< The 2016 All-Asia Research Team
Giovanni de la Rosa, Rafael Garchitorena & team
Deutsche Bank
First-place appearances: 1
Total appearances: 16
Team debut: 1998
Although Deutsche Bank slips from first place to second, its Philippines equity researchers “have amazing corporate access, which gives them insights that are often more reliable than others’,” in the opinion of one portfolio manager, who adds that “they’re not afraid to express nonconsensus views.” The firm’s seven-strong team is based in Manila and co-captained by Giovanni de la Rosa, 43, and Rafael Garchitorena, 45. Among the 42 companies in their coverage universe, Manila Electric Co. remains preferred. Meralco, a construction and engineering concern as well as the country’s largest power distributor, wins the group’s favor thanks to its strong recurring profits and high dividend yield. Over the 12 months through late April, while Philippine shares as a whole fell 6.7 percent, its stock leaped 27.2 percent, to 337 pesos. Looking ahead, the analysts forecast that consumer names will outperform, thanks in part to an increase in civil servants’ salaries. One top pick in this vein is Manila’s Puregold Price Club, which operates retail and wholesale stores, including supermarkets.