< The 2016 All-Asia Research Team

Total Appearances: 16

Team Debut: 1997

Surendra Goyal and his duo at Citi rocket from runner-up to No. 2, recording their best showing since topping the list in 2008. “They have been proven right in their cautious view of the sector,” declares one money manager. “They were further ahead in reaching this view than most of the other analysts.” Indeed, the Mumbai-based crew remains circumspect. “There is a lot of disruption in the industry today, resulting in pricing pressure in commoditized traditional information technology services, and that is resulting in muted operating profit growth, despite the Indian rupee tailwinds,” explains the 42-year-old team leader. Citi’s researchers are also keeping track of pricing pressure in traditional services, the need for investments in new areas and the impact on margins, as well as growth in new technologies and immigration-related news flow. With these considerations in mind, they are touting India’s HCL Technologies. “We continue to be believers that IT infrastructure services should grow faster than the industry, despite the changes to the industry, and HCL Technologies is most leveraged,” he notes. At the same time, the stock’s valuation metrics are attractive, with earnings likely to increase at double-digit rates and a 3 percent dividend yield, adds Goyal, who also co-directs the firm’s research on Indian equities. The squad he manages with Prashant Nair earns a runner-up position on that roster. In this space he and his colleagues report on six regional names.