Vote for Jefferies
Jefferies appreciates your support in the 2025 Extel Asia Research Survey
Our Nominees
Christopher Wood
Equity Strategy, Hong Kong Research, India Research, Thematic Research
Christopher Wood
Equity Strategy, Hong Kong Research, India Research, Thematic Research
Mr. Christopher Wood has been publishing his renowned weekly investment report GREED & fear since July 1996. He has been ranked No. 1 Equity Strategist in the Asia Money polls between 2002-2004 and 2006-2022. In 2005 his employer did not enter the poll.
Wood was also the author of three acclaimed books. “Boom and Bust: The Rise and Fall of the World’s Financial Markets” published in 1989; “The Bubble Economy: Japan’s Extraordinary Speculative Boom of the ’80s and the Dramatic Bust of the ’90s” published in 1992; and “The End of Japan Inc.: And How the New Japan Will Look” published in 1994.
What I am Known For
- Asia Pacific ex-Japan relative-return asset allocation.
- Asia ex-Japan thematic equity portfolio for long-only absolute-return investors.
- Japan thematic equity portfolio for long-only absolute-return investors.
- Japan dividend income equity portfolio.
- China long-only equity portfolio for absolute-return investors.
- India long-only equity portfolio for absolute-return investors.
- Global long-only equity portfolio.
- Global sovereign bond portfolio.
- Recommended long-only asset allocation for US-dollar-based pension funds.
How I am Different
- The Federal Reserve has resumed easing. This is most positive for Asia and emerging market equities given the growing likelihood that the US dollar has peaked. Asian central banks should now be able to cut rates against a backdrop of appreciating currencies.
- China’s policy response finally ceased to be incremental with a coordinated policy easing package at the end of last quarter. The accelerated easing is a further positive for the Asian and emerging market equity asset class since it should have put a floor under the Chinese stock market at the recent low.
Key Research Highlights
- GREED & fear – Alternative narratives and Trump rising 17 Oct 2024
- GREED & fear – Great expectations 10 Oct 2024
- GREED & fear – Tail wags dog 3 Oct 2024
- Asia Maxima: Geopolitical Risk Ascendent 7 Oct 2024
Desh Peramunetilleke
Equity Strategy, Hong Kong Research, India Research, Quantitative Research, Thematic Research
Desh Peramunetilleke
Equity Strategy, Hong Kong Research, India Research, Quantitative Research, Thematic Research
Desh has over 20 years of experience in equities research and prior to joining Jefferies, he was the head of the highly rated Microstrategy product at CLSA for nearly 10 years. He held similar roles with Macquarie in HK and with Deutsche bank both in Sydney and HK. Desh holds a bachelor degree in computer science and engineering from the University of Birmingham, UK and an MPhil in numerical forecasting from the Hong Kong University of Science and Technology.
What I am Known For
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on global equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests – Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Automated requests – Automated and ad-hoc screens, data, charts etc
How I am Different
- A unique mix of fundamentals and quantitative strategy: Our models and screening processes rely heavily on bottom-up company fundamentals, making them more sustainable and transparent.
- Incorporating macro into micro: We have been quite early to realize that macro factors are dominating equity investing and have fully incorporated various macro and event studies into our research.
- Screens with a view: All our research is distilled into screening ideas, where we use our experience to shortlist stocks beyond our quantitative processes.
Key Research Highlights
- Global ROIC Stars — July ’24 Wrap 1 Aug 2024
- Dividend Playbook 2024 13 AMar 2024
- APAC Quant Strategy: What’s in Style for 2024 29 Nov 2023
- Global Quant: China – Laggards in Focus 3 Oct 2024
- Global Quant Strategy: Rate Cut Playbook 9 Aug 2024
Mahesh Kedia
Equity Strategy, Hong Kong Research, India Research, Quantitative Research, Thematic Research
Mahesh Kedia
Equity Strategy, Hong Kong Research, India Research, Quantitative Research, Thematic Research
Mahesh Kedia is Senior Vice President and the Deputy Head of Quantitative Strategy research team, which has been ranked #1 across Asia Pacific in the AsiaMoney polls. The team focuses on generating actionable ideas across global equities by combining top-down macro data with bottom-up stock fundamentals using quantitative tools. Apart from supporting the global product, Mahesh is responsible for India and China, including A-shares. Prior to joining Jefferies, he was part of the top-rated Microstrategy (quant) product at CLSA in Hong Kong for 10 years. Before that, he was with Macquarie Securities in Hong Kong for three years in a similar role. Mahesh has an MBA from IIM Bangalore and is also a CFA charter holder.
What I am Known For
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on global equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests – Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Automated requests – Automated and ad-hoc screens, data, charts etc
How I am Different
- A unique mix of fundamentals and quantitative strategy: Our models and screening processes rely heavily on bottom-up company fundamentals, making them more sustainable and transparent.
- Incorporating macro into micro: We have been quite early to realize that macro factors are dominating equity investing and have fully incorporated various macro and event studies into our research.
- Screens with a view: All our research is distilled into screening ideas, where we use our experience to shortlist stocks beyond our quantitative processes.
Key Research Highlights
- For Hong Kong:
- Global Quant: China – Laggards in Focus (https://javatar.bluematrix.com/pdf/rGulGwKa) 3 Oct 2021
- Global Quant – US Elections: Trump Screens (https://javatar.bluematrix.com/pdf/cyffuIKu) 19 Jul 2024
- Dividend Playbook 2024 (https://javatar.bluematrix.com/pdf/SSDLooXs) 13 Mar 2024
- Asian Multibaggers 2024 (https://javatar.bluematrix.com/pdf/Ct2cp70U) 17 Mar 2024
- Quantifying the Korea Discount (https://javatar.bluematrix.com/pdf/5eSu4Sc6) 16 Feb 2024
- China Quant – Back to Fundamental Themes (https://javatar.bluematrix.com/pdf/S7DMiaQY) 24 Oct 2024
- For India:
- India Quant – Shifting Tides (https://javatar.bluematrix.com/pdf/KvVFLqPX) 13 Sept 2024
- India Quant – Elections: Value Rally Intact (https://javatar.bluematrix.com/pdf/0zfwk5BT) 3 June 2024
- India Quant – Value Bounce-Back to Stay (https://javatar.bluematrix.com/pdf/NOyYHEzl) 3 May 2024
- India – An Oasis for Quantitative Investing (https://javatar.bluematrix.com/pdf/LyubgrIg) 1 Mar 2024
Philip Kett
Insurance
Philip Kett
Insurance
Philip Kett is a Senior Vice President in equity research covering UK and European insurance companies at Jefferies. Philip began his career with at Mazars, working on assurance, insolvency and M&A engagements for underwriters and insurance brokers, before moving into equity research at Macquarie, covering insurance stocks. Philip has a degree in History from the University of Exeter, is a Chartered Accountant and member of the Chartered Insurance Institute.
What I am Known For
- Being one of a small number of analysts covering both AIA and Prudential.
- Regular analysis of South-East Asian life insurance market trends.
- Quarterly analysis of Hong Kong life insurance industry data.
- Investor feedback from an especially wide variety of global markets.
How I am Different
- Our analysis of South-East Asian financial markets suggests that investors underestimate the value and growth prospects of life insurance sales there.
- We have identified the possible deterioration in biometric trends in China, ensuring that any potential impact on life insurers will be identified early.
- Our global analysis and valuation work demonstrates that Hong Kong listed life insurers stand out as being amongst the most attractively valued insurers globally.
Key Research Highlights
- Tracking Hong Kong Premium Flows 30 Sept 2024
- AIA: Critical Concerns in Critical Illness 20 May 2024
- Great Eastern Life – Widespread Sales Growth; Read-Across to AIA and Prudential 2 Aug 2024
- Prudential: Solvency Slip in China 8 Aug 2024
- Prudential: Malaysian Litigation Loss 31 July 2024
Abhinav Sinha
Equity Strategy, India Research
Abhinav Sinha
Equity Strategy, India Research
Abhinav Sinha is a research analyst covering the India real estate sector and equity strategy.
What I am Known For
- Thought-provoking, in-depth and topical analysis of multiple issues in Indian equity markets such as macro, policy, politics, valuations and market movements in regional context.
- A themes-based investing approach including ideas such as the housing chain, capex uptick, rural vs. urban outlooks, rise of financial savings, CEO transitions etc..
- Integration of top-down themes into actionable stock ideas and sector weightings.
How I am Different
- Domestic savings work has highlighted how India has progressed on rise of equity as asset class. • Also highlighted how equity supply has risen to record levels but driven by PEs and promoter exits.
- Cyclical upturn in investments led by housing and incrementally private corporate capex has been the key call.
- Detailed work on employment through corporate annual reports, as well as economic statistics is well regarded.
Key Research Highlights
- Is US$7bn/mnth sustainable? 29 May 2024
- India through Charts 6 Sep 2024
- IT slowdown weighs on formal job creation 9 October 2024
Akshat Agarwal
India Research, Technology IT Services & Software, Telecommunications
Akshat Agarwal
India Research, Technology IT Services & Software, Telecommunications
Akshat Agarwal joined Jefferies in March 2020, covering the Indian IT services, Telecom and Gaming Sectors as lead analyst. He has been on the sell side for nearly 15 years with prior stints with CLSA and Nomura.
Technology IT Services & Software
What I am Known For
- Authored key reports on various themes impacting IT services sector in India.
- Strong sector knowledge and good industry connect which allows for a more informed view.
- Superior focus on thematic and analytical research, covering a range of structural trends.
How I am Different
- US Real GDP growth matters not rate cuts
- U-WT call on LTIMindtree
- Worsening pyramids to drag margins
- BUY call on TCS
- U-PF call on TechM
Key Research Highlights
- Indian IT – 2024 Outlook – Optimism Warrants Substance; Stay Selective 4 Jan 2024
- Indian IT | Well placed to ride the SAP wave 4 Mar 2024
- Tech Mahindra: Reality check on 15% margins by FY27 8 Jul 2024
- Tata Consultancy Services: Emerging Signs of Revival | Upgrade to BUY 12 Jul 2024
- US GDP Growth Matters; Not Rate Cuts 4 Sept 2024
Corporate & Strategic Access
- Infosys UK NDR
- Infosys US NDR
- HCLTech US NDR
- Coforge Mumbai NDR
- Techm US NDR
- TCS, Infosys, LTIM, TechM, HCLTech present at key Jefferies conferences
- Calls with Industry experts
Telecommunications
What I am Known For
- Authored key reports on various themes impacting Telecom services sector in India.
- Strong sector knowledge and good industry connect which allows for a more informed view.
- Superior focus on thematic and analytical research, covering a range of structural trends.
How I am Different
- Bharti Airtel: BUY – Multiple tariff hikes likely
- Bharti Hexacom: BUY- Best Play on tariff hikes
- Indus Towers: U-PF – Best is priced in
Key Research Highlights
- Bharti Hexacom: Best play on tariff hikes; Upgrade to BUY 12 Sept 2024
- Bharti Airtel: Multiple tariff hikes likely; Reiterate BUY 12 Sept 2024
- Reliance Jio – FY24 annual report analysis 20 Aug 2024
- HUL vs. Bharti Airtel: Call & Data appears more defensive than Soaps & Shampoos 10 jan 2024
- Indus Towers – Best is priced in 2 May 2024
Corporate & Strategic Access
- Bharti UK NDR
- VIL, Indus Towers, Bharti Airtel at various Jefferies conferences
- Calls with expert speakers
Alok Dalal
Healthcare, Pharma & Biotech, India Research
Alok Dalal
Healthcare, Pharma & Biotech, India Research
Alok Dalal joined Jefferies in December of 2022, following 14 years as a senior analyst covering the Indian Healthcare sector at CLSA India, Motilal Oswal and BNP Paribas. Alok began his equity research career in 2005, and has covered telecom, aviation and healthcare sectors
What I am Known For
- Long-term experience having seen the up and down cycle of Healthcare
- Exhaustive coverage across various subs-sectors of Healthcare and Pharma
- Sector knowledge and historical modeling
How I am Different
- Exhaustive coverage of 22 stocks covering various sub-sector of pharma
- Strong channel checks
- Differentiated corporate access
Key Research Highlights
- High conviction BUY on Sun Pharma-Pharma in 2024 – Expect Lower Returns vs CY23, Downgrade Dr Reddy’s to Unpf 10 Jan 2024
- High conviction BUY on Piramal Pharma 30 Oct 2023
- Positive view on India Hospitals
- Sector Thematics 27 June 2024
Corporate & Strategic Access
- Healthcare Tour in Delhi (Sept 2024)
- Expert Events: Hospital Pricing and Pharma Quality Checks in India
- NDRs in US, EU & Asia for Max Health, Global Health, Sun Pharma, JB Pharma, Entero Health, Torrent Pharma and Zydus Life
Anne Ling
Consumer Discretionary, Hong Kong Research, Thematic Research
Anne Ling
Consumer Discretionary, Hong Kong Research, Thematic Research
Anne Ling has over 25 years of experience in equity research, focusing on greater China consumer. In her previous role at Deutsche Bank she contributed to the team’s performance in StarMine and the Institutional Investor polls.
What I am Known For
- An approach to stock ratings focusing on FCF and cashflow.
- A focus on growth drivers, earnings quality, financial health and consumer behavior changes.
- Long-term sector knowledge and historical modeling, forming views on companies’ through-the-cycle trading and valuation.
How I am Different
- Miniso (MNSO US, Hold)
Although we like Miniso’s original business, we lower our rating from Buy to Hold, as we believe the acquisition poses the risk of Miniso branching out to less favorable/premature investments. - Pop Mart (9992 HK, BUY)
Bullish on Pop Mart’s IP operation ability and bullish for a stronger mid-term (2027-34) outlook with its global strategy - YUMC (9987 HK, BUY)
Bullish for mgmt capability on cost control and efficiency gains amid a challenging macro environment, allowing the co to achieve network expansion as well as a steady earnings growth
Key Research Highlights
- Update on stimulus policies and top picks 26 Sept 2024
- 2024 National Golden Week – Wrap-Up 10 Oct 2024
- Beer – 1H/2Q24 Preview 12 Jul 2024
Upcoming Corporate & Strategic Access
- Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
- Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)
Bhaskar Narayan Basu
Banks & Non-Banks Finance, India Research
Bhaskar Narayan Basu
Banks & Non-Banks Finance, India Research
Bhaskar Basu covers Indian metals and mining/ steels and India Financials (Non-Banks). He has around 16 years of sell side research experience. Bhaskar joined Jefferies in June of 2015, following over 7 years at Bank of America Merrill Lynch as the lead analyst covering Indian metals and mining, steel and coal sector. Prior to this, Bhaskar was in Morgan Stanley, India where he covered the Indian soft commodities and agricultural sector. Bhaskar was ranked no. 1 stock picker in diversified financials, no 1 earnings estimator in Industrials in 2013 and no. 3 earnings estimator in Metals and Mining in 2014 by Starmine. Bhaskar was ranked third stock picker in Basic Resources in Asia by Wall Street Journal in 2012. Bhaskar started his career in ABB where he worked as a marketing engineer. Bhaskar, a CFA Charter holder, holds a B.Tech in Mechanical Engineering from IIT Kanpur and an MBA from XLRI Jamshedpur
What I am Known For
- I have published a combination of deep-dive and differentiated reports on the NBFCs. I have also initiated coverage on multiple segments of NBFCs in past few years inlucing affordable housing, auto, gold & diversified finance.
- My corporate access is also strong and diversified across companies. I hosted differentated access to branches and operational hubs of NBFcs to give on-the-ground understanding of businesses.
How I am Different
- I take non-consensus calls on the sector & companies and majority of our ratings are clear BUY to UPF.
- I have also expanded coverage in a meaningful manner and initiated on many banks and NBFCs.
- Some of my non-consensus calls have been to be overweight on stocks like Shriram Transport, Cholamandalam. I have had non-consensus underweight on stocks like MMFS, SBI Cards & Piramal Enterprises.
Key Research Highlights
- Cholamandam: Segment Deep Dive: Decent Growth, NIM Tailwind & Improving ROA Outlook 11 Sept 2024
- Gold Financiers: Gold Price Tailwind and Rate Cycle Beneficiary 16 Oct 2024
- Housing Financiers: Potential Policy Catalyst Ahead 5 June 2024
Upcoming Corporate & Strategic Access
- Events: NBFC Tour (Sep-24)
- NDR: Poonawalla Fincorp (US, UK), Aavas (SG), MMFS (SG. HK).
Boya Zhen
Consumer Discretionary, Hong Kong Research
Boya Zhen
Consumer Discretionary, Hong Kong Research
Boya Zhen joined Jefferies’ China/HK Consumer Team in September 2019. Prior to this, Boya had nearly two years’ equity research experience, primarily focused on the China Consumer discretionary and HK Retail sectors. Boya graduated from USC with a MSc in Financial Engineering. She passed all three levels of the CFA Program and is a FRM charterholder.
What I am Known For
- A focus on growth drivers, earnings quality, FCF and ROIC.
- Update investors with latest industry/market trends and key fundamental implications via channel checks and observations.
How I am Different
- Proya (603605 CH, BUY)
Proya 2Q results indicated a beat vs. market cons, which implied Proya continued to demonstrate its capabilities as a leading local brand amid a challenging macro. We reiterate Buy as we anticipate Proya’s rising brand share momentum to continue. Proya remains a top pick in China’s beauty sector - Roborock (688169 CH, BUY)
2Q GPM expanded thanks to larger contribution from US online and EU Amazon, as well as cost control in raw materials and tech. China sales +SD%, EU +DD%, APAC sustained rapid growth and US +50%.
Key Research Highlights
- Ecovacs: A Challenging Year of 2023 3 May 2024
- Shanghai M&G: 1Q24 Update: Colipu Expecting a Better 2H Trend; Jiumu Kept Profitable 30 Apr 2024
- Botanee: 1Q24 Miss 28 Apr 2024
Upcoming Corporate & Strategic Access
- Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
- Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)
Charlie Bai
Hong Kong Research, Telecommunications
Charlie Bai
Hong Kong Research, Telecommunications
Charlie Bai joined Jefferies in Aug 2021, covering the HK/China telecom, software, and tech sector. Priot to that, he spent two years as an equity generalist in Da Cheng Int’l Asset Mgt, a Chinese mututal fund.
What I am Known For
- Buy-side experience and flexibility in non-consensus ideas
- In-depth understanding of telecom technology, having analyzed the sector from the 2G era to the current 5G era.
- Unique ability to understand the intersection of geopolitics, China’s government policies, technological impact and competitive dynamics in China.
- Long-term sector knowledge and detailed modelling that incorporates key rev, cost and capex drivers.
How I am Different
- The SOE ICT ecosystem and SOE reform to drive multi-year growth at telcos: We have been highlighting telcos’ growth in 5G industrial Internet is being under-estimated given gov push on digital transformation and creating the SOE ICT ecosystem (part of Xinchuang), and their big cost advantage over independent CSPs. The SOE reform this year takes a different shape to focus on valuation and ROE. Telcos’ re-rating is not yet done.
- Recommend CCS and China Tower as telco ecosystem play: For those investors who cannot buy telcos, we recommend CCS and China Tower as proxies. They have done well and the fundamentals also improved.
Key Research Highlights
- Telco Ecosystem 1H24 Preview: Yield Story Intact; Raising PTs 4 Aug 2024
- China Tower: A Play on SASAC Initiative, Plus Resilient Earnings 6 Feb 2024
- China Communications Services: Potentially Rising Capital Return under SASAC Initiative 28 Jan 2024
Corporate & Strategic Access
- Conferences: China Mobile Post-Results Group Breakfast Meeting in Hong Kong with Dial-in Option (Aug 2024).
- China Telecom In-Person Post Results Hong Kong NDR (Mar 2024).
- China Communications Services (552 HK) Post Results In-Person Meetings (August 2024).
Cui Cui
Healthcare, Pharma & Biotech, Hong Kong Research, Thematic Research
Cui Cui
Healthcare, Pharma & Biotech, Hong Kong Research, Thematic Research
Cui Cui joined Jefferies in Sep 2024, as head of Asia (ex. JP ex. AUS) healthcare. She comes with rich experience in the healthcare space for 11 years. She spent three years at UBS Asset Management as a healthcare senior analyst, where she led the launch of UBS China Healthcare Equity Fund. Prior to that, she was at Citigroup as Head of China Healthcare Research, during which time she led a No.1 ranking team in Institutional Investor Asia Healthcare five-year-in-a-row from 2017 to 2021. Cui also worked for Macquarie Securities and Johnson & Johnson Emerging Market Innovation Centre before. Cui majored in Biological Sciences in Fudan University, and was an exchange scholar in Yale Medical School.
What I am Known For
- Good market sense, extensive industry knowledge, good corporate access
- Flexibilty in recommendations and ideas, factoring in near-term catalysts and structural shifts.
- Sector knowledge and historical modeling
How I am Different
- Wuxi Bio (2269 HK, BUY)
We think the negatives from BIOSECURE
Act are fully priced in, considering the passage of the Act has been highly anticipated by investors. Meanwhile, we view positively customer stickiness remaining high despite geopolitical concerns, largely due to the cost efficiency and proven FDA track record offered by Wuxi Group. Top Buy: Wuxi Bio. - CR Sanjiu (000999 CH, Underperform) h
We are cautious on: 1) Core product Ganmaoling (~40% of CR Sanjiu profit) being exposed to GPO risk; 2) Same-price policy and price comparison system to facilitate price consistency despite GPO progress; 3) Sizable M&As no longer a shortcut to subsidize growth, with less discretionary cash on hand after Tasly acquisition - Giant Biogene (2367 HK, BUY)
Street-only co-cover by healthcare and consumer, better understanding on the transition from Consumer Cosmetics to Medical Beauty play
Key Research Highlights
- China Healthcare: From ICU to Revival 22 Oct 2024
- CR Sanjiu: Initiate at Underperform: OTC GPO Noise Lingers 22 Oct 2024
- Kelun Pharma: Initiate at Buy: Industry Consolidator with Strong Execution Capabilities 22 Oct 2024
- Mindray: Initiate at Buy: Global Expansion via Extensive Network and Brand Recognition 22 Oct 2024
- Giant Biogene: The Beauty of Collagen – A Dose of Rejuvenation; Initiate at Buy 22 Oct 2024
Upcoming Corporate & Strategic Access
- Jefferies Industrials Corporate Day in Shenzhen Nov 4
- Jefferies Virtual Industrial Conference Nov 18-21
Johnson Wan
Autos & Auto Parts, Hong Kong Research, Industrials, Thematic Research, Utilities & Alternative Energy
Johnson Wan
Autos & Auto Parts, Hong Kong Research, Industrials, Thematic Research, Utilities & Alternative Energy
Thematic Research
What I am Known For
- Long-term sector knowledge, informed views on companies fundamentals
- Timely updates on industry news, catalysts and changes in industry
- Regular update of database
- User-friendly and detailed models”
- Monthly leading data tracking on power tools demand in US
- Focus on value-added channel checks on autos, factory automations and robots
How I am Different
- Cross-sector and Asian region research of beneficiary stocks from China and global electrification and intelligentization trend
Key Research Highlights
- Data Centers & AI: Powering the Future 18 June 2024 18 June 2024
- 2024 CES Takeaways: Leveraging AI for the EV Race 17 Jan 2024 17 Jan 2024
Upcoming Corporate & Strategic Access
- 4 Nov 2024 – Shenzhen Jefferies Industrial Corporate Day
- 13-15 Nov 2024 – Jefferies Guangzhou Auto Show Trip
- 11-13 Nov – Jefferies AI Infra and Automation Virtual ConferenceJan 18-20 Nov – Jefferies Industrial Sector Virtual Conference
Industrials
What I am Known For
- Long-term sector knowledge, informed views on companies fundamentals
- Timely updates on industry news, catalysts and changes in industry
- Regular update of database
- User-friendly and detailed models”
- Monthly leading data tracking on power tools demand in US
- Focus on value-added channel checks on autos, factory automations and robots
How I am Different
- Alpha idea searching for defensive plays in China’s industrial sector from import-substitution and going overseas angles incl Shenzhen Inovance, TTI, etc
Key Research Highlights
- IA Monthly (Oct 2024) – Market Stays Soft 11 Oct 2024 11 oct 2024
- Power Tools Monthly (Sep 2024) — OPE Recoverd, But Tools Softened 24 Sep 2024 24 Sept 2024
- Industrial Automation cycle turnaround in 2H24 10 Jan 2024 10 Jan 2024
Upcoming Corporate & Strategic Access
- 4 Nov 2024 – Shenzhen Jefferies Industrial Corporate Day
- 13-15 Nov 2024 – Jefferies Guangzhou Auto Show Trip
- 11-13 Nov – Jefferies AI Infra and Automation Virtual ConferenceJan 18-20 Nov – Jefferies Industrial Sector Virtual Conference
Autos & Auto Parts
What I am Known For
- Long-term sector knowledge, informed views on companies fundamentals
- Timely updates on industry news, catalysts and changes in industry
- Regular update of database
- User-friendly and detailed models”
- Monthly leading data tracking on power tools demand in US
- Focus on value-added channel checks on autos, factory automations and robots
How I am Different
- Alpha idea searching along China’s domestic EV supply chains for import-substitution plans and overseas expansion incl OEMs like BYD, Weichai Power, auto parts suppliers like Fuyao Glass, CATL, Desay, etc
Key Research Highlights
- 2024 Autos Outlook – Embarking On The New Chapter 10 Jan 2024 10 Jan 2024
- Regional EV trip takeaways – The HEV and US pivot 15 Sep 2024 15 Sept 2025
- 2024 CES Takeaways: Leveraging AI for the EV Race 17 Jan 2024 17 Jan 2024
- 2024 Lithium Battery Supply Chain Outlook – Consolidation of Leaders 17 Jan 2024
Upcoming Corporate & Strategic Access
- 4 Nov 2024 – Shenzhen Jefferies Industrial Corporate Day
- 13-15 Nov 2024 – Jefferies Guangzhou Auto Show Trip
- 11-13 Nov – Jefferies AI Infra and Automation Virtual ConferenceJan 18-20 Nov – Jefferies Industrial Sector Virtual Conference
Utilities & Alternative Energy
What I am Known For
- Long-term sector knowledge, informed views on companies fundamentals
- Timely updates on industry news, catalysts and changes in industry
- Regular update of database
- User-friendly and detailed models”
- Monthly leading data tracking on power tools demand in US
- Focus on value-added channel checks on autos, factory automations and robots
How I am Different
- China Power Sector – Safe Haven Amid Darkness in Market; Initiate on Gencos 12 Jan 2024
- Pushing defensive high-yield play during macro downturn and high A/H market volatilities
Key Research Highlights
- SNEC PV Expo: High Foot Traffic but Cash Loss Continues in Game of Chicken 17 June 2024
- Solar: 101 on Middle East – Oasis with policy consistency + growing demand 29 July 2024
Upcoming Corporate & Strategic Access
- 4 Nov 2024 – Shenzhen Jefferies Industrial Corporate Day
- 13-15 Nov 2024 – Jefferies Guangzhou Auto Show Trip
- 11-13 Nov – Jefferies AI Infra and Automation Virtual ConferenceJan 18-20 Nov – Jefferies Industrial Sector Virtual Conference
Alan Lau
Autos & Auto Parts, Hong Kong Research, Industrials, Utilities & Alternative Energy
Alan Lau
Autos & Auto Parts, Hong Kong Research, Industrials, Utilities & Alternative Energy
What I am Known For
- Long-term sector knowledge, informed views on companies fundamentals
- Timely updates on industry news, catalysts and changes in industry
- Regular update of database
- User-friendly and detailed models
How I am Different
Key Research Highlights
- China Power Sector – Safe Haven Amid Darkness in Market; Initiate on Gencos 12 Jan 2024
- SNEC PV Expo: High Foot Traffic but Cash Loss Continues in Game of Chicken 17 June 2024
- Solar: 101 on Middle East – Oasis with policy consistency + growing demand 29 July 2024
Upcoming Corporate & Strategic Access
- Jefferies Industrials Corporate Day in Shenzhen Nov 4
- Jefferies Virtual Industrial Conference Nov 18-21
Aaron Wang
Autos & Auto Parts, Industrials, Utilities & Alternative Energy
Aaron Wang
Autos & Auto Parts, Industrials, Utilities & Alternative Energy
Aaron Wang joined Jefferies in July 2021 covering Autos & EV supply chain. Before that, he had three years equity research experience.
Industrials / Autos & Auto Parts / Utilities & Alternative Energy
What I am Known For
- 6 years of equity research experience in Autos and Industrials.
- Industry coverage of auto parts, auto dealers and two-wheelers.
- Timely update on industry and company changes.
- Focus on value-added channel check and company/sector visits to track latest market/industry trend.
How I am Different
Key Research Highlights
- Charts of the Week (Oct 14 – 20): NEV Penetration Hit 55% 25 Oct 2024
- Japan Autos Monthly (Sep-24): Extreme Weather Disrupted Sales 30 Sept 2024
- Monthly Channel Check Takeaways #31 – New Cars Glitter In Golden Week 13 Oct 2024
Upcoming Corporate & Strategic Access
- Monthly Auto Channel Check
- 2024 Guangzhou Auto Show Group Tour Nov 2024 – corporate and expert day in Shenzhen
Bhaskar Chakraborty
India Research, Utilities & Alternative Energy
Bhaskar Chakraborty
India Research, Utilities & Alternative Energy
I have covered India Energy since 2008, India Specialty Chemicals since 2021
What I am Known For
- Most detailed work on the Street on RIL’s Solar and Green Hydrogen foray;
- Only analyst with detailed analysis of Jio’s IPO vs Spinoff;
- PI Ind non-consensus Buy call
How I am Different
- Impact of US AD/CVD on SEA PV imports on RIL’s new energy business
- Jio Spin Off vs IPO
- Non-consensus Buy on PI Ind
- Non-Consensus Sell on NFIL
- India’s looming petrochemical overcapacity- Who are vulnerable
Key Research Highlights
- Reliance Industries: New Petition by US PV Players Positive for Indian PV Manufacturers 25 Apr 2024
- Reliance Industries: Jio’s Potential Public Listing — Spinoff or IPO? 10 Jul 2024
- PI Indusries: Key product risk manageable 14 Dec 2023
- Navin Fluorine: 1QFY25 Review: Deeper Downturn; Downgrade to Underperform 30 Jul 2024
- Petrochemicals | India’s Looming PP Overcapacity; PLNG Vulnerable 19 Apr 2024
Edison Lee
Hong Kong Research, Technology IT Services & Software, Technology Semiconductors, Telecommunications, Thematic Research
Edison Lee
Hong Kong Research, Technology IT Services & Software, Technology Semiconductors, Telecommunications, Thematic Research
Edison Lee has over 25 years of corporate finance, buy side and sell side Investment research experience. He joined Jefferies in 2016, initially focusing on telecoms, and later expanded into tech and software. He is currently Head of China/HK tech, telecom and software.
Thematic
What I am Known For
- Focus on deep-dive research based on in-depth industry and tech knowledge
- Focus on understanding the business models, entry barriers, pricing power and competitive dynamics, which drive our view on both near-term and long-term industry trends
How I am Different
- Combine global sector, top-down and bottom-up views in our company research. Street leader in analyzing and forecasting development of US-China tech war, global smartphone development and Huawei’s localization progress.
Key Research Highlights
- Deep Dive into Huawei’s Smartphone Strategies ( https://javatar.bluematrix.com/pdf/QB0zrkTo) 26 Feb 2024
Technology Semiconductors
What I am Known For
- Not only focus on deep-dive research based on in-depth industry and tech knowledge, but also bottom-up company analysis, detailed models and be able to connect with macro views on gov policies and geopolitical development (US-China tech war).
How I am Different
- Combine global sector, top-down and bottom-up views in our company research.
- Street leader in analyzing and forecasting development of US-China tech war, global smartphone development and Huawei’s localization progress.
- Timely upgrade of GDS by identifying cloud capex recovery of Chinese CSP customers and strong demand in Malaysia.
- Maintain negative view on China software throughout 2024 on weak downstream demand and low investor appetite.
- Street-first in identifying early signs of global smartphone recovery (Aug 2023).
- Street-leading analysis of Huawei’s self-develped 7nm mobile SoC.
- Street-first in calling the top of memory/smartphone component pricing in 3Q24).
- Street-first in highlighting downside for global SPE players in 4Q24 due to China pull-in and potential escalation in US sanctions
Key Research Highlights
- GDS upgraded view to bullish:
- IDC Demand Recovery Not Just Due to AI 28 Jul 2024
- GDS: International Growth Seriously Under-rated; Raising PT 19 Aug 2024
- Deep dive in Huawei’s smartphone strategy 26 Feb 2024
- Apple: Waiting for the Apple to Ripen: Assume Coverage; Downgrade to HOLD 6 Oct 2024
- Smartphone growth and component price increase headwinds:
- Smartphone Component Pricing: Risk of Falling in 2H24 29 Aug 2024
- China Smartphone: Shipment Below Sell Through to Cut Inventories 30 Jul 2024
- Risk of Escalated US sanctions and SPE downside risk:
- US-China Tech War – Media Report Consistent with our View 31 Jul 2024
- US Semi Export Restrictions: So Far in Line, but More May Come 8 Sept 2024
Upcoming Corporate & Strategic Access
- China Semiconductor Localization Trip – Mar 2024.
- China smartphone expert calls – Mar 2024.
- China optical module expert call – Apr 2024.
- China AI expert calls – July 2024.
- China semi and hardware trip – Sep 2024
Technology IT Services & Software
What I am Known For
- In-depth understanding of the entire digitization industry chain starting from telecom services, network technology, hardware/semi supply chain, data center development, industrial Internet development and software adoption.
- Unique ability to understand the intersection of global geopolitics, tech standard development, China’s government policies, technological impact and competitive dynamics in China.
- Focus on understanding the business models, entry barriers, pricing power and competitive dynamics, which drive our view on both near-term and long-term industry trends
- Detailed, long-term financial models that incorporate all of the above
How I am Different
- The “LDD” thematic (Localization, Digitization & De-carbonization) – We prefer Zhejiang Supcon and Baosight driven by decarbonization efforts, localization (Supcon), and customer M&A/consolidation (Baosight). We identified industrial software as a multi-year high-growth, but under-researched sub-sector that is poised to be significantly re-rated.
- China’s ERP is also a play on “LDD,” we prefer Kingdee over Yonyou due to Kingdee’s faster cloud migration and better execution. Potential competition from Huawei’s self-developed ERP system would not cause material impact in our view.
- Digitization, localization and tech advancement are the biggest drivers for financial IT industry. We prefer Hundsun due to its large and sticky user base and superior product and servicing capabilities.
- China’s cybersecurity play – We believe VT would benefit from industry’s structural change leveraging strategic collaboration with China Mobile and comprehensive product lines. We expect CM contribution to grow at 47% and account for >40% of VT’s FY24 total rev, creating more certainty vs. peers.
Key Research Highlights
- Kingdee: Inflection Overshadowed by Weak Macro: Another Potential Multi-Bagger 19 Aug 2024
- Zhejiang Supcon: Business Model Evolving Positively; Still Highly Promising 29 Aug 2024
- Insyde Software: Firmware Leader and Yet-to-be Discovered AI Play 9 Jul 2024
- Sinosoft: Insurance IT Leader with Defensive Growth 24 Jan 2024
- China Software:2Q Miss Likely to Keep Sector Weak; but Selective LT Buys Exist 22 Jul 2024
Upcoming Corporate & Strategic Access
- Expert Call on BIOS/BMC – The Under-Researched Backbone of AI PCs and Servers 8 Oct 2024
- Kingdee Post-2Q24 NDR meeting 20 Aug 2024
- Hundsun Post-2Q24 NDR call 29 Aug 2024
- China AI: Business Model, Monetization Roadmap & Impact of US Chip Restrictions 9 Jul 2024
- Shanghai ERP Expert Day Jan 2024
Telecommunications
What I am Known For
- Over 20 years of experience in covering the Asian/China telecommunications sector. Having been involved in the IPOs of all three Chinese telecommunication operators.
- In-depth understanding of telecom technology, having analyzed the sector from the 2G era to the current 5G era.
- Unique ability to understand the intersection of geopolitics, China’s government policies, technological impact and competitive dynamics in China.
- Long-term sector knowledge and detailed modelling that incorporates key rev, cost and capex drivers.
How I am Different
- The SOE ICT ecosystem and SOE reform to drive multi-year growth at telcos: We have been highlighting telcos’ growth in 5G industrial Internet is being under-estimated given gov push on digital transformation and creating the SOE ICT ecosystem (part of Xinchuang), and their big cost advantage over independent CSPs. The SOE reform this year takes a different shape to focus on valuation and ROE. Telcos’ re-rating is not yet done.
- Recommend CCS and China Tower as telco ecosystem play: For those investors who cannot buy telcos, we recommend CCS and China Tower as proxies.
Key Research Highlights
- Telco Ecosystem 1H24 Preview: Yield Story Intact; Raising PTs 4 Aug 2024
- China Tower: A Play on SASAC Initiative, Plus Resilient Earnings 6 Feb 2024
- China Communications Services: Potentially Rising Capital Return under SASAC Initiative 28 Jan 2024
Upcoming Corporate & Strategic Access
- Conferences: China Mobile Post-Results Group Breakfast Meeting in Hong Kong with Dial-in Option (Aug 2024).
- China Telecom In-Person Post Results Hong Kong NDR (Mar 2024).
- China Communications Services (552 HK) Post Results In-Person Meetings (August 2024).
Kelly Zou
Autos & Auto Parts, Hong Kong Research, Industrials, Utilities & Alternative Energy
Kelly Zou
Autos & Auto Parts, Hong Kong Research, Industrials, Utilities & Alternative Energy
What I am Known For
- Long-term sector knowledge in capital goods sector, electric two-wheeler and lithium battery sector, informed views on company fundamentals
- The fastest updates on industry news, catalysts and changes in industry and companies
- Regular updates of database in areas of lithium battery monthly production tracker, China charging ecosystem and mid-stream machinery sector channel checks for manufacturing industry pulse checking
- Franchise high-end manufacturing thematic reports in areas of global grid capex supercycle, new type of power system development in China incl AMI and grid digitalizaiton, UHV power transmission, power distribution, charging, ESS/virtual power plant, import-substitution and going overseas strategy of selected capital goods sector companies in China like smart meter, transformer, construction machinery, textile machinery and plastic moulding machinery, etc
How I am Different
- The 1st one suggesting mkt trading on railway equipment stocks from 3Q23 as railway capex recovery on high-speed train new-build and advanced refurbishment
•The 1st one suggesting grid equipment sector in China playing UHV power transmission, smart meter and grid digitalzation and overseas expansion of tap changer, transformer, smart meter will remain hot topic and safe strategy for investors in economic downturn - The 1st one suggesting investors look for capital goods companies benefitting from US-China decoupling incl plastic moulding machinery, textile machinery companies in China
- The 1st one highlighting to investors about consumer lithium battery sector in China could revisit from 2024 due to the trend of consumer electronics incl smart phones to have more AI features demanding higher battery capacities benefitting Chinese consumer battery companies like Sunwoda, CosMX we cover to achieve faster earnings growth • The 1st one suggesting mkt selling CRRC Times after 1H24 results due to peaking margins into 3Q24 and intensifying m/s in IGBT segment from domestsic peers
Key Research Highlights
- Power Equipment Expert Series 1- US Electricity Crisis Call Takeaways 10 June 2024
- Power Equipment Expert Series 2- Transformer Going Overseas Call Takeaways 19 June 2024
- Power Equipment Expert Series 3- Tap Changer Expert Call Takeaways 24 June 2024
- Equipment Renewal Policy Expert Call Takeaways 8 Aug 2024
Upcoming Corporate & Strategic Access
- 4 Nov 2024, Shenzhen Industrial Corporate Day
- Mid- Nov 2024, Series expert calls on China’s power sector
Lisa Liao
Consumer Discretionary, Hong Kong Research
Lisa Liao
Consumer Discretionary, Hong Kong Research
Lisa Liao is a Senior Associate at the Research Division of Jefferies Hong Kong Limited. Prior to joining Jefferies, she was a Research Associate at Deutsche Bank Hong Kong and ICBC International. She graduated with a Bachelor degree in Economics from Peking University, and an M.S. degree in Finance from the Chinese University of Hong Kong. She passed all three levels of the CFA Program and is a FRM charterholder.
What I am Known For
- An approach to stock ratings focusing on FCF.
- A focus on growth drivers, earnings quality, financial health and consumer behaviour changes.
How I am Different
- DPC (1405 HK, Buy)
Positive view on Domino’s Pizza expansion in China, especially in new T1 and T2 cities, with solid branding and local team, supported by growing penetration of pizza market and delivery channel. - Nongfu Spring (9633 HK, Hold)
Despite NF’s clarifications after the social media attack in Mar, and market share recovery in Jul-Aug, the negative impacts may sustain for a while and water recovery would take time. In our model, tea drinks are a key driver for sales and earnings in 2024-25E.
Key Research Highlights
- DPC: Kneading Expansion from Dough to Doorstep; Initiate with Buy 27 Jun 2024
- Nongfu Spring: 2H24 Outlook; Maintain Hold 28 Aug 2024
- China Pet Foods: 20 Aug 2024
Upcoming Corporate & Strategic Access
- Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
- Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)
Mahesh Nandurkar
Equity Strategy, India Research, Thematic Research
Mahesh Nandurkar
Equity Strategy, India Research, Thematic Research
Mahesh Nandurkar is the Head of Research & Strategist for India. Mahesh has nearly 25 years of experience in Indian equity capital markets
What I am Known For
- Thought-provoking, in-depth and topical analysis of multiple issues in Indian equity markets such as macro, policy, politics, valuations and market movements in regional context.
- A themes-based investing approach including ideas such as the housing chain, capex uptick, rural vs. urban outlooks, rise of financial savings, CEO transitions etc..
- Integration of top-down themes into actionable stock ideas and sector weightings.
How I am Different
- Domestic savings work has highlighted how India has progressed on rise of equity as asset class. • Also highlighted how equity supply has risen to record levels but driven by PEs and promoter exits.
- Cyclical upturn in investments led by housing and incrementally private corporate capex has been the key call.
- Detailed work on employment through corporate annual reports, as well as economic statistics is well regarded.
Key Research Highlights
- Is US$7bn/mnth sustainable? 29 May 2024
- India through Charts 6 Sep 2024
- IT slowdown weighs on formal job creation 9 October 2024
- Corporate & Strategic Access
- Conferences: India macro day (Sep23, May24). India macro trip (Mar24)
- Expert Events: Invest India CEO in SG, Conversation with global / regional Jefferies strategists
Lavina Quadros
India Research, Industrials, Utilities & Alternative Energy
Lavina Quadros
India Research, Industrials, Utilities & Alternative Energy
15+ years of experience in Utilities/Cap Goods
What I am Known For
- Strong Sector Directional and Stock Calls
- In-depth macro view on sector
- Good sense on stock specific triggers
- Receptive to change based on data
How I am Different
- More Thematics which have long shelf life
Key Research Highlights
- Pay Up for the Visibility (Industrials) 1 Apr 2024
- 2024: Capacity Acceleration Newsflow to Continue (Utilities & Alternative Energy) 4 Jan 2024
Corporate & Strategic Access
Defence Day, Industry Expert Speaker Meetings, Khavda site visit
Matt Ma
Hong Kong Research, Technology IT Services & Software, Telecommunications
Matt Ma
Hong Kong Research, Technology IT Services & Software, Telecommunications
Matt Ma joined Jefferies in May of 2022, following more than four years as a writing analyst covering China internet (primary) and software (secondary) at China Merchants Securities (HK). Prior to this, he worked as a QFII sales trader at China Merchant Securities for three years.
Technology IT Services & Software
What I am Known For
- In-depth understanding of the entire digitization industry chain starting from telecom services, network technology, hardware/semi supply chain, data center development, industrial Internet development and software adoption.
- Unique ability to understand the intersection of global geopolitics, tech standard development, China’s government policies, technological impact and competitive dynamics in China.
- Focus on understanding the business models, entry barriers, pricing power and competitive dynamics, which drive our view on both near-term and long-term industry trends
- Detailed, long-term financial models that incorporate all of the above
How I am Different
- ‘- The “LDD” thematic (Localization, Digitization & De-carbonization) – We prefer Zhejiang Supcon and Baosight driven by decarbonization efforts, localization (Supcon), and customer M&A/consolidation (Baosight). We identified industrial software as a multi-year high-growth, but under-researched sub-sector that is poised to be significantly re-rated.
- China’s ERP is also a play on “LDD,” we prefer Kingdee over Yonyou due to Kingdee’s faster cloud migration and better execution. Potential competition from Huawei’s self-developed ERP system would not cause material impact in our view.
- Digitization, localization and tech advancement are the biggest drivers for financial IT industry. We prefer Hundsun due to its large and sticky user base and superior product and servicing capabilities.
- China’s cybersecurity play – We believe VT would benefit from industry’s structural change leveraging strategic collaboration with China Mobile and comprehensive product lines. We expect CM contribution to grow at 47% and account for >40% of VT’s FY24 total rev, creating more certainty vs. peers.
Key Research Highlights
- Kingdee: Inflection Overshadowed by Weak Macro: Another Potential Multi-Bagger 19 Aug 2024
- Zhejiang Supcon: Business Model Evolving Positively; Still Highly Promising 29 Aug 2024
- Insyde Software: Firmware Leader and Yet-to-be Discovered AI Play 9 Jul 2024
- Sinosoft: Insurance IT Leader with Defensive Growth 24 Jan 2024
- China Software:2Q Miss Likely to Keep Sector Weak; but Selective LT Buys Exist 22 Jul 2024
Corporate & Strategic Access
- Expert Call on BIOS/BMC – The Under-Researched Backbone of AI PCs and Servers 8 Oct 2024
- Kingdee Post-2Q24 NDR meeting 20 Aug 2024
- Hundsun Post-2Q24 NDR call 29 Aug 2024
- China AI: Business Model, Monetization Roadmap & Impact of US Chip Restrictions 9 Jul 2024
- Shanghai ERP Expert Day Jan 2024
Technology IT Services & Software
What I am Known For
- Over 20 years of experience in covering the Asian/China telecommunications sector. Having been involved in the IPOs of all three Chinese telecommunication operators.
- In-depth understanding of telecom technology, having analyzed the sector from the 2G era to the current 5G era.
- Unique ability to understand the intersection of geopolitics, China’s government policies, technological impact and competitive dynamics in China.
- Long-term sector knowledge and detailed modelling that incorporates key rev, cost and capex drivers.
How I am Different
- The SOE ICT ecosystem and SOE reform to drive multi-year growth at telcos: We have been highlighting telcos’ growth in 5G industrial Internet is being under-estimated given gov push on digital transformation and creating the SOE ICT ecosystem (part of Xinchuang), and their big cost advantage over independent CSPs. The SOE reform this year takes a different shape to focus on valuation and ROE. Telcos’ re-rating is not yet done.
- Recommend CCS and China Tower as telco ecosystem play: For those investors who cannot buy telcos, we recommend CCS and China Tower as proxies. They have done well and the fundamentals also improved.
Key Research Highlights
- Telco Ecosystem 1H24 Preview: Yield Story Intact; Raising PTs 4 Aug 2024
- China Tower: A Play on SASAC Initiative, Plus Resilient Earnings 6 Feb 2024
- China Communications Services: Potentially Rising Capital Return under SASAC Initiative
28 Jan 2024
Corporate & Strategic Access
- Conferences: China Mobile Post-Results Group Breakfast Meeting in Hong Kong with Dial-in Option (Aug 2024).\
- China Telecom In-Person Post Results Hong Kong NDR (Mar 2024).
- China Communications Services (552 HK) Post Results In-Person Meetings (August 2024).
Nick Cheng
Hong Kong Research, Technology IT Services & Software, Technology Semiconductors, Telecommunications
Nick Cheng
Hong Kong Research, Technology IT Services & Software, Technology Semiconductors, Telecommunications
Nick joined Edison’s team in March of 2022. Before joining Jefferies, Nick started his career as an IC Physical Design Engineer and Advanced Chip Design Consultant with TSMC, working with top clients such as Apple, MTK and Huawei on their advanced node IC design process, and with top EDA players like Synopsys and Cadence to develop EDA tools. After that, he spent three years in mainland China and working on a Harvard-med spin-off wearable startup before he went for MBA.
Nick obtained his B.Eng degree (First Honors) in Electrical Engineering at Hong Kong University of Science and Technology, and an MBA (finance and private equity dual concentration) at London Business School.
What I am Known For
- In-depth understanding of technology hardware and semiconductor industry
- Deep and differentiated understanding of TSMC, its technologies and latest development of advanced-node-products
- Wide range of resources in semiconductor industry and Taiwan to monitor the supply chain dynamics
- Quick understanding of cutting-edge semiconductor technologies and latest development with engineer’s knowledge background
- Strong connection in the industry to help arrange bespoke meetings
How I am Different
- Understanding and analyzing semiconductor sector from a very engineer viewpoint
- Providing detailed technology teach-in that help investors understand industry dynamics
- Market leader in analyzing AI and related IC design technology trend
Key Research Highlights
- Taiwan IC Design Service Initiation; with IC Design Deep Dive (https://javatar.bluematrix.com/pdf/lHBwKaEs) 11 Oct 2023
- Anti-consensus call on Maxscend downgrade (Share Loss at Samsung Amid Geopolitical Tensions; Downgrade to Hold) 17 June 2024 https://javatar.bluematrix.com/pdf/nNGpf1nD)
- Bullish on ACMR and stock price +41% the day after earnings (4Q23 EPS Beat Cons by >100%; Strong China Capex Continues) (https://javatar.bluematrix.com/pdf/gWOjzIVo) 28 Feb 2024
- First on the street in-depth discussion on superconductor (LK-99 Room-Temp Superconductor; Commercialization Still Needs Effort) https://javatar.bluematrix.com/pdf/6ANDSNey) 2 Aug 2023
Corporate & Strategic Access
- China Semiconductor Localization Trip – Mar 2024.
- China smartphone expert calls – Mar/Jul 2024.
- Asia Key Semi Supplier Trip – May 2024.
- Computex Trip – Jun 2024.
- China AI expert calls – Jul 2024.
- SEMICON Taiwan Trip – Sep 2024.
- China semi and hardware trip – Sep 2024.
- China Expert Day: Technology – Nov 2024.
Nitij Mangal
Autos & Auto Parts, India Research, Industrials
Nitij Mangal
Autos & Auto Parts, India Research, Industrials
Nitij Mangal joins the Jefferies India team covering auto and metal sectors. He has almost a decade of experience of covering these sectors at CLSA in India. He comes with a global experience, having studied and worked across three continents. Nitij holds engineering degrees from India Institute of Technology Delhi and Stanford University (USA), and an MBA from INSEAD (France). He spent the initial part of his career designing cutting edge semiconductor chips for graphics and gaming systems at NVIDIA in the US.
What I am Known For
- Nitij Mangal has covered the Indian auto sector for 14 years.
- High conviction recommendations with meaningful proportion of non-consensus calls.
- A focus on business cycles to catch inflexion points, and on corporate strategy to find long-term winners.
How I am Different
- Catching the cycle early in both directions
- Multiple reports on evolving EV landscape in India including the “Volts on Bolts” series
- Frameworks for deep-cyclical auto segments.
- Have maintained a very positive stance on 2Ws in the last 1 year – TVS, Bajaj, Hero and Eicher
- Upgraded Mahindra in May-2024
Key Research Highlights
- Volts on Bolts #17: Missing the Spark
- TVS – Annual Report Analysis: Rising Investments but Improved FCF
- MM – Upgrade to BUY
- Autos – Deconstructing Stock Performance
Corporate & Strategic Access
- Tata Motors plant visit
- Auto tour
- Royal Enfield Motoverse visit
Prakhar Sharma
Banks & Non-Banks Finance, India Research, Insurance
Prakhar Sharma
Banks & Non-Banks Finance, India Research, Insurance
I am the analyst for Indian insurance sector and have covered financial sector for over 13 yrs across banks, NBFCs, Insurance, AMCs, others. Before joining Jefferies in 2020, I was the sector analyst at CLSA India.
What I am Known For
- I have published a combination of deep-dive, high frequency as well as differentiated reports on Indian Insurance. These include analysis of impact of evolving regulations and business environments.
- India Financial Daily and BFSI Monthly provide summary of key events, wrap of trends, price moves and interactions etc across financials.
- My corporate access is also arguably among the best in the sector as we have been able to build access across top management & CEOs as well as industry contacts. I hosted CEOs/ CXOs for multiple roadshows & conferences as well as hosted our India Financial Trips.
How I am Different
- I take clear and non-consensus calls on the insurance sector and avoid middle-ground approach on stocks with Hold ratings, hence majority of our ratings are clear BUY to UPF.
- Some of my non-consensus calls have been to be Buy call on ICICI Lombard. I also highlighted that the impact of new norms on surrenders is likely to be limited and hence pushed this Buy call on life insurers.
Key Research Highlights
- Life Insurers: New Surrender Norms May Have Higher Gross, But Lower Net Impact ) 31 May 2024
- Max Financial Services: Leveraging Banca & Agency; Vals Attractive; Reiterate Buy 27 Feb 2024
- ICICI Lombard: Five Triggers in 2024 15 Jan 2024
- ICICI Lombard: A Leap in Health Insurance; Stays Among Top Picks 1 Jul 2024
Corporate & Strategic Access
- Events: India, Financial Trips
- NDR: Max Financial (US), ICICI Lombard (US), HDFC Life (US, EU).
Prateek Kumar
Consumer Discretionary, India Research, Industrials
Prateek Kumar
Consumer Discretionary, India Research, Industrials
Prateek Kumar covers Industrials and Travel & Tourism sectors at Jefferies India and has over 15 years of experience in Institutional equities. He joined Jefferies India in April of 2022 following seven years as a senior analyst covering Cement, Transportation and Internet sector at Antique Stock Broking (India). Prior to that he has worked with Religare Capital Markets and JP Morgan India. He began his equity research career in 2008, and has covered the Cement, Transportation, Automotive, FMCG and Internet sectors in the past.
Industrials
What I am Known For
- Strong insights on Long-term trends in the sector, Industry understanding through-the-cycle trading and valuation.
- Regular Channel checks to keep abreast with on-ground situation
- Initiated coverage on Adani Enterprise
How I am Different
- Detailed work across the large and small Companies in the Cement sector
- Consistency in on ground channel Checks
- Superior focus on thematic research, covering a range of structural trends and differentiated primary research.
Key Research Highlights
- Closely tracking the consolidation story; early call on M&A driving valuations:
Cement: Like the consolidators 26 June 2024
Cement: Its happening far too quickly… 27 June 2024 - Timely call on shift in cost focus; calling out key structural and short term trends leading to cement underperformance:
Cement: Cost Focus to Imply Weak Pricing 12 May 2024 - Monthly channel checks with accurate and timely estimations of change in prices:
Cement: Pricing Hits 3-4 Year Low 2 Aug 2024
Cement: Some green shoots in pricing 30 Aug 2024
Upcoming Corporate & Strategic Access
- Ambuja Cement Access Day in Mumbai
- Shree Cement Access Day in Mumbai
- Ultratech Access in US/SFO
- India Access Day (Adani Enterprises, Ultratech, Ambuja, Grasim)
Consumer Discretionary
What I am Known For
- Strong research inputs on Industry trends on both Hotels and Airlines
- Multiple channel checks at regular intervals.
- Initiated coverage on GMR Airports. Strong followup research on GMR Airports – limited coverage on street
How I am Different
- Detailed Initiating Coverage report on Indian Hotels
- Authored several thematic reports on emerging trends
- Strong Research inputs on Airport sector
Key Research Highlights
- Change in conviction and timely upgrade of IndiGo at time with industry headwinds and limited visibility on supply: IndiGO: Still Affordable – Upgrade to BUY 21 Aug 2024
- Deep diving into Hotels Mcap expansion: Hotels: The run should continue… 14 Mar 2024
- Multiple monthly trackers, regularly tracking several key datapoints across travel sectors:
- Hotels (India): RevPar normalises in Sept ’24: 21 Oct 2024
- India Aviation Monthly (Sep-24) 15 Oct 2024
Airports (India): Aug’24 growth steady 26 Sept 2024
Upcoming Corporate & Strategic Access
- GMR Airports Access in US/Asia
- IHCL Access in US
- India Access Day (GMR Airports, IndiGo, Indian Hotels, TBO Tek, Samhi Hotels, Ixigo, Lemon Tree Hotels)
Sam Wong
Banks & Non-Banks Finance, Economics, Hong Kong Research, Insurance
Sam Wong
Banks & Non-Banks Finance, Economics, Hong Kong Research, Insurance
Sam Wong joined Jefferies in January 2022 covering Asia financials and real estate, with a focus on HK/SG banks, HK property and China insurance. Prior to that, Sam had over five years of experience in equity research and equity sales and trading at Citigroup. Sam covered a wide range of financials including banks, insurers, brokers, fintech and diversified financials in Hong Kong, Taiwan and Korea. Sam holds the Chartered Financial Analyst designation and received a B.Sc. in Quantitative Finance from the Chinese University of Hong Kong with First Class Honor.
Banks & Non-bank Finance
What I am Known For
- Connecting the dots – demonstrated synergy between HK banks and prop coverage; brought in HK/China perspectives into SG bank research
- A strong focus on fundamentals and modelling. Timely result preview across multiple sectors.
- Constantly review stock recommendations in response to latest market/sector developments to generate positive return.
How I am Different
- HSB (11 HK, Underperform)
Leading voice in HK CRE and its impact on HK banking sector - DBS (DBS SP, BUY)
Maintained positive on DBS on its franchise improvement and capital return potential against conventional view that banks should underperform amid rate cuts
Key Research Highlights
- Hang Seng Bank: Walking on Thin Ice, Downgrade to U/p 31 Jul 2024
- HK CRE Risk: A Storm in a Teacup or a Storm in the Making? 16 Jan 2024
- SG Banks 2Q24 Review: Strive for the Best, Prepare for the Worst 8 Aug 2024
Upcoming Corporate & Strategic Access
- Hosted a series of result preview calls. Overseas CEO NDR with BoCHK in Tokyo and London. Coordinated STAN result NDR for HK/SG investors in collaboration with UK lead analyst.
- Expert Events: JEF U – In Dialogue with Industry Leader: Group Luncheon with Mr. Wing Ching Shih
Insurance
What I am Known For
- Connecting the dots – demonstrated synergy between HK banks and prop coverage; brought in HK/China perspectives into SG bank research
- A strong focus on fundamentals and modelling. Timely result preview across multiple sectors.
- Constantly review stock recommendations in response to latest market/sector developments to generate positive return.
How I am Different
- PICC Group (1339 HK, BUY)
Raised PICC Group to Top Pick in Aug 2024 on solid P&C performance and a turnaround in Life business - CPIC (2601 HK, BUY)
Upgraded CPIC-H in Jan 2024 amid market dislocation, and the share price doubled since then
Key Research Highlights
- China Insurance 2Q24 Review: Swimming or Floating – Upgrade CPIC-A & NCI-A
- PICC: Beat and Raise; Upgrade A-share to Buy
- Ping An Insurance: Better Looks Good Enough
Upcoming Corporate & Strategic Access
- Hosted a series of result calls with PICC, China Life and CPIC
Shrikant Kale
Equity Strategy, Hong Kong Research, Quantitative Research, Thematic Research
Shrikant Kale
Equity Strategy, Hong Kong Research, Quantitative Research, Thematic Research
Shrikant Kale joined Jefferies as Senior Microstrategy Research Analyst in May of 2019. Prior to that, he was an Analyst with a highly rated Microstrategy research product at CLSA for more than 12 years. He began his equity research career in 2007 from Mumbai focusing on building bespoke quant products and assisting India strategy research, before relocating to Hong Kong in 2011. Shrikant holds an MBA in Finance from Pune University, India and engineering from Nagpur University, India.
Equity Strategy /Quantitative Research / Thematic
What We Are/I Am Known For:
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on global equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests – Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Automated requests – Automated and ad-hoc screens, data, charts etc
How We Are/I Am Different:
- A unique mix of fundamentals and quantitative strategy: Our models and screening processes rely heavily on bottom-up company fundamentals, making them more sustainable and transparent.
- Incorporating macro into micro: We have been quite early to realize that macro factors are dominating equity investing and have fully incorporated various macro and event studies into our research.
- Screens with a view: All our research is distilled into screening ideas, where we use our experience to shortlist stocks beyond our quantitative processes.
Key Research Highlights:
- Cross-Holdings: Beware The Price Impact 16 Oct 2024
- The Rise of M&A and De-fragmentation 17 Sept 2024
- The Yen Paradox: Navigating Japan’s Currency Volatility 28 Aug 2024
- Yen Puzzle: Carry-Trade and Earnings Impact 19 Aug 2024
- Potential Buyout Opportunities 24 June 2024
Shuhang Jiang
Hong Kong Research, Industrials, Utilities & Alternative Energy
Shuhang Jiang
Hong Kong Research, Industrials, Utilities & Alternative Energy
5 years of equity research experience. Industry coverage of commodities and ev supply chain
What I am Known For
- 5 years of equity research experience
- Industry coverage of commodities and ev supply chain
- Timely updates on industry news, catalysts and changes in industry
- Regular update of database
- User-friendly and detailed mode
How I am Different
- Lithium: The Worst is Over but Still Not a Buy
- Connecting the dots in commodities series
Key Research Highlights
- Aluminum initiation: Tightness from the Supply Side 12 Aug 2024
- 2024 Lithium Battery Supply Chain Outlook – Consolidation of Leaders 17 Jan 2024
- 2024 Commodities Outlook – Navigating the Shifting Tides; Initiate CMOC at Buy 28 Jan 2024
Upcoming Corporate & Strategic Access
- Nov 2024: industrial corporate day in Shenzhen; virtual industrial conference
Shujin Chen
Banks & Non-Banks Finance, Economics, Equity Strategy, Hong Kong Research, Insurance, Thematic Research
Shujin Chen
Banks & Non-Banks Finance, Economics, Equity Strategy, Hong Kong Research, Insurance, Thematic Research
Shujin Chen joined Jefferies in 2019 covering China macro, financial and property research, and is leading the team covering China/HK/Singapore financial and property research.
Equity Strategy/Economics/Banks & Non-bank Finance
What I am Known For
- Calls on China’s policy changes. Eg, expected more national team purchase in early Feb, saw rising chance of stimulus since Aug. Before 2024, early warned regulatory tightening on fintech, cross-border brokers, potential default by Evergrande, senior leadership changes, etc.
- Providing short-term/long-term market view based on China economy fundamental analysis, policy changes, as well as investors’ sentiment/feedback.
- Top-down and bottom-up research. Familiar with local practice especially in financial and property industry due to long-term industry/company analysis and strong network.
How I am Different
- One of the most bearish analysts on China property sector, expecting 30% more price decline if China sticks to 2.2% 10yr treasury yield in June report. Still see 10-20% decline after rate cuts.
- Preferring high-yield stocks since beginning of the year (eg, prefer banks within financial & property sector) and switched to high-beta amid market rebound calls.
- Relatively positive on market by end-2024 despite weak sentiment in early Nov (no big surprise on fiscal stimulus and risk-off before US election), considering more emphasis on stock market performance (govt KPI) and large room for more stimulus.
Key Research Highlights
- China Macro Chat: Will the New CSRC Head Bring More Support to Capital Markets? 8 Feb 2024
- China Macro Chat: Was MOF Press Conference a Beat or Miss? 13 Oct 2024
- China Macro Chat: More Policies Coming… What Year Is This Market in History? 30 Sept 2024
Upcoming Corporate & Strategic Access
- Expert calls with advisers to policy makers, property experrts, local govt debt experts, as well as financial experts
- Property field trip to multiple cities to meet experts, companies and project visits
- Company calls with China banks
Insurance
What I am Known For
- Connecting the dots – demonstrated synergy between HK banks and prop coverage; brought in HK/China perspectives into SG bank research
- A strong focus on fundamentals and modelling. Timely result preview across multiple sectors.
- Constantly review stock recommendations in response to latest market/sector developments to generate positive return.
How I am Different
- HSB (11 HK, Underperform)
Leading voice in HK CRE and its impact on HK banking sector - DBS (DBS SP, BUY)
Maintained positive on DBS on its franchise improvement and capital return potential against conventional view that banks should underperform amid rate cuts
Key Research Highlights
- Hang Seng Bank: Walking on Thin Ice, Downgrade to U/p 31 Jul 2024
- HK CRE Risk: A Storm in a Teacup or a Storm in the Making? 16 Jan 2024
- SG Banks 2Q24 Review: Strive for the Best, Prepare for the Worst 8 Aug 2024
Upcoming Corporate & Strategic Access
- Hosted a series of result preview calls. Overseas CEO NDR with BoCHK in Tokyo and London. Coordinated STAN result NDR for HK/SG investors in collaboration with UK lead analyst.
- Expert Events: JEF U – In Dialogue with Industry Leader: Group Luncheon with Mr. Wing Ching Shih
Sonali Salgaonkar
Consumer Discretionary, India Research, Industrials
Sonali Salgaonkar
Consumer Discretionary, India Research, Industrials
Sonali Salgaonkar works as a Senior Vice President with Jefferies India, with ~15 years cumulative industry work-experience . Her educational qualifications are BE (Computer Engineer) and MBA (Finance) and CFA (USA) – Level 1
What I am Known For
- Sonali leads India Midcap & Smallcap franchise, with 20 stocks under active coverage across ~8 sectors. Cross Sector views across Multiple Sectors – Research encompassing EMS / Contract Manufacturing , Electricals, Cables & Wires, Consumer Durables, Appliances, Adhesives, Plastic Pipes, Building Materials, Graphite Electrodes. Sonali also works on Midcap Strategy reports. A balanced approach to stock ratings with well-timed calls and thorough analysis on companies. A focus on growth drivers, earnings quality, FCF and accounting. Long-term sector knowledge and historical modeling In-depth industry knowledge; Good corporate access and channel checks
How I am Different
- Strong analyst calls in India SMID / Industrials – Key being Amber Enterprises (AMBER IN), Polycab (POLYCAB IN) , Supreme Industries (SI IN), Kaynes (KAYNES IN) and Blue Star (BLSTR IN). Timely Thematic notes on India EMS industry / PLI scheme deep dive, India Capex Beneficiaries, Summer beneficiaries. Consistent channel checks in India Appliances, Durables and Building Materials regularly. Interesting reports on Indian EMS players (PLIs), Plastic Pipes, Electricals, Durables and Building Products (Channel checks, Thematic work and Annual Report Analysis). Sonali covers a wide spectrum of sectors, including niche ones such as Graphite Electrodes
Key Research Highlights
- Amber: Stellar Quarter; Stays JEF Top SMID Pick 23 Oct 2024
- Blue Star: Strong Quarter; Diversified Play; Buy Stays ) 7 Aug 2024
- India SMID Strategy: Scaling New Highs 28 Aug 2024
- 2024 Outlook: India Electricals, Durables and EMS: Stay Selective 3 Jan 2024
- 2024 Outlook: India Building Products: On a Strong Footing 5 Jan 2024
John Chou
Consumer Discretionary, Hong Kong Research
John Chou
Consumer Discretionary, Hong Kong Research
John Chou has 10 years of experience in equity research, focusing on greater China consumer discretionary (sporting goods and home appliances). In his previous role at Deutsche Bank he contributed to the team’s performance in StarMine and the Institutional Investor polls. John holds a bachelor degree from National Taiwan University.
What I am Known For
- A focus on growth drivers, earnings quality, FCF and ROIC.
- Long-term industry knowledge and historical modeling, informing views on stocks ‘weather-the-cycle’ trading and valuation.
- Update investors with latest industry/market trends and key fundamental implications via channel checks.
How I am Different
- Anta (2020 HK, Hold)
Expect (1) Markdown pressure in 4Q24, (2) Intensifying competition as NKE and ADS starts destocking, (3) Anta brand: Cannibalization from “Super Anta”, and (4) Fila brand’s intense fashion risks. - Wuliangye (000858 CH, Underperform):
Expect (1) more margin downturn for WLY distributors due to weaker consumer stimulus and WLY inflating ex-factory prices (higher cost for distributors), (2) distributors to sell significant inventory to PDD.com ahead of the D-11 to replenish liquidity. - Midea (000333 CH, Buy):
We like Midea’s prudent control of channel inventory. Expect it to nimbly adjusting toward value-for-money products using new channels like Mei-Cloud. KUKA’s recent repositioning is also reaching completion
Key Research Highlights
- Shenzhou: Losing Cost Competitiveness; More Disappointments to Come 28 Aug 2024
- Sportswear September Channel Observations: A General Deterioration 1 Oct 2024
- Appliances Sep Channel Observations: Destocking Easing But Demand Still Soft 1 Oct 2024
Upcoming Corporate & Strategic Access
- Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
- Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)
Thomas Chong
Hong Kong Research, Internet, Thematic Research
Thomas Chong
Hong Kong Research, Internet, Thematic Research
Thomas Chong joined Jefferies in July 2019, following over 10 years of equity research experience covering the internet sector at Credit Suisse, Citigroup and Bank of China International.
What I am Known For
- Thomas Chong is the Regional Head of Internet & Media at Jefferies. He leads a team covering more than 80 companies.
- Comprehensive sector knowledge across China online shopping, online entertainment and online advertising.
- Regional focus on China, Southeast Asia and other developing countries’ digital economies.
- Strong connections with corporates and industry experts.
- Thomas has >10 years of equity research experience covering the internet sector at Credit Suisse, Citigroup and Bank of China International.
- Thomas was ranked No.1 internet analyst in the Institutional Investor (II) China Survey 2021, II Asia in 2020, 2019, as well as No.1 internet analyst in both II Asia and II China in 2018.
How I am Different
- Alibaba (BABA US / 9988 HK, BUY)
We believe BABA has laid out a clear roadmap with solid execution. For TTG, we expect the gap in YoY growth in GMV and CMR to narrow down in Sep quarter. Potential in incremental young users and those in lower tier cities from synergies with Weixin Payment are to be unlocked. Efficiency improvement in AIDC is expected, along with cloud benefits from solid AI demand. We expect investment in 88VIP for TTG and fundamentals to improve for AIDC and All others. - Tencent (700 HK, BUY)
We believe high quality growth story is intact while factoring in the latest trends across segments. For VAS, we expect YoY re-acceleration in gaming revenue while factoring in the latest trends on social networking. For online advertising, growth continues to benefit from ad tech and video accounts while factoring in base effect on ecommerce ad, trends in mobile networks and brand ad. For FBS, slower growth is expected due to macro environment.
Key Research Highlights
- 2025 Outlook: New Internet Cycle with New Stories Ahead 7 Oct 2024
- Focus Areas for Upcoming Earnings Calls; Sub-Sector Trends in First Half of Oct 20 Oct 2024
- Insights From Past 20 Years’ Cycle to Recent Rally; Positive on 2025 Outlook 1 Oct 2024
Upcoming Corporate & Strategic Access
- Expert Events: Jef U China Expert Day: Internet (4 Nov 2024)
- Expert Events: Jef U China Internet Expert Calls (12 – 13 Nov 2024)
- Conferences: Jefferies Asia Internet Week (29 Aug – 4 Sep 2024)
Vivek Maheshwari
Consumer Discretionary, India Research, Internet
Vivek Maheshwari
Consumer Discretionary, India Research, Internet
Vivek Maheshwari covers the India Consumer & Internet sectors. He has a rich experience of over 16 years across Jefferies and CLSA, and has been consistently top-rated. Prior to CLSA, he worked for Ernst & Young and ITC Limited. He is a qualified Chartered Accountant.
Internet
What I am Known For
- Vivek authors the ‘Internet Strategy’ series, which looks at cross sectoral themes across Internet categories in India.
- Covers Zomato and Nykaa, the key listed consumer internet names.
- Strong sector knowledge and good connection with industry experts, which allows to form a more informed view of the sector.
- Superior focus on thematic and analytical research, covering a range of structural trends.
How I am Different
- Authored a series of notes on Zomato and quick commerce highlighting the rising competion in this fast growing industry
- Written deep-dive reports on unlisted names including Urban Company, Shiprocket, Zepto, Magicpin, bOAT, etc.
- Organised multiple conferences/tours which saw participation from new-age internet companies with diverse business models
Key Research Highlights
- Internet Strategy: Our Experience on Flipkart Minutes, Latest Q/C Entrant
18 October 2024 - Head-to-Head: Nykaa (Platform) vs Honasa (Brand) 27 August 2024
- Getting Close & Personal (GC&P) with Falguni Nayar (Founder & MD – Nykaa)
8 July 2024 - India Internet Strategy: Compelling Q/C Demand Attracting Competition19 June 2024
Upcoming Corporate & Strategic Access
- BespokeTrip: Global Consumer Clients Trip in Delhi and Mumbai (May 2024)
- NDRs: FSN Ecommerce Management in USA (June 2024). Aditya Birla Fashion & Retail in USA. Zomato in USA.
- Bus Tours: Retail Tour in Delhi (Sep 2024). Feet on street tour in Delhi (Sep 2024). Consumer Internet tour in Delhi (Sep 2024). Rural Tour in Delhi (Sep 2024). Consumption tour in Varanasi, Lucknow (Feb 2024).
Consumer Discretionary
What I am Known For
- Vivek covers consumer disretionary stocks across categories including QSR, retail and paints.
- Strong sector knowledge and good connection with industry experts, which allows to form a more informed view of the sector.
- Superior focus on thematic and analytical research, covering a range of structural trends.
- Vivek Maheshwari covers 11 consumer staples stocks, with an aggregate market cap of c.US$270bn. Focus on thematic notes, which aims to provide insights into the ‘real’ India, capturing cross-sectoral stories & on-ground anecdotes, through market & site visits, expert interactions, etc.
How I am Different
- Authored multiple detailed pieces on rising competition in the paint industry re-iterating our high-conviction SELL on Asian Paints which underperformed Nifty by ~23% CYTD
- Authored multiple detailed thematic pieces on consumer-related topics such as wedding, IPL, etc.
- Authored candid and detailed interview pieces with CEOs under our ‘Getting Close & Personal’ series (Jubilant Foodworks, Nykaa)
- Authored the ‘Getting Close & Personal’ series, wherein interact with FMCG CEOs to better understand their thought process, business strategy and their career trajectory.
- Authored multiple detailed thematic pieces on consumer-related topics such as wedding, IPL, etc.
Key Research Highlights
- Getting Close & Personal (GC&P) with Sameer Khetarpal, Jubilant Food MD & CEO 27 Aug 2024
- Jubilant Foodworks: Worst Seems to be Behind – Upgrade to Buy 11 Aug 2024
- A Slice of India: The Big Fat Indian Wedding 21 June 2024
- A Slice of India: The Rise of League Culture in India, Led by Cricket—IPL 20 February 2024
- Honasa Consumer: Goodness Inside; Initiate at High Conviction BUY 10 Nov 2023
- Hindustan Unilever: When in Doubt, BUY Staples Leader 4 June 2024
- Royalty Hike by Parents – Hurting the Goose that lays the Golden Eggs? 19 May 2024
Upcoming Corporate & Strategic Access
- BespokeTrip: Global Consumer Clients Trip in Delhi and Mumbai (May 2024)
- NDRs: FSN Ecommerce Management in USA (June 2024). Aditya Birla Fashion & Retail in USA. Zomato in USA.
- Bus Tours: Retail Tour in Delhi (Sep 2024). Feet on street tour in Delhi (Sep 2024). Consumer Internet tour in Delhi (Sep 2024). Rural Tour in Delhi (Sep 2024). Consumption tour in Varanasi, Lucknow (Feb 2024).
Jingjue Pei
Consumer Discretionary, Hong Kong Research
Jingjue Pei
Consumer Discretionary, Hong Kong Research
Jingjue Pei joined Jefferies HK in 2023 with two years of equity research experience following China consumer and policy research background from her internship with the United Nations and the Economist. Jingjue received a Master of Economics from National University of Singapore and a Bachelor of Finance from Hunan University. She also passed all levels of the CFA program and ACCA program.
What I am Known For
- An approach to stock ratings focusing on FCF and cashflow.
- A focus on data tracking, growth drivers, earnings quality, financial health and consumer behavior changes.
How I am Different
- Laopu (6181 HK, BUY)
- Bullish on high-end heritage gold market and Laopu’s ability to maintain its brand image and penetrate into more HNWIs in China.
Key Research Highlights
- Laopu: Capture the Glitters through Heritage Craftsmanship 26 Sept 2024
- Pop Mart Fueled by ‘monsters’; maintaining BUY 24 May 2024
Upcoming Corporate & Strategic Access
- Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
- Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)
James Grzinic
Consumer Discretionary
James Grzinic
Consumer Discretionary
What I am Known For
- In-depth coverage of consumer discretionary names for thirty years. Over this time I have spanned a variety of subsectors and witnessed various cycles across regions. This broader breadth of coverage has better equipped to help investors find sources of outperformance.
How I am Different
- Over the past year I have maintained a cautious view of the luxury sector given a more circumspect opinion of the boost to luxury demand from the Chinese cluster. This in contrast with a more positive view of discretionary names with stronger value attractions to consumers and with a greater European bias to their operations (especially NXT LN and ITX SM).
Key Research Highlights
- The Asperity Of Prosperity 12 Jan 2024
- Elevated Elevation: Initiate Hermès at Buy Ferrari/Brunello Cucinelli at Hold 10 May 2024
- Inditex: Underappreciated, After All These Years 16 Aug 2024
- The Emergence Of Divergence 21 Aug 2024
- La Petite Rentrée Confirmée; Cut BRBY and UHR to U/P 20 Sept 2024
Xiaoyi Lei
Autos & Auto Parts, Hong Kong Research, Industrials
Xiaoyi Lei
Autos & Auto Parts, Hong Kong Research, Industrials
Xiaoyi Lei is an equity research analyst at Jefferies HK, who lead the coverage of 26 stocks from OEMs, Auto Parts to HDTs, and build up the autos franchises through 1) in-depth research reports on new technologies that could define the future 2) strong corporate access resources 3) proprietary databases 4) regular expert call series and 5) frequent fieldtrips.
What I am Known For
- In-depth understandings of automobile sector from OEM, auto parts to HDT, with franchise research in smart driving value chain.
- A broad network of industry contacts in China that can provide insights into electrification and autonomous driving development.
- Frequent channel checks and proprietary data to update investors with latest auto consumption trends.
- Value-added fieldtrips focusing on primary companies and the latest trends that could define the future amid the industry reshuffle.(Jefferies AI in Vehicles, Huawei Value Chain Series Field Trips in 2024 )
How I am Different
- Huawei ups its EV game, which will accelerate the development of China’s smart car ecosystem. Huawei announced that it will spin off its auto BU by forming a JV with Chang’an and has called on other partners to invest in the JV to turn its auto business into a profitable BU. We believe its partnerships with local OEMs and suppliers will benefit from Huawei’s move.
- New opportunities emerge for local suppliers. For new sectors emerging with new E/E Architecture, local suppliers are beating out global Tier 1 in new order wins, thanks to their deep ties with rising domestic OEMs and better R&D efficiencies.
- The robotaxi race is on. 1) govt policies aremore supportive of robotaxis now, opening up driverless services in 6 cities, 2) unit economics for robotaxis are significantly lower, making the business case more economically viable. 3) leading players have clear moat with high entry barriers in license, technology, and capital requirements.
Key Research Highlights
- 2024 Autos Outlook – Embarking On The New Chapter 10 Jan 2024
- 2024 CES Takeaways: Leveraging AI for the EV Race 17 Jan 2024
- Regional EV trip takeaways – The HEV and US pivot_Sep 15 2024 The Robotaxi Race is On 19 Aug 2024
- Fuyao Glass: Capex Upcycle Accelerates Global Dominance 27 Oct 2024
- China HDT Monthly Chartbook (Sep-24): Inflection Point is Yet to Come 27 Oct 2024
- Charts of the Week (Oct 14 – 20): NEV Penetration Hit 55% Oct 25 2024
- Key Takeaways From Smart Driving Day Oct 15 2024
- Monthly Channel Check Takeaways #31
- New Cars Glitter In Golden Week Oct 13 2024
- Japan Autos Monthly (Sep-24): Extreme Weather Disrupted Sales Sep 29 2024
Upcoming Corporate & Strategic Access
- Jefferies AI in Vehicles FieldTrips
- Monthly channel check call on major NEV brands
- Pulse Check on HDT market
- Huawei Value Chain Series Field Trips
- Shanghai Auto Show Small Group Trip
Zoey Zong
Consumer Discretionary, Hong Kong Research, Internet
Zoey Zong
Consumer Discretionary, Hong Kong Research, Internet
Zoey Zong joined Jefferies in July 2020 with more than 3 years of equity research experience following China Energy & Petrochemicals at Bank of China International and China Utilities, Industrials and Small & Mid-Caps at Huatai International.
What I am Known For
- Equity research experience across China Internet, China Energy & Petrochemicals, China Utilities and Industrials.
- Timely updates on industry and company changes.
- Building and updating models and databases across different sectors.
- Key member of the team ranked top 3 in Institutional Investor 2023 All-Asia Research Survey (Internet category).
How I am Different
- Alibaba (BABA US / 9988 HK, BUY)
We believe BABA has laid out a clear roadmap with solid execution. For TTG, we expect the gap in YoY growth in GMV and CMR to narrow down in Sep quarter. Potential in incremental young users and those in lower tier cities from synergies with Weixin Payment are to be unlocked. Efficiency improvement in AIDC is expected, along with cloud benefits from solid AI demand. We expect investment in 88VIP for TTG and fundamentals to improve for AIDC and All others. - Tencent (700 HK, BUY)
We believe high quality growth story is intact while factoring in the latest trends across segments. For VAS, we expect YoY re-acceleration in gaming revenue while factoring in the latest trends on social networking. For online advertising, growth continues to benefit from ad tech and video accounts while factoring in base effect on ecommerce ad, trends in mobile networks and brand ad. For FBS, slower growth is expected due to macro environment.
Research Highlights
- 2025 Outlook: New Internet Cycle with New Stories Ahead 7 Oct 2024
- Focus Areas for Upcoming Earnings Calls; Sub-Sector Trends in First Half of Oct 20 Oct 2024
- Insights From Past 20 Years’ Cycle to Recent Rally; Positive on 2025 Outlook 1 Oct 2024
Upcoming Corporate & Strategic Access
- Expert Events: Jef U China Expert Day: Internet (4 Nov 2024)
- Expert Events: Jef U China Internet Expert Calls (12 – 13 Nov 2024)
- Conferences: Jefferies Asia Internet Week (29 Aug – 4 Sep 2024)
Jacky He
Hong Kong Research, Technology IT Services & Software, Technology Semiconductors, Telecommunications
Jacky He
Hong Kong Research, Technology IT Services & Software, Technology Semiconductors, Telecommunications
Jacky He joined Jefferies in August of 2021, following one year as an equity research analyst at China Renaissance covering China technology hardware. Prior to this, he worked as an investment banking analyst at China Securities International. Jacky currently focuses on China technology hardware, and closely follows China semiconductor industry
What I am Known For
- In-depth understanding of technology hardware and semiconductor industry for both China/oversea markets especially on Apple supply chain
- Wide range of resources closely monitoring the supply chain dynamics to generate new ideas constantly
- Detailed modelling and databases to provide comprehensive analysis on industry and company
- Strong connection to a plenty of companies’ management to help arrange bespoke meetings
How I am Different
- Sensitive on industry dynamics and generate up-to-date ideas in a timely manner: We have been +ve/-ve on Apple/Android supply chain on selected names since early this year, and related names’ stock price performances has well played out our thesis, while we noticed the sign of change and thus recommend +ve/-ve for Android/Apple names now
- Provide long-term high-conviction investment ideas to value investors: We initiated Cowell at street-high price target, and discussed our thesis deeply for solid growth story. We also share our conservative view on XR in near-term, but provide our in-house forecast of long-term TAM with comprehensive arguments which is still under-research on the street.
Key Research Highlights
- Industry primer of MR sector: Smartphone Supply Chain Moving to MR: The Next Big Thing 8 Apr 2024
- Earnings preview for hardware sector to pick name selectively: 1H24 Hardware Preview: NT Earnings Risk Despite +ve AI Sentiment 1 July 2024
- Raise a red flag on Apple supply chain but reiterate Cowell as top pick: Limited Impact from iPhone Order Cut; Still Top Pick in AAPL Supply Chain 24 Oct 2024
Upcoming Corporate & Strategic Access
- China Semiconductor Localization Trip – Mar 2024.
- China smartphone expert calls – Mar/Jul 2024.
- China optical module expert call – Apr 2024.
- China AI expert calls – Jul 2024.
- SEMICON Taiwan Trip – Sep 2024.
- China semi and hardware trip – Sep 2024.
- China Expert Day: Technology – Nov 2024.
Jason Tan
Autos & Auto Parts, Hong Kong Research, Industrials, Utilities & Alternative Energy
Jason Tan
Autos & Auto Parts, Hong Kong Research, Industrials, Utilities & Alternative Energy
Jason Tan joined the Jefferies China Industrials team in May 2021. Previously, Jason was an analyst with BOCI Research’s property team in 2020-21. Before that, he had three years of equity research experience in the Industrial Automation and Transportation sectors.
What I am Known For
- Provide actionable and alpha ideas with trading catalysts, timing and ranges
- Monthly leading data tracking on power tools demand in US
- Focus on value-added channel checks on factory automations and robots
- Provide in-depth analysis on liquid cooling value chain
How I am Different
- Yiheda (301029 CH, BUY), https://javatar.bluematrix.com/pdf/LwgOnh2R
Expect automation cycle to turnaournd in 2H24 and suggest investors to position ahead; - Megmeet (002851 CH, BUY), https://javatar.bluematrix.com/pdf/XF58Pyvw
First in the market to identify the opportunities with NVIDIA - Envicool (002837 CH, BUY), https://javatar.bluematrix.com/pdf/QBXqJc8f
Maintain positive view on liquid cooling and Envicool
Key Research Highlights
- Liquid Cooling – A Song of Ice and Fire 10 Sep 2024
- Power Tools Monthly (Oct 2024) — Another Slump for Power Tools and OPE 23 Oct 2024
- IA Monthly (Oct 2024) – Market Stays Soft 11 Oct 2024
- Industrial Automation cycle turnaround in 2H24 10 Jan 2024
- China Robot Initiation – Prefer Components and Service Robots 22 Jan 2024
Upcoming Corporate & Strategic Access
- Monthly expert calls on industrial automaiton and liquid cooling
- Jul 2024, Liquid cooling and AI trip in China and Taiwan
- Mar 2024, JAF Automation trip in China and Taiwan
- Jan 2024, Industrial corporate and expert day in Shenzhen
- Jan 2024, Humanoid Robot corporate and expert day in Shenzhen
Jayant Kharote
Banks & Non-Banks Finance, India Research, Insurance, Internet
Jayant Kharote
Banks & Non-Banks Finance, India Research, Insurance, Internet
Jayant Kharote joined Jefferies in September 2023, covering the financials sector as lead analyst and focuses on Non lending companies (Insurance, Fintech & Capital market cos). He has more than 9 yrs of experience covering Indian Financials.
What I am Known For
- Idea generation, Detailed sector reports and understanding of regulatory frameworks.
- Deep sector knowledge and real-time data tracking for coverage companies
- Maintaining exhaustive database and creating uncomplicated financial models
How I am Different
- Our idea generation and coverage build-up is process driven where we first deep dive into the sector (analyzing both covered and uncovered/unlisted cos) and identify key near and long term trends. This is followed up with bottoms-up analysis of key listed players. This process helps generate ignored/anti-consensus Investment ideas and our calls on Indian exchanges, Digital Insurance brokers & Wealth managers are a testimony to the process.
Key Research Highlights
- PolicyBazaar – Click to Secure; Initiate at Buy 11 Feb 2024
- Motor in Full Throttle, Health Under Pressure; Initiate on Non-Life Insurers 23 Aug 2024
- PolicyBazaar – FY24 AR analysis: Client broadbasing on healthy trajectory 10 Sept 2024
- General Insurance Segment-wise Sep-24: ILom Continues to Shine 16 Oct 2024
Corporate & Strategic Access
- Conferences
PB Fintech, BSE, PAYTM, ICICI Lombard, HDFC AMC, 360One WAM at the Jefferies India Forum (September 2024).
BSE, PAYTM at the Jefferies Asia Forum (March 2024).
Investor call on Paytm impact from regulatory actions (January 2024). - Expert Events
SEBI director, Unlisted corporates (Zerodha/orbis) at Jefferies India Capital Markets day (October 2024), Fireside chat with Algo trader/HFT (June 2024)
Joanna Cheah
Banks & Non-Banks Finance, Consumer Discretionary
Joanna Cheah
Banks & Non-Banks Finance, Consumer Discretionary
Joanna Cheah joined Jefferies in Jan-2024 as an ASEAN analyst. She currently covers Vietnam Banks and Consumer in addition to ASEAN thematics. She has 14 years of experience in Equities out of which 12 years was within Equity Research. Joanna holds the Chartered Financial Analyst designation and received a BCom in Economics and Finance from the University of Melbourne.
What I am Known For
- Thematic research that are timely and differentiated across ASEAN
- Sector knowledge and understanding structural shifts as well as identifying each companies’ competitive advantage and where there is room to surprise the market
How I am Different
- ASEAN Themes and Tactics: Is your power grid at risk? – looking at beneficiaries of burgeoning data centres from a bolts and nuts angle
- ASEAN Themes and Tactics: Riding the comeback – exploring angles that ASEAN could benefit from China stimulus measures
Key Research Highlights
- Vietnam Consumer – Leveraging the demographic dividend 16 Apr 2024
- Vietnam Banks – Compelling growth story 18 Sept 2024
- ASEAN Themes and Tactics: Riding the comeback 2 Oct 2024
© 2024 Jefferies. All rights reserved. Member SIPC. Please refer to Jefferies important disclosure. Names of non-Jefferies broker dealers referred to in this document are independent third parties whose research Jefferies distributes on a co-branded basis