< The 2015 All-Asia Research Team
Total appearances: 15
Team debut: 1998In its 15th appearance on this roster since 1998, Deutsche Bank leaps from third place to record its first top finish, sending CLSA, which led the pack for the past six years, tumbling to No. 3. Giovanni de la Rosa and Rafael Garchitorena head up this team of eight analysts in Manila. They follow 42 Philippine companies and earn praise from one investor for having been “the first to highlight energy.” In August they upgraded Pasig-based Energy Development Corp. and Makati City’s Semirara Mining and Power Corp. from hold to buy. EDC produces steam for electricity-generating plants and was enjoying earlier-than-expected capacity additions, they advised. Semirara, a coal miner and power generator, was favored for its ability to push through price increases. By the end of last month, the shares had respectively jumped 25.8 percent and 28 percent — to 8.10 pesos and 165.50 pesos — against the Philippine market’s gain of 10.1 percent. A current top pick is Manila-based real estate holding company Cosco Capital, whose portfolio includes diverse retail operations. The stock closed April at 8.20 pesos, and the researchers assign it a price objective of 9.50 pesos. They are bullish on consumption trends, partly thanks to “accelerating government spending and the drop in oil prices,” says de la Rosa, 42. He and Garchitorena, 44, both hold bachelor of science degrees in management engineering from Ateneo de Manila University. Garchitorena worked in sales at Indosuez W.I. Carr in London before moving to Deutsche in 2002. De La Rosa joined two years later from a Philippine conglomerate. Together, “Gio and Rafa have the broadest in-depth coverage,” declares another backer.
