Muneeba Kayani
& team
Morgan Stanley
The three-member Morgan Stanley team advances from runner-up to third place. “Their analysis is in-depth and up to the point — and some of their stock picks were pretty good too,” says one buy-side supporter. The trio is helmed by Muneeba Kayani, who also co-leads runner-up teams in Real Estate (with Bart Gysens) and Utilities (with Igor Kuzmin). “The pipeline of construction projects in the Middle East–North Africa region over the next five years looks in good health, driven by the transportation and power sectors,” says Kayani, who works out of Johannesburg. “But award delays and margin pressure remain risks for contractors.” The analysts, who report on 19 companies, urge clients to equal weight builders but are bullish on Turkey’s Tekfen Holding, owing to “better visibility on its order book,” he says. They also like South Africa’s Aveng and Murray & Roberts Holdings, believing each is poised for recovery. — Leslie Kramer