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The 2013 All-China Research Team: Real Estate, First: Kam Keung (Oscar) Choi
Citi’s Kam Keung (Oscar) Choi extends his reign at the top to four consecutive years, in part thanks to his “diligent and good service,” as one money manager puts it. Choi says he prefers the companies in his sector that possess sustained, strong sales momentum; high exposure in China’s so-called tier-one and tier-two cities (generally, those urban areas that are largest in terms of population and per-capita gross domestic product); and high asset turnover. The 35-year-old’s favorites include Hong Kong–based Shimao Property Holdings, which develops commercial, hotel, office and residential properties, as well as shopping malls. Choi elevated Shimao to his top picks list in February 2012, explaining that he had high hopes for the company’s new management team. He also credited the developer’s increased asset turnover and its attractive balance among robust sales growth, gearing and profitability. Betting the house on that call would have been a good move. The shares had skyrocketed 118.8 percent, to HK$19.52, by the end of October 2013, rising 36.7 percent in the trailing 12 months alone and trumping the sector by 19.5 percentage points over that period. — Katie Gilbert |
