Roy Campbell, Muneeba Kayani & team
Morgan Stanley
First-place appearances: 0

Total appearances: 4

Team debut: 2011

For a second consecutive year, Morgan Stanley seizes third place. Newcomer Roy Campbell joins Muneeba Kayani in leading coverage of nine regional construction and engineering companies from offices in Dubai and Johannesburg. Kayani notes that project award activity has been picking up in the Middle East & North Africa, with nonoil and gas assignments rising 15 percent year-over-year in 2013. Infrastructure development is a key driver, she adds, contributing to “a potential new-project pipeline of $810 billion, excluding oil and gas, over the next five years, representing a 20 percent increase on projects awarded in the last five years.” Given this backdrop, the team is bullish on Turkish multinational conglomerate ENKA İnşaat ve Sanayi. “We think ENKA offers defensiveness with limited exposure to the Turkish economy and volatility in the Turkish lira and Russian ruble currencies,” she explains. The researchers’ price objective for the stock is 6.93 lira; the shares were changing hands at 5.83 lira at the end of May. This year, Kayani also directs a troupe that garners a runner-up position in Transportation.

See also Muneeba Kayani's profile in the 2013 Emerging Europe, Middle East & Africa Research Team.