Pedro Baptista

Pedro Baptista joined Jefferies in 2023, after spending the previous 12 years at Nau Securities covering Latin America. He was Head of EMEA and European Small and Midcap Equities Research as well as Deputy Head of European Equities Research at UBS prior to that. Pedro is responsible for consumer and special situations research (inc. holding companies) and is the firm’s Head of Research.

The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America, Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies in 2024 and 2025.

Pedro Baptista key sectors and stocks under coverage include:

Education: Laureate Education, YDUQS
Food & Beverages: Gruma, Alfa
Pulp & Paper: Copec, Dexco
Retailing: Femsa, PriceSmart, C&A, Vivara, Assai, Mateus
Holding companies: Itausa, Quinenco, Grupo Argos, Cresud, Grupo Sura
Others: GPS, Cementos Argos, Arcos Dorados, Alpargatas, SmartFit

What we are known for:

  • Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)
  • Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
  • Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
  • Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
  • Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
  • Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
  • Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

Iñigo Vega

Iñigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latin America. Íñigo has over two decades of experience in covering both Latin American and Iberian banks for firms such as JP Morgan and Cheuvreux.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Iñigo Vega key sectors and stocks under coverage include:

Financials Banks: Itau, Banco do Brasil, Bradesco, Credicorp, Banorte, Banco de Chile, Bancolombia, Regional, Santander Brasil, Santander Chile, IFS, Bladex
Financials non-Banks: Nu Holdings, Gentera, VEF

What we are known for:

  • Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
  • Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
  • Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
  • Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
  • Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
  • Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities
  • Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

Alexander Wright

Alex Wright joined Jefferies in 2023, after spending the previous 8 years at Nau Securities. He has over 25 years of experience covering TMT sectors in Global Emerging Markets, and in recent years has expanded coverage to Consumer sectors including Retailing, E-commerce and Beverages. In the last year he has published extensive sector reports on e-commerce, Mexican Retail, Beer and Soft Drinks, and Drug Retail, as well as a regular product, ‘Navigating the Digital Landscape’ focused on key themes and developments in the digital consumer and fintech space in Latam.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America and Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Alex Wright key sectors and stocks under coverage include:

Financials Nonbanks: MercadoLibre
Retailing: MercadoLibre, Walmex, Tiendas 3B, RD Saude
TMT: America Movil, TIM Brasil, Vivo
Food & Beverages: Ambev, Arca Continental, Coca-Cola Femsa

What we are known for:

Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

  • Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
  • Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
  • Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
  • Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
  • Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
  • Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

Alejandro Demichelis

Alejandro Demichelis joined Jefferies in 2023 as a Managing Director in the Latin American equity research team from Nau Securities to cover energy, infrastructure, and industrials. Alejandro has 25 years of experience in the energy sector, including positions as upstream portfolio manager at Abu Dhabi sovereign wealth fund IPIC (now Mubadala) and senior consultant with energy research firm Wood Mackenzie.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Alejandro Demichelis key sectors and stocks under coverage include:

Metals & mining: Grupo Mexico, Southern Copper, SQM
Oil Gas & Petrochemicals: Petrobras, Ecopetrol, Vista, YPF, Prio, Pampa,  Ultrapar, Raizen, Vibra, Orizon, Geopark, Parex, Canacol 
Transportation: CAAP, GAP, ASUR, OMA, Wilson Sons

What we are known for:

  • Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)
  • Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
  • Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
  • Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
  • Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
  • Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
  • Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

Shujin Chen

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

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

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

Shrikant Kale

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: 

Mahesh Nandurkar

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

  • 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

Mahesh Kedia

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

Desh Peramunetilleke

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

Christopher Wood

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