< The 2015 All-Asia Research Team
Total appearances: 6
Team debut: 2009After failing to rank last year and holding on to a runner-up spot from 2010 through 2013, Credit Suisse’s crew — now directed by Kam Chung (Kenneth) Fong — glides into third place. Gabriel Chan had the helm for five years before leaving in June 2013 for BNP Paribas. Fong, 37, arrived a year later from J.P. Morgan, whose squad he co-led to No. 3 in 2013 and 2014. Credit Suisse’s five analysts reporting on the region’s gaming and lodging equities are headquartered in Hong Kong, Malaysia and the Philippines. They jointly cover 16 companies, which is an increase since last year, when the group started covering Philippines gaming names. One fund manager appreciates their “good on-the-ground research,” which is yielding reasons to be broadly cautious. Operators in this space are facing weak revenues and mounting cost pressures, the researchers advise. Looking ahead, however, they see cause to be guardedly optimistic. “Longer term we are still positive on the sector, on increased penetration into China and pent-up demand, which is artificially depressed by government policy and visa restriction,” Fong explains. “That said, recovery of demand is largely policy-driven, with timing yet uncertain.”
