2020 Institutional Investor - All-Asia Research Team Survey - Nomura

 
2020 Institutional Investor - All-Asia Research Team Survey - Nomura
2020 Institutional Investor
All-Asia Research Team Survey

      We challenge our analysts to be
 curious and creative in their analysis
     of companies, and to provide our
      clients with a first-class service.
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2020 Institutional Investor - All-Asia Research Team Survey - Nomura
Introduction
Nomura’s Asia-Pacific research team has over 250 professionals, spanning twelve countries from our home in Japan. 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’s APAC equity research team covers over 1,120 stocks in the region and regards itself as a market leader in a number
of sectors including Industrials, TMT and Consumer. Our holistic views are often presented in our flagship Anchor products.
These are designed to give investors more detailed industry knowledge which can help formulate investment decisions. Our
own readership data consistently advise us that this product captures most investors’ attention. Our recent Anchor Reports
include our 2020 APAC Equity Strategy Outlook. This report highlights a positive scenario for APAC equities as an asset class
in 2020.

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 products 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 a 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, we believe 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.

We hope to develop our product offering in 2020 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.

Jim McCafferty                                                   Katsushi Saito
Joint-Head of APAC Equity Research                               Joint-Head of APAC Equity Research
+852 2252 1189 / jim.mccafferty@nomura.com                       +81 3 6703 1160 / katsushi.saito@nomura.com

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Table of Contents
 Regional Management                        1

 Equity Analysts                            2

 China / Hong Kong                          3

 India                                      7

 Malaysia                                  10

 Philippines                               12

 Singapore                                 13

 South Korea                               14

 Taiwan                                    16

 Thailand                                  18

 Japan                                     19

 Fixed Income Analysts                     20

 Economics                                 21

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2020 Institutional Investor - All-Asia Research Team Survey - Nomura
Analysts by Sector
                                     Name                    Phone             e-mail
Research Management
Head of Global Research              Takashi Tachi           81 3 6703 1100    takashi.tachi@nomura.com
Joint-Head of APAC Equity Research   Jim McCafferty          852 2252 1189     jim.mccafferty@nomura.com
Joint-Head of APAC Equity Research   Katsushi Saito          81 3 6703 1160    katsushi.saito@nomura.com
Head of Global Macro Research        Rob Subbaraman          65 6433 6548      rob.subbaraman@nomura.com
Equity Strategy
Asia-Pacific                         Chetan Seth, CFA        65 6433 6986      chetan.seth1@nomura.com
Asia-Pacific                         Nirransh Jain           91 22 305 32092   nirransh.jain@nomura.com
India                                Saion Mukherjee         91 22 4037 4184   saion.mukherjee@nomura.com
India                                Neelotpal Sahu          91 22 4037 4023   neelotpal.sahu1@nomura.com
Malaysia                             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                          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, CFA    91 22 4037 4362   siddhartha.bera@nomura.com
South Korea                          Angela Hong             82 2 3783 2360    angela.hong@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
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                                Aditya Bansal           91 22 40374194    aditya.bansal1@nomura.com
India                                Priyankar Biswas, CFA   91 22 4037 4992   priyankar.biswas@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
Southeast Asia                       Ahmad Maghfur Usman     60 3 2027 6892    ahmad.maghfurusman@nomura.com
Southeast Asia                       Bineet Banka, CFA       91 22 4053 3784   bineet.banka@nomura.com
Consumer
China / Hong Kong                    Emily Lee               852 2252 1407     emily.lee@nomura.com
China / Hong Kong                    Sandy Shao, CFA         852 2252 6177     sandy.shao@nomura.com
China / Hong Kong                    Joseph Wong             852 2252 6111     josephmh.wong@nomura.com
India                                Mihir Shah              91 22 403 74232   mihir.shah1@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
Philippines                          Diane Nicole Go         63 2 6881227      dianenicole.go@nomura.com
South Korea                          Cara Song               82 2 3783 2328    cara.song@nomura.com
Taiwan                               Shaotang Lee            886 2 2176 9978   shaotang.lee@nomura.com
Thailand                             Thanatcha Jurukul       66 2 081 2799     thanatcha.jurukul.1@nomura.com
Thailand                             Rajesh Kumar            91 22 3053 2910   rajesh.kumar@nomura.com

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Analysts by Sector (cont’d)
                                 Name                       Phone             e-mail
 Financials (Banks, Insurance and non-bank financials)
 China / Hong Kong               Shengbo Tang               852 2252 6210     shengbo.tang@nomura.com
 China / Hong Kong               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
 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
 Healthcare & Pharmaceuticals
 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, CFA   81 3 6703 1229    raghavendra.divekar@nomura.com
 South Korea                     Cara Song                  82 2 3783 2328    cara.song@nomura.com
 Thailand                        Thanatcha Jurukul          66 2 081 2799     thanatcha.jurukul.1@nomura.com
 Thailand                        Rajesh Kumar               91 22 3053 2910   rajesh.kumar@nomura.com
 Industrials
 China / Hong Kong               Benjamin Lo, CFA           852 2252 6220     benjamin.lo@nomura.com
 China / Hong Kong               Jamie Wang                 852 2252 2195     jamie.wang@nomura.com
 India                           Priyankar Biswas, CFA      91 22 4037 4992   priyankar.biswas@nomura.com
 India                           Neelotpal Sahu             91 22 4037 4023   neelotpal.sahu1@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
 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
 Southeast Asia                  Divya Thomas               91 22 672 35184   divya.thomas@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                           Jessie Xu                  852 2252 6197     jessie.xu@nomura.com
 China                           Thomas Shen                852 22521400      thomas.shen@nomura.com
 India                           Rishit Parikh              91 22 4037 4360   rishit.parikh@nomura.com
 South Korea                     Angela Hong                82 2 3783 2360    angela.hong@nomura.com
 South Korea                     Akash Gupta                91 22 672 35492   akash.gupta3@nomura.com
 Oil & Gas and Chemicals
 Greater China                   Jamie Wang                 852 2252 2195     jamie.wang@nomura.com
 India                           Anil Sharma                91 22 4037 4338   anil.sharma.1@nomura.com
 India                           Aditya Bansal              91 22 40374194    aditya.bansal1@nomura.com
 Southeast Asia                  Ahmad Maghfur Usman        60 3 2027 6892    ahmad.maghfurusman@nomura.com
 Southeast Asia                  Bineet Banka, CFA          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
 Power & Utilities
 China                           Jamie Wang                 852 2252 2195     jamie.wang@nomura.com
 Hong Kong                       Benjamin Lo, CFA           852 2252 6220     benjamin.lo@nomura.com
 Hong Kong                       Martin Heung               852 2252 1414     martin.heung@nomura.com

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2020 Institutional Investor - All-Asia Research Team Survey - Nomura
Analysts by Sector (cont’d)
                             Name                  Phone             e-mail
Power & Utilities (cont’d)
India                        Anil Sharma           91 22 4037 4338   anil.sharma.1@nomura.com
India                        Aditya Bansal         91 22 40374194    aditya.bansal1@nomura.com
Malaysia                     Ahmad Maghfur Usman   60 3 2027 6892    ahmad.maghfurusman@nomura.com
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
Property
China                        Leif Chang            852 2252 1554     leif.chang@nomura.com
China                        Stella Guo            852 2252 1419     stella.guo@nomura.com
Philippines                  Abigail Chiw, CFA     63 2 8784590      abigail.chiw@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                        Rishit Parikh         91 22 4037 4360   rishit.parikh@nomura.com
Malaysia                     Heng Siong Kong       603 2027 6894     hengsiong.kong@nomura.com
Malaysia                     Rahul Dohare          91 22 672 34560   rahul.dohare@nomura.com
South Korea                  CW Chung              82 2 3783 2312    cwchung@nomura.com
South Korea                  Jung Cho              822 3783 2332     jung.cho@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                       Martin Lee            886 2 2176 9963   martin.lee@nomura.com
Telecommunications
China                        Bing Duan             852 2252 2141     bing.duan1@nomura.com
Hong Kong                    Ethan Zhang           852 2252 2157     ethan.zhang@nomura.com
Malaysia                     Heng Siong Kong       603 2027 6894     hengsiong.kong@nomura.com
Malaysia                     Rahul Dohare          91 22 672 34560   rahul.dohare@nomura.com
Philippines                  Abigail Chiw, CFA     63 2 8784590      abigail.chiw@nomura.com
Philippines                  Diane Nicole Go       63 2 6881227      dianenicole.go@nomura.com
South Korea                  Angela Hong           82 2 3783 2360    angela.hong@nomura.com
South Korea                  Akash Gupta           91 22 672 35492   akash.gupta3@nomura.com

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Fixed Income
                                            Name                Phone            e-mail
 Economics
 Head of Global Macro Research and          Rob Subbaraman      65 6433 6548     rob.subbaraman@nomura.com
 Co-head of Global Markets Research
 Chief Economist, India and Asia ex-Japan   Sonal Varma         65 6433 6527     sonal.varma@nomura.com
 Chief China economist                      Ting Lu             852 2252 1306    ting.lu@nomura.com
 Chief ASEAN economist                      Euben Paracuelles   65 6433 6956     euben.paracuelles@nomura.com
 China                                      Lisheng Wang        852 2252 2057    lisheng.wang@nomura.com
 China                                      Jing Wang           852 22521011     jing.wang@nomura.com
 India                                      Aurodeep Nandi      91 22 40374087   aurodeep.nandi@nomura.com
 Thailand and Singapore                     Charnon Boonnuch    65 6433 6189     charnon.boonnuch@nomura.com
 Indonesia and Malaysia                     Rangga Cipta        65 6433 4520     rangga.cipta@nomura.com

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Analysts by Country
                                      Name                    Phone             e-mail
Research Management
Head of Global Research               Takashi Tachi           81 3 6703 1100    takashi.tachi@nomura.com
Joint-Head of APAC Equity Research    Jim McCafferty          852 2252 1189     jim.mccafferty@nomura.com
Joint-Head of APAC Equity Research    Katsushi Saito          81 3 6703 1160    katsushi.saito@nomura.com
Head of Global Macro Research         Rob Subbaraman          65 6433 6548      rob.subbaraman@nomura.com
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
Home appliances / Autos               Joseph Wong             852 2252 6111     josephmh.wong@nomura.com
Consumer                              Emily Lee               852 2252 1407     emily.lee@nomura.com
Consumer                              Sandy Shao, CFA         852 2252 6177     sandy.shao@nomura.com
Industrials / Materials               Jamie Wang              852 2252 2195     jamie.wang@nomura.com
Insurance, Banks and                  Shengbo Tang            852 2252 6210     shengbo.tang@nomura.com
non-bank financials
Insurance, Banks and                  Martin Ma               852 2252 2154     martin.ma@nomura.com
non-bank financials
Internet / Media                      Jialong Shi             852 2252 1409     jialong.shi@nomura.com
Internet / Media                      Thomas Shen             852 22521400      thomas.shen@nomura.com
Internet / Education                  Jessie Xu               852 2252 6197     jessie.xu@nomura.com
Property                              Leif Chang              852 2252 1554     leif.chang@nomura.com
Property                              Stella Guo              852 2252 1419     stella.guo@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 / Telecommunications       Bing Duan               852 2252 2141     bing.duan1@nomura.com
Technology / Telecommunications       Ethan Zhang             852 2252 2157     ethan.zhang@nomura.com
Technology / Telecommunications       Joel Ying, CFA          852 2252 2153     joel.ying@nomura.com
India
Head of India equity research,        Saion Mukherjee         91 22 4037 4184   saion.mukherjee@nomura.com
Healthcare / Strategy
Strategy / Industrials                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, CFA    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
Consumer                              Mihir Shah              91 22 403 74232   mihir.shah1@nomura.com
Industrials / Metals                  Priyankar Biswas, CFA   91 22 4037 4992   priyankar.biswas@nomura.com
IT Services and Internet              Rishit Parikh           91 22 4037 4360   rishit.parikh@nomura.com
Oil & Gas and Chemicals / Materials   Anil Sharma             91 22 4037 4338   anil.sharma.1@nomura.com
Oil & Gas and Chemicals / Materials   Aditya Bansal           91 22 40374194    aditya.bansal1@nomura.com

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Analysts by Country
                                           Name                       Phone             e-mail
 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, CFA   81 3 6703 1229    raghavendra.divekar@nomura.com
 (Singapore, Malaysia, Taiwan)
 Transport & Logistics /                   Ahmad Maghfur Usman        60 3 2027 6892    ahmad.maghfurusman@nomura.com
 Oil & Gas / Utilities
 Transport and Logistics                   Divya Thomas               91 22 672 35184   divya.thomas@nomura.com
 Oil & Gas / Utilities                     Bineet Banka, CFA          91 22 4053 3784   bineet.banka@nomura.com
 Technology / Telecoms / Rubber Gloves     Heng Siong Kong            603 2027 6894     hengsiong.kong@nomura.com
 Technology / Telecoms / Rubber Gloves     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 / Utilities              Angelo Torres              63 2 8784967      angelo.torres@nomura.com
 Consumer / Gaming / Telco                 Diane Nicole Go            63 2 6881227      dianenicole.go@nomura.com
 Conglomerates / Industrials               Thomas Earll Huang         63 2 8784968      thomasearll.huang@nomura.com
 Singapore
 Equity Strategy (Asia Pacific)            Chetan Seth, CFA           65 6433 6986      chetan.seth1@nomura.com
 Equity Strategy (Asia Pacific)            Nirransh Jain
 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, CFA   81 3 6703 1229    raghavendra.divekar@nomura.com
 (Singapore, Malaysia, Taiwan)
 Transportation (ASEAN)                    Ahmad Maghfur Usman        60 3 2027 6892    ahmad.maghfurusman@nomura.com
 South Korea
 Head of Korea equity research,            CW Chung                   82 2 3783 2312    cwchung@nomura.com
 Technology (Semiconductors/Hardware)
 / Strategy
 Technology (Semiconductors/Hardware)      Jung Cho                   822 3783 2332     jung.cho@nomura.com
 / Strategy
 Oil & Gas & Chemicals / Basic Materials   Cindy Park                 82 2 3783 2324    cindy.park@nomura.com
 Oil & Gas & Chemicals / Basic Materials   Soobin Park                822 3783 2320     soobin.park@nomura.com
 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

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Analysts by Country (cont’d)
                                       Name                       Phone             e-mail
Taiwan (Cont’d)
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, CFA   81 3 6703 1229    raghavendra.divekar@nomura.com
(Singapore, Malaysia, Taiwan)
Materials                              Jamie Wang                 852 2252 2195     jamie.wang@nomura.com
Thailand
Healthcare / Consumer-related          Thanatcha Jurukul          66 2 081 2799     thanatcha.jurukul.1@nomura.com
Healthcare / Consumer-related          Rajesh Kumar               91 22 3053 2910   rajesh.kumar@nomura.com
Industrials / Energy                   Ahmad Maghfur Usman        60 3 2027 6892    ahmad.maghfurusman@nomura.com
Japan
Healthcare                             Raghavendra Divekar, CFA   81 3 6703 1229    raghavendra.divekar@nomura.com
(Singapore, Malaysia, Taiwan)

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Research Management

                  Takashi Tachi                                                                         Years in industry:
                  Head of Global Research                                                               31 years
                  +81 3 6703 1100 / takashi.tachi@nomura.com                                            Qualifications:
                                                                                                        Master’s Degree in
                  Takashi Tachi is Head of Global Research and oversees equity research in Japan,       Science and Engineering
                  AeJ, EMEA, and the Americas, as well as fixed income and economic research            (Keio University)
                  globally. Takashi’s remit also includes the Fiduciary Service Research Center
                  and the Nomura Institute of Capital Markets Research. Additionally, he serves as
                  general manager of the Market Strategy Research Department and joint head of
                  Global Markets Research, Japan. Prior to this, Takashi was managing director of
                  Nomura’s Institutional Fixed Income Sales Department for three years.

Equity Research

                  Jim McCafferty                                                                        Years in industry:
                  Joint-Head of APAC equity research                                                    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 head of Asia Pacific Research. Prior to moving to Hong Kong in           MSc Political Economy
                  2010, Jim was a top-ranked telecoms analyst and Head of Research in London            of East Asia
                  with senior roles at ABN AMRO, Societe Generale and Seymour Pierce. He was            (University of Sheffield)
                  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. Jim has a BA (Hons) degree in Economics from
                  Heriot-Watt University and a MSc degree in Political Economy of East Asia from
                  the University of Sheffield.

                  Katsushi Saito                                                                        Years in industry:
                  Joint-Head of APAC equity research                                                    29 years
                  Head of equity research, Japan and Head of Asia-Pacific industrials research          Qualifications:
                  +81 3 6703 1160 / katsushi.saito@nomura.com                                           BA Arts & Sciences
                                                                                                        (University of Tokyo)
                  Katsushi Saito is Head of Asia-Pacific industrial and machinery research. He          Coverage:
                  aims to provide investment ideas based on a two-pronged approach: top-down            Machinery
                  analysis to anticipate global economic cycles based on macro indicators and
                  bottom-up analysis based on company-specific competitive capabilities and
                  growth strategies. Katsushi joined Nomura Research Institute in 1988. He gained
                  experience researching unlisted companies, consulting on IPOs, and conducting
                  equity research on German companies in Frankfurt before becoming an analyst
                  covering the Japanese machinery sector in 1996.

Fixed Income Research

                  Rob Subbaraman                                                                        Years in industry:
                  Head of Global Macro Research and Co-head of Global Markets Research                  30 years
                  +65 6433 6548 / rob.subbaraman@nomura.com                                             Qualifications:
                                                                                                        MEc (Hons)
                  Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where            (Macquarie University);
                  he was Chief Economist, Asia ex-Japan. His team of economists and strategists         MSc Economics
                  is responsible for forecasting the outlook of 10 Asian economies and developing       (Warwick 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.

1
Equity Analysts
Asia ex-Japan Research Analyst Directory

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 conglomerates      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, previously, he also 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 US.                                                      Autos, Conglomerates,
                                                                                                        Utilities

Home appliances / Autos

                  Joseph Wong                                                                           Years in industry:
                  Vice President                                                                        8 years
                  +852 2252 6111 / josephmh.wong@nomura.com                                             Qualifications:
                                                                                                        HKICPA charterholder;
                  Joseph joined Nomura in July 2012 to cover the China auto sector with a more          MBA (Chinese University
                  recent focus on home appliances names. 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.                                      Home appliances / Autos

Consumer

                  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, CFA                                                                       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

3
China / Hong Kong (cont’d)
Financials (Insurance, Banks and non-bank financials)

                   Shengbo Tang                                                                          Years in industry:
                   Head of Hong Kong and China financials research                                       13 years
                   +852 2252 6210 / shengbo.tang@nomura.com                                              Qualifications:
                                                                                                         BS, MS Applied
                   Shengbo Tang joined Nomura in 2015 as head of Hong Kong and China insurance           Mathematics
                   and non-bank financials research from CICC, where he was Head of China                (Tongji University);
                   insurance research. He has been a consistently top-ranked insurance analyst for       Certified Fellow of the
                   China in various industry polls, including Institutional Investor, Asiamoney and      China Association of
                   Thomson Reuters’ Starmine. Before CICC, Shengbo had worked as an actuarial            Actuaries
                   manager at China Taiping Insurance. Shengbo is a Fellow of the China Association      Coverage:
                   of Actuaries.                                                                         Insurance, Banks and
                                                                                                         Non-Bank Financials

                   Martin Ma                                                                             Years in industry:
                   Associate                                                                             4 years
                   +852 2252 2154 / martin.ma@nomura.com                                                 Qualifications:
                                                                                                         Bachelor’s degree in
                   Martin joined Nomura in October 2018 as part of the Insurance team. He currently      Economics and Finance
                   covers China Insurance for Nomura. Previously, he was a PE associate with China       (University of Hong Kong)
                   Minsheng Investment Group, with a focus on Fintech. He has also worked for            Coverage:
                   Jefferies.                                                                            Insurance, Banks and
                                                                                                         Non-Bank Financials

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 a runner-up in China Internet research in the 2018 II All Asia/China poll, and    Coverage:
                   he ranked the No 1 Earnings Estimator in the 2019 StarMine Analyst Awards in the      Internet / Media
                   Asia Interactive Media & Service category. Prior to Credit Suisse, Jialong worked
                   at CLSA and Lehman Brothers as a research analyst in the China 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.

                   Thomas Shen, CFA                                                                      Years in industry:
                   Analyst                                                                               3 years
                   +852 2252 1400 / thomas.shen@nomura.com                                               Qualifications:
                                                                                                         Bachelor of Social
                   Thomas joined Nomura in 2019 and covers the China Internet sector. He has 3           Science in Economics
                   years of prior experience on both the sell-side and buy-side, covering the internet   (Chinese University of
                   and technology sectors.                                                               Hong Kong); Master of
                                                                                                         Finance (University of
                                                                                                         Hong Kong); CFA
                                                                                                         charterholder
                                                                                                         Coverage:
                                                                                                         Internet / Media

                                                                                                                                   4
Asia ex-Japan Research Analyst Directory

China / Hong Kong (cont’d)
Internet and Education

                  Jessie Xu                                                                            Years in industry:
                  Associate                                                                            6 years
                  +852 2252 6197 / jessie.xu@nomura.com                                                Qualifications:
                                                                                                       MSc in Economics (the
                  Jessie joined Nomura in Dec 2017 and covers the China internet and education         Chinese University of
                  sectors. Prior to this, Jessie worked at Credit Suisse and Citigroup as a research   Hong Kong)
                  associate. Jessie received a Master’s Degree in Economics from the Chinese           Coverage:
                  University of Hong Kong.                                                             Internet and Education

Industrials and Materials

                  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 covering the Greater China chemicals           (National Taiwan
                  sector, and has expanded his coverage to materials, gas, and industrial spaces       University)
                  in recent years. Prior to this, he worked at Macquarie Capital Securities as an      Coverage:
                  associate analyst and at Fubon Financial Holding as a management associate in        Greater China Industrials
                  Corporate and Investment Banking. Jamie’s experience and knowledge include not       and Materials
                  only equities but also credit, derivatives, and project finance.

Property

                  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 the China property         University)
                  sector. Before joining Nomura, Leif was China Property analyst with Morgan           Coverage:
                  Stanley and BNP Paribas.                                                             China Property

                  Stella Guo                                                                           Years in industry:
                  Analyst                                                                              3 years
                  +852 2252 1419 / stella.guo@nomura.com                                               Qualifications:
                                                                                                       MSc in Finance (The Chi-
                  Stella joined Nomura in March 2019 as part of the China property team. Previously,   nese University of Hong
                  she worked at CITIC Securities.                                                      Kong)
                                                                                                       Coverage:
                                                                                                       China Property

Technology

                  Donnie Teng                                                                          Years in industry:
                  Vice President                                                                       6 years
                  +852 2252 1439 / donnie.teng@nomura.com                                              Qualifications:
                                                                                                       Bachelor of Business
                  Donnie has about six years of buy-/sell-side experience in global semiconductor      Administration, M.S in
                  research after working with UMC for two-and-a-half years. Donnie now covers          Industrial Engineering
                  Greater China Semiconductor and Tech companies.                                      (National Taiwan
                                                                                                       University)
                                                                                                       Coverage:
                                                                                                       Technology
                                                                                                       (Semiconductors/
                                                                                                       Hardware)

5
China / 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 joined Nomura in August 2015 and covers the China technology and telecom       (Fudan University);
                sectors. Joel worked in Barclays from May 2014 as an Assistant Vice President in    CFA charterholder
                the regional autos and capital goods research team; prior to that, he spent four    Coverage:
                years working in Asian telecoms equity research in Shanghai.                        Technology/Telecoms

                Bing Duan                                                                           Years in industry:
                Associate                                                                           2 years
                +852 2252 2141 / bing.duan1@nomura.com                                              Qualifications:
                                                                                                    MS Computer Science
                Bing joined Nomura in January 2017 and covers the China technology and telecom      (Shanghai Jiaotong
                sectors. Bing worked at China UnionPay from February 2012 as a risk manager;        Univeristy);
                prior to that, he has worked at China Telecom and in Morgan Stanley’s technology    MBA (Hong Kong
                department.                                                                         University of Science
                                                                                                    and Technology)
                                                                                                    Coverage:
                                                                                                    Technology/Telecoms

                Ethan Zhang                                                                         Years in industry:
                Analyst                                                                             3 years
                +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   CFA charterholder
                on corporates.                                                                      Coverage:
                                                                                                    Technology/Telecoms

                                                                                                                            6
Asia 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                                                                            4 years
                 +91 22 4037 4023 / neelotpal.sahu1@nomura.com                                        Qualifications:
                                                                                                      Master’s 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 holds a Master’s of Science in Economics from the Indian          Coverage:
                 Institute of Technology, Kharagpur. She is a CFA charter holder.                     India Equity Strategy &
                                                                                                      Industrials

                 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                                                                   13 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 & Auto Parts and
                                                                                                      Media

                 Siddhartha Bera, CFA                                                                 Years in industry:
                 Associate                                                                            7 years
                 +91 22 4037 4362 / siddhartha.bera@nomura.com                                        Qualifications:
                                                                                                      B-Tech, MBA (Finance),
                 Siddhartha joined Nomura in August 2015 after 2.5 years with a leading domestic      CFA charterholder
                 brokerage, Edelweiss. Prior to this, he had stints at HSBC and Emkay Global. He      Coverage:
                 has overall equity research experience of nearly 7 years covering the auto and       Autos & Auto Parts and
                 auto ancillary sectors in India. At Nomura, he covers nearly 13 companies, and has   Media
                 developed close relationships with managements. He holds the CFA charter.

7
India (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:
                Vice President                                                                          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:
                Analyst
Asia ex-Japan Research Analyst Directory

Industrials & Metals

                  Priyankar Biswas, CFA                                                                Years in industry:
                  Vice President                                                                       6 years
                  +91 22 4037 4992 / priyankar.biswas@nomura.com                                       Qualifications:
                                                                                                       BTech Electronics &
                  Priyankar joined Nomura in April 2015 after three years at HSBC. He is part of       Communication
                  the Indian industrials, transportation, metals and capital goods equity research     Engineering
                  team based out of Mumbai. He started his career with Reliance Infrastructure         (NIT Durgapur);
                  Limited (2008-2010) in project management before completing his MBA from IIM         PGDIM (IIM Kozhikode)
                  Kozhikode (2010-2012). After his MBA, Priyankar joined HSBC (2012-2015) and          Coverage:
                  worked with the Global Oil & Gas equity research team.                               Industrials, Infrastructure,
                                                                                                       Metals, Transport and
                                                                                                       logistics

IT Services and Internet

                  Rishit Parikh                                                                        Years in industry:
                  Associate                                                                            5 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).

Consumer

                  Mihir Shah                                                                           Years in industry:
                  Vice President                                                                       13 years
                  +91 22 403 74232 / mihir.shah1@nomura.com                                            Qualifications:
                                                                                                       B.Com (Vocational Tax)
                  Mihir joined Nomura in January 2020 and covers the India Consumer Staples            Diploma in Mkt. Mgm.
                  & Discretionary (Retail, Paints, QSR) sector. Prior to this, he has worked with      MMS – Finance
                  Deutsche Equities, Axis Capital, Daiwa Capital Markets, Reliance Equities            Coverage:
                  International covering the same sector. He has consistently been a part of Top       India Consumer
                  Rated India Consumer Analyst teams by Institutional Investor and Asia Money.

9
Malaysia
Financials / Gaming / Construction

                  Tushar Mohata, CFA                                                                       Years in industry:
                  Head of Malaysia equity research                                                         11 years
                  +60 3 2027 6895 / tushar.mohata@nomura.com                                               Qualifications:
                                                                                                           BEng Electronics and
                  Tushar joined Nomura Malaysia in December 2011 and covers the financials,                Communication
                  construction and gaming sectors, along with equity strategy. He has 11 years             Engineering
                  of ASEAN research experience covering a wide range of sectors such as                    (BIT, Ranchi, India)
                  transportation, property and consumer. He is a CFA charterholder.                        MBA (IIM, Kozhikode);
                                                                                                           CFA charterholder
                                                                                                           Coverage:
                                                                                                           Financials, Gaming and
                                                                                                           Construction

                  Alpa Aggarwal, CFA                                                                       Years in industry:
                  Associate                                                                                7 years
                  +91 22 3053 2250 / alpa.aggarwal@nomura.com                                              Qualifications:
                                                                                                           Bachelor of Engineer-
                  Alpa is an associate at Nomura Powai since June 2012 and currently covers the            ing (Electronics), MBA
                  financials, construction and gaming sectors, along with equity strategy. She has         (Finance, IIM Kozhikode),
                  also covered airport and property sectors in the past. She received an MBA from          CFA charterholder
                  the Indian Institute of Management, Kozhikode in 2012, and is a CFA charterholder.       Coverage:
                                                                                                           Financials, Gaming
                                                                                                           and Construction

Industrials / Transport / Energy and Chemicals / Utilities

                  Ahmad Maghfur Usman                                                                      Years in industry:
                  Vice President                                                                           12 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 and currently looks at industrials, transportation, energy, chemicals and        Coverage:
                  utilities sectors in ASEAN. He joined from RHB Research Institute (Malaysia).            Industrials, Transport,
                  He has 12 years of sell-side research experience, primarily covering the ASEAN           Energy and Chemicals,
                  transportation sector, first at OSK, and then at RHB after the latter’s acquisition of   Utilities
                  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                                                                                4 years
                  +91 22 672 35184 / divya.thomas@nomura.com                                               Qualifications:
                                                                                                           BE Mechanical (Manipal
                  Divya has been a part of the ASEAN Transport and Logistics team since October            University), MBA (IIM
                  2017 and previously worked in the Risk and Finance team in Nomura. She                   Kozhikode)
                  received an MBA degree from IIM Kozhikode in 2015 and a degree in Mechanical             Coverage:
                  Engineering from Manipal University in 2013.                                             ASEAN Transport and
                                                                                                           Logistics

                  Bineet Banka, CFA                                                                        Years in industry:
                  Vice President                                                                           9 years
                  +91 22 4053 3784 / bineet.banka@nomura.com                                               Qualifications:
                                                                                                           Bachelor of Technology
                  Bineet is a part of at Nomura since June 2010 and currently covers the ASEAN             (BTech), MBA (Finance),
                  Oil & Gas and Utilities sectors. He has also covered the airport, consumer and           CFA charterholder
                  property sectors in the past. Bineet holds an MBA in Finance degree from XLRI            Coverage:
                  Jamshedpur and B.Tech from IIT Kharagpur. He is also a CFA charterholder and             ASEAN Oil & Gas
                  certified FRM.                                                                           & Utilities

                                                                                                                                     1`0
Asia ex-Japan Research Analyst Directory

Malaysia (cont’d)
Telco / Rubber Gloves / 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 telco, rubber gloves, technology, and small/mid-caps sectors. In his    Coverage:
                    previous stints, he covered sectors such as healthcare, rubber gloves, gaming,   Malaysia Telco, Rubber
                    construction and utilities, focusing predominantly on the Malaysian market.      Gloves, Technology and
                                                                                                     Small/mid-caps

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 Malaysia telcos, rubber      M. Tech (Civil Engineering)
                    gloves, technology, and small/mid-caps sectors. Prior to this, he covered US     Coverage:
                    consumer staples and restaurant sectors at Goldman Sachs Asset Management.       Malaysia Telco, Rubber
                    He has received an MBA in Finance from IIM Lucknow and B.Tech & M.Tech from      Gloves, Technology and
                    IIT, Madras.                                                                     Small/mid-caps

11
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’s 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

Consumer / Telco / Gaming

                   Diane Nicole Go                                                                        Years in industry:
                   Research analyst                                                                       1 year
                   +63 2 6881227 / dianenicole.go@nomura.com                                              Qualifications:
                                                                                                          BS Applied Economics
                   Diane joined BDO Nomura in February 2019. She covers the Philippine consumer,          and BS Accountancy
                   telco and gaming sectors. Prior to joining Nomura, Diane was connected with            (Magna Cum Laude), De
                   BDO Securities as a fixed income analyst.                                              La Salle University; CPA
                                                                                                          Coverage:
                                                                                                          Consumer, Telco
                                                                                                          and Gaming

                                                                                                                                  12
Asia ex-Japan Research Analyst Directory

Singapore
Equity Strategy

                  Chetan Seth, CFA                                                                       Years in industry:
                  Vice President                                                                         13 years
                  +65 6433 6986 / chetan.seth1@nomura.com                                                Qualifications:
                                                                                                         CFA charterholder, Char-
                  Chetan is Nomura’s Regional Equity Strategist based in Singapore. He has more          tered Accountant (ICAI),
                  than 10 years’ experience in Equity Strategy research having previously been an        B.Com (Hons)
                  Asia ex JP/Global Equities Strategist at Macquarie’s highly rated equity strategy      Coverage:
                  team in Hong Kong, and stints at other investment banks including Lehman               Asia Pacific Equity
                  Brothers. Chetan’s investment framework draws heavily from his global macro            Strategy
                  experience; and a data-driven/analytical approach to form an investment view
                  on equities in the region. He started his career in 2002 at McKinsey in India,
                  before joining the equities business in 2006 at Lehman Brothers. He is a qualified
                  Chartered Accountant, and also a CFA charterholder.

                  Nirransh Jain                                                                          Years in industry:
                  Analyst                                                                                2 years
                  +91 22 3053 2092 / nirransh.jain@nomura.com                                            Qualifications:
                                                                                                         MBA (XLRI Jamshedpur),
                  Nirransh is an analyst at Nomura Powai since March 2019 and currently covers           B.E. (NSIT,DU)
                  Asia Pacific Equity Strategy. Prior to that, he worked with ICICI Bank where he        Coverage:
                  worked in the Global Clients Group. He has also cleared all the levels of CFA and is   Asia Pacific Equity
                  a certified FRM.                                                                       Strategy

13
South Korea
Technology (Semiconductors)

                  CW Chung                                                                             Years in industry:
                  Head of Korea equity research; Head of pan-Asia Tech/Semiconductors research         20 years
                  +82 2 3783 2312 / cwchung@nomura.com                                                 Qualifications:
                                                                                                       BS Biochemistry,
                  CW (Changwon) joined Nomura in January 2009 and is head of equity research for       MBA Finance
                  Korea. He also covers the Korea technology and semiconductors sectors. Prior to      (Yonsei University)
                  this, he was a technology/semiconductors analyst at Lehman Brothers. CW was          Coverage:
                  ranked #1 Semiconductor Analyst by Chosun Ilbo, Hankook Ilbo, Mail Economy           Technology
                  and Herald Economy from 2004 to 2006.                                                (Semiconductors)

                  Jung Cho                                                                             Years in industry:
                  Analyst                                                                              1 year
                  +822 3783 2332 / jung.cho@nomura.com                                                 Qualifications:
                                                                                                       BBA at Boston college
                  Jung Cho joined Nomura in December 2018 and covers the Korea technology              Coverage:
                  and semiconductor sectors. Prior to this, he was at Daiwa Securities covering the    Technology
                  Korea tech sector.                                                                   (Semiconductors)

Oil & Gas and Chemicals / Steel / Utility

                  Cindy Park                                                                           Years in industry:
                  Head of Basic Materials research, Asia ex-Japan                                      25 years
                  +82 2 3783 2324 / cindy.park@nomura.com                                              Qualifications:
                                                                                                       BA Economics
                  Cindy joined Nomura in 2004 and is regional head of basic materials, energy and      (Yonsei University)
                  EV battery research. She leads research and price forecasts for oil & gas/chemical   Coverage:
                  and metals, in addition to her stock coverage. Prior to joining Nomura, she was      Oil & Gas and Chemicals,
                  with Merrill Lynch and Samsung Corporation’s chemical trading division.              Steel, Utility

Autos & Auto Parts / Internet / Telecommunications

                  Angela Hong                                                                          Years in industry:
                  Executive Director                                                                   13 years
                  +82 2 3783 2360 / angela.hong@nomura.com                                             Qualifications:
                                                                                                       BA Economics
                  Angela joined Nomura in September 2011 and is the Korea autos, internet and          (Yonsei University);
                  telecom analyst. Prior to her current role, she was at HSBC covering Korean autos    MBA (The Wharton
                  stocks and before that was at JP Morgan covering internet and telecom stocks.        School, University of
                  Angela also held a consultant role at Accenture in Seoul, Korea and Munich,          Pennsylvania)
                  Germany, and advised global TMT companies on establishing business strategies.       Coverage:
                                                                                                       Autos, Internet, Telecoms

                  Akash Gupta                                                                          Years in industry:
                  Anslyst                                                                              5 years
                  +91 22 672 35492 / akash.gupta3@nomura.com                                           Qualifications:
                                                                                                       B.Com(Hons.), Chartered
                  Akash joined the Research team at Nomura Powai in September 2017 and currently       Accountant, cleared all
                  covers the auto, tire, internet and telecom sectors in Korea. Prior to joining       levels of the CFA and
                  Nomura, he worked at Goldman Sachs as Financial Controller for the Merchant          Company Secretary
                  Banking Division. Akash received his B.com (Hons.) from St. Xavier’s College,        Exams
                  Kolkata. He is a qualified Chartered Accountant and has cleared all levels of the    Coverage:
                  CFA and the Company Secretary course.                                                Korea Autos, Internet,
                                                                                                       Telecoms, Transport/
                                                                                                       Logistics

                                                                                                                                14
Asia ex-Japan Research Analyst Directory

South Korea (cont’d)
Consumer / Healthcare

                Cara Song                                                                                 Years in industry:
                Executive Director                                                                        14 years
                +82 2 3783 2328 / cara.song@nomura.com                                                    Qualifications:
                                                                                                          BBA (Hansung University)
                Cara joined Nomura in 2005 and covers the Korea consumer sector, including                Coverage:
                discretionary retail (department stores, duty free stores), food retail (hypermarkets),   Consumer, Healthcare
                online retail (TV home shoppers), F&B (tobacco, confectionery, beverage),
                cosmetics (brands, ODMs), medical beauty (botox, fillers), furniture (including
                interior materials) and healthcare sectors. Prior to this, she spent three years as
                an investor relations manager at Hankook Tire and four-and-a-half years as a
                customer service manager for freight forwarding company, Skygate Express.

Industrials

                Jaehyung Choi                                                                             Years in industry:
                Vice President                                                                            7 years
                +82 2 3783 2318 / jaehyung.choi@nomura.com                                                Qualifications:
                                                                                                          BA Economics
                Jaehyung Choi joined Nomura’s research team in February 2014 and covers the               (Boston College)
                Korean shipbuilding, construction, defence and machinery sectors. Prior to his            Coverage:
                current role, Jaehyung was a research associate for the auto/shipbuilding sector.         Shipbuilding,
                He holds a BA in Economics from Boston College.                                           Construction, Defence,
                                                                                                          Machinery

15
Taiwan
Technology (Semiconductors)

                Aaron Jeng, CFA                                                                       Years in industry:
                Head of Taiwan equity research; Greater China semiconductor analyst                   14 years
                +886 2 2176 9962 / aaron.jeng@nomura.com                                              Qualifications:
                                                                                                      BBA Finance (National
                Aaron joined Nomura in 2010 and has 14 years’ technology research experience.         Central University);
                He is the lead sector analyst for Greater China semiconductor research and Head       MBA International
                of Taiwan equity research. Aaron’s often contrarian structural approach to research   Finance (National
                has made him an opinion leader in the Greater China semiconductor space. Aaron        Chengchi University);
                was ranked no. 3 technology semiconductor analyst in Institutional Investors’ 2016    CFA charterholder
                All-Asia research team survey.                                                        Coverage:
                                                                                                      Technology
                                                                                                      (Semiconductors)

                Benson Pan                                                                            Years in industry:
                Associate                                                                             3 years
                +886 2 2176 9970 / benson.pan@nomura.com                                              Qualifications:
                                                                                                      Master in Finance
                Benson joined Nomura in Sep 2017 as a part of the Greater China semiconductor         (National Chengchi
                research team. Prior to joining Nomura, Benson has 3 years equity research            University)
                experience with Macquarie and another 3-year experience in corporate finance          Coverage:
                with Vanguard International Semiconductor. Benson now mainly supports Aaron           Technology
                for Greater China semiconductor stocks.                                               (Semiconductors)

                Bruno Cheng                                                                           Years in industry:
                Associate                                                                             4 years
                +886 2 2176 9965 / bruno.cheng@nomura.com                                             Qualifications:
                                                                                                      Master in Finance
                Bruno has about four years of sell-side experience in semiconductor research          (National Chengchi
                after graduating from National Chengchi University. Bruno supports the Taiwan         University)
                technology team in expanding the regional tech franchise.                             Coverage:
                                                                                                      Technology
                                                                                                      (Semiconductors/
                                                                                                      Hardware)

Technology (Hardware)

                Anne Lee, CFA                                                                         Years in industry:
                Executive Director; Greater China Hardware/Handset analyst                            14 years
                +886 2 2176 9966 / anne.lee@nomura.com                                                Qualifications:
                                                                                                      BA Finance,
                Anne joined Nomura in 2007 and covers the Greater China handset sector. With          MBA in Finance
                a background in small- and mid-cap companies, her strength lies in monitoring         (National Taiwan
                market dynamics through broad channel checks and tracking of high volatility mid-     University);
                cap names. In recent years, she has been focusing on Apple supply chain, China        CFA charterholder
                handsets, and new technology developments.                                            Coverage:
                                                                                                      Technology (Hardware)

                Martin Lee                                                                            Years in industry:
                Analyst                                                                               3 years
                +886 2 2176 9963 / martin.lee@nomura.com                                              Qualifications:
                                                                                                      Master in Finance (Simon
                +886 2 2176 9963 / martin.lee@nomura.com                                              Business School at Uni-
                Martin joined Nomura in October 2018 as a part of the Taiwan technology team.         versity of Rochester)
                He now supports Anne Lee to cover handset and components. Prior to his current        Coverage:
                role, he worked at Daiwa Capital Markets as a research associate focusing on the      Technology (Hardware)
                semiconductor industry, and also at PwC Taiwan (Advisory, Deals Service). Martin
                holds a Master’s degree in Finance from Simon Business School, University of
                Rochester.

                                                                                                                              16
Asia ex-Japan Research Analyst Directory

Taiwan (cont’d)
Small/mid-caps (Technology/Non-Tech)

                Shaotang Lee                                                                          Years in industry:
                Associate                                                                             7 years
                +886 2 2176 9978 / shaotang.lee@nomura.com                                            Qualifications:
                                                                                                      BA Finance (National
                Shaotang Lee joined Nomura in November 2014, covering small-/mid-caps in              Taiwan University)
                Taiwan in both the tech and non-tech spaces, including sub-sectors like auto          Coverage:
                parts, machinery, optical communication, CCL, textile/footwear, consumer and the      Small/mid-caps
                handset component industry. Prior to his current role, he was at BofA Merrill Lynch   (technology/non-tech)
                and Yuanta Investment Consulting covering the semiconductor industry. He holds
                a Bachelor’s of Finance degree from National Taiwan University, and is currently
                based in Taipei, Taiwan.

17
Thailand
Healthcare / Consumer-related

                Thanatcha Jurukul                                                                       Years in industry:
                Research analyst                                                                        6 years
                +66 2 081 2799 / thanatcha.jurukul.1@nomura.com                                         Qualifications:
                                                                                                        Bachelor of Accounting
                Thanatcha joined Nomura in June 2013 and covers the healthcare and consumer-            (Thammasat University)
                related sectors. Prior to this she was an intern at KPMG Thailand’s financial service   Coverage:
                audit department.                                                                       Healthcare /
                                                                                                        Consumer related

                Rajesh Kumar                                                                            Years in industry:
                Associate                                                                               3 years
                +91 22 3053 2910 / rajesh.kumar@nomura.com                                              Qualifications:
                                                                                                        MBA (IIM Udaipur),
                Rajesh joined Nomura in September 2018 and is currently part of the Thailand            B.Tech (VIT University),
                Healthcare and Consumer teams. He has previously covered the China Education            CFA charterholder
                and ASEAN Internet sectors. He previously worked with HSBC where he covered             Coverage:
                LatAm Financials. He has completed CFA Level 3, and has a basic understanding           Healthcare /
                of Mandarin language.                                                                   Consumer related

                                                                                                                                   18
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