The 2014 All-Asia Research Team: Philippines, No. 2: Jody Santiago & team

For a second year running, and the fifth time since 2009, UBS’s Manila-based troupe of four researchers under Jody Santiago captures second place. “The depth of their knowledge and the breadth of their coverage are key differentiating factors,” asserts one client. Among the names Santiago’s team recently added to its coverage universe, which stands at 39 Philippine names, is Robinsons Retail Holdings. The diversified operator’s outlets include supermarkets, convenience stores, department stores and drug chains, making Robinsons the country’s second-largest multichannel purveyor. But in December the stock was off 13.8 percent from its initial offering price the month before, battered by concerns over the impact of Typhoon Yolanda, which struck the island nation just three days before Robinsons’ IPO. The analysts, however, were encouraged by management’s aggressive plans to increase Robinson’s total number of properties by 40 percent over the following 12 months, to more than 1,300, by addressing underpenetrating markets. Well done. They pegged the low point for the Manila-based retailer’s shares, which surged 39 percent, reaching 69.50 pesos, through late April, besting the Philippine broad market by 22.7 percentage points. Robinsons is still favored, meriting a price target of 75 pesos. “Their views are always well thought out,” reports another asset manager, “and driven by sound financial models.”