< The 2015 All-Asia Research Team
Total appearances: 19
Team debut: 1994Kai Tong (Cusson) Leung steers his 28-member J.P. Morgan crew up one notch to third place, the position the squad earned in 2013 under the direction of Sunil Garg, who now serves as head of international equity research. Leung, 46, also leads a team that earns a runner-up position on the Property roster. He joined the firm in November 2013 from Credit Suisse, where he monitored the same sectors, and previously worked as an equity analyst at Bank of America Merrill Lynch and other firms. Leung earned a bachelor’s degree in finance and accounting from the University of Hong Kong. He and his colleagues report on 244 names and plan to expand tracking of companies that are headquartered and listed in mainland China. In June 2013 they reinstated coverage of AIA Group, assigning the stock an overweight rating at HK$32.10. The insurer and financial services provider possessed a strong balance sheet, was expanding into neighboring countries and offered highly visible cash-glow generation from its existing policies, the researchers advised. AIA’s stock has delivered equally strong performance, climbing to HK$51.80 by the end of last month, for a gain of 37.8 percent over the trailing 12-month period that beat Hong Kong’s broad market by 18.9 percentage points. Over the life of the call, the shares bested their peers by 30.7 percentage points. J.P. Morgan’s squad maintains its bullish stance, believing AIA fundamentals support a price of HK$55.