2021 Institutional Investor - All-Asia Research Team Survey - Nomura
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2021 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 first-class service.
Please recognize Nomura’s research efforts
by voting for our teams in the 2021
All-Asia Institutional Investor Awards.
Voting starts now
Introduction
Nomura’s Asia-Pacific research team has over 250 professionals, spanning 12 countries from our home in Japan. Nomura is
your priority partner for all Japan-related intelligence including political, economic, corporate and social institutions. Beyond
Japan, Nomura sees the Asia-Pacific as our natural habitat. Our roots in these complementary markets date back some 50
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 1,130 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 advises us that this product captures most investors’ attention. Our recent Anchor Reports
include our 2021 APAC Equity Strategy Outlook. This report highlights a positive scenario for APAC equities as an asset class
in 2021.
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 fund managers increasingly
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 subdividing APAC into Asia ex-Japan and Japan will disintegrate within
the next few years. This, we believe will be replaced by a single APAC equity asset class dominated by China in 2023. Against
this background, our analysts are viewing companies through a wider APAC lens, as we see companies in each sector
competing and cooperating at local levels in all APAC markets.
2020 has been a watershed year for investors, as we were forced to navigate the impact of a global pandemic. We see
continued change in 2021 and are tasking our analysts with widening the dashboard of indicators used to make informed
stock and sector research ideas. Our recent report, “Discipline Delivers” considers COVID-19 management strategies in
APAC and their effectiveness. This report reviewed a wide spectrum of academic literature spanning sociology, psychology
and anthropology to conclude that investors need to reassess regional risk in a global context.
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 6 Malaysia 9 Singapore 11 South Korea 12 Taiwan 14 Thailand 16 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
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 Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@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 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
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
India Mihir Shah 91 22 403 74232 mihir.shah1@nomura.com
India Siddhartha Bera, CFA 91 22 4037 4362 siddhartha.bera@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
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
Financials (Banks, Insurance and non-bank financials)
China / Hong Kong Shengbo Tang 852 2252 6210 shengbo.tang@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
iii
Asia ex-Japan Research Analyst Directory
Analysts by Sector (cont’d)
Name Phone e-mail
Healthcare & Pharmaceuticals
China Esther Wen 852 2252 6134 esther.wen@nomura.com
India Saion Mukherjee 91 22 4037 4184 saion.mukherjee@nomura.com
India Prateek Mandhana 91 22 40374219 prateek.mandhana@nomura.com
Malaysia / Singapore / Taiwan Raghavendra Divekar, 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
Greater China 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
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
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
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
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
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
iv
Analysts by Sector (cont’d)
Name Phone e-mail
Technology (cont’d)
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 Sharon Tseng 81 3 6703 1187 sharon.tseng@nomura.com
Taiwan Shaotang Lee 886 2 2176 9978 shaotang.lee@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
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
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
China / Hong Kong
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
Consumer Emily Lee 852 2252 1407 emily.lee@nomura.com
Healthcare Esther Wen 852 2252 6134 esther.wen@nomura.com
Industrials / Materials / Energy Jamie Wang 852 2252 2195 jamie.wang@nomura.com
Insurance, Banks and Shengbo Tang 852 2252 6210 shengbo.tang@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
Consumer Durables / Autos & Auto Siddhartha Bera, CFA 91 22 4037 4362 siddhartha.bera@nomura.com
Parts / Media
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 Staples & Discretionary 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, Chemicals and Cement Anil Sharma 91 22 4037 4338 anil.sharma.1@nomura.com
Oil & Gas, Chemicals and Cement Aditya Bansal 91 22 40374194 aditya.bansal1@nomura.com
Malaysia
Head of Malaysia equity research, Tushar Mohata, CFA 60 3 2027 6895 tushar.mohata@nomura.com
Financials / Construction / Casinos
Financials / Construction / Casinos Alpa Aggarwal, CFA 91 22 3053 2250 alpa.aggarwal@nomura.com
Healthcare (Singapore, Malaysia, Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com
Taiwan)
Transport & Logistics / Oil & Gas / Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
Utilities
Transport and Logistics Divya Thomas 91 22 672 35184 divya.thomas@nomura.com
vi
Analysts by Country
Name Phone e-mail
Malaysia (cont’d)
Oil & Gas / Utilities Bineet Banka, CFA 91 22 4053 3784 bineet.banka@nomura.com
Telecoms / Rubber Gloves / Tech / Heng Siong Kong 603 2027 6894 hengsiong.kong@nomura.com
Small/mid-caps
Telecoms / Rubber Gloves / Tech / Rahul Dohare 91 22 672 34560 rahul.dohare@nomura.com
Small/mid-caps
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 (Singapore, Malaysia, Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com
Taiwan)
Transportation (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 ahmad.maghfurusman@nomura.com
South Korea
Head of Korea equity research, Tech- CW Chung 82 2 3783 2312 cwchung@nomura.com
nolo-gy (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
Autos / Internet / Telecommunications Angela Hong 82 2 3783 2360 angela.hong@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
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
Technol-ogy (Semiconductors)
Technology (Semiconductors/Hardware) Donnie Teng 852 2252 1439 donnie.teng@nomura.com
Technology (Semiconductors/Hardware) Bruno Cheng 886 2 2176 9965 bruno.cheng@nomura.com
Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 anne.lee@nomura.com
Technology (Hardware) Martin Lee 886 2 2176 9963 martin.lee@nomura.com
Technology (Hardware) Sharon Tseng 81 3 6703 1187 sharon.tseng@nomura.com
Small/mid-caps (Technology/Non-Tech) Shaotang Lee 886 2 2176 9978 shaotang.lee@nomura.com
Healthcare (Singapore, Malaysia, Raghavendra Divekar, CFA 81 3 6703 1229 raghavendra.divekar@nomura.com
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
vii
Asia 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.
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
Consumer
Emily Lee Years in industry:
Vice President 13 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 13 years covering the HK/China consumer International Business
discretionary retail, OEM, education and media sectors, and was most recently and Economics
with BNP Paribas. Prior to her equity research career, she was a management (Pennsylvania State
trainee at Esprit. She holds a bachelor’s degree in Finance from Pennsylvania State University)
University. Coverage:
HK/China Consumer
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
Healthcare
Esther Wen Years in industry:
Associate 5 years
+852 2252 6134 / esther.wen@nomura.com Qualifications:
BBA Economics (HKUST)
Esther joined Nomura in January 2020 and covers China healthcare and Coverage:
pharmaceuticals sectors. Prior to this, she was with HSBC covering the China Healthcare
healthcare sector.
3China / Hong Kong (cont’d)
Industrials, Materials and Energy
Jamie Wang Years in industry:
Associate 8 years
+852 2252 2195 / jamie.wang@nomura.com Qualifications:
Masters in Finance
Jamie joined Nomura in September 2014 as a greater China chemicals analyst. In (National Taiwan
recent years, he has expanded his coverage to the industrial, material, and energy University)
(IME) sectors, with a main focus on green energy/tech materials and advanced Coverage:
manufacturing. Prior to this, he worked at Macquarie Capital Securities as an Greater China Industrials,
associate analyst for two years. Material and Energy
Internet & Media
Jialong Shi Years in industry:
Head of China internet and media research 13 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:
Associate 4 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 4 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
Internet and Education
Jessie Xu Years in industry:
Associate 7 years
+852 2252 6197 / jessie.xu@nomura.com Qualifications:
MSc in Economics (the
Jessie joined Nomura in 2017 and covers the China internet and education sectors. Chinese University of
Prior to this, Jessie worked at Credit Suisse and Citigroup as a research associate. Hong Kong)
Jessie received a Master’s Degree in Economics from the Chinese University of Coverage:
Hong Kong. Internet and Education
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
4Asia ex-Japan Research Analyst Directory
China / Hong Kong (cont’d)
Property (cont’d)
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 (Semiconductors/Hardware)
Donnie Teng Years in industry:
Vice President 8 years
+852 2252 1439 / donnie.teng@nomura.com Qualifications:
Bachelor of Business
Donnie has about eight years of buy- and sell-side experience in global Administration, M.S in
semiconductor and technology research after working with UMC for two-and-a- Industrial Engineering
half years. Donnie now covers Greater China Semiconductor and Tech companies. (National Taiwan
He ranked #1 in the 2020 Top Stock Picker for semiconductors and electronic University)
equipment industry by Refinitiv StarMine Analyst Award. Coverage:
Technology
(Semiconductors/
Hardware)
Technology / Telecommunications
Joel Ying, CFA Years in industry:
Vice President 10 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:
Vice President 4 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; University);
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:
Associate 4 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
5India
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 charterholder. 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
Consumer Durables / Autos & Auto Parts / Media
Siddhartha Bera, CFA Years in industry:
Associate 10 years
+91 22 4037 4362 / siddhartha.bera@nomura.com Qualifications:
B-Tech, MBA (Finance),
Siddhartha has covered multiple sectors at Nomura over the past five years and CFA charterholder
has previously worked at Edelweiss. He has overall equity research experience Coverage:
of nearly 10 years. He has completed his PGDM from MDI, Gurgaon. At Nomura, Consumer Durables,
he covers nearly 20 companies, and has developed strong relationships with Autos & Auto Parts and
corporates and industry experts. He is a CFA charterholder. Media
6Asia ex-Japan Research Analyst Directory
India (cont’d)
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
diversified financials. He has over 10 years of equity research experience in Banks Coverage:
and 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:
AnalystIndia (cont’d)
IT Services and Internet
Rishit Parikh Years in industry:
Vice President 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 has 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 P. Shah Years in industry:
Vice President 14 years
+91 22 403 74232 / mihir.shah1@nomura.com Qualifications:
B MMS (MBA) – Finance;
Mihir joined Nomura in January 2020 and covers the India Consumer Staples Diploma in Marketing
& Discretionary (Retail, Paints, QSR) sector. Prior to this, he has worked with Mgm
Deutsche Equities, Axis Capital, Daiwa Capital Markets, and Reliance Equities Coverage:
International covering the same sector. He has consistently been a part of top rated India Consumers
India Consumer Analyst teams by Institutional Investor and Asia Money.
8Asia ex-Japan Research Analyst Directory
Malaysia
Financials / Construction / Casinos
Tushar Mohata, CFA Years in industry:
Head of Malaysia equity research 12 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 casinos sectors, along with equity strategy. He has 12 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, Construction
and Casinos
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, Construction
and Casinos
Industrials / Transport / Energy and Chemicals / Utilities
Ahmad Maghfur Usman Years in industry:
Vice President 13 years
+60 3 2027 6892 / ahmad.maghfurusman@nomura.com Qualifications:
BBA 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 13 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 in recent 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
9Malaysia (cont’d)
Telco / Rubber Gloves / Technology / Small/mid-caps
Heng Siong Kong Years in industry:
Associate 12 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
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
1`0Asia ex-Japan Research Analyst Directory
Singapore
Equity Strategy
Chetan Seth, CFA Years in industry:
Vice President 14 years
+65 6433 6986 / chetan.seth1@nomura.com Qualifications:
CFA charterholder, Char-
Chetan joined Nomura in December 2017 and is firm’s Asia-Pacific Regional tered Accountant (ICAI),
Equity Strategist based in Singapore. He has more than a decade of experience B.Com (Hons)
in Equity Strategy research. Before joining Nomura, he worked as an Asia ex JP/ Coverage:
Global Equities Strategist at Macquarie’s highly rated equity strategy team in Hong Asia Pacific Equity
Kong (2013-2017), and has also held strategy/research roles at other investment Strategy
banks including Lehman Brothers. Chetan’s investment framework draws heavily
from his global macro 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 has been an analyst at Nomura Powai since March 2019 and currently B.E. (NSIT,DU)
covers Asia Pacific Equity Strategy. Prior to that, he was 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
11South 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
12Asia ex-Japan Research Analyst Directory
South Korea (cont’d)
Consumer / Healthcare
Cara Song Years in industry:
Executive Director 15 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 shopping), 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 8 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
13Taiwan
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 the #3 technology semiconductor analyst in Institutional Investors’ CFA charterholder
2016 All-Asia research team survey. Coverage:
Technology
(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)
Sharon Tseng Years in industry:
Associate 5 years
+81 3 6703 1187 / sharon.tseng@nomura.com Qualifications:
BA Finance, MBA in
Sharon covers technology/hardware stocks as part of Nomura’s Japan/Taiwan Finance (National Taiwan
technology team. Before joining Nomura in 2015, Sharon conducted on-site University);
sourcing research in Taiwan and China for Sony as part of the procurement CFA charterholder
strategy department. Building on this experience, her research has a particular Coverage:
focus on supply chain analysis. Technology (Hardware)
Martin Lee Years in industry:
Analyst 5 years
+886 2 2176 9963 / martin.lee@nomura.com Qualifications:
Master in Finance (Simon
Martin joined Nomura in October 2018 as a part of the Taiwan technology team. He Business School at
now supports Anne Lee in the coverage of handset and components companies. University of Rochester)
Prior to his current role, he worked at Daiwa Capital Markets as a research Coverage:
associate focusing on the semiconductor industry, and also at PwC Taiwan Technology (Hardware)
(Advisory, Deals Service). Martin holds a Master’s degree in Finance from Simon
Business School, University of Rochester.
14Asia ex-Japan Research Analyst Directory
Taiwan (cont’d)
Small/mid-caps (Technology/Non-Tech)
Shaotang Lee Years in industry:
Vice President 8 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.
Healthcare & Pharmaceuticals
Raghavendra Divekar, CFA Years in industry:
Vice President 11 years
+81 3 6703 1229 / raghavendra.divekar@nomura.com Qualifications:
BE Information
Raghav covers Malaysia and Singapore hospitals and Taiwanese biotech Technology (Pune);
companies for the pharmaceuticals & healthcare team. Prior to joining the MBA (IIM, Lucknow);
healthcare team in September 2013, Raghav worked with the Asia-Pacific solar CFA charterholder
team from September 2008, following his one-year stint with the US solar team. Coverage:
He is a CFA charterholder, and also has an MBA from the Indian Institute of Pharmaceuticals
Management, Lucknow. & Healthcare
15Thailand
Healthcare / Consumer-related
Thanatcha Jurukul Years in industry:
Research analyst 7 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 Level 3
and ASEAN Internet sectors. He previously worked with HSBC where he covered
LatAm Financials. He has completed CFA Level 3, and has a basic understanding Coverage:
of the Mandarin language. Healthcare /
Consumer related
16Asia ex-Japan Research Analyst Directory Disclaimers This publication contains material that has been prepared by the Nomura Group entity identified on page 1 and, if applicable, with the contributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified elsewhere in this publication. The term “Nomura Group” used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including: (a) Nomura Securities Co., Ltd. (‘NSC’) Tokyo, Japan, (b) Nomura Financial Products Europe GmbH (‘NFPE’), Germany, (c) Nomura International plc (‘NIplc’), UK, (d) Nomura Securities International, Inc. (‘NSI’), New York, US, (e) Nomura International (Hong Kong) Ltd. (‘NIHK’), Hong Kong, (f) Nomura Financial Investment (Korea) Co., Ltd. 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