Reena Verma Bhasin, Xinnian (Sydney) Zhang & team
Bank of America Merrill Lynch
Up one notch to No. 3 is Bank of America Merrill Lynch. The ten-member team is directed by Mumbai-based Reena Verma Bhasin and newcomer Xinnian (Sydney) Zhang, who works out of Hong Kong. The analysts expect revenue growth to slow in emerging Asia in 2013, since the penetration of markets in China and India has increased substantially over the past two years, and to accelerate in developed Asia, Bhasin asserts. With an overall cautious outlook, driven by sales concerns for companies in the region’s emerging markets and margin pressures for those in its developed countries, they have underperform ratings on such large-capitalization names as Hong Kong–based China Mobile and Australia’s Telstra Corp., and are steering clients toward companies that are more likely to advance despite a slowing macroeconomic backdrop. Examples include China Telecom Corp., India’s Idea Cellular and Thailand’s Total Access Communication. One buy-side enthusiast praises the group’s “eye for detail and understanding of the business risks and competitive dynamics of the industry.”— Carolyn Koo