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Industries – Chemicals & Oil: First

Gustavo Gattass
BTG Pactual
First-place appearances: 5

Total appearances: 8

Analyst debut: 2006

Leading the lineup for a third year running — and for the fifth time in seven years — is BTG Pactual’s Gustavo Gattass, one of only five analysts who have appeared on the All-Brazil Research Team every year since it was introduced, in 2004. (The others are his colleague Edmo Chagas, Emerson Leite of Credit Suisse, Pedro Martins Jr. of J.P. Morgan and Juliana Rozenbaum of Itaú BBA.) Gattass, who works out of Rio de Janeiro, “has the deepest knowledge of the Brazilian oil sector,” declares one backer. “He knows the assets, understands geology and has time-informed perspectives on the companies.” The 37-year-old researcher tracks eight stocks. “Brazil’s chemicals names have done well this year, beating the market by a massive margin on the back of both government support, via tax cuts, and a more benign currency,” he reports. “But the oil space has been obliterated on the junior exploration and production side of things and is weak for the operational names.” His advice? Be selective. Among the companies he is currently recommending is QCEP Participações, an E&P outfit headquartered in Rio. “It is a much safer play than most of the other names in the sector, offering enough valuation and exploration derisking appeal to make for a good upside potential with less downside risk,” Gattass believes. — Leslie Kramer


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