Aaron Fischer & team CLSA Asia-Pacific Markets
CLSA Asia-Pacific Markets repeats in second place. Aaron Fischer, who pilots the 21-member team, “uses a lot of data points to back up the analysis,” says one appreciative investor. Working out of Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo — and covering 105 companies — the group is bullish on the sector, owing to the continuing expansion of Asia’s middle class and growth in discretionary spending. “We have a preference for the luxury goods segment,” Fischer says. “We expect growth to slow from 40 to 50 percent in 2011 to around 20 to 25 percent,” but that would still be faster than the growth in many other consumer sectors, he adds. The researchers also believe the sector will benefit from rising demand in emerging markets, high free-cash-flow generation, low capital-expenditure requirements and attractive valuations, he adds. — Leslie Kramer