Industry – Technology/IT Services & Software: Third

Nimish Joshi & team
CLSA Asia-Pacific Markets

CLSA Asia-Pacific Markets takes third place for a second year in a row, this time under the guidance of Mumbai-based newcomer Nimish Joshi. One investor appreciates his “intellectual honesty — Nimish calls it as he sees it and doesn’t mind being contrarian or irreverent.” The two-member team covers ten stocks and plans to add a couple more this year. They upgraded the sector to positive in January, citing an expected acceleration in revenue growth through 2013 as information technology clients gain confidence and start spending, now that European tail risks have subsided and the U.S. presidential election is over. Two outfits the duo expects will benefit from this trend are Infosys and HCL Technologies, both of which are based in India. Infosys shares were trading at 2,235.45 rupees in late April, and the researchers believe they will advance to Rs2,650 over the next nine to 12 months; the company has “the highest propensity for revenue surprises,” Joshi contends. HCL’s stock ended last month at Rs721.05, and they believe the price will rise to Rs800 over the same period, largely owing to improving margins, he says. — Carolyn Koo