< The 2015 All-Asia Research Team
Total appearances: 12
Team debut: 2000After six years at No. 1, Alfred Dy and his CLSA teammates slide to third place. Although critics point to recent turnovers in staffing as a reason for their decline in favorability, one loyalist insists that ”we have made money following their recommendations.” Dy, 49, oversees five researchers in Manila who report on 48 Philippine stocks, an increase from 37 over the past year. Their positive stance on D&L Industries — a Quezon City–based maker of aerosol sprays, plastics and specialty food ingredients — continues to please. Since December 2013 the crew has been bullish on D&L, citing its dominant market share and new factory in Manila. Indeed, through last month the stock rocketed 223.6 percent, to 20 pesos, against the Philippine market’s rise of 28.4 percent. During the trailing 12-month period, D&L bested its peers by 103.2 percentage points, soaring 118.8 percent. Looking ahead, the CLSA group favors Manila’s International Container Terminal Services, crediting the cargo handler’s recent refinancings and expansions in Argentina, Honduras, Mexico and even Iraq. Deemed a bargain in March at 112.50 pesos, the shares earn a price target of 143 pesos.