If ever there were a year in which global reach could pay off for securities analysts, it would have to be 2002. Dragged down by U.S. stock markets, most of the world’s major bourses are on the verge of their third straight year of wrenching losses. Such an environment compels investors -- and the analysts they depend on -- to search for opportunities went beyond their own borders or to investigate domestic companies positioned to benefit from overseas operations. The fact that the strongest markets in 2002 have been in countries as disparate as Austria, Indonesia, Russia, South Africa and South Korea hints at how difficult the researcher’s task is.
On the following pages Institutional Investor highlights the work of 133 teams of analysts conducting research across 27 different categories -- ranging from aerospace and defense to utilities -- around the world. They pinpointed huge opportunities in companies like Porsche, Samsung Electronics and Tsingtao Brewery Co. And with risk so high everywhere these days, the work of these teams is only likely to grow in importance in 2003.
