< The 2015 All-Asia Research Team
Total appearances: 20
Team debut: 1994Down one position to No. 3 are Scott Seo, 49, and his J.P. Morgan group. The team is spread throughout the region, with four analysts working from Hong Kong; four more in Seoul; and one each in Singapore, Taiwan and Tokyo. Among the researchers’ long-standing favorites is Suwon-based technology giant Samsung Electronics Co., which is among the world’s leading manufacturers of cell phones, computer devices and televisions. They boosted their rating on the stock from neutral to overweight in October 2011, at 860,000 won, primarily citing valuation — and they continue to maintain this bullish stance. Samsung has improved the diversity of its products and has been delivering strong sales of such high-end products as its Galaxy Note Tablet, Seo and his teammates point out. Moreover, management has been enforcing cost controls at the company’s handset-manufacturing operations. At the end of last month, the shares were trading at 1,410,000 won, up 5 percent during the preceding 12 months and ahead of the domestic market by 3 percentage points. For the life of the call, they bested the broader group by 48.1 percentage points. J.P. Morgan’s analysts assign Samsung a price objective of 1,700,000 won. “Their research is invaluable, with a deep understanding of the fundamentals and the political economy, which helps us put the South Korean market in the proper context,” pronounces one portfolio manager in Hong Kong.
