2019 Institutional Investor - Nomura Holdingsii Asia ex-Japan Research Analyst Directory Table of Contents Regional Management 1 Equity Analysts 2 China / Hong Kong 3 India 8 Indonesia

2019 Institutional InvestorAll-Asia Research Team Survey

Our analysts are tasked with delivering creative and original ideas.

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IntroductionNomura’s Asia-Paci�c research team has over 300 professionals spanning twelve countries from our home in Japan. Our Japan equities and �xed-income research teams are widely acknowledged as market leaders. Nomura is your natural partner for all Japan-related intelligence including political, economic, corporate and social institutions. Beyond Japan, Nomura sees the Asia-Paci�c as our home market extension. Our roots in these complementary markets date back some �fty years.

Our �xed-income research team covers economics, FX, rates and quantitative strategies. This team provides forecasts on macro-economies and thought leadership on fundamental ideas. Our value proposition covers three areas. First, impactful research. Nomura aims to be one of the �rst 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.

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 �nancial 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-�ows from one �nancial 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-Paci�c. 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 Paci�c 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 �ight. 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.

We see signi�cant change in how investors view APAC markets in the coming years. This change pivots around how major index providers classify markets. The convention of sub-dividing APAC into Asia ex-Japan and Japan will disintegrate in the next few years. This will be replaced by a single APAC equity asset class which is dominated by China in 2023. Against this background we are tasking our analysts to view companies through a wider APAC lens, as we see companies in each sector competing and cooperating at local levels in all APAC markets.

The world is changing quickly. Nomura’s research team is actively embracing AI technology to complement our fundamental analysis. At the end of 2018, Nomura launched its Hotaru research note. This Hotaru note highlights our company-speci�c stock recommendation at a time when we receive a supportive signal from our proprietary quantitative AI system. These signals are generated when share price movements, volumes and shareholder register changes con�uence to support our research recommendation.

We hope to develop our product offering in 2019 by addressing topical themes and �ltering 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 con�dent that Nomura’s research will make sense of the intricacies of the Asia-Paci�c region. We welcome your feedback.

Jun KonomiHead of Equity Research, Asia-Paci�cDirector 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 Fixed Income Research, Asia ex-Japan Head of global Emerging Markets Economics+65 6433 6548 / [email protected]

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Asia ex-Japan Research Analyst Directory

Table of Contents

Regional Management 1

Equity Analysts 2

China / Hong Kong 3

India 8

Indonesia 11

Malaysia 12

Philippines 14

Singapore 15

South Korea 17

Taiwan 20

Thailand 22

Fixed Income Analysts 23

Economics 24

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Analysts by Sector

Name Phone e-mail

Regional Management

Equity Research Jun Konomi 81 3 6703 1110 [email protected]

Equity Research Jim McCafferty 852 2252 1189 [email protected]

Equity Research Trevor Kalcic 65 6433 6968 [email protected]

Fixed Income Research Rob Subbaraman 65 6433 6548 [email protected]

Equity Strategy

ASEAN Chetan Seth 65 6433 6986 [email protected]

ASEAN Jayant Parasramka 91 22 672 35152 [email protected]

India Saion Mukherjee 91 22 4037 4184 [email protected]

India Neelotpal Sahu 91 22 4037 4023 [email protected]

India Sanjay Kadam 91 22 4037 4187 [email protected]

Indonesia Elvira Tjandrawinata 62 21 2991 3341 [email protected]

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

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

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

South Korea Jung Cho 822 3783 2332 [email protected]

Autos & Auto Parts

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

China Joseph Wong 852 2252 6111 [email protected]

China Martin Heung 852 2252 1414 [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 Eunjae So 822 3783 2338 [email protected]

South Korea Akash Gupta 91 22 672 35492 [email protected]

Taiwan Shaotang Lee 886 2 2176 9978 [email protected]

Banks / Diversi�ed Financials

China Shengbo Tang 852 2252 6210 [email protected]

China Yiran Zhong 852 2252 1413 [email protected]

China Martin Ma 852 2252 2154 [email protected]

India Adarsh Parasrampuria 91 22 4037 4034 [email protected]

India Amit Nanavati 91 22 4037 4361 [email protected]

India Tanuj Kyal 91 22 40374220 [email protected]

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


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


Insurance

China Shengbo Tang 852 2252 6210 [email protected]

China Martin Ma 852 2252 2154 [email protected]

India Adarsh Parasrampuria 91 22 4037 4034 [email protected]

Basic Materials

Greater China Jamie Wang 852 2252 2195 [email protected]

India Anil Sharma 91 22 4037 4338 [email protected]

India Ravi Adukia, CFA 91 22 4037 4232 [email protected]

India Priyankar Biswas, CFA 91 22 4037 4992 [email protected]

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Analysts by Sector (cont’d)

Name Phone e-mail

Basic Materials (cont’d)

Indonesia Ricky Ho 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 Soobin Park 822 3783 2320 [email protected]

Consumer

China / Hong Kong Tina Long 852 2252 6180 [email protected]

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

China / Hong Kong Sandy Shao 852 2252 6177 [email protected]


Indonesia Illona Freddy 62 21 2991 3343 [email protected]

Indonesia Sanjna Thakeria 91 22 672 34084 [email protected]

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

Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 [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 Nam Hweu Jo 822 3783 2333 [email protected]


Thailand Thanatcha Jurukul 66 2 287 6799 [email protected]

Thailand Annapurna Chatterjee 91 22 672 35459 [email protected]

Healthcare & Pharmaceuticals

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

India Saion Mukherjee 91 22 4037 4184 [email protected]

India Prateek Mandhana 91 22 40374219 [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 Nam Hweu Jo 822 3783 2333 [email protected]


Industrials

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

India Priyankar Biswas 91 22 4037 4992 [email protected]



Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 [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 / ASEAN Andrew Orchard, CFA 852 2252 1400 [email protected]

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

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Name Phone e-mail

Internet / Media (cont’d)

China Michael Tam 852 2252 1431 [email protected]

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




Oil & Gas and Chemicals

China Lin Chen 852 2252 1555 [email protected]

China Jessie Xu 852 2252 6197 [email protected]



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

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




Taiwan Jamie Wang 852 2252 2195 [email protected]

Power & Utilities

China Lin Chen 852 2252 1555 [email protected]

China Jessie Xu 852 2252 6197 [email protected]

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

HK Martin Heung 852 2252 1414 [email protected]



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

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

Philippines Angelo Torres 63 2 8784967 [email protected]



Property

China Leif Chang 852 2252 1554 [email protected]

Hong Kong Joyce Kwock 852 2252 1569 [email protected]

Indonesia Illona Freddy 62 21 2991 3343 [email protected]



Singapore Min Chow Sai 65 6433 6959 [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]

China Ethan Zhang 852 2252 2157 [email protected]

India Ashwin Mehta 91 22 4037 4465 [email protected]

India Rishit Parikh 91 22 4037 4360 [email protected]

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Name Phone e-mail

Technology (cont’d)

Malaysia Heng Siong Kong 603 2027 6894 [email protected]

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

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

South Korea Jung Cho 822 3783 2332 [email protected]

Taiwan Patrick Chen 886 2 2176 9974 [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]

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

ASEAN / Hong Kong Ankur Pant 91 22 6723 5578 [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 FI research, Asia ex-Japan; Head of global emerging markets economics

Rob Subbaraman 65 6433 6548 [email protected]

Chief China economist Ting Lu 852 2252 1306 [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]

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

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

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

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

Economist (China) Jing Wang 852 22521011 [email protected]

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

Economist (India) Aurodeep Nandi 91 22 40374087 [email protected]

Economist (Thailand/Singapore) Charnon Boonnuch 65 6433 6189 [email protected]

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Analysts by Country

Name Phone e-mail

Hong Kong / China

Head of Hong Kong equity research, Autos / Conglomerates / Utilities

Benjamin Lo, CFA 852 2252 6220 [email protected]

Autos / Conglomerates / Utilities Martin Heung 852 2252 1414 [email protected]

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

Head of China equity research, Consumer

Tina Long 852 2252 6180 [email protected]

Consumer Emily Lee 852 2252 1407 [email protected]

Consumer Sandy Shao 852 2252 6177 [email protected]

Banks Yiran Zhong 852 2252 1413 [email protected]

Energy and utilities Lin Chen 852 2252 1555 [email protected]

Energy and utilities Jessie Xu 852 2252 6197 [email protected]

Energy and materials Jamie Wang 852 2252 2195 [email protected]

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

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

Insurance and non-bank �nancials Martin Ma 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]

Internet / Media Rajesh Kumar 91 22 3053 2910 [email protected]

Property (China) Leif Chang 852 2252 1554 [email protected]

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

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

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

Technology / Telecommunications Ethan Zhang 852 2252 2157 [email protected]

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

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

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

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

Telecommunications (HK) Gopa Kumar 65 6433 6961 [email protected]

India

Head of India equity research, Healthcare / Strategy

Saion Mukherjee 91 22 4037 4184 [email protected]

Strategy Neelotpal Sahu 91 22 403 74023 [email protected]

Healthcare Prateek Mandhana 91 22 40374219 [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]

Banks and Financials Adarsh Parasrampuria 91 22 4037 4034 [email protected]

Banks and Financials Amit Nanavati 91 22 4037 4361 [email protected]

Banks and Financials Tanuj Kyal 9122 4037 4220 [email protected]

Industrials / Metals Priyankar Biswas, CFA 91 22 4037 4992 [email protected]

IT Services and Internet Ashwin Mehta 91 22 4037 4465 [email protected]

IT Services and Internet 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, CFA 91 22 4037 4232 [email protected]

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

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Analysts by Country

Name Phone e-mail

Indonesia

Head of Indonesia equity research, Autos / Consumer / Strategy

Elvira Tjandrawinata 62 21 2991 3341 [email protected]

Consumer-related Illona Freddy 62 21 2991 3343 [email protected]

Consumer-related Sanjna Thakeria 91 22 672 34084 [email protected]

Banks Marcus Chua 65 6433 6960 [email protected]

Cement / Industrials / Property Ricky Ho 62 21 2991 3348 [email protected]

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

Media Guo Hao Yong 65 6433 6967 [email protected]

Telecommunications (ASEAN) Gopa Kumar 65 6433 6961 [email protected]

Transport and Logistics (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 [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]

Healthcare Raghavendra Divekar 81 3 6703 1229 [email protected]




Transport and Logistics (ASEAN) Divya Thomas 91 22 672 35184 [email protected]

Technology / Small/mid-caps Heng Siong Kong 603 2027 6894 [email protected]


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

Philippines

Head of Philippines equity research, Banks / Property

Abigail Chiw, CFA 63 2 8784590 [email protected]

Consumer-related Angelo Torres 63 2 8784967 [email protected]

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



Singapore

Banks Marcus Chua 65 6433 6960 [email protected]

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

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


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


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

Media / Consumer / Small/mid-caps Guo Hao Yong 65 6433 6967 [email protected]

Property Min Chow Sai 65 6433 6959 [email protected]

Property Joyce Kwock 852 2252 1569 [email protected]


Telecommunications (ASEAN) Ankur Pant 91 22 6723 5578 [email protected]


Strategy (ASEAN) Chetan Seth 65 6433 6986 [email protected]

Strategy (ASEAN) Jayant Parasramka 91 22 672 35152 [email protected]

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Analysts by Country (cont’d)

Name Phone e-mail

South Korea

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

CW Chung 82 2 3783 2312 [email protected]

Technology (Semiconductors) Jung Cho 822 3783 2332 [email protected]

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

Oil & Gas and Chemicals / Basic Materials

Cindy Park 82 2 3783 2324 [email protected]

Oil & Gas and Chemicals / Basic Materials

Soobin Park 822 3783 2320 [email protected]

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

Autos / Internet / Telecommunications Eunjae So 822 3783 2338 [email protected]

Autos / Internet / Telecommunications Akash Gupta 91 22 672 35492 [email protected]

Consumer / Healthcare Cara Song 82 2 3783 2328 [email protected]

Consumer / Healthcare Nam Hweu Jo 822 3783 2333 [email protected]

Industrials Jaehyung Choi 82 2 3783 2318 [email protected]

Taiwan

Head of Taiwan equity research, Technology (Semiconductors)

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

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

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

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

Technology (Hardware) Martin Lee 886 2 2176 9963 [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 (Semiconductors/Hardware) Donnie Teng 852 2252 1439 [email protected]

Small/mid-caps (Technology/Non-Tech) Shaotang Lee 886 2 2176 9978 [email protected]


Materials Jamie Wang 852 2252 2195 [email protected]

Thailand

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

Consumer Annapurna Chatterjee 91 22 672 35459 [email protected]


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



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Regional Management

Equity Research (Asia Paci�c)

Jun Konomi Head of equity research, Asia Paci�c;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, �nancials, 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

Quali�cations: Bachelor of Economics (Waseda University)

Equity Research (Asia ex-Japan)

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

Jim joined Nomura in July 2015 after �ve years with RBS/CIMB in Hong Kong, where he was most recently head of Asia Paci�c 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: 27 years

Quali�cations: BA (Hons) Economics (Heriot Watt University); MSc Political Economy of East Asia (University of Shef�eld)

Equity Research (Asia ex-Japan)

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 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.


Quali�cations: BA Hons, Economics (University of Pretoria); CFA charterholder

Fixed Income Research (Asia ex-Japan)

Rob Subbaraman Head of FI research, Asia ex-Japan; Head of global emerging markets economics+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 22 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.


Quali�cations: MEc (Hons) (Macquarie University); MSc Economics (Warwick University)

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Equity Analysts

China / Hong KongAutos / Conglomerates / Utilities

Benjamin Lo, CFA Head of Hong Kong equity research; Head of China autos and Hong Kong conglomerates/utilities 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 �rst joined Nomura in October 2008 as regional head of Conglomerates research from Lehman Brothers and also previously worked at Deutsche Bank.


Quali�cations: LLB, BEcon (University of Sydney); CFA charterholder

Coverage: Autos, Conglomerates, Utilities

Martin HeungAnalyst +852 2252 1414 / [email protected]

Martin joined Nomura in October 2018 as part of the China Autos, Hong Kong Conglomerates & Utilities team. Previously, he was a senior associate with PricewaterhouseCoopers. He also worked in long-only equity at Jacobs Investment Management in the United States.


Quali�cations: MBA (Vanderbilt Uni-versity), CFA Level III candidate

Coverage: Autos, Conglomerates, Utilities

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.


Quali�cations: HKICPA charterholder; MBA (Chinese University of Hong Kong)

Coverage: EV / Auto Parts / Autos

Financials (Insurance and non-bank �nancials)

Shengbo Tang Head of Hong Kong and China �nancials research +852 2252 6210 / [email protected]

Shengbo Tang joined Nomura as head of Hong Kong and China insurance and non-bank �nancials research �rstly and then head of Hong Kong China �nancials, from CICC where he headed China insurance research. He has been a consistently top-ranked insurance analyst for China in various industry polls, including Institutional Investor, Asiamoney and Thomson Reuters’ Starmine. Before CICC, Shengbo had worked as an actuarial manager at China Taiping Insurance. Shengbo is a Fellow of the China Association of Actuaries.


Quali�cations: BS, MS Applied Mathematics (Tongji University); Certi�ed Fellow of the China Association of Actuaries

Coverage: Insurance and Non-Bank Financials

Martin MaAssociate +852 2252 2154 / [email protected]

Martin joined Nomura in October 2018 as part of the Insurance team. He currently covers China Insurance for Nomura. Previously, he was a PE associate with China Minsheng Investment Group, with a focus on Fintech. He also worked for Jefferies.


Quali�cations: Bachelor (University of Hong Kong)

Coverage: Insurance and Non-Bank Financials

3


China / Hong Kong (cont’d)

Consumer

Tina Long Head of China equity research +852 2252 6180 / [email protected]

Tina joined Nomura in January 2019 as Head of China Equity Research, and as a lead analyst for China consumer staples. Previously, she covered China consumer stocks, with a focus on consumer staples, for more than 10 years, at Bank of America Merrill Lynch (Hong Kong). She was ranked as the #1 China consumer staples analyst in the Institutional Investor Survey in 2015 and 2016. She holds a Master of Finance degree from Concordia University, and is also a CFA Charterholder.


Quali�cations: Master of Finance, Concordia University, CFA Charterholder

Coverage: HK/China consumer staples

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

Emily covers the Hong Kong/China consumer sector. Prior to joining Nomura in 2016, Emily was an equity analyst for 10 years covering the HK/China consumer discretionary retail, OEM, education and media sectors, 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.


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

Coverage: HK/China Consumer

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

Sandy joined Nomura in August 2016 and covers the China consumer sector now after 2 years’ experience in the China banks sector. Prior to this, Sandy worked in KPMG as an auditor focusing on �nancial institutions.


Quali�cations: BBA in Accounting and Finance (Hong Kong Poly-technic University); CFA; HKICPA

Coverage: Consumer

Energy

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

Lin joined Nomura in September 2017 and covers the 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 the oil & gas, chemicals and utilities sectors.


Quali�cations: MSc in Banking and International Finance (Cass Business School)

Coverage: Oil & Gas, Chemicals and Utilities

Jessie XuAssociate +852 2252 6197 / [email protected]

Jessie joined Nomura in Dec 2017 and covers the China energy sector. Prior to this, Jessie worked at Credit Suisse and Citigroup as a research associate. Jessie received a Master’s Degree of Economics from the Chinese University of Hong Kong.


Quali�cations: MSc in Economics (the Chinese University of Hong Kong)

Coverage: Oil & Gas, Chemicals and Utilities

4


Energy (cont’d)

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

Jamie joined Nomura in September 2014 and covers the Greater China chemical sector and recently expanded his coverage into the material and non-ferrous metal spaces. 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 �nance.


Quali�cations: Masters in Finance (National Taiwan University)

Coverage: Energy and 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 the 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 �nance industry, Jialong was a college lecturer on ecommerce technology at a Chinese university and a part-time teacher at New Oriental School.


Quali�cations: 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 as part of the China internet team. He currently covers China education and South East Asia internet for Nomura. 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.


Quali�cations: BBA (University of Michigan, Ann Arbor), CFA charterholder


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

Carson joined Nomura in 2015 and is part of the China internet team. He currently covers China media and entertainment sector for Nomura. Prior to this, he worked in Ernst & Young as an auditor.


Quali�cations: 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: 1 year

Quali�cations: Bachelor Accounting and Finance (The University of Hong Kong)


5



Internet & Media (cont’d)

Rajesh KumarAnalyst+91 22 3053 2910 / [email protected]

Rajesh joined Nomura in September 2018 as part of the China media and internet team. He currently covers China education and South East Asia internet. He worked previously with HSBC, where he was part of the Financial sector research team. He has completed CFA Level 3 and has basic level understanding of Mandarin language.


Quali�cations: PGDM (IIM Udaipur), CFA Level 3


Healthcare

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

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


Quali�cations: BBA Accounting & Fi-nance (Hong Kong); CFA charterholder

Coverage: Healthcare

Property (China)

Leif Chang Head of China Property Research +852 2252 1554 / [email protected]

Leif joined Nomura in December 2018. He leads coverage of China Property. Before joining Nomura, Leif was China Property analyst with Morgan Stanley and BNP Paribas.


Quali�cations: BBA (National Taiwan University)

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 research 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 trained as an accountant, at Ernst & Young LLP in London and at PricewaterhouseCoopers in Hong Kong, prior to joining equity research. Joyce has CPA and FRM quali�cations.


Quali�cations: BS Accountancy (The Chinese University of Hong Kong), CPA, FRM

Coverage: HK Property

Technology

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

Donnie has about 5 years of buy-/sell-side experience in global semiconductor research after working with UMC for 2.5 years. Donnie now covers Greater China Semi and Tech companies.


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

Coverage: Technology (Semiconductors/ Hardware)

6


Technology / Telecommunications

Joel Ying, CFA Vice President +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.


Quali�cations: 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 at China UnionPay from February 2012 as a risk manager; prior to that, he has worked at China Telecom and in Morgan Stanley’s technology department.


Quali�cations: MS Computer Science (Shanghai Jiaotong Univeristy);

MBA (Hong Kong University of Science and Technology)


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

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


Quali�cations: BBA in Accountancy (City University of Hong Kong)


Banks

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

Yiran joined Nomura in October 2011. Yiran has nine years’ experience in equity research including seven years’ experience in equity strategy research. In 2018, she joined the China �nancials team to cover China banks. Prior to this, she worked at Macquarie Securities as a regional strategist. She also worked at Huatai United Securities and Jefferies.


Quali�cations: MA Economics (New York University); CFA Level III passed in 2010

Coverage: Banks

7


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.


Quali�cations: BTech Chemical Engineering (IIT, Delhi); PGDM (IIM, Ahmedabad)

Coverage: Healthcare and Strategy

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

Neelotpal joined Nomura in November 2017. She is a part of the India strategy research team. 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 team. She has completed a Masters of Science in Economics from the Indian Institute of Technology Kharagpur. She has completed CFA Level III.


Quali�cations: Masters of Science in Economics (Indian Institute of Technology Kharagpur)

Coverage: Strategy

Prateek Mandhana Associate +91 22 40374219 / [email protected]

Prateek joined Nomura in November 2018 as part of the India research team. He currently covers the India healthcare sector for Nomura. Previously, he was an investment advisor for UHNI clients with Avendus Wealth Management.


Quali�cations: MBA, IIM Calcutta

Coverage: 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 #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.


Quali�cations: 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 at HSBC and Emkay Global. He has overall equity research experience of nearly 7 years covering the auto and auto ancillary sector in India. At Nomura, he covers nearly 13 companies and has developed close relationships with managements. He holds the CFA charter.


Quali�cations: B-Tech, MBA (Finance), CFA charterholder

Coverage: Autos and Auto Parts and Media

8

India (cont’d)

Financials

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

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


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


Quali�cations: MBA (Finance) (M.E.T), CFA

Coverage: Financials

Tanuj KyalAnalyst+9122 4037 4220 / [email protected]

Tanuj joined Nomura in November 2018 and is a part of the India Banks and Financials Team. He has previously interned with Nomura India Equity Research team for a year and with PwC for two years.

Years in industry: <1 year

Quali�cations: Chartered Accountant (ICAI), Cleared CFA Level II, B.Com (Mumbai University)

Coverage: India Banks and Financials

Industrials & Metals

Priyankar Biswas, CFAAssociate+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, metals 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.


Quali�cations: BTech Electronics & Communication Engineering (NIT Durgapur); PGDIM (IIM Kozhikode)

Coverage: Industrials, Infrastructure, Metals, Transport and logistics

9


India (cont’d)

IT Services and Internet

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 13 years of experience as 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.


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

Coverage: IT Services and Internet

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 total work experience of 5 years including a year with an advisory �rm 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.


Quali�cations: 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 �ve years at GAIL. Anil has been amongst the top-ranked analysts in his sectors. He ranked #1 for two consecutive years (2016 and 2017), and was # 2 in 2015 by Institutional Investor magazine.


Quali�cations: BTech Chemical Engineering (IIT, Kanpur); PGDM (IMT, Ghaziabad)

Coverage: Oil & Gas, Chemicals and Cement

Ravi Adukia, CFA 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 worked at Lehman Brothers, Crisil and ONGC. Ravi is a chartered accountant and also holds the CFA charter.


Quali�cations: B.com (H), Chartered Accountant, CFA charterholder

Coverage: Oil & Gas

Strategy / Database

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

Sanjay joined Nomura in October 2008. He has 22 years of experience in the industry. He started his career with SSKI-IDFC in August 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.


Quali�cations: B.Com (Mumbai University)

Coverage: Database Analyst

10

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 Paci�c 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.


Quali�cations: Bachelor of Business Administration (University of Wisconsin Madison); MBA (INSEAD)

Coverage: Consumer and Autos

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

Illona 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.


Quali�cations: Bachelor of Management (Bandung Institute of Technology)

Coverage: Consumer, Property and Materials

Sanjna ThakeriaAnalyst +91 22 672 34084/ [email protected]

Sanjna joined Nomura in February 2018 as an Analyst for the Indonesian Consumer team. She has completed her MSc. Finance & Management from University of Exeter, UK and her BSc. Economics from NMIMS University, Mumbai. She has interned at Aditya Birla Group with their Corporate Economic Cell working on Free Trade Agreements. She is also a CFA Level II candidate.

Years in industry: 3 months

Quali�cations: MSc. Finance & Manage-ment (University of Exeter, UK), BSc. Economics (NMIMS University)

Coverage: Indonesia Consumer Related

Materials / Industrials / Property

Ricky Ho Associate +62 21 2991 3348 / [email protected]

Ricky joined Nomura in December 2018 as part of the Indonesia research team. He will be responsible for covering the cement, infrastructure, property and industrial sectors. Prior to this, he spent �ve years working for other sell-side �rms (Bahana, Yuanta and Credit Suisse).


Quali�cations: BS Finance (Universitas Pelita Harapan); Master of International Business (Hult IBS)

Coverage: Cement, infrastructure, property and industrials

11


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 �nancials, construction and gaming sectors. Previously, he covered a wide range of sectors such as transportation, property and consumer. He is a CFA charterholder.


Quali�cations: 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 �nancials, 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.


Quali�cations: Bachelor of Engineering (Electronics), MBA (Finance), CFA charterholder

Coverage: Financials, Gaming and Construction

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 11 years of sell-side research experience, primarily covering the ASEAN transportation sector, �rst at OSK, and then at RHB after the latter’s acquisition of OSK. Ahmad has ranked among the top 5 transportation analyst in Malaysia by Asiamoney Broker Polls over the past three consecutive years.


Quali�cations: BBA (Hons) from Yarmouk University, Jordan

Coverage: Transport and Logistics

Divya ThomasAssociate+91 22 672 35184 / [email protected]

Divya has been part of the ASEAN Transport and Logistics team since October 2017 and previously worked in the Risk and Finance change team in Nomura for 2.5 years. She received an MBA degree from IIM Kozhikode in 2015 and a degree in Mechanical engineering from Manipal University in 2013.


Quali�cations: BE Mechanical (Manipal University), MBA (IIM Kozhikode)

Coverage: ASEAN Transport and Logistics

Technology / Small/mid-caps

Heng Siong KongAssociate+603 2027 6894 / [email protected]

Kong Heng Siong joined Nomura Malaysia in July 2018 and currently looks at the Malaysia technology and small/mid caps sectors. In his previous stints, he covered sectors such as healthcare, rubber gloves, gaming, construction and utilities, focusing predominantly on the Malaysian market.


Quali�cations: Bachelor of Commerce – Actuarial Studies

Coverage: Malaysia Tech and Small/mid-caps

12

Malaysia (cont’d)

Oil & Gas / Utilities

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

Rahul joined Nomura in February 2017 and covers the ASEAN utilities 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.


Quali�cations: MBA (Finance), B. Tech & M. Tech (Civil Engineering)

Coverage: Utilities and Oil & Gas

13


PhilippinesBanks / Property

Abigail Chiw, CFA Head of Philippines equity research+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 �xed income research; she has also worked at Bahay Financial Services, Inc. (an asset management �rm 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.


Quali�cations: 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.


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

Coverage: Consumer

Conglomerates / Industrials

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

Thomas Earll Huang covers the Philippine conglomerates and Industrials sectors. 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.


Quali�cations: Business Management,

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

Coverage: Conglomerates / Industrials

14

SingaporeBanks

Marcus ChuaAssociate+65 6433 6960 / [email protected]

Marcus joined Nomura in September in 2016 and has experience in covering all banking sectors within ASEAN. On top of his own coverage, Singapore and Indonesia, he also coordinates and structures the ASEAN banking strategy. His last position was at Fitch Ratings as an Associate Director.


Quali�cations: BSc (Hons) Banking & Finance (University of London)

Coverage: Banks, Singapore and Indonesia

Media / Consumer / Small/mid-caps

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

Guo Hao joined Nomura in 2015 and now covers the ASEAN media, small/mid-caps and 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.


Quali�cations: BBA (Hons) (National University of Singapore)

Coverage: Media / Consumer / Small/mid-caps

Oil & Gas and Chemicals / Industrials

Abhishek Nigam Vice President +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.


Quali�cations: BCom (Hons) (SRCC, Delhi University); MBA (IBS, Hyderabad)

Coverage: ASEAN O&G, Industrials

Bineet Banka Vice President +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 holds an MBA in Finance from XLRI Jamshedpur and B.Tech from IIT Kharagpur. He is also a CFA charter holder and certi�ed FRM.


Quali�cations: 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.


Quali�cations: BEng (National University of Singapore)

Coverage: Property

15


Singapore (cont’d)

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.


Quali�cations: 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 certi�ed FRM and has also cleared the CFA Level 3 exam.


Quali�cations: BTech Mechanical Engineering (MSRIT); MBA (NITIE)

Coverage: ASEAN Telecommunication Services

Strategy

Chetan Seth Vice President +65 6433 6986 / [email protected]

Chetan rejoined Nomura in December 2017 to develop the ASEAN Equity Strategy product. Prior to Nomura, Chetan worked for almost 5 years as a regional AEJ/Global Equity Strategist in Macquarie’s highly regarded Strategy team based in Hong Kong. Overall, Chetan has around 10 years of experience in Equity Strategy research including stints at Lehman/Nomura and Samsung Securities. Chetan started his career in 2002 at McKinsey in India, before pursuing a career in Equities starting 2006.


Quali�cations: CFA charterholder, Char-tered Accountant (ICAI), B.Com (Hons)

Coverage: ASEAN strategy

Jayant ParasramkaAssociate +91 22 672 35152 / [email protected]

Jayant is an associate at Nomura Powai since February 2018 and currently covers ASEAN Equity Strategy. Prior to that he worked with HSBC, where he was in the Strategy team covering the ASEAN region. He received an MBA in Finance from IMT Ghaziabad in 2016.


Quali�cations: MBA (IMT Ghaziabad)

Coverage: ASEAN strategy

16

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 Korea 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.


Quali�cations: BS Biochemistry, MBA Finance (Yonsei University)

Coverage: Technology (Semiconductors)

Jung Cho Analyst +822 3783 2332 / [email protected]

Jung Cho joined Nomura in December 2018 and covers the Korea technology and semiconductor sectors. Prior to this, he was at Daiwa Securities covering the Korea tech sector.


Quali�cations: BBA at Boston college


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 re�ning sectors.


Quali�cations: BA Economics (Northwestern)

Coverage: Technology & Mobile games

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, energy and EV battery research. She leads research and price forecasts for oil & gas/chemical and metals, in addition to her stock coverage. Prior to joining Nomura, she was with Merrill Lynch and Samsung Corporation’s chemical trading division.


Quali�cations: BA Economics (Yonsei University)

Coverage: Oil & Gas and Chemicals, Steel, Utility

Soobin Park Analyst+822 3783 2320 /[email protected]

Soobin Park joined Nomura in November 2018. Soobin is a research associate for Basic Materials and Oil & Gas.


Quali�cations: BBA in Business Administration & BA in Hispanic Studies from Seoul National University

Coverage: Oil & Gas and Chemicals, Steel, Utility

17


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 Korea 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.


Quali�cations: BA Economics (Yonsei University); MBA (The Wharton School, University of Pennsylvania)

Coverage: Autos, Internet, Telecoms

Eunjae SoAnalyst +82 23783 2338 / [email protected]

Eunjae joined Nomura in March 2017 and covers the Korea auto/auto parts, telcos and internet/media sector. Prior to this, Eunjae worked at JP Morgan as a credit analyst. She received her BS degree in Finance and BS/MS degree in Accounting from New York University.


Quali�cations: BS Finance (NYU Stern); BS/MS Accounting (NYU Stern)

Coverage: Autos, Internet, Telecoms

Akash GuptaAnslyst+91 22 672 35492 / [email protected]

Akash joined the Research team at Nomura Powai in September 2017 and currently covers the auto, tire, internet and telecom sectors in Korea. Prior to joining Nomura, he worked at Goldman Sachs as Financial Controller for the Merchant Banking Division. Akash received his B.com (Hons.) from St. Xavier’s College, Kolkata. He is a quali�ed Chartered Accountant and has cleared all levels of the CFA and the Company Secretary course.


Quali�cations: B.Com(Hons.), Chartered Accountant, cleared all levels of the CFA and Company Secretary Exams

Coverage: Korea Autos, Internet, Telecoms, Transport/ Logistics

Consumer / Healthcare

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

Cara joined Nomura in 2005 and covers the Korea consumer sector, including discretionary retail (department stores, duty free stores), food retail (hypermarkets), online retail (TV home shoppers), F&B (tobacco, confectionery, beverage), cosmetics (brands, ODMs), medical beauty (botox, �llers), furniture (including interior materials) and healthcare sectors. 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.


Quali�cations: BBA (Hansung University)

Coverage: Consumer, Healthcare

Nam Hweu Jo Analyst+822 3783 2333 / [email protected]

Nam joined Nomura’s Korea research team in 2018 and assists in covering the consumer and healthcare sectors. Prior to this, he spent three years as an engineer developing semiconductors and had a short stint with UBS in Korea as an intern. Nam holds a Master’s degree in Electrical and Electronic Engineering from Imperial College London.


Quali�cations: MEng, Electrical Electronic Engineering

Coverage: Consumer, Healthcare

18

19

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, defence and machinery sectors. Prior to his current role, Jaehyung was a research associate for the auto/shipbuilding sector. He holds a BA in Economics from Boston College.


Quali�cations: BA Economics (Boston College)

Coverage: Shipbuilding, Construction, Defence, Machinery


TaiwanTechnology (Semiconductors)

Aaron Jeng, CFA Head of Taiwan equity research; Greater China Semiconductor analyst +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.


Quali�cations: 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 �nance with Vanguard International Semiconductor. Benson now mainly supports Aaron for Greater China semiconductor stocks.


Quali�cations: 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.


Quali�cations: Master in Finance (National Chengchi University)

Coverage: Technology (Semiconductors/ Hardware)

Technology (Hardware)

Anne Lee, CFA Executive Director; Greater China Hardware/Handset analyst +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. In recent years, she focuses on Apple supply chain, China handsets, and new technology developments.


Quali�cations: BA Finance, MBA in Finance (National Taiwan University); CFA charterholder

Coverage: Technology (Hardware)

Martin Lee Analyst +886 2 2176 9963 / [email protected]

Martin Lee joined Nomura in October 2018 as part of the Taiwan technology team. Martin now supports Anne Lee to cover handset and components. Prior to the current role, he worked at Daiwa Capital Markets as a research associate focusing on semiconductor industry and also at PwC Taiwan (Advisory, Deals Service). Martin obtained his master degree in Finance from Simon Business School at University of Rochester.


Quali�cations: Master in Finance (Simon Business School at Uni-versity of Rochester)

Coverage: Technology (Hardware)

20

21

Taiwan (cont’d)

Technology (Hardware) / Telecom

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

Patrick joined Nomura in May 2014 and covers the 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 �nancials.


Quali�cations: BBA (National Taiwan University); MBA (University of Virginia)

Coverage: Technology (Hardware) / Telecoms

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

Pallav joined Nomura in June 2017 as an Associate for the Taiwan technology and Telecom team after completing his MBA from the Indian Institute of Management, Indore. Prior to that he worked for two years in the Indian real estate sector. He holds a Bachelors in Commerce (Hons.) from Shri Ram College of Commerce (DU) in 2013. He is also a CFA Level 3 candidate.


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

Coverage: Technology and Telecom

Small/mid-caps (Technology/Non-Tech)

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

Shaotang Lee joined Nomura in November 2014, covering small/mid-caps in Taiwan in both tech and non-tech spaces, including subsectors like auto parts, optical communication, CCL, textile/footwear and the handset component industry. 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.


Quali�cations: BA Finance (National Taiwan University)

Coverage: Small/mid-caps (technology/non-tech)


22

ThailandProperty / Healthcare / Consumer-related

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

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


Quali�cations: Bachelor of Accounting (Thammasat University)

Coverage: Property / Healthcare / Consumer related

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

Annapurna joined Nomura in May 2017 as an intern and later joined the consumer sector team for Thailand in September 2017. She cleared the CFA Level 1 exam in 2018. She completed her MSc Finance from Grenoble Ecole de Management in 2017, BA Economics & BS Business Administration from the University at Buffalo, New York in 2016.


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

Coverage: Consumer

Fixed Income Analysts


EconomicsAsia ex-Japan

Rob Subbaraman Head of FI research, Asia ex-Japan; Head of global emerging markets economics+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 22 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.


Quali�cations: 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.


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

Coverage: Economics

China

Ting LuChief China economist+852 2252 1306 / [email protected]

Ting joined Nomura in May 2018 as Chief China Economist. Prior to joining Nomura, he was Global Head of Research, Sales and Trading at Huatai Securities for three years. Before Huatai, he spent nine years at Bank of America Merrill Lynch where he was the head of Greater China Economics. Ting was the #1 ranked economist for three consecutive years in 2013-15 according to the Institutional Investor All-Asia survey. Ting has a PhD in Economics from the University of California, Berkeley and is also a CFA charterholder.


Quali�cations: Ph.D. Economics (University of California, Berkeley)

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.


Quali�cations: 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 research 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. Lisheng received Sun Yefang Financial Innovation Award in 2018 (one of the highest honours in China for �nancial research) for his research on China’s monetary policy.


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


24

Economics (cont’d)

China (cont’d)

Jing WangAssociate+852 2252 1011 / [email protected]

Jing Wang joined Nomura in August 2018 and works in the China macroeconomic team. His responsibilities include interpreting economic data and writing in-depth research on the China economy. Prior to joining Nomura, Jing worked at Hong Kong Monetary Authority, and interned at Goldman Sachs, the International Monetary Fund, and the World Bank. His research has been published in the Journal of Corporate Finance and IMF Regional Economic Outlook.


Quali�cations: BA International Trade and Economics (Jiangxi University of Finance and Economics), MA International Trade (Zhejiang University), MA Economics (Simon Fraser University), Ph.D. Economics (University of Notre Dame), FRM


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 in the top 2 for Research in India from 2012 to 2018 by The Asset Magazine and was among the Top 3 economists in India as ranked by the All-India Institutional Investor survey during 2013-2017.


Quali�cations: BA Economics (Delhi University); MA Economics (Delhi School of Economics)

Coverage: Economics (India)

Aurodeep NandiAssociate+91 22 4037 4087 / [email protected]

Aurodeep joined Nomura in January 2018 as an India Economist. He was previously Deputy Head of Economics & Ease of Doing Business Lead at the British High Commission New Delhi, after a stint as an economist with the Aditya Birla Group. In a career of 9 years, Aurodeep has been a regular columnist in key �nancial dailies in India, and has served as Member on the Government of India ‘Expert Committee’ on regulatory reform. He holds an MSc Finance and Economics degree from the London School of Economics and Political Science; an MA Economics degree from the Delhi School of Economics; and is currently pursuing PhD Economics from the Delhi School of Economics.


Quali�cations: MSc Finance and Economics (London School of Economics and Political Science), MA Economics (Delhi School of Economics)

Coverage: Economics (India)

Korea / Taiwan / Hong Kong

Young Sun Kwon Senior economist, Korea, Taiwan and Hong Kong+852 2252 1370 / [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.


Quali�cations: BA Business Economics (Korea University); MBA (Tuck School, Dartmouth College)

Coverage: Economics (Korea, Taiwan, Hong Kong)

25


Economics (cont’d)

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 Of�ce where he worked in the National Account Department. Here, among other things, he helped in the calculation of national GDP statistics.


Quali�cations: BA Economics (Kyushu University); MA Economics (Hitotsubashi University)

Coverage: Economics (Taiwan, Hong Kong)

Southeast Asia

Euben Paracuelles Senior ASEAN economist +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.


Quali�cations: BSc Business Econ (University of the Philippines); MSc Econ (NUS, Singapore); Advanced Certi�cate in International Econ (Kiel Institute, Germany)

Coverage: Economics (Southeast Asia)

Charnon BoonnuchVice President+65 6433 6189 / [email protected]

Charnon Boonnuch joined Nomura in March 2018 and is a Southeast Asia economist, focusing on Thailand and Singapore. Prior to joining Nomura, Charnon was the head of the economics team at TISCO Financial Group and economist at the Bank of Thailand. He received his BA in Economics from Thammasat University and MSc in Economics from London School of Economics and Political Science.


Quali�cations: BA Economics (Thammasat University); MSc Economics (London School of Economics and Political Science)

Coverage: Economics (Thailand and Singapore)

26

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2019 Institutional Investor - Nomura Holdingsii Asia ex-Japan Research Analyst Directory Table of Contents Regional Management 1 Equity Analysts 2 China / Hong Kong 3 India 8 Indonesia