The Deutsche Bank team co-led by newcomers Marc Hammoud and Avinash Kalkapersad comes out of nowhere to seize the top position. Deutsche previously appeared on this roster in 2011, when it ranked third (the sector did not merit publication last year). Working from offices in Dubai, Johannesburg and Moscow, the four analysts monitor nine regional health care and pharmaceuticals names and have plans to increase coverage before year end. The introduction of mandatory health insurance in Abu Dhabi in 2007 and in Dubai this year is a positive factor in the growth of private health care companies, but it’s far from the only one, they believe. As examples of additional drivers, they cite medical tourism, an increased demand for specialty services and the elevated quality of medical care delivered at a local level (eliminating a need to travel outside the country for care). On the other hand, “major challenges the companies in this sector will face are the ability to recruit and retain high-quality doctors and other health care professionals,” says Hammoud, 36, as well as “the timely completion of new projects — execution risk — adverse regulatory changes — although governments have been promoting further involvement from private health care companies to be able to meet existing and future requirements and strong demand — and increasing competition.” The United Arab Emirates’ health care market broadly is forecast to deliver strong results in the medium term, he adds, including the two largest players in that space, Al Noor Hospitals Group and NMC Health. Hammoud also co-captains, with Igor Semenov, a runner-up team in Telecommunications. He joined Deutsche in 2010 from CA Cheuvreux, where he was head of Middle East & North Africa research. He previously worked as an equity analyst at Shuaa Capital and IDMidCaps and holds a master’s degree in management and finance from France’s University of Versailles. Hammoud’s 28-year-old co-pilot moved to the firm last year from J.P. Morgan, where he covered this sector. Before that, Kalkapersad served on the audit team of PricewaterhouseCoopers’ financial services division. He earned a bachelor’s degree in accounting at South Africa’s University of KwaZulu-Natal. |
The 2014 Emerging EMEA Research Team: Health Care & Pharmaceuticals, No. 1: Marc Hammoud, Avinash Kalkapersad & team
