To select the members of our 25th annual All-Asia Research Team, Institutional Investor solicited the opinions of directors of research and heads of investment at institutions with major securities holdings in Asia (ex-Japan). We received responses from some 4,700 investment professionals at 1,380 institutions managing an estimated $1.9 trillion in Asian equities.

Participants voted for individual analysts or a firm's entire team; these votes were combined for firms in each category. A numerical score was produced by weighting each vote based on both the respondent's Asian equity assets under management and the place he or she awarded the brokerage firm (first, second, third or fourth). Ranks were determined using those scores. Teams were designated runners-up when their scores came within 35 percent of the third team's scores.

We have highlighted the analyst identified by his or her employer as the leader of the firm's team in a given category. Analysts who switched firms after February 18, 2018, are cited at their previous organizations. The names of those surveyed are kept confidential to ensure their continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.

Additional information regarding voter and analyst eligibility can be found in Frequently Asked Questions.

There were no changes to this year's ballot. The 2018 All-Asia Research Team produced complete results (first-, second- and third-place teams) for the 18 industry sectors, 11 countries and regions and six macroeconomic categories polled.

These results were compiled by Associate Research Editor Denise Hoguet and Researchers Amy Tan and Xiao Lu under the guidance of Tucker Ewing, Senior Research Editor.