< The 2015 All-Asia Research Team
Total appearances: 14
Team debut: 2000Down one peg to second place is the Bank of America Merrill Lynch crew under the stewardship of Hong Kong–based Hanzhi Ding, 31, and Kyung (Sonia) Song, 45. Despite the decline, the researchers “write some of the more interesting research in the sector,” one admirer observes. “They are timely and informative and quite useful for fund managers.” Another client praises their “unique insights, especially under current market conditions, where energy price has become paramount.” With four analysts in Hong Kong and five in Australia, India and Thailand, the group covers 45 regional oil and gas outfits and is guardedly positive on its sector. “We remain cautious on fundamentals, given that oil companies will likely continue to underspend in the low-oil-price environment in 2015,” explains Ding. “Meanwhile, we view the sector as being positioned for recovery, with a potential oil rebound, and believe that defensive companies will become increasingly competitive in a potential upcycle. As such, we prefer companies with balanced portfolios, diversified customer bases and low credit risk.” Two such names that the researchers project will outperform are China’s Hilong Holding, which provides oil field equipment and services; and Singapore’s Keppel Corp., a diversified conglomerate that is among the world’s leading offshore rig manufacturers.