of sell-side research Transport and Logistics
experience, primarily covering the ASEAN transportation sector, first at OSK, and
then at RHB after the latter’s acquisition of OSK. Ahmad has ranked among the top
5 transportation analyst in Malaysia by Asiamoney Broker Polls over the past three
consecutive years.
Divya Thomas Years in industry:
Associate 3 years
+91 22 672 35184 / divya.thomas@nomura.com Qualifications:
BE Mechanical (Manipal
Divya has been part of the ASEAN Transport and Logistics team since October University), MBA (IIM
2017 and previously worked in the Risk and Finance change team in Nomura for Kozhikode)
2.5 years. She received an MBA degree from IIM Kozhikode in 2015 and a degree Coverage:
in Mechanical engineering from Manipal University in 2013. ASEAN Transport and
Logistics
Technology / Small/mid-caps
Heng Siong Kong Years in industry:
Associate 11 years
+603 2027 6894 / hengsiong.kong@nomura.com Qualifications:
Bachelor of Commerce –
Kong Heng Siong joined Nomura Malaysia in July 2018 and currently looks at the Actuarial Studies
Malaysia technology and small/mid caps sectors. In his previous stints, he covered Coverage:
sectors such as healthcare, rubber gloves, gaming, construction and utilities, Malaysia Tech and
focusing predominantly on the Malaysian market. Small/mid-caps
12Malaysia (cont’d)
Oil & Gas / Utilities
Rahul Dohare Years in industry:
Associate 3 years
+91 22 672 34560 / rahul.dohare@nomura.com Qualifications:
MBA (Finance), B. Tech &
Rahul joined Nomura in February 2017 and covers the ASEAN utilities and Malaysia M. Tech (Civil Engineering)
oil & gas sectors. Prior to this, he covered US consumer staples and restaurant Coverage:
sectors at Goldman Sachs Asset Management. He has received an MBA in Utilities and Oil & Gas
Finance from IIM Lucknow and B. Tech & M. Tech from IIT Madras.
13Asia ex-Japan Research Analyst Directory
Philippines
Banks / Property
Abigail Chiw, CFA Years in industry:
Head of Philippines equity research 15 years
+63 2 8784590 / abigail.chiw@nomura.com Qualifications:
BS Business
Abi joined BDO Nomura in October 2016. Prior to joining Nomura, Abi was Administration and
connected with BDO Private Bank as vice president for equity and fixed income Accountancy (Cum
research; she has also worked at Bahay Financial Services, Inc. (an asset Laude), University of the
management firm under the Deutsche Bank group) as a senior analyst, at Roasters Philippines; CPA; CFA
Philippines, Inc. (local operator for Kenny Rogers Roasters & Seattle’s Best Coffee) Coverage:
as an executive assistant for special projects, and at Ayala Land, Inc. as a corplan Banks and Property
analyst.
Consumer
Angelo Torres Years in industry:
Research analyst 10 years
+63 2 8784967 / angelo.torres@nomura.com Qualifications:
AB Management
Angelo joined BDO Nomura in November 2016. He covers the consumer sector Economics, Ateneo de
in the Philippines. Angelo started his career with the asset management group of Manila University;
the Bank of the Philippine Islands in 2008. After his postgraduate studies in 2013, Master of Business
he joined the M&A advisory team of BDO Capital & Investment Corporation, the Administration, Singapore
investment banking arm of BDO Unibank, Inc. Management University
(Dean’s List)
Coverage:
Consumer
Conglomerates / Industrials
Thomas Earll A Huang Years in industry:
Research analyst 5 years
+63 2 8784968 / thomasearll.huang@nomura.com Qualifications:
Business Management,
Thomas Earll Huang covers the Philippine conglomerates and Industrials sectors. DLS – College of Saint
Prior to joining BDO Nomura, he was with BPI Securities covering the Philippine Benilde; Master of
consumer, telecom, and utility sectors. He received his Master’s Degree in Business Administration,
Business Administration from the Asian Institute of Management. Asian Institute of
Management (Dean’s List)
Coverage:
Conglomerates /
Industrials
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