2020 Institutional Investor - All-Asia Research Team Survey - Nomura
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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.
Please recognize Nomura’s research efforts
by voting for our teams in the 2020
All-Asia Institutional Investor Awards.
Voting starts now
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
i
Asia ex-Japan Research Analyst Directory 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 ii
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
iii
Asia ex-Japan Research Analyst Directory
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
iv
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
v
Asia ex-Japan Research Analyst Directory
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
vi
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
vii
Asia ex-Japan Research Analyst Directory
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
viii
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)
ixAsia ex-Japan Research Analyst Directory
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.
1Equity 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
3China / 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
4Asia 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)
5China / 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
6Asia 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.
7India (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:
AnalystAsia 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.
9Malaysia
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`0Asia 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
11Philippines
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
12Asia 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
13South 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
14Asia 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
15Taiwan
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.
16Asia 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.
17Thailand
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
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