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The 2014 All-Asia Research Team: Hong Kong, No. 2: Angello Chan, Chi Hung (Raymond) Ngai & team

Angello Chan, Chi Hung (Raymond) Ngai & team
Bank of America Merrill Lynch
First-place appearances: 2

Total appearances: 12

Team debut: 1994

For a second consecutive year, Bank of America Merrill Lynch’s squad captures the No. 2 spot, under the direction of Chi Hung (Raymond) Ngai and newcomer Angello Chan. From Hong Kong the 40 researchers monitor some 200 local names and are especially well known for their bullish views on casino operators, clients say. In particular, “they were early to see the opportunities in the Macau properties,” one backer insists. For example, in January 2013 the researchers reiterated their buy ratings on Sands China, owner of such prime Macau locations as the Four Seasons Hotel, the Sands and the Venetian; and Melco Crown Entertainment, owner of Altira in Taipa and the City of Dreams resort on Macau’s Cotai Strip. Sands China management had expanded the operator’s gaming and room capacity, they noted, and the stock offered an attractive dividend yield. Through late April 2014 it soared 78.8 percent, to HK$61.45, while Hong Kong’s broad market was up 4.8 percent. Melco’s stock was a bargain, they advised, especially given market share gains for its City of Dreams, as well as a comparable project the company has in development in the Philippines. Undervalued might have been an understatement, as the share price had doubled by late April 2014, rocketing to HK$95. This year, Chan also leads the group that earns third place in Power; and Ngai also co-heads, with Simon Garing, the No. 3 team in Property.


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