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2018 Institutional InvestorAll-Asia Research Team Survey

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IntroductionNomura’s Asia-Pacific research team is one of the most comprehensive in the region. We have more than 160 research professionals spanning twelve countries from our heart in Japan. Our Japan equity research team is widely regarded as a market leader. It provides on-the-ground coverage of more than 600 listed companies. Nomura provides access to all Japan-related activities including political, economic and social institutions. This makes Nomura a vital partner for the world’s second-largest developed equity market. Beyond Japan, Nomura sees Asia-Pacific as a home market extension. Our roots in these markets date back some fifty years.

Our fixed-income research team covers economics, FX, rates and quantitative strategies. This team provides forecasts on macro-economies and thought-leadership on fundamental themes. Our value proposition covers three areas. First, impactful research. Nomura aims to be one of the first in the market to publish views on freshly released economic data via our First Insights report. Second, collaborative studies. Our economists and strategists work very closely together and co-author Asia Insights reports on the implications of new data or breaking events. Third, the team publishes close to twenty Asia Special Reports each year. These reports consider fundamental, longer-term thematic research ideas. Our recent Asia Special Report on Korea published in April 2017 is a good example. This report predicted economic policy changes based on a Moon victory in the presidential election. It also included an equity view which anticipated a re-rating of the Korea equity market based on corporate governance reforms.

Nomura recognizes that investors can access a lot of information from sources that can compete with equity research products. For this reason, Nomura is pivoting its product to idea-driven material. This requires our analysts to give an informed opinion on industries and issuers rather than simply echo the views of company management.

Our analysts are mandated with shifting the financial discussion beyond the income statement. We think investors can be overly dependent on metrics such as eps which can be easily manipulated. Nomura encourages its analysts to look at company balance sheets and reconcile cash-flows from one financial year to the next. As many fund managers embrace ESG investing, we also ask our analysts to consider the role of other stakeholders of the business. This will help analysts challenge the capital allocation decisions of management and generate a considered debate over shareholder priorities.

In addition to the preparation of robust fundamental research, Nomura requires its analysts to consider the role of Japan and how it affects companies, industries and countries in the wider Asia-Pacific. We have constructed a research identity that we have named “Kokoro”. “Kokoro” is a Japanese word which means “heart” in an emotional sense. Our depth of understanding of Japan is one of our strongest cards and we mandate our analysts in the wider Asia Pacific region to explore Japanese linkages and relevance when evaluating investment cases for listed equities. Our analysts have drawn parallels between post-bubble Japan and investor concerns in present day China and Korea. These relate to demographics, exchange rate management, trade wars and capital flight. Our Korea research team has extensively analyzed corporate governance reform prospects in Korea based on implementation of the Stewardship Code in Japan. Here, Korea and Japan have similar structures, agencies and norms which lead to a compelling case for comparative analysis.

Nomura will further extend its research identity through a concept called “Kokusai Kankaku” which means “international mind”. In particular, we see the status of Asia Pacific’s developed and developing market definitions changing over the next few years. This will cause the legacy partitions of Japan and Asia ex-Japan to dissolve, leading to more holistic APAC regional framework. We expect China to replace Japan as the region’s largest equity market as MSCI recalibrates country weightings. Similarly, we expect Korea to replace Australia as the region’s third-largest market. This will drive investors to compare companies and sectors across the region. Nomura requires its analysts to view listed companies within a genuine APAC context as these geographic silos begin to deconstruct.

Japan has always been relevant to its neighbours in Asia, but has become increasingly more so in recent years. Japan’s stock market is trading at a 21-year high; the Topix index has appreciated by 144% since the beginning of 2012. Japan is projecting a new confidence as political stability under Prime Minister Shinzo Abe has allowed the implementation of new legislation and is driving institutional and structural change. Much of this is positively affecting listed companies, with the Stewardship Code being particularly successful. Japan’s drive to implement change in the corporate governance arena is evidenced in an empowered GPIF, which is making companies more accountable to their owners. We see potential for this same implementation process to grip Korea with a similarly empowered NPS demanding more of investee companies in 2018.

We hope to develop our product offering in 2018 by addressing topical themes and filtering our vision through to stock selection. Our expertise in Japan will be championed to identify precedents or trends that can traverse geographies and lead stock selection in other proximate markets.

Nomura’s research team is tasked with the preparation of creative and imaginative content that challenges convention. Our undertaking is to give our clients a considered opinion rather than historic commentary. We are confident that Nomura’s research will make sense of the intricacies of the Asia-Pacific region. We welcome your feedback.

Jun KonomiHead of Equity Research, Asia-PacificDirector of Financial & Economic Research Centre, Japan+81 3 6703 1110 / [email protected]

Jim McCaffertyHead of Equity Research, Asia ex-Japan+852 2252 1189 / [email protected]

Rob SubbaramanHead of Emerging Markets EconomicsHead of AEJ FI Research+65 6433 6548 / [email protected]

Asia-Pacific Research Analyst Directory

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Table of Contents

Regional Management 1

Equity Analysts 3

China / Hong Kong 4

India 11

Indonesia 15

Malaysia 16

Philippines 17

Singapore 18

South Korea 20

Taiwan 23

Thailand 25

Fixed Income Analysts 26

Economics 27

FX Strategy 30

Interest Rate Strategy 31

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Analysts by Sector

Name Phone e-mail

Regional Management

Japan Jun Konomi 81 3 6703 1110 [email protected]

Hong Kong Jim McCafferty 852 2252 1189 [email protected]

Hong Kong Richard Wainwright 852 2252 6188 [email protected]

Singapore Trevor Kalcic 65 6433 6968 [email protected]

Singapore Rob Subbaraman 65 6433 6548 [email protected]

Equity Strategy

Chief equity strategist (Greater China) Wendy Liu 852 2252 6180 [email protected]

Greater China Yiran Zhong 852 2252 1413 [email protected]

China Erin Zhang 852 2252 6176 [email protected]

India Saion Mukherjee 91 22 4037 4184 [email protected]

India Sanjay Kadam 91 22 4037 4187 [email protected]

India Neelotpal Sahu 91 22 4037 4023 [email protected]

Indonesia Elvira Tjandrawinata 62 21 2991 3341 [email protected]

Malaysia Tushar Mohata, CFA 60 3 2027 6895 [email protected]

Philippines Dante Tinga Jr 63 2 8784969 [email protected]

South Korea CW Chung 82 2 3783 2312 [email protected]

Southeast Asia Chetan Seth 852 2252 6154 [email protected]

Autos & Auto Parts

China Benjamin Lo, CFA 852 2252 6220 [email protected]

China Joseph Wong 852 2252 6111 [email protected]

India Kapil Singh 91 22 4037 4199 [email protected]

India Siddhartha Bera 91 22 4037 4362 [email protected]


South Korea Angela Hong 82 2 3783 2360 [email protected]

South Korea Daye Park 82 2 3783 2337 [email protected]

Taiwan Caren Huang 886 2 2176 9971 [email protected]

Taiwan Shaotang Lee 886 2 2176 9978 [email protected]

Banks / Diversified Financials

China Sophie Jiang 852 2252 2194 [email protected]

China Sandy Shao 852 2252 6177 [email protected]

China Jessie Hong 852 2252 1554 [email protected]

China Shengbo Tang 852 2252 6210 [email protected]

China Haifeng Cao 852 2252 2154 [email protected]

India Adarsh Parasrampuria 91 22 4037 4034 [email protected]

India Amit Nanavati 91 22 4037 4361 [email protected]

India Riddhi Jain 91 22 4037 4008 [email protected]

Indonesia / Singapore Marcus Chua 65 6433 6960 [email protected]


Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Philippines Abigail Chiw, CFA 63 2 8784590 [email protected]

Thailand Narumol Charnchanavivat 66 2 287 6797 [email protected]

Insurance

China Shengbo Tang 852 2252 6210 [email protected]

China Haifeng Cao 852 2252 2154 [email protected]

India Adarsh Parasrampuria 91 22 4037 4034 [email protected]


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Analysts by Sector (cont’d)

Name Phone e-mail

Basic Materials

China Shirley Lam 852 2252 2196 [email protected]

China Patrick Xu 852 2252 1425 [email protected]

China Ethan Zhang 852 2252 2157 [email protected]

Greater China Jamie Wang 852 2252 2195 [email protected]

India Anil Sharma 91 22 4037 4338 [email protected]

India Ravi Adukia 91 22 4037 4232 [email protected]

Indonesia Anthony Yunus 62 21 2991 3348 [email protected]

Indonesia / Malaysia / Thailand Abhishek Nigam 65 6433 6969 [email protected]

Indonesia / Malaysia / Thailand Bineet Banka 91 22 4053 3784 [email protected]

Philippines Thomas Earll Huang 63 2 8784968 [email protected]

South Korea Cindy Park 82 2 3783 2324 [email protected]

South Korea Yoonki Kim 82 2 3783 2342 [email protected]


Taiwan Lillian Lou 886 2 2176 9963 [email protected]

Consumer

China / Hong Kong Emily Lee 852 2252 1407 [email protected]

China / Hong Kong Scott Hong 852 2252 2122 [email protected]

India Manish Jain 91 22 4037 4186 [email protected]


Indonesia Archit Kshetrapal 91 22 3053 3193 [email protected]

Indonesia Deidy Wijaya, CFA 62 21 2991 3345 [email protected]

Indonesia / Malaysia / Singapore June Ng 60 3 2027 6894 [email protected]

Malaysia / Singapore Tushar Mohata, CFA 60 3 2027 6895 [email protected]

Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Malaysia / Thailand Marcin Spiewak, CFA 66 2 287 6796 [email protected]

Malaysia / Thailand Annapurna Chatterjee 91 22 672 35459 [email protected]

Philippines Angelo Torres 63 2 8784967 [email protected]

Singapore Guo Hao Yong 65 6433 6967 [email protected]

South Korea Cara Song 82 2 3783 2328 [email protected]

South Korea Jiun Im 82 2 3783 2333 [email protected]


Taiwan Lillian Lou 886 2 2176 9963 [email protected]

Healthcare & Pharmaceuticals

China / Hong Kong Stella Xing, CFA 852 2252 6134 [email protected]

China / Hong Kong Joyce Yang 852 2252 1512 [email protected]

India Saion Mukherjee 91 22 4037 4184 [email protected]

India Neelotpal Sahu 91 22 403 74023 [email protected]

Indonesia Deidy Wijaya, CFA 62 21 2991 3345 [email protected]

Malaysia / Singapore / Taiwan Raghavendra Divekar 81 3 6703 1229 [email protected]

South Korea Cara Song 82 2 3783 2328 [email protected]

South Korea Jiun Im 82 2 3783 2333 [email protected]

Thailand Thanatcha Jurukul 66 2 287 6799 [email protected]

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Name Phone e-mail

Industrials

China Benjamin Lo, CFA 852 2252 6220 [email protected]

China Patrick Xu 852 2252 1425 [email protected]

China Ethan Zhang 852 2252 2157 [email protected]

China Shirley Lam 852 2252 2196 [email protected]

India Amar Kedia 91 22 3053 3053 [email protected]

India Priyankar Biswas 91 22 4037 4992 [email protected]



Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Malaysia June Ng 60 3 2027 6894 [email protected]



Singapore Abhishek Nigam 65 6433 6969 [email protected]

Singapore Bineet Banka 91 22 4053 3784 [email protected]

South Korea Jaehyung Choi 82 2 3783 2318 [email protected]

Southeast Asia Ahmad Maghfur Usman 60 3 2027 6892 [email protected]


Internet / Media

China Jialong Shi 852 2252 1409 [email protected]

China / Southeast Asia Andrew Orchard, CFA 852 2252 1400 [email protected]

China Carson Lo, CFA 852 2252 1552 [email protected]

China Michael Tam 852 2252 1431 [email protected]

Indonesia / Malaysia / Thailand Guo Hao Yong 65 6433 6967 [email protected]



Oil & Gas and Chemicals

Greater China Lin Chen 852 2252 1555 [email protected]




Malaysia June Ng 60 3 2027 6894 [email protected]

Malaysia Rahul Dohare 91 22 672 34560 [email protected]

Industrials Thomas Earll Huang 63 2 8784968 [email protected]



Power & Utilities


HK Benjamin Lo, CFA 852 2252 6220 [email protected]

HK Sylvia Chan 852 2252 1414 [email protected]

India Anirudh Gangahar 91 22 4037 4516 [email protected]



Indonesia / Malaysia / Thailand June Ng 60 3 2027 6894 [email protected]

Indonesia / Malaysia / Thailand Rahul Dohare 91 22 672 34560 [email protected]





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Name Phone e-mail

Property

China Elly Chen 852 2252 2181 [email protected]

China Chloe Liu 852 2252 1559 [email protected]

Hong Kong Joyce Kwock 852 2252 1569 [email protected]

Hong Kong Wayne Lee, CFA 852 2252 1419 [email protected]


Malaysia Royston Tan 65 6433 6981 [email protected]

Philippines Abigail Chiw, CFA 63 2 8784590 [email protected]

Singapore Min Chow Sai 65 6433 6959 [email protected]

Thailand Thanatcha Jurukul 66 2 287 6799 [email protected]

Technology

Greater China Aaron Jeng, CFA 886 2 2176 9962 [email protected]

Greater China Anne Lee, CFA 886 2 2176 9966 [email protected]

Greater China Donnie Teng 852 2252 1439 [email protected]

China Joel Ying, CFA 852 2252 2153 [email protected]

China Bing Duan 852 2252 2141 [email protected]

India Ashwin Mehta 91 22 4037 4465 [email protected]

India Rishit Parikh 91 22 4037 4360 [email protected]

South Korea CW Chung 82 2 3783 2312 [email protected]

South Korea Chris Chang 82 2 3783 2316 [email protected]

South Korea Eunjae So 82 2 3783 2338 [email protected]

South Korea Michael Koh 82 2 3783 2320 [email protected]

Taiwan Patrick Chen 886 2 2176 9974 [email protected]

Taiwan Shaotang Lee 886 2 2176 9978 [email protected]

Taiwan Benson Pan 886 2 2176 9970 [email protected]

Taiwan Bruno Cheng 886 2 2176 9965 [email protected]

Taiwan Pallav Jain 91 22 672 35121 [email protected]

Telecommunications

China Joel Ying, CFA 852 2252 2153 [email protected]

China Bing Duan 852 2252 2141 [email protected]

India Anirudh Gangahar 91 22 4037 4516 [email protected]


Southeast Asia / Hong Kong Gopa Kumar 65 6433 6961 [email protected]

Southeast Asia Ankur Pant 91 22 6723 5578 [email protected]

Southeast Asia Sulabh Govila 91 22 6723 4693 [email protected]



Taiwan Patrick Chen 886 2 2176 9974 [email protected]

Taiwan Pallav Jain 91 22 672 35121 [email protected]

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Fixed Income

Name Phone e-mail

Economics

Head of Emerging Markets Economics Rob Subbaraman 65 6433 6548 [email protected]

Economist (Asia ex-Japan) Michael Loo 65 6433 6296 [email protected]

Chief China economist Yang Zhao 852 2252 1306 [email protected]

Economist (China) Wendy Chen 86 21 6193 7237 [email protected]

Economist (China) Lisheng Wang 852 2252 2057 [email protected]

Chief India economist Sonal Varma 65 6433 6527 [email protected]

Senior economist (Korea/Taiwan/HK) Young Sun Kwon 852 2252 1370 [email protected]

Economist (Hong Kong/Taiwan) Minoru Nogimori 852 2252 6462 [email protected]

Senior economist (Southeast Asia) Euben Paracuelles 65 6433 6956 [email protected]

Economist (Indonesia/Singapore/Malaysia)

Brian Tan 65 6433 6930 [email protected]

FX Strategy

Head of Global EM FX Strategy Craig Chan 65 6433 6106 [email protected]

FX strategist Wee Choon Teo 65 6433 6107 [email protected]

FX strategist Dushyant Padmanabhan 65 6433 6526 [email protected]

G10 FX strategist Peter Dragicevich 65 6433 6513 [email protected]

Interest Rate Strategy

Interest rate strategist Andrew Ticehurst 61 2 8062 8611 [email protected]

Interest rate strategist Albert Leung 852 2252 1401 [email protected]

Interest rate strategist Vivek Rajpal 65 6433 6555 [email protected]

Interest rate strategist Prashant Pande 65 6433 6547 [email protected]


viii

Analysts by Country

Name Phone e-mail

China / Hong Kong

Head of China equity research, Chief equity strategist, Greater China

Wendy Liu 852 2252 6180 [email protected]

Strategy Yiran Zhong 852 2252 1413 [email protected]

Strategy Erin Zhang 852 2252 6176 [email protected]

Strategy, Southeast Asia Chetan Seth 852 2252 6154 [email protected]

Autos & Auto Parts / Conglomerates / Utilities

Benjamin Lo, CFA 852 2252 6220 [email protected]

Conglomerates / Utilities Sylvia Chan 852 2252 1414 [email protected]

EV / Auto Parts / Autos Joseph Wong 852 2252 6111 [email protected]

Banks Sophie Jiang 852 2252 2194 [email protected]

Banks Sandy Shao 852 2252 6177 [email protected]

Banks Jessie Hong 852 2252 1554 [email protected]

Consumer Emily Lee 852 2252 1407 [email protected]

Consumer Scott Hong 852 2252 2122 [email protected]

Healthcare Stella Xing, CFA 852 2252 6134 [email protected]

Healthcare Joyce Yang 852 2252 1512 [email protected]

Industrials Patrick Xu 852 2252 1425 [email protected]

Industrials Ethan Zhang 852 2252 2157 [email protected]

Insurance and non-bank financials Shengbo Tang 852 2252 6210 [email protected]

Insurance and non-bank financials Haifeng Cao 852 2252 2154 [email protected]

Internet / Media Jialong Shi 852 2252 1409 [email protected]

Internet / Media Andrew Orchard, CFA 852 2252 1400 [email protected]

Internet / Media Carson Lo, CFA 852 2252 1552 [email protected]

Internet / Media Michael Tam 852 2252 1431 [email protected]

Energy Lin Chen 852 2252 1555 [email protected]

Oil & Gas and Chemicals Jamie Wang 852 2252 2195 [email protected]

Property (China) Elly Chen 852 2252 2181 [email protected]

Property (China) Chloe Liu 852 2252 1559 [email protected]

Property (Hong Kong) Joyce Kwock 852 2252 1569 [email protected]

Property (Hong Kong) Wayne Lee, CFA 852 2252 1419 [email protected]

Technology / Telecommunications Joel Ying, CFA 852 2252 2153 [email protected]

Technology / Telecommunications Bing Duan 852 2252 2141 [email protected]

Technology (Semiconductors) Aaron Jeng, CFA 886 2 2176 9962 [email protected]

Technology (Semiconductors) Donnie Teng 852 2252 1439 [email protected]

Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 [email protected]

Telecommunications Gopa Kumar 65 6433 6961 [email protected]

Transport & Logistics / Basic Materials Shirley Lam 852 2252 2196 [email protected]

India

Head of India equity research, Healthcare / Strategy

Saion Mukherjee 91 22 4037 4184 [email protected]

Healthcare / Strategy Neelotpal Sahu 91 22 403 74023 [email protected]

Autos & Auto Parts / Media Kapil Singh 91 22 4037 4199 [email protected]

Autos & Auto Parts / Media Siddhartha Bera 91 22 4037 4362 [email protected]

Consumer Manish Jain 91 22 4037 4186 [email protected]

Financials Adarsh Parasrampuria 91 22 4037 4034 [email protected]

Financials Amit Nanavati 91 22 4037 4361 [email protected]

Financials Riddhi Jain 91 22 4037 4008 [email protected]

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Analysts by Country

Name Phone e-mail

India (cont’d)

Industrials / Transport / Logistics Amar Kedia 91 22 3053 3053 [email protected]

Industrials / Transport / Logistics Priyankar Biswas 91 22 4037 4992 [email protected]

Information Technology Ashwin Mehta 91 22 4037 4465 [email protected]

Information Technology Rishit Parikh 91 22 4037 4360 [email protected]

Oil & Gas and Chemicals Anil Sharma 91 22 4037 4338 [email protected]

Oil & Gas and Chemicals Ravi Adukia 91 22 4037 4232 [email protected]

Power Utilities / Coal / Telecommunications

Anirudh Gangahar 91 22 4037 4516 [email protected]

Database Analyst Sanjay Kadam 91 22 4037 4187 [email protected]

Indonesia

Head of Indonesia equity researchAutos / Consumer / Strategy

Elvira Tjandrawinata 62 21 2991 3341 [email protected]

Autos / Consumer Archit Kshetrapal 91 22 3053 3193 [email protected]

Banks Marcus Chua 65 6433 6960 [email protected]

Consumer / Healthcare Deidy Wijaya, CFA 62 21 2991 3345 [email protected]

Media Guo Hao Yong 65 6433 6967 [email protected]

Materials Abhishek Nigam 65 6433 6969 [email protected]

Property / Industrials Anthony Yunus 62 21 2991 3348 [email protected]

Property / Industrials Illona Freddy 62 21 2991 3343 [email protected]


Telecommunications Ankur Pant 91 22 6723 5578 [email protected]

Telecommunications Sulabh Govila 91 22 6723 4693 [email protected]

Transport & Logistics Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

Utilities June Ng 60 3 2027 6894 [email protected]

Malaysia

Head of Malaysia equity research,Financials / Gaming / Construction

Tushar Mohata, CFA 60 3 2027 6895 [email protected]

Financials / Gaming / Construction Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Consumer Marcin Spiewak, CFA 66 2 287 6796 [email protected]

Healthcare Raghavendra Divekar 81 3 6703 1229 [email protected]


Materials Abhishek Nigam 65 6433 6969 [email protected]

Property Royston Tan 65 6433 6981 [email protected]




Transport & Logistics Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

Utilities / Oil & Gas / Palm Oil June Ng 60 3 2027 6894 [email protected]

Utilities / Oil & Gas / Palm Oil Rahul Dohare 91 22 672 34560 [email protected]

Philippines

Head of Philippines equity research,Conglomerates / Utilities / Strategy

Dante Tinga Jr 63 2 8784969 [email protected]

Banks / Property Abigail Chiw, CFA 63 2 8784590 [email protected]

Consumer Angelo Torres 63 2 8784967 [email protected]

Industrials / Materials Thomas Earll Huang 63 2 8784968 [email protected]


Transportation Ahmad Maghfur Usman 60 3 2027 6892 [email protected]


x

Analysts by Country (cont’d)

Name Phone e-mail

Singapore

Banks Marcus Chua 65 6433 6960 [email protected]

Conglomerates Benjamin Lo, CFA 852 2252 6220 [email protected]

Consumer Guo Hao Yong 65 6433 6967 [email protected]

Gaming Tushar Mohata, CFA 60 3 2027 6895 [email protected]


Industrials / Oil & Gas & Chemicals Abhishek Nigam 65 6433 6969 [email protected]

Industrials / Oil & Gas & Chemicals Bineet Banka 91 22 4053 3784 [email protected]

Industrials Patrick Xu 852 2252 1425 [email protected]

Palm Oil June Ng 60 3 2027 6894 [email protected]

Property Min Chow Sai 65 6433 6959 [email protected]

Property Royston Tan 65 6433 6981 [email protected]





South Korea

Head of Korea equity research, Technology (Semiconductors) / Strategy

CW Chung 82 2 3783 2312 [email protected]

Autos / Internet / Telecommunications Angela Hong 82 2 3783 2360 [email protected]

Autos / Internet / Telecommunications Daye Park 82 2 3783 2337 [email protected]

Banks David Hwang 82 2 3783 2335 [email protected]

Consumer Cara Song 82 2 3783 2328 [email protected]

Consumer Jiun Im 82 2 3783 2333 [email protected]

Industrials Jaehyung Choi 82 2 3783 2318 [email protected]

Oil & Gas and Chemicals / Basic Materials

Cindy Park 82 2 3783 2324 [email protected]

Oil & Gas and Chemicals / Basic Materials

Yoonki Kim 82 2 3783 2342 [email protected]

Technology (Semiconductors) Eunjae So 822 3783 2338 [email protected]

Technology (Hardware) / Mobile games Chris Chang 82 2 3783 2316 [email protected]

Technology (Hardware) Michael Koh 82 2 3783 2320 [email protected]

Taiwan

Head of Taiwan equity researchTechnology (Semiconductors)

Aaron Jeng, CFA 886 2 2176 9962 [email protected]

Technology (Semiconductors) Donnie Teng 852 2252 1439 [email protected]

Technology (Semiconductors) Benson Pan 886 2 2176 9970 [email protected]

Technology (Semiconductors) Bruno Cheng 886 2 2176 9965 [email protected]

Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 [email protected]

Technology (PC & Display) / Telecoms Patrick Chen 886 2 2176 9974 [email protected]

Technology (PC & Display) / Telecoms Pallav Jain 91 22 672 35121 [email protected]

Technology (hardware) / Auto & auto parts

Shaotang Lee 886 2 2176 9978 [email protected]

Consumer / Industrials / Basic Materials Caren Huang 886 2 2176 9971 [email protected]

Consumer / Industrials / Basic Materials Lillian Lou 886 2 2176 9963 [email protected]


Oil & Gas and Chemicals Jamie Wang 852 2252 2195 [email protected]

xi

Analysts by Country (cont’d)

Name Phone e-mail

Thailand

Banks Narumol Charnchanavivat 66 2 287 6797 [email protected]

Consumer Marcin Spiewak, CFA 66 2 287 6796 [email protected]

Consumer Annapurna Chatterjee 91 22 672 35459 [email protected]


Oil & Gas and Chemicals / Industrials Abhishek Nigam 65 6433 6969 [email protected]

Property / Healthcare Thanatcha Jurukul 66 2 287 6799 [email protected]



Utilities June Ng 60 3 2027 6894 [email protected]


Regional Management

Japan

Jun Konomi Head of equity research, Asia Pacific;Director of Financial & Economic Research Centre, Japan+81 3 6703 1110 / [email protected]

Jun has over 30 years’ experience working for the Nomura group. Prior to his current role, Jun was product manager and also led sector research teams including construction, transportation, financials, SMID caps, IT and housing/real estate. Before transferring to Nomura Securities Co. in 1997, Jun covered several sectors as an analyst with Nomura Research Institute, where he achieved #1 ranking in the housing/real estate sector and also worked as an equities strategist in Frankfurt. He was appointed as principal managing director in April 2017.

Years in industry: +30 years

Qualifications: Bachelor of Economics (Waseda University)

Hong Kong

Jim McCaffertyHead of equity research, Asia ex-Japan+852 2252 1189 / [email protected]

Jim joined Nomura in July 2015 after five years with RBS/CIMB in Hong Kong where he was most recently head of Asia Pacific research. Jim started his career with County NatWest in 1991 and moved to ABN AMRO in 1993, where he became a top-ranked telco analyst in 1998. He moved to Société Générale in 1999 to become head of European telecoms research. Jim joined Seymour Pierce as head of research in 2004 and was named Financial Times AIM analyst of the year in 2008. In 2012 he published “UK Fund Managers and Institutional attitudes towards Japanese Equities” in the journal The Japanese Economy.

Years in industry: 25 years

Qualifications: BA (Hons) Economics (Heriot Watt University); MSc Political Economy of East Asia (University of Sheffield)

Richard Wainwright CAO for Execution Services, Asia ex-Japan+852 2252 6188 / [email protected]

Richard joined Nomura in September 2014 in Hong Kong as head of product management and marketing, Asia ex-Japan. He took on his current broader management role in January 2016. Richard was previously deputy head of Asia Pacific research at BNP Paribas Securities (Asia) in Hong Kong. He is an Asia specialist with over 26 years of experience covering Asian Equity markets in both research and sales management roles – head of sales, head of product management, director of research and global sector head, based in Hong Kong, Singapore and London. Richard worked at Credit Suisse (CSFB), HSBC, Cazenove Asia / Standard Chartered and ABN AMRO Hoare Govett Asia. Richard started his financial career in 1990 on the buy side in Scotland managing Asian funds.


Qualifications: BA and MA (Joint Hons) Modern Languages (French and German) and History of Art (King’s College, Cambridge University)

Singapore

Trevor Kalcic Head of product management and marketing, Asia ex-Japan; Head of ASEAN research+65 6433 6968 / [email protected]

Trevor joined Nomura in his current capacity in January 2016. Prior to this, he has held various positions in equity research at ABN AMRO/RBS/CIMB. Trevor started his career in equities as a banks analyst in Europe, and later moved to Singapore and Hong Kong. Trevor has also held various management positions, including head of ASEAN research for RBS in Singapore and Head of Asian Financials Research for CIMB in Hong Kong. Trevor has nearly 20 years’ experience in cash equities. Prior to entering cash equities, Trevor held various positions in government and strategy consulting in various parts of the world.


Qualifications: BA Hons, Economics (University of Pretoria); CFA charterholder

1

Regional Management (cont’d)

Singapore

Rob Subbaraman Head of emerging markets economics; Head of AEJ FI Research+65 6433 6548 / [email protected]

Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where he was Chief Economist, Asia ex-Japan. His team of economists and strategists is responsible for forecasting the outlook of 10 Asian economies and developing market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 19 years living in Asia, including Hong Kong and Tokyo. He has a central banking background, having worked in the Economic Analysis Department at the Reserve Bank of Australia for seven years prior to joining Lehman Brothers.


Qualifications: MEc (Hons) (Macquarie University); MSc Economics (Warwick University)

2

Equity Analysts

China / Hong KongStrategy

Wendy Mingdi Liu Head of China equity research; Chief equity strategist, Greater China+852 2252 6180 / [email protected]

Wendy joined Nomura in May 2012. She headed China research and China strategy at RBS from 2007 to 2012. Prior to that, Wendy had 10 years’ of experience in sell and buy side equity research, and M&A and advisory in New York and Hong Kong. Previous employers include Merrill Lynch, Prudential Securities and JP Morgan. Wendy’s team/herself were ranked in Institutional Investor’s US Research Team Surveys and All Asia Research Team surveys.


Qualifications: BS Economics (University of Kentucky); MBA (Columbia University)

Coverage: Equity Strategy, Greater China

Yiran Zhong Vice President+852 2252 1413 / [email protected]

Yiran joined Nomura in October 2011. Yiran has eight years’ experience in equity research and five years’ experience in equity strategy research. In 2016, she joined the Greater-China strategy team to cover Greater-China equities. Prior to this, she worked at Macquarie Securities as a regional strategist. She also worked at Huatai United Securities and Jefferies.


Qualifications: MA Economics (New York University); CFA Level III passed in 2010

Coverage: Equity Strategy

Erin Zhang Associate+852 2252 6176 / [email protected]

Erin joined Nomura China Strategy team in May 2014. Prior to this, she worked at EDHEC Risk Institute on index analysis in France, and UBS Global Asset Management on capability management in the UK.


Qualifications: MSc Financial Markets (EDHEC Business School); CFA Level III passed in 2012

Coverage: Equity Strategy, China

Autos & Auto Parts / Conglomerates / Utilities

Benjamin Lo, CFA Head of Hong Kong and China conglomerates and autos research +852 2252 6220 / [email protected]

Benjamin joined Nomura in June 2012. Prior to this he headed Asia conglomerate research at JP Morgan. Benjamin was ranked #2 in the 2013 Institutional Investors All Asia Research Team survey for Conglomerates and #3 from 2010 to 2012. He first joined Nomura in October 2008 as regional head of Conglomerates research from Lehman Brothers and also previously worked at Deutsche Bank.


Qualifications: LLB, BEcon (University of Sydney); CFA charterholder

Coverage: Autos, Conglomerates, Utilities

Sylvia Chan Associate +852 2252 1414 / [email protected]

Sylvia joined Nomura in June 2012 as a research associate in the conglomerates team. Prior to this, she has worked at JP Morgan, Lehman Brothers and Deutsche Bank.


Qualifications: Bachelor of Science (University of Manitoba)

Coverage: Conglomerates, Utilities

4


China / Hong Kong (cont’d)

EV / Auto Parts / Autos

Joseph Wong Vice President +852 2252 6111 / [email protected]

Joseph joined Nomura in July 2012 to cover China’s auto sector with a focus on EV, auto components and dealership stocks. Before his current role, he was with Daiwa and Ernst & Young. He holds an MBA from the Chinese University of Hong Kong and is a chartered accountant under HKICPA.


Qualifications: HKICPA charterholder; MBA (Chinese University of Hong Kong)

Coverage: EV / Auto Parts / Autos

Consumer

Emily Lee Vice President +852 2252 1407 / [email protected]

Emily covers the Hong Kong/China consumer sector. Prior to joining Nomura in 2016, Emily has been an equity analyst for 9 years covering the HK/China consumer discretionary retail, OEM, education and media, and was last with BNP Paribas. Prior to her equity research career, she was a management trainee at Esprit. She holds a bachelor’s degree in Finance from Pennsylvania State University.


Qualifications: Bachelor’s degree in Finance and minor in International Business and Economics (Pennsylvania State University)

Coverage: HK/China Consumer

Scott Hong Associate +852 2252 2122 / [email protected]

Scott covers the Hong Kong/China consumer sector. Prior to joining Nomura in 2016, Scott was an equity analyst with CIMB, covering the HK/China financials sector.


Qualifications: MSc in Finance (Clark University)

Coverage: HK/China Consumer

Financials (Banks)

Sophie Jiang Head of Hong Kong and China banks research +852 2252 2194 / [email protected]

Sophie joined Nomura in February 2015, before which she worked for Religare Capital Markets as head of China banks research covering H-share listings. Prior to that, Sophie worked at CCBI as a research analyst covering China banks, and at Ernst & Young as an auditor since 2006, focusing on China financial institutions.


Qualifications: Bachelor of Finance and Bachelor of Management (Renmin University of China); China CPA

Coverage: Banks

Sandy Shao Associate +852 2252 6177 / [email protected]

Sandy joined Nomura in August 2016 and covers the China banks sector. Prior to this, Sandy worked in KPMG as an auditor focusing on financial institutions.

Years in industry: 1 year

Qualifications: BBA in Accounting and Finance (Hong Kong Polytechnic University); CFA; HKICPA

Coverage: Banks

5


Financials (Banks) (cont’d)

Jessie Hong Analyst +852 2252 1554 / [email protected]

Jessie joined Nomura in February 2017 and covers the China banks sector. Prior to this, Jessie worked in Moody’s as a financial data analyst focusing on financial institutions, and in PwC as an auditor focusing on corporates.


Qualifications: BBA in Accounting (Chinese University of Hong Kong) HKICPA

Coverage: Banks

Financials (Insurance and non-bank financials)

Shengbo Tang Head of Hong Kong and China insurance and non-bank financials research +852 2252 6210 / [email protected]

Shengbo joined Nomura in July 2015 as head of Hong Kong and China insurance and non-bank financials research from CICC, where he held a similar role. He has been consistently ranked #1 insurance analyst for China in various industry polls, including Institutional Investor, Asiamoney and Thomson Reuters’ Starmine. He previously worked as an insurance analyst at Everbright Securities and as an actuarial manager at China Taiping Insurance.


Qualifications: BS, MS Applied Mathematics (Tongji University); Certified Fellow of the China Association of Actuaries

Coverage: Insurance and Non-Bank Financials

Haifeng Cao Associate +852 2252 2154 / [email protected]

Haifeng Cao joined Nomura in 2015 and covers HK / China’s non-bank financial sectors. Prior to this, he researched on HK / China’s non-bank financial sectors for two years at Evalueserve for a Tier-1 European investment bank.


Qualifications: MS Finance

Coverage: China Brokers and HK/China Insurance

Healthcare

Stella Xing, CFA Vice President +852 2252 6134 / [email protected]

Stella Xing joined Nomura in 2014 and covers China healthcare and pharmaceuticals sectors. Prior to this, she worked in equity research at CIMB Securities in Hong Kong.


Qualifications: BBA Accounting & Fi-nance (Hong Kong); CFA charterholder

Coverage: Healthcare

Joyce YangAnalyst +852 2252 1512 / [email protected]

Joyce joined Nomura in January 2017 and currently covers China Healthcare sector. Prior to this, she worked in PwC as an auditor. Joyce obtained her bachelor degree of Accounting and Finance from the University of Hong Kong.


Qualifications: Bachelor’s in Accounting & Finance (Hong Kong)

Coverage: Healthcare

6



Industrials

Patrick Xu Vice President +852 2252 1425 / [email protected]

Patrick joined Nomura in December 2014 to cover the China industrials sector. He previously worked as an analyst in the infrastructure and transport equity research team at Barclays Capital from 2010, and at DBS in equity research from 2007.


Qualifications: BA International Economics & Trade (Tongji University); MA Economics (East China Normal University)

Coverage: Industrials

Ethan Zhang Analyst+852 2252 2157 / [email protected]

Ethan joined Nomura in October 2017 and covers the China industrials sector. Prior to this, he worked in Ernst & Young as an auditor focusing on corporates.


Qualifications: BBA in Accountancy (City University of Hong Kong)

Coverage: Industrials

Transport & Logistics / Basic Materials

Shirley Lam Vice President +852 2252 2196 / [email protected]

Shirley Lam joined Nomura in 2007, covering the China transport sector. Before joining Nomura, Shirley was at BNP Paribas from 2003 to 2007. Shirley received her BS and MPhil degrees in Statistics from the Chinese University of Hong Kong in 2000 and 2002, respectively. She also obtained her Diploma in Russian Language from the People’s Friendship University of Russia in 2003.


Qualifications: MPhil (Statistics in Chinese University of Hong Kong)

Coverage: Transport & Logistics, China Basic Materials

Internet & Media

Jialong Shi Head of China internet and Media research +852 2252 1409 / [email protected]

Jialong joined Nomura in October 2015 as head of China internet research from Credit Suisse where he covered mid cap Chinese internet stocks. Jialong’s team was ranked No 3 in China Internet research in 2016 II All China poll. Before CS, Jialong worked at CLSA and Lehman Brothers as a research analyst in the China internet sector. Before he joined the finance industry, Jialong was a college lecturer on ecommerce technology at a Chinese university and a part-time teacher at New Oriental School.


Qualifications: Masters of Finance (Shanghai Jiao Tong University)

Coverage: Internet / Media

Andrew Orchard, CFAVice President +852 2252 1400 / [email protected]

Andrew joined Nomura in February 2015 to cover China internet and media sectors. Previously, he was a regional transport and logistics analyst with CIMB Securities and RBS. He also worked in Asian equity strategy for RBS and ABN AMRO.


Qualifications: BBA (University of Michigan, Ann Arbor), CFA charterholder


7


Internet & Media (cont’d)

Carson Lo, CFAAssociate+852 2252 1552 / [email protected]

Carson Lo joined Nomura in 2015 and covers the China Internet sector. Prior to this, he worked in Ernst & Young as an auditor.


Qualifications: BBA in Accountancy (Chinese University of Hong Kong);

CFA Charterholder


Michael TamAnalyst+852 2252 1431/ [email protected]

Michael joined Nomura in June 2017 and covers the China Internet sector. Prior to this, he worked in the deal advisory team at KPMG.

Years in industry: 5 months

Qualifications: Bachelor Accounting and Finance (The University of Hong Kong)


Energy

Lin ChenHead of Greater China Energy +852 2252 1555 / [email protected]

Lin joined Nomura in September 2017 and covers broader energy sector including oil & gas, chemicals and utilities. Prior to this Lin had 10 years of experience on both buyside and sellside (Morgan Stanley and Citi) covering oil & gas, chemicals and utilities sector.


Qualifications: MSc in Banking and International Finance (Cass Business School)

Coverage: Oil & Gas, Chemicals and Utilities

Jamie Wang Associate +852 2252 2195 / [email protected]

Jamie joined Nomura in September 2014 and covers Greater China chemical industry and China gas sectors. Prior to this, he worked at Macquarie Capital Securities as an associate analyst and at Fubon Financial Holding as a management associate in Corporate and Investment Banking. Jamie’s experience and knowledge include not only equities but also credit, derivatives, and project finance.


Qualifications: Masters in Finance (National Taiwan University)

Coverage: Oil & Gas and Chemicals, China Gas

Property (China)

Elly Chen Head of China property research+852 2252 2181 / [email protected]

Elly is the head of China property at Nomura. She joined Nomura in early 2014, prior to which she was a property analyst at Credit Suisse. She currently covers 18 stocks including developers and agents.


Qualifications: BS Finance (Peking University); MS Finance (Washington University, St. Louis)

Coverage: China property

8



Property (China) (cont’d)

Chloe Liu Analyst+852 2252 1559 / [email protected]

Chloe is the research associate of China property at Nomura. She joined Nomura in 2017, prior to which she spent 2 years as an analyst at Oriental Patron. Chloe had 2 years audit experience in Big Four before joining the equity research. Chloe has ACCA qualification.


Qualifications: BS Finance (Xi’an Ji-aotong University); MS Finance (The Chinese University of Hong Kong); ACCA

Coverage: China property

Property (Hong Kong)

Joyce Kwock Head of Hong Kong property research +852 2252 1569 / [email protected]

Joyce is the head of Hong Kong property at Nomura. She joined Nomura from Bank of America Merrill Lynch, where she spent a year on the equity sales team. Prior to her stint at Merrill Lynch, she spent seven years as an analyst at Credit Suisse, covering Hong Kong/China property, conglomerates and logistics. Joyce had an accountant training, at Ernst & Young LLP in London and at PricewaterhouseCoopers in Hong Kong, prior joining the equity research. Joyce has CPA and FRM qualifications.


Qualifications: BS Accountancy (The Chinese University of Hong Kong), CPA, FRM

Coverage: HK Property

Wayne Lee, CFA Associate +852 2252 1419 / [email protected]

Wayne joined Nomura’s research team in May 2017 and covers the Hong Kong Property sector. Prior to this, he was with Mizuho Securities and Credit Suisse as research analyst, covering China/Hong Kong Property and Conglomerates sectors. Wayne holds a BSc degree in Statistics from University College London. He is a CFA charterholder and a chartered accountant.


Qualifications: BS Statistics (University College London), CFA, CPA

Coverage: HK Property

Technology / Telecommunications

Joel Ying, CFA Associate +852 2252 2153 / [email protected]

Joel Ying joined Nomura in August 2015 and covers China’s technology and telecom sectors. Joel worked in Barclays from May 2014 as an Assistant Vice President in the regional autos and capital goods research team; prior to that he spent four years working in Asian telecoms equity research in Shanghai.


Qualifications: BS Law (Fudan University); CFA Charterholder

Coverage: Technology/Telecoms

Bing Duan Associate +852 2252 2141 / [email protected]

Bing Duan joined Nomura in January 2017 and covers China’s technology and telecom sectors. Bing worked in China UnionPay from February 2012 as a risk manager; prior to that, he has worked in China Telecom and Morgan Stanley’s technology department.


Qualifications: MS Computer Science (Shanghai Jiaotong Univeristy);

MBA (Hong Kong University of Science and Technology)

Coverage: Technology/Telecoms

9


Technology

Donnie Teng Associate+852 2252 1439 / [email protected]

Donnie has about 4 years of buy-/sell-side experience of global semiconductor research after working with UMC for 2.5 years. Donnie now supports Aaron in covering Greater China semiconductor stocks.


Qualifications: Bachelor of Business Administration, M.S in Industrial Engineering (National Taiwan University)

Coverage: Technology (Semiconductors)

10


IndiaHealthcare / Strategy

Saion Mukherjee Head of India equity research +91 22 4037 4184 / [email protected]

Saion joined Nomura in October 2008. He is head of India equity research and covers the India healthcare and pharmaceuticals sectors. Prior to this, he covered the pharmaceuticals and construction sectors at Lehman Brothers.


Qualifications: BTech Chemical Engineering (IIT, Delhi); PGDM (IIM, Ahmedabad)

Coverage: Healthcare and Strategy

Neelotpal Sahu Analyst +91 22 4037 4023 / [email protected]

Neelotpal joined Nomura in November 2017. She is a part of the India strategy and healthcare research teams. Prior to joining Nomura, she was associated with J.P Morgan India Pvt. Ltd where she worked as a part of the Asia and Emerging Markets Equity Strategy. She has completed Masters of Science in Economics from the Indian Institute of Technology Kharagpur. She’s currently pursuing CFA level III.


Qualifications: Masters of Science in Economics (Indian Institute of Technology Kharagpur)

Coverage: Strategy and Healthcare

Autos & Auto Parts / Media

Kapil Singh Executive Director +91 22 4037 4199 / [email protected]

Kapil Singh has been amongst the top-ranked auto sector analysts in India. He was ranked number 1 in his sector by Institutional Investor Magazine in 2015 and 2016 and #2 in 2017. He has completed his PGDM from IIM Lucknow and Masters in Management from ESCP-EAP, Paris. He has been at Nomura since 2008 and has previously worked at Lehman Brothers covering the same sector.


Qualifications: BTech IT (IET, Lucknow); MMgmt (ESCP EAP, Paris)

PGDM (IIM, Lucknow)

Coverage: Autos and Auto Parts and Media

Siddhartha Bera Associate +91 22 4037 4362 / [email protected]

Siddhartha joined Nomura on August 2015 after 2.5 years in a leading domestic brokerage – Edelweiss. Prior to this, he had stints in HSBC and Emkay Global. He has an overall equity research experience of nearly 6 years covering the auto and auto ancillary sector in India. At Nomura, he covers nearly 13 companies and has developed close relationships with the managements. He also regularly interacts with many clients and has received votes from some of them. He holds the CFA charter.


Qualifications: B-Tech, MBA (Finance), CFA charterholder

Coverage: Autos and Auto Parts and Media

Consumer

Manish Jain Vice President +91 22 4037 4186 / [email protected]

Manish joined Nomura in October 2008 and covers the Indian consumer sector. Prior to this, he covered the Indian consumer and autos & auto parts sectors at Lehman Brothers, which he joined in 2007. Manish also covered the auto & auto parts sector for three years at ICICI Securities.


Qualifications: BCom Hons (BES College); MBA (Symbiosis College, Pune)

Coverage: Consumer

11

India (cont’d)

Financials

Adarsh Parasrampuria Executive Director +91 22 4037 4034 / [email protected]

Adarsh joined Nomura in June 2014 and covers the India financials space, including insurance. He has significant depth in his coverage with ~21 stocks across banks/ NBFCs/Insurance companies. Adarsh has been ranked highly in latest II and Asia Money surveys. Adarsh has ~10 years of work experience in the industry, and has previously worked with Goldman Sachs, JP Morgan and a domestic broker.

Years in industry: +10 years

Qualifications: BBM (Christ College, Bangalore); MBA in Finance (SP JIMR, Mumbai); CFA charterholder

Coverage: India Banks and Financials

Amit NanavatiAssociate+91 22 4037 4361 / [email protected]

Amit Nanavati joined Nomura in September 2010 and currently tracks Indian banks and financials. He has over nine years of equity research experience in Banks and Financial Services. He has done his MBA (Finance) from M.E.T (2007 batch), Mumbai, along with other professional courses such as CFA and FRM.


Qualifications: MBA (Finance) (M.E.T), CFA

Coverage: Financials

Riddhi JainAssociate+91 22 4037 4008 / [email protected]

Riddhi joined Nomura in October 2015, and currently covers the India Financials (Banks and NBFCs). She is a chartered accountant and a commerce graduate from Shri Ram College of Commerce (SRCC), University of Delhi. Before Nomura, she worked with one of the Big 4 audit firms, Ernst & Young (EY), for two years with healthcare and automotive sector clients. She is also a CFA Charterholder.


Qualifications: Chartered Accountant, Bcom (Hons) (University of Delhi), CFA

Coverage: India Banks and Diversified Financials

Industrials

Amar Kedia Vice President +91 22 4037 4182 / [email protected]

Amar joined Nomura in August 2008 and covers the Indian transport infrastructure and capital goods sectors. Prior to this, he was an analyst at ICICI Securities covering the aviation, logistics and infrastructure sectors.


Qualifications: BCom (GM College); MBA (IIM, Lucknow)

Coverage: Infrastructure & Capital Goods

Priyankar BiswasAssociate+91 22 4037 4992 / [email protected]

Priyankar joined Nomura in April 2015 after three years at HSBC. He is part of the Indian industrials, transportation and capital goods equity research team based out of Mumbai. He started his career with Reliance Infrastructure Limited (2008-2010) in project management before completing his MBA from IIM Kozhikode (2010-2012). After his MBA, Priyankar joined HSBC (2012-2015) and worked with the Global Oil & Gas equity research team. He is currently pursuing CFA Level III.


Qualifications: BTech Electronics & Communication Engineering (NIT Durgapur); PGDIM (IIM Kozhikode)

Coverage: Industrials, Infrastructure, Transport and logistics

12


India (cont’d)

Information Technology

Ashwin Mehta Regional Head of software & services research +91 22 4037 4465 / [email protected]

Ashwin is regional head of software & services research and also covers the India internet space. Prior to joining Nomura in September 2010, Ashwin was the lead analyst in the IT sector at Motilal Oswal. Ashwin has nearly 12 years of experience as the lead analyst in IT services. Prior to that, Ashwin worked for around six years in the IT services industry with companies like Infosys, Dresdner Kleinwort Investment Banking IT (Webtek) and Headstrong, across a range of roles including development, project management, pre sales and business analysis.


Qualifications: BTech (IIT); MS Computational Finance (Carnegie Mellon); MBA (IIM, Lucknow); CFA charterholder

Coverage: Technology

Rishit ParikhAssociate+91 22 4037 4360 / [email protected]

Rishit joined Nomura in 2015 and covers the Indian IT services and Internet space. Prior to Nomura, Rishit worked as an analyst with Goldman Sachs and had a total work experience of 5 years including a year with an advisory firm and 2.5 years with Infosys. Rishit holds a B.Tech (Mumbai University) and a management degree (NMIMS, Mumbai) and is currently pursuing CFA Level 3.


Qualifications: B.E. Computer, MBA (NMIMS)

Coverage: IT Services and Internet

Oil & Gas, Chemicals and Cement

Anil Sharma Executive Director +91 22 4037 4338 / [email protected]

Anil joined Nomura in October 2008 and covers the Indian oil & gas, chemicals and cement sectors. Prior to joining sell-side research in 2007, Anil worked in the oil & gas industry for 14 years, with nine years at Reliance Industries and before that five years at GAIL. Anil has been amongst top-ranked analysts. He has been ranked #1 for two consecutive years (2016 and 2017), and was # 2 in 2015 by Institutional Investor magazine.


Qualifications: BTech Chemical Engineering (IIT, Kanpur); PGDM (IMT, Ghaziabad)

Coverage: Oil & Gas, Chemicals and Cement

Ravi Adukia Vice President +91 22 4037 4232 / [email protected]

Ravi joined Nomura in October 2008. Ravi covers the Indian oil & gas sector. Prior to Nomura, Ravi has worked at Lehman Brothers, Crisil and ONGC. Ravi is a chartered accountant and also holds the CFA charter.


Qualifications: B.com (H), Chartered Accountant, CFA charterholder

Coverage: Oil & Gas

Utilities / Telecommunications

Anirudh Gangahar Executive Director +91 22 4037 4516 / [email protected]

Anirudh joined Nomura in May 2010 and covers the Indian power utilities, coal and telecom sectors. Prior to this he covered the Indian telecom & media sector at JM Financial Institutional Securities. Having previously worked at Morgan Stanley and Goldman Sachs, he has 17 years’ experience in India equity research across various sectors including telecoms, utilities, capital goods and oil & gas.


Qualifications: BBA Business Studies, Masters Finance & Control (University of Delhi)

Coverage: Power Utilities, Coal, Renewables, Telcos

13

India (cont’d)

Strategy / Database

Sanjay Kadam Associate+91 22 4037 4187 / [email protected]

Sanjay Kadam joined Nomura in October 2008. He has 20 years of experience in the industry. He started his career from SSKI-IDFC in Aug 1995 as a research assistant. His previous employers include Dresdner Kleinwort, ABN AMRO, BRICS Securities & Lehman Brothers. He is a commerce graduate from Mumbai University.


Qualifications: B.Com (Mumbai University)

Coverage: Database Analyst

14


IndonesiaConsumer / Autos

Elvira Tjandrawinata Head of Indonesia equity research +62 21 2991 3341 / [email protected]

Elvira joined Nomura in 2014 as head of Indonesia equity research and covers the Indonesia auto and consumer sectors. Prior to this she was the co-head of Asia Pacific consumer research and head of research for Indonesia at BNP Paribas. She has more than 20 years of combined experienced as a sell side analyst and in industry, with positions at Enron Europe and Charoen Pokphand Indonesia.


Qualifications: Bachelor of Business Administration (University of Wisconsin Madison); MBA (INSEAD)

Coverage: Consumer and Autos

Archit Kshetrapal Analyst +91 22 3053 3193 / [email protected]

Archit Kshetrapal joined Nomura in September 2015 as an analyst for the Indonesian consumer team after earning a Bachelor’s of Science in Finance and Economics (HONS) from the University of Texas at Dallas. During his undergraduate program, he interned with Civitas Capital Group in Dallas and ICICI Venture Funds Management Company in Mumbai. He was also an analyst for a student-managed investment fund at his university, covering the consumer discretionary sector in the United States.


Qualifications: Bachelor of Science in Finance and Economics (The University of Texas at Dallas)

Coverage: Consumer and Autos

Consumer / Healthcare

Deidy Wijaya, CFA Associate +62 21 2991 3343 / [email protected]

Deidy joined Nomura in June 2015 to cover consumer related sectors. His current coverage includes tobacco, food related staples (MYOR, ROTI, AISA), some retailers (ACES, MPPA, AMRT) as well as hospitals (MIKA, SILO). Previously, he was with DBS Vickers Securities covering infrastructure sectors (cement, toll road and construction), who he joined in 2012. Prior to that, he worked in the investor relations department at PT Media Nusantara Citra Tbk. Before moving to Indonesia, Deidy spent six years working as a firmware engineer at Broadcom Corporation in San Diego.


Qualifications: BS Computer Science (UC San Diego); CFA charterholder

Coverage: Consumer and Healthcare

Materials / Industrials / Property

Anthony Yunus Associate +62 21 2991 3348 / [email protected]

Anthony joined Nomura in August 2014 to cover property (BSDE, SMRA, CTRA, and LPKR) and infrastructure stocks (Toll road, Cement, and Contractors). Prior to this, he worked at Maybank Kim Eng Securities and NISP Securities as an equity analyst covering several sectors. He has 7 years of combined experienced as a sell side analyst and in banking, with position at Citibank Indonesia. He holds a Bachelor degree, double majoring in Finance & Operations management from Indiana University, USA.


Qualifications: BSc Finance & Operation Management (University of Indiana, Bloomington)

Coverage: Property and Infrastucture

Illona Freddy Associate +62 21 2991 3343 / [email protected]

Illona Freddy joined Nomura in January 2015 to assist coverage on the infrastructure related sector. Prior to her current role, she was with BNP Paribas Securities and she also honed her skills at the Boston Consulting Group (BCG) as an intern. She holds a Bachelor of Management from the Bandung Institute of Technologys.


Qualifications: Bachelor of Management (Bandung Institute of Technology)

Coverage: Consumer, Property and Materials

15

MalaysiaFinancials / Gaming / Construction

Tushar Mohata, CFA Head of Malaysia equity research +60 3 2027 6895 / [email protected]

Tushar joined Nomura Malaysia in December 2011 and covers financials, construction and gaming sectors. Previously, he has experience covering a wide range of sectors such as transportation, property and consumer. He is a CFA charterholder.


Qualifications: BEng Electronics and Communication Engineering (BIT, Ranchi, India) MBA (IIM, Kozhikode); CFA charterholder

Coverage: Financials, Gaming and Construction

Alpa Aggarwal, CFAAssociate+91 22 3053 2250 / [email protected]

Alpa is an associate at Nomura Powai since June 2012 and currently covers the financials, construction and gaming sectors. She has also covered airport and property sectors in the past. She received an MBA from Indian Institute of Management Kozhikode in 2012, and is a CFA charterholder.


Qualifications: Bachelor of Engineering (Electronics), MBA (Finance), CFA charterholder

Coverage: Financials, Gaming and Construction

Utilities / Consumer Staples / Energy

June Ng Vice President +60 3 2027 6894 / [email protected]

June joined Nomura in January 2015 and covers the ASEAN utilities, palm oil and Malaysia- oil & gas sectors. Prior to this, she covered the utilities and coal sectors at DBS Vickers.


Qualifications: BA Finance, MA Economics (University of Malaya)

Coverage: Utilities, Oil & Gas and Palm Oil

Rahul DohareAssociate+91 22 672 34560 / [email protected]

Rahul joined Nomura in February 2017 and covers the ASEAN utilities and palm oil and Malaysia oil & gas sectors. Prior to this, he covered US consumer staples and restaurant sectors at Goldman Sachs Asset Management. He has received an MBA in Finance from IIM Lucknow and B. Tech & M. Tech from IIT Madras.


Qualifications: MBA (Finance), B. Tech & M. Tech (Civil Engineering)

Coverage: Utilities, Oil & Gas and Palm Oil

Transport / Logistics

Ahmad Maghfur Usman Vice President +60 3 2027 6892 / [email protected]

Ahmad Maghfur Usman joined Nomura in December 2015 as an equity research analyst covering the transportation and industrials sector in ASEAN. He joined from RHB Research Institute (Malaysia). He has 10 years of sell-side research experience, primarily covering the ASEAN transportation sector, first at OSK, and then at RHB after the latter’s acquisition of OSK. Ahmad ranks among the top 5 transportation analyst in Malaysia by Asiamoney Broker Polls over the past three consecutive years.


Qualifications: BBA (Hons) from Yarmouk University, Jordan

Coverage: Transport and Logistics

16


PhilippinesConglomerates / Utilities / Strategy

Dante Tinga Jr Head of Philippines equity research+63 2 8784969 / [email protected]

Dante is the head of research and strategy for BDO Nomura Philippines. He has over 20 years of experience in the financial services industry, mostly as an equity research analyst. Prior to joining BDO Nomura in December 2016, he was head of research for the Philippine Equity Partners-Bank of America Merrill Lynch joint venture. In his career, Dante has also served as the head of research at Credit Suisse Securities Philippines, the head of investment banking and special assets at the Land Bank of the Philippines, and as project developer for ABB Energy Ventures.


Qualifications: BA University of the Philippines; MBA, University of Pennsylvania, The Wharton School

Coverage: Conglomerates, Utilities and Strategy

Banks / Property

Abigail Chiw, CFA Research analyst+63 2 8784590 / [email protected]

Abi joined BDO Nomura in October 2016. Prior to joining Nomura, Abi was connected with BDO Private Bank as vice president for equity and fixed income research; she has also worked at Bahay Financial Services, Inc. (an asset management firm under the Deutsche Bank group) as a senior analyst, at Roasters Philippines, Inc. (local operator for Kenny Rogers Roasters & Seattle’s Best Coffee) as an executive assistant for special projects, and at Ayala Land, Inc. as a corplan analyst.


Qualifications: BS Business Administration and Accountancy (Cum Laude), University of the Philippines; CPA; CFA

Coverage: Banks and Property

Consumer

Angelo Torres Research analyst+63 2 8784967 / [email protected]

Angelo joined BDO Nomura in November 2016. He covers the consumer sector in the Philippines. Angelo started his career with the asset management group of the Bank of the Philippine Islands in 2008. After his postgraduate studies in 2013, he joined the M&A advisory team of BDO Capital & Investment Corporation, the investment banking arm of BDO Unibank, Inc.


Qualifications: AB Management Economics, Ateneo de Manila University; Master of Business Administration, Singapore Management University (Dean’s List)

Coverage: Consumer

Industrials / Telecommunications

Thomas Earll A Huang Research analyst+63 2 8784968 / [email protected]

Thomas Earll Huang covers the Philippine industrial and telecommunication companies. Prior to joining BDO Nomura, he was with BPI Securities covering the Philippine consumer, telecom, and utility sectors. He received his Master’s Degree in Business Administration from the Asian Institute of Management.


Qualifications: Business Management,

DLS – College of Saint Benilde; Master of Business Administration, Asian Institute of Management (Dean’s List)

Coverage: Industrial and Telcos

17

SingaporeBanks

Marcus ChuaAssociate+65 6433 6960 / [email protected]

Marcus joined Nomura in September 2016 and now covers the Singapore and Indonesia banking sector. He has been covering various ASEAN banking sectors since 2014, with his last position at Fitch Ratings as an Associate Director.


Qualifications: BSc (Hons) Banking & Finance (University of London)

Coverage: Banks, Singapore and Indonesia

Internet & Media / Consumer

Guo Hao YongAnalyst+65 6433 6967 / [email protected]

Guo Hao joined Nomura in 2015 and now covers the ASEAN media, consumer sectors, having initially been part of the ASEAN offshore and marine team. Prior to this, he had relevant research/internship experience at Moody’s, Jefferies and Nikko Asset Management. He holds a Bachelor of Business Administration (Hons) from National University of Singapore.


Qualifications: BBA (Hons) (National University of Singapore)

Coverage: Internet & Media / Consumer

Oil & Gas and Chemicals / Industrials

Abhishek Nigam Associate +65 6433 6969 / [email protected]

Abhishek joined Nomura in September 2011 and now covers the Singapore Industrials and ASEAN oil and gas sectors, having initially been part of the ASEAN offshore and marine team. Prior to this, he worked at an Indian brokerage house in Mumbai and at CRISIL, a ratings agency in India and a subsidiary of Standard & Poor’s.


Qualifications: BCom (Hons) (SRCC, Delhi University); MBA (IBS, Hyderabad)

Coverage: ASEAN O&G, Industrials

Bineet Banka Associate +91 22 4053 3784 / [email protected]

Bineet is an associate at Nomura Powai since June 2010 and currently covers the ASEAN oil & gas and chemicals sectors. He has also covered airport, consumer, property sectors in the past. Bineet is an MBA in Finance from XLRI Jamshedpur and B.Tech from IIT Kharagpur. He is also a CFA charter holder and certified FRM.


Qualifications: Bachelor of Technology (BTech), MBA (Finance), CFA charterholder

Coverage: ASEAN Oil & Gas, ASEAN Transport

Property

Min Chow Sai Executive Director +65 6433 6959 / [email protected]

Min Chow joined Nomura in October 2008 and covers the Singapore property/ REITs sector. Prior to this, he covered the same space at Lehman Brothers and has also worked at Net Research and CIMB-GK.


Qualifications: BEng (National University of Singapore)

Coverage: Property

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Singapore (cont’d)

Property (cont’d)

Royston TanAssociate+65 6433 6981 / [email protected]

Royston joined Nomura in September 2015 as an analyst covering the Property/REITs sectors in Singapore and Malaysia. Prior to joining Nomura, he was with KPMG Corporate Finance providing valuation advisory services to corporate clients. He graduated with a Bachelor of Accountancy degree from Nanyang Technological University, Singapore.


Qualifications: BAcc (Hons) (Nanyang Technological University)

Coverage: Property

Telecommunications

Gopa Kumar Vice President +65 6433 6965 / [email protected]

Gopa covers telcos in ASEAN and Hong Kong for the Asia Telecom research team. He joined Nomura in June 2010 and has been a member of the Asia Telecom team since 2011. Prior to joining Nomura, he had three years of experience working as a software engineer at telecoms solution provider Aricent in India.


Qualifications: BTech Electronics and Communication (College of Engineering Trivandrum, India); MBA (IIM, Kozhikode)

Coverage: Telecoms

Ankur Pant Associate +91 22 6723 5578 / [email protected]

Ankur joined Nomura in November 2014 as an associate in the European Telecoms Research team. He is currently working as an associate in the ASEAN Telecom Research team. Prior to joining Nomura, Ankur worked as a consultant in the Capital Markets Group at TCS. Ankur is an MBA and a certified FRM and has also cleared CFA Level 3 exam.


Qualifications: BTech Mechanical Engineering (MSRIT); MBA (NITIE)

Coverage: ASEAN Telecommunication Services

Sulabh Govila Associate +91 22 6723 4693 / [email protected]

Sulabh joined Nomura in January 2016 as an associate in the Asian Telecoms Research team. He has about 4 years of industry experience across the telecom and media space. Sulabh received an MBA from XLRI Jamshedpur, BE from Delhi College of Engineering and has cleared all three levels of CFA.


Qualifications: MBA (XLRI Jamshedpur), BE (Delhi College of Engineering), CFA Level 3

Coverage: Telecoms

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South KoreaTechnology (Semiconductors)

CW Chung Head of Korea equity research; Head of pan-Asia Tech/Semiconductors research +82 2 3783 2312 / [email protected]

CW (Changwon) joined Nomura in January 2009 and is head of equity research for Korea. He also covers the Korean technology and semiconductors sectors. Prior to this, he was a technology/semiconductors analyst at Lehman Brothers. CW was ranked #1 Semiconductor Analyst by Chosun Ilbo, Hankook Ilbo, Mail Economy and Herald Economy from 2004 to 2006.


Qualifications: BS Biochemistry, MBA Finance (Yonsei University)


Technology (Hardware)

Chris Chang Vice President +82 2 3783 2316 / [email protected]

Chris joined Nomura in September 2009. He covers the IT hardware/display (lead analyst for global display) and mobile game sectors. Prior to his current role, Chris covered the steel, chemical and refining sectors.


Qualifications: BA Economics (Northwestern)

Coverage: Technology & Mobile games

Michael KohAnalyst+82 2 3783 2320 / [email protected]

Michael joined Nomura in July 2017 and covers Korean technology and IT hardware/display, shipbuilding and construction sectors. Prior to joining Nomura, Michael worked as Credit Risk Analyst at Bank of America Merrill Lynch. Michael holds a Bachelor of Commerce degree from University of Toronto.


Qualifications: BComm Finance and Economics (University of Toronto)

Coverage: Technology (Hardware), Shipbuilding, Construction

Oil & Gas and Chemicals / Steel / Utility

Cindy Park Head of Basic Materials research, Asia ex-Japan+82 2 3783 2324 / [email protected]

Cindy joined Nomura in 2004 and is regional head of basic materials research, leads the Asian chemicals research team and covers both Korea energy-related and steel stocks. Prior to joining Nomura, she was with Merrill Lynch and also worked at Samsung Corporation’s chemical marketing division.


Qualifications: BA Economics (Yonsei University)

Coverage: Oil & Gas and Chemicals, steel, utility

Yoonki KimAnalyst+82 2 3783 2342 / [email protected]

Yoonki joined Nomura in July 2015 and covers the Korean basic materials and energy sectors. He received his BA degree in Economics and Mathematics from Cornell University.


Qualifications: BA (Cornell University)

Coverage: Oil & Gas and Chemicals, steel, utility


South Korea (cont’d)

Autos & Auto Parts / Internet / Telecommunications

Angela Hong Executive Director +82 2 3783 2360 / [email protected]

Angela joined Nomura in September 2011 and is the Korean autos, internet and telecom analyst. Prior to her current role, she was at HSBC covering Korean autos stocks and before that was at JP Morgan covering the internet and telecom stocks. Angela also held a consultant role at Accenture in Seoul, Korea and Munich, Germany, and advised global TMT companies on establishing business strategies.


Qualifications: BA Economics (Yonsei University); MBA (The Wharton School, University of Pennsylvania)

Coverage: Autos, Internet, Telecoms

Daye Park Analyst +82 2 3783 2337 / [email protected]

Daye joined Nomura in February 2016 and covers the Korean autos, internet and telecom sectors. Prior to this, Daye worked in General Electric’s finance division. She received her Bachelor’s Degree in Business Administration from Yonsei University.


Qualifications: BBA (Yonsei University)

Coverage: Autos, Internet, Telecom

Consumer

Cara Song Executive Director +82 2 3783 2328 / [email protected]

Cara joined Nomura in 2005 and covers the Korean consumer sector, including discretionary retail (department stores, duty free stores), food retail (hypermarkets), on line retail (TV home shoppers), F&B (tobacco, confectionery, beverage), cosmetics (brands, ODMs), medical beauty (botox, fillers) and furniture (including interior materials). Prior to this she spent three years as an investor relations manager at Hankook Tire and four and a half years as a customer service manager for freight forwarding company Skygate Express.


Qualifications: BBA (Hansung University)

Coverage: Consumer

Jiun Im Associate+82 2 3783 2333 / [email protected]

Jiun joined Nomura in August 2015 and covers Korea’s consumer-related sectors. Prior to this, he spent three years with Daiwa Securities and LIG Investment & Securities in Seoul. He holds a Bachelor’s of Mathematics and Statistical Science from University College London.


Qualifications: BSc (University College London)

Coverage: Consumer

Banks

David HwangAssociate +82 2 3783 2335 / [email protected]

David joined Nomura in 2014 and is covering the Korean banks. Prior to joining Nomura, David covered macroeconomics at Woori Investment & Securities. David received his BA degree in Economics from New York University.


Qualifications: BA Economics (New York University)

Coverage: Banks

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South Korea (cont’d)

Industrials

Jaehyung Choi Associate+82 2 3783 2318 / [email protected]

Jaehyung Choi joined Nomura’s research team in February 2014 and covers the Korean shipbuilding, construction and defence sector. Prior to the current role, Jaehyung was a research associate for the auto/shipbuilding sector. He holds BA in Economics from Boston College.


Qualifications: BA Economics (Boston College)

Coverage: Shipbuilding, Construction, Defence

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TaiwanTechnology (Semiconductors)

Aaron Jeng, CFA Head of Taiwan equity research +886 2 2176 9962 / [email protected]

Aaron joined Nomura in 2010 and has 12 years’ technology research experience. He is the lead sector analyst for Greater China semiconductor research and Head of Taiwan equity research. Aaron’s often contrarian structural approach to research has made him an opinion leader in the Greater China semiconductor space. Aaron was ranked no. 3 technology semiconductor analyst in Institutional Investors’ 2016 All-Asia research team survey.


Qualifications: BBA Finance (National Central University); MBA International Finance (National Chengchi University); CFA charterholder


Benson Pan Associate+886 2 2176 9970 / [email protected]

Benson joined Nomura on Sep 2017 as part of Greater China semiconductor research team. Prior to joining Nomura, Benson has 3-year equity research experience with Macquarie and another 3-year experience in corporate finance with Vanguard International Semiconductor. Benson now mainly supports Aaron for Greater China semiconductor stocks.


Qualifications: Master in Finance (National Chengchi University)


Bruno Cheng Analyst+886 2 2176 9965 / [email protected]

Bruno has about two years of sell-side experience of semiconductor research after graduating from National Chengchi University. Bruno supports Taiwan technology team in expanding regional tech franchise.


Qualifications: Master in Finance (National Chengchi University)


Consumer / Industrials

Caren Huang Vice President +886 2 2176 9971 / [email protected]

Caren joined Nomura in March 2014 and covers Taiwan’s non tech sectors. Prior to this, she covered the same space at JP Morgan for four years and at Deutsche Asset Management and AllianceBernstein covering Taiwan non tech and the North Asia non-banking financial sectors (insurance & brokers).


Qualifications: BA Statistics, BCom Finance (Auckland); MBA (Cambridge)

Coverage: Consumer / Industrial

Technology (Hardware)

Anne Lee, CFA Executive Director +886 2 2176 9966 / [email protected]

Anne joined Nomura in 2007 and covers the Greater China handset sector. With a background in small and mid-cap companies, her strength lies in monitoring market dynamics through broad channel checks and tracking of high volatility mid-cap names.


Qualifications: BA Finance, MBA in Finance (National Taiwan University); CFA charterholder

Coverage: Technology (Hardware)

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Taiwan (cont’d)

Technology (Hardware) (cont’d)

Patrick Chen Vice President +886 2 2176 9974 / [email protected]

Patrick joined Nomura in May 2014 and covers PC, display, industrial PC and telecoms sectors. Prior to this, he worked at UBS and Citi covering technology hardware, at Merrill Lynch covering telecom and media, and at Nomura covering financials.


Qualifications: BBA (National Taiwan University); MBA (University of Virginia)

Coverage: Technology (Hardware) / Telecoms

Shaotang Lee Associate +886 2 2176 9978 / [email protected]

Shaotang Lee joined Nomura in November 2014, covering auto parts, optical communication, and handset component industry in Taiwan and supporting Anne Lee on the Asian handset supply chain. Prior to his current role, he was at BofA Merrill Lynch and Yuanta Investment Consulting covering the semiconductor industry. He obtained his Bachelor of Finance degree from National Taiwan University and is currently based in Taipei, Taiwan.


Qualifications: BA Finance (National Taiwan University)

Coverage: Technology (hardware) / Auto & auto parts

Pallav JainAssociate +91 22 672 35121 / [email protected]

Pallav joined Nomura in June 2017 as an Associate for Taiwan Technology and Telecom team after completing MBA from Indian Institute of Management, Indore. Prior to that he worked for two years in Indian Real Estate sector. He holds Bachelors in Commerce (Hons.) from Shri Ram College of Commerce (DU) in 2013. He is also a CFA Level 2 candidate.


Qualifications: Bachelors of Commerce (Hons.)- SRCC, MBA (Finance and Strategy) – IIM Indore

Coverage: Technology and Telecom

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ThailandConsumer

Marcin Spiewak, CFA Research analyst+66 2 287 6796 / [email protected]

Marcin joined Nomura in 2015 and covers the consumer sector. He has covered the Thai consumer sector since mid-2012, working at CIMB (Thailand), then at Asia Plus Securities (in partnership with Jefferies). He started as a Thai banks analyst for Asia Plus (in partnership with RBS) after moving to Thailand and receiving his CFA charter in 2011. Before moving to Thailand, Marcin spent six years working as a fund accountant at National Australia Bank, followed by Goldman Sachs Asset Management. He is a proficient Thai speaker.


Qualifications: BCom (Melbourne); MFin (RMIT University); CFA charterholder

Coverage: Consumer

Annapurna ChatterjeeAnalyst+91 22 672 35459 / [email protected]

Annapurna holds a MSc Finance degree from Grenoble Ecole de Management, Singapore. She completed a double degree in BA Economics and BSc Business Administration from University at Buffalo, New York. She has also completed a Fintech Certificate Course in Future Commerce from the Massachusetts Institute of Technology. She initially interned with Nomura and later joined the research team in September’17.


Qualifications: MSc Finance -Grenoble Ecole de Management BSc Business Adminis-tration & BA Economics -SUNY, University at Buffalo

Coverage: Consumer

Financials

Narumol Charnchanavivat Research analyst +66 2 287 6797 / [email protected]

Narumol joined Nomura in 2014 to cover Thai banks. She has over 10 years of experience in the analysis of financial institutions. She joined from DBS Vickers Securities, but prior to that was head of the Thai financial institutions credit rating team at Fitch Ratings and a fixed income credit analyst at Standard Chartered Bank covering Thai, Korean and Malaysian banks.


Qualifications: BBA, MBA (Assumption University, Bangkok)

Coverage: Banks and consumer lenders

Healthcare / Property

Thanatcha Jurukul Research analyst+66 2 287 6799 / [email protected]

Thanatcha joined Nomura in June 2013 and covers the property and healthcare sectors. Prior to this she held an internship at KPMG Thailand’s financial service audit department.


Qualifications: Bachelor of Accounting (Thammasat University)

Coverage: Property / Healthcare / Pharmaceuticals

25

Fixed Income Analysts


EconomicsAsia ex-Japan

Rob Subbaraman Head of emerging markets economics; Head of AEJ FI Research+65 6433 6548 / [email protected]

Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where he was Chief Economist, Asia ex-Japan. His team of economists and strategists is responsible for forecasting the outlook of 10 Asian economies and developing market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 19 years living in Asia, including Hong Kong and Tokyo. He has a central banking background, having worked in the Economic Analysis Department at the Reserve Bank of Australia for seven years prior to joining Lehman Brothers.


Qualifications: MEc (Hons) (Macquarie University); MSc Economics (Warwick University)

Coverage: Economics

Michael Loo Associate +65 6433 6296 / [email protected]

Michael Loo joined Nomura in February 2014 and assists the Asia Chief Economist in conducting thematic macroeconomic research on Asia Ex-Japan. His prior experience includes internships in funds research and investment management at Bank of Singapore and Lend Lease. He holds a master degree in applied economics from Singapore Management University, where he emerged top of his cohort with a perfect GPA score.


Qualifications: BBM Finance and MSc Applied Economics (Dean’s List) (Singapore Management University)

Coverage: Economics

China

Yang Zhao, Ph.D.Chief China economist+852 2252 1306 / [email protected]

Yang Zhao joined Nomura in February 2015 as Chief China Economist. Before joining Nomura, Dr. Zhao worked at China International Capital Corporation as Senior China economist for 4 years. Prior to that, Dr. Zhao spent 2 years at the Hong Kong Monetary Authority as researcher on China’s macro economy and financial markets.


Qualifications: BA and MA Economics (Fudan University, Shanghai); Ph.D. Economics (University of Pittsburgh)

Coverage: Economics (China)

Wendy Chen Vice President +86 21 6193 7237 / [email protected]

Wendy Chen joined Nomura in September 2008 and works in the China macroeconomic team. Her responsibilities include analysing and reporting on key economic dynamics in China and forecasting the economic trends. Prior to her current role, she joined Lehman Brothers in April 2007, also working in the China macro team.


Qualifications: BA Literature (Zhejiang University); MA Management (Fudan University)


Lisheng Wang Associate+852 2252 2057 / [email protected]

Lisheng Wang joined Nomura in May 2017 and works in the China macroeconomic team. His responsibilities include analysing economic dynamics and conducting thematic researches on the China economy. Prior to his current role, Lisheng interned at Hong Kong Monetary Authority, the People’s Bank of China, and the International Monetary Fund. His researches have been published or to be published at Review of Financial Studies, Asian Economic Policy Review, IMF Working Paper and PBC Working Paper.


Qualifications: BA Economics and BA Management (Zhejiang University), M.Phil. and Ph.D. Economics (Chinese University of Hong Kong)


27

Economics (cont’d)

India

Sonal Varma Chief India economist+65 6433 6527 / [email protected]

Sonal joined Nomura in October 2008 from Lehman Brothers, where she served as India economist. Her responsibilities include analysing and reporting the key economic trends in India as well as publishing in-depth reports on India. She previously worked as an Economist at ICICI Bank and CRISIL, with broad exposure to both the domestic and external workings of the Indian economy. Sonal was rated #1 on Research in India from 2012 to 2015 by The Asset Magazine and was among the Top 3 economists in India as ranked by the All-India Institutional Investor survey in 2013, 2014 and 2015.


Qualifications: BA Economics (Delhi University); MA Economics (Delhi School of Economics)

Coverage: Economics (India)

Korea / Taiwan / Hong Kong

Young Sun Kwon Senior economist, Korea, Taiwan and Hong Kong+852 2536 7430 / [email protected]

Young Sun Kwon joined Nomura in September 2008 from Lehman Brothers, where he worked as senior Korea economist. Prior to that, he spent 15 years working at the Bank of Korea, where he was responsible for presenting research papers on monetary and exchange rate policy to the Monetary Policy Committee. Young Sun was ranked Top 30 Best Analyst (Overall Korea) in the Asiamoney Poll 2009 and his team was ranked #3 (Asia Economics) in Institutional Investor Poll 2010. He was also a member of the team that ranked Runner Up in the 2014 Institutional Investor survey.


Qualifications: BA Business Economics (Korea University); MBA (Tuck School, Dartmouth College)

Coverage: Economics (Korea, Taiwan, Hong Kong)

Taiwan / Hong Kong

Minoru Nogimori Vice President+852 2252 6462 / [email protected]

Minoru joined Nomura in April 2006. Since July 2015 he has been a Hong Kong-based member of the AEJ team, focusing on the economies of Taiwan and Hong Kong. Prior to his current role, Minoru worked in Tokyo as an economist covering the Japanese economy. For two years from January 2011 he was seconded to the Economic and Social Research Institute of the Cabinet Office where he worked in the National Account Department. Here, among other things, he helped in the calculation of national GDP statistics.


Qualifications: BA Economics (Kyushu University); MA Economics (Hitotsubashi University)

Coverage: Economics (Taiwan, Hong Kong)

Southeast Asia

Euben Paracuelles Senior economist, Southeast Asia +65 6433 6956 / [email protected]

Euben joined Nomura in February 2010 and focuses on the economies of Southeast Asia, covering Singapore, Indonesia, the Philippines, Thailand, and Malaysia. Prior to this he worked at RBS and before that Credit Suisse and DBS Bank. Euben was a member of the team that ranked Runner-Up in the 2014 Institutional Investor survey.


Qualifications: BSc Business Econ (University of the Philippines); MSc Econ (NUS, Singapore); Advanced Certificate in International Econ (Kiel Institute, Germany)

Coverage: Economics (Southeast Asia)

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Economics (cont’d)

Southeast Asia (cont’d)

Brian Tan Vice President+65 6433 6930 / [email protected]

Brian Tan is a Southeast Asia economist based in Singapore, focusing on the economies of Indonesia, Singapore and Malaysia. He won the 2016 Forecast Accuracy Awards for Singapore and Malaysia for his forecasts of Singapore and Malaysia GDP growth and consumer price inflation from Consensus Economics, the world’s leading economic survey organisation. Brian joined Nomura in July 2014 from Citi where he also covered Singapore and Malaysia. Brian has a Bachelor of Social Sciences (Hons) from the National University of Singapore where he read Economics.


Qualifications: BSS (Hons) Economics (NUS, Singapore)

Coverage: Economics (Indonesia, Singapore, Malaysia)

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30

FX StrategySingapore

Craig Chan Head of Emerging Markets Strategy; Head of Global EM FX Strategy +65 6433 6106 / [email protected]

Craig Chan joined Nomura in October 2008, from Lehman Brothers, which he joined in 2006 with an investment banking background. Prior to Nomura, Craig worked for Lehman Brothers in Hong Kong and Singapore. He has been working in the FX, fixed income and economic research fields since 1995, in both Hong Kong and Singapore, with a focus on Asia and major currency markets. In the 2013 and 2014 Institutional Investor poll for Asia FX & rates strategy, Nomura was ranked #1 and #2, respectively.


Qualifications: BSc (Hons) Statistics and Economics (Heriot Watt)

Coverage: FX

Wee Choon Teo Vice President / FX strategist +65 6433 6107 / [email protected]

Wee Choon Teo joined Nomura in 2008 as a member of the FX strategy team. Prior to that, he held a comparable position at Lehman Brothers. Wee Choon was a member of the Asia FX & rates strategy team that ranked #1 and #2, respectively, in the 2013 and 2014 Institutional Investor poll.


Qualifications: BS and MS Electrical and Computer Engineering (Carnegie Mellon); MFE (Nanyang Technological University)

Coverage: FX

Dushyant Padmanabhan Vice President / FX strategist +65 6433 6526 / [email protected]

Dushyant Padmanabhan joined Nomura in 2015 from Vanda Securities, an independent macro research house. Prior to this, he worked as an interest rates trader at ANZ Bank in Singapore and Hong Kong, followed by a stint at a global macro hedge fund. Since 2008, Dushyant has worked across asset classes and brings this experience to his current role as an FX strategist.


Qualifications: BSc (Singapore Management University); Master of Finance (MIT); CFA charterholder

Coverage: FX

Peter Dragicevich Vice President / G10 FX strategist +65 6433 6513 / [email protected]

Peter joined Nomura in 2017 as a G10 FX Strategist in Singapore. In addition to covering the G10 currencies in the Asian time zone, Peter’s major focus is on the AUD and NZD as well as the Australian and New Zealand economies. Prior to joining Nomura, Peter worked at the Commonwealth Bank of Australia (CBA) in both London and Sydney as an interest rate and FX strategist and member of the international economics team.


Qualifications: B. Economics (Hons) (University of New South Wales); LLB (University of New South Wales)

Coverage: G10 FX, Australia, New Zealand


Interest Rate StrategyAustralia

Andrew Ticehurst Interest rates strategist, Australia +61 2 8062 8611 / [email protected]

Andrew Ticehurst joined Nomura in December 2014 as a rates strategist, covering Australia and assisting with dollar bloc rate strategy. He has over 20 years of market experience, as an economist, investment strategist, portfolio manager and proprietary trader. Andrew has worked across the buy and sell side, including roles with Queensland Investment Corp and Suncorp Investment Management, and has worked with debt issuers, including the Commonwealth Treasury and Queensland Treasury Corporation.


Qualifications: BEcon (Hons) (Macquarie); graduate of Australia’s Company Directors course; CFA charterholder

Coverage: Australia

Hong Kong

Albert Leung Interest rate strategist, North Asia +852 2252 1401 / [email protected]

Albert joined Nomura in June 2015 as North Asia rates strategist covering the China (both onshore and offshore), Hong Kong, Korea and Taiwan markets. Prior to Nomura, Albert worked at Bank of America Merrill Lynch which he joined in 2011 as an Asia local market strategist. Before Merrill Lynch he held a similar position at Citi, having moved across to fixed income research in 2007. Before that move Albert had been a member of Citi’s Asia and global equity strategy teams.


Qualifications: BA Economics (Cambridge); MA Economics (Warwick)

Coverage: China on/offshore, Hong Kong, Korea, Taiwan

Singapore

Vivek Rajpal Interest rate strategist, South and Southeast Asia +65 6433 6555 / [email protected]

Vivek Rajpal joined Nomura and the rates strategy team in August 2010. Prior to that, he was rates desk strategist at Morgan Stanley. Early in his career, Vivek worked at GE Capital Analytics, where he developed in house interest rate models. Vivek has been receiving the region’s best local currency bond individuals award since 2013 in Asset survey for local bond currency research. He was a member of the currency and rates strategy team that achieved #1 and #2 rankings, respectively, in Institutional Investor’s All Asia research team survey in 2013 and 2014.


Qualifications: B.Tech (IIT (ISM) Dhan-bad); MBA (IIT Bombay)

Coverage: India, ASEAN

Prashant Pande Vice President +65 6433 6547 / [email protected]

Prashant Pande has been a member of Nomura’s rates strategy team, focusing on Asia ex-Japan rates markets, for three years. He joined Nomura in 2010 as a member of the FX strategy team, with a focus on Asia ex-Japan currencies. He previously worked at Lehman Brothers in the fixed income risk technology department in Mumbai, and interned with the Barclays FX structuring desk in London.


Qualifications: BE (VJTI, Bombay); MBA (IIM Calcutta)

Coverage: Rates strategist

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Disclaimers

This publication contains material that has been prepared by the Nomura Group entity identified on page 1 and, if applicable, with the contributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified elsewhere in the publication. The term “Nomura Group” used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including: Nomura Securities Co., Ltd. (‘NSC’) Tokyo, Japan; Nomura International plc (‘NIplc’), UK; Nomura Securities International, Inc. (‘NSI’), New York, US; Instinet, LLC (‘ILLC’); Nomura International (Hong Kong) Ltd. (‘NIHK’), Hong Kong; Nomura Financial Investment (Korea) Co., Ltd. (‘NFIK’), Korea (Information on Nomura analysts registered with the Korea Financial Investment Association (‘KOFIA’) can be found on the KOFIA Intranet at http://dis.kofia.or.kr); Nomura Singapore Ltd. (‘NSL’), Singapore (Registration number 197201440E, regulated by the Monetary Authority of Singapore); Nomura Australia Ltd. (‘NAL’), Australia (ABN 48 003 032 513), regulated by the Australian Securities and Investment Commission (‘ASIC’) and holder of an Australian financial services licence number 246412; PT Nomura Sekuritas Indonesia (‘PTNSI’); Nomura Securities Malaysia Sdn. Bhd. (‘NSM’), Malaysia; NIHK, Taipei Branch (‘NITB’), Taiwan; Nomura Financial Advisory and Securities (India) Private Limited (‘NFASL’), Mumbai, India (Registered Address: Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India; Tel: +91 22 4037 4037, Fax: +91 22 4037 4111; CIN No: U74140MH2007PTC169116, SEBI Registration No. for Stock Broking activities : BSE INB011299030, NSE INB231299034, INF231299034, INE 231299034, MCX: INE261299034; SEBI Registration No. for Merchant Banking : INM000011419; SEBI Registration No. for Research: INH000001014 and NIplc, Madrid Branch (‘NIplc, Madrid’). ‘CNS Thailand’ next to an analyst’s name on the front page of a research report indicates that the analyst is employed by Capital Nomura Securities Public Company Limited (‘CNS’) to provide research assistance services to NSL under an agreement between CNS and NSL. ‘NSFSPL’ next to an employee’s name on the front page of a research report indicates that the individual is employed by Nomura Structured Finance Services Private Limited to provide assistance to certain Nomura entities under inter-company agreements. The “BDO-NS” (which stands for “BDO Nomura Securities, Inc.”) placed next to an analyst’s name on the front page of a research report indicates that the analyst is employed by BDO Unibank Inc. (“BDO Unibank”) who has been seconded to BDO-NS, to provide research assistance services to NSL under an agreement between BDO Unibank, NSL and BDO-NS. BDO-NS is a Philippines securities dealer, which is a joint venture between BDO Unibank and the Nomura Group.

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2018 institutional investor / malaysia / thailand abhishek nigam 65 6433 6969...

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