2016 All-Asia Research Team: Consumer/Discretionary, No. 2: Angela Moh & team

Angela Moh shepherds her nine-member Morgan Stanley squad to No. 2 on this roster and to No. 3 on the Staples lineup.

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< The 2016 All-Asia Research Team

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Angela Moh & team
Morgan Stanley
First-Place Appearances: 4

Total Appearances: 16

Team Debut: 2001

Angela Moh shepherds her nine-member Morgan Stanley squad to No. 2 on this roster and to No. 3 on the Staples lineup. The two sectors are newly carved out of the previously combined Consumer category, where her crew placed second last year. Hong Kong–based Moh and her teammates throughout the Asia ex-Japan region track 100 names, and one fan appreciates how “detail oriented” the group’s research is. “The sector has seen difficult times in the past few years, given a number of headwinds that include leakage in spending to online and overseas, shifts in wallet share of consumption to more services — such as travel and entertainment — and excess supply and inventory issues for some product categories,” Moh advises. Many of these currents represent secular trends, the analysts believe, so they recommend that clients remain selective in their stock preferences. As a whole, regional consumer discretionary shares fell 10.5 percent in 2015, against the broad market’s 6.9 percent drop; year to date through late April, both groups were little changed, despite volatile trading. “Key success factors going forward include brand strength, innovation and product development capability,” she says, “and having a true omni-channel strategy and management execution capability.” Their favorite name is Anta Sports Products, a leading Chinese sporting goods brand that Morgan Stanley contends is a key beneficiary of the structural uptick in sports participation in its home market, underpinned by supportive government policies and the rising health consciousness of China’s middle class. “Anta’s strong execution capability is key to its fast expansion through a multibrand multicategory strategy, which looks to continue with good momentum so far in 2016,” Moh adds.

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