< The 2014 All-China Research TeamJiong ShaoMacquarie Capital SecuritiesFirst-place appearances: 0
Total appearances: 3
Analyst debut: 2012Repeating in second place, Macquarie Capital Securities researcher Jiong Shao is “very well-connected in the industry,” observes one money manager. “I am particularly impressed by the weeklong [technology, media and telecommunications] conference he organizes twice a year. It involves quite a lot of effort and is very useful.” Shao, who is stationed in Hong Kong, is still bullish on China’s Internet industry because “more and more offline sectors will be moving online,” he believes. “The Internet sector is likely to be a secular growth industry for decades to come in China.” One of his preferred stocks is Guangzhou-based Vipshop Holdings, an online apparel retailer that enjoys limited competition, the analyst notes, and is increasing year-over-year revenue at a rate of more than 100 percent, with net margins already in the mid-single digits. He also is sticking with Shanghai’s Ctrip.com International, the dominant online travel player, which is a long-standing Shao favorite and has been expanding into such related areas as car rentals, cruises and tickets to attractions. “A strong management team has delivered solid execution in the face of some serious competition,” he adds. Shao also is upbeat on the prospects for JD.com, deeming it “China’s Amazon-plus.” One competitive weapon in the Beijing-headquartered online retailer’s arsenal is its extensive logistics network, he believes, and the vendor is successfully branching out from its start in the communication devices, computers and consumer electronics segments to product categories that include baby products, cosmetics and packaged foods.