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The 2014 All-Brazil Research Team: Capital Goods, No. 1: Bruno Savaris

Bruno Savaris Credit Suisse First-place appearances: 2

Total appearances: 3

Team debut: 2012

Bruno Savaris, 31, ascends one notch on this lineup to reclaim the top spot he last held in 2012, thanks in part because his “work is unfailingly thorough and well thought out,” as one fund manager attests. Chimes another, “For the most complete research in the space, read Savaris’ reports.” The São Paulo–based researcher also is top-ranked in Transportation this year. Among the nine Brazilian capital goods companies he monitors, EcoRodovias Infraestrutura e Logística of São Paulo is a favorite. He upgraded the toll-road operator from neutral to outperform in February, deeming the shares a bargain at 12 reais, and by the end of July, the stock had jumped to 13.70 reais. That 14.2 percent advance bested the sector’s gain by 4.1 percentage points. Savaris is less positive on the prospects for Marcopolo, a bus chassi and body parts builder that is based in Rio Grande do Sul on which he has long held a neutral stance, partly owing to poor earnings visibility. Over the 12 months through July, the stock tumbled 38.3 percent, to 4 reais, trailing its peers by 48.2 percentage points. For the future the analyst is broadly cautious, recommending that investors prefer only those companies that are “not leveraged and have reasonable exposure to export markets,” he says.

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