< The 2015 Latin America Research Team
Total appearances: 3
Team debut: 1993Repeating at No. 3 is HSBC’s team, which is now under the guidance of New York–based Ben Laidler, 43, and newcomer André Carvalho in São Paulo. “The best feature of their research is [that] they use it to share with investors their own uncommon thinking about the market, especially in Brazil, and not as a display for the analysts’ picks and ratings,” commends one client. Latin American earnings are depressed and multiples are high, the group of four maintains. When that happens, says Carvalho, “additional upside is more dependent on earnings recovery.” Therefore the strategists have been assessing each country’s profitability prospects by identifying its position in the business cycle. By this metric, Mexico and Peru are ahead of their regional peers and earn an overweight rating from the team, while Brazil and Chile merit a neutral stance. Regarding specific sectors, the squad is bullish on financials and industrials, given their attractive valuations. Carvalho, also 43, joined HSBC in June 2013 after working as Brazil equity strategist and chief economist at UBS. He previously held similar positions at Credit Suisse and the Federação das Indústrias do Estado de São Paulo. Carvalho earned a master’s degree in economics at the Pontifícia Universidade Católica do Rio de Janeiro, from which he also holds a bachelor’s degree in economics. As he did last year, the researcher also co-captains, with Constantin Jancso, a runner-up squad on the Brazil lineup.
