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Graham Cunningham
& team
Citi
“Graham and his team are knowledgeable, diligent and responsive.”
On top for a second straight year — and for the fourth time in five years — is Graham Cunningham’s nine-person squad at Citi. The 39-year-old crew captain “has put out very thoughtful and timely research publications on the Chinese oil and gas space,” notes one buy-side supporter. Cunningham and his colleagues, who cover 47 stocks, tell a tale of two markets. “The Chinese government has made substantial progress in passing through oil-product prices to consumers,” he says. “The new pricing mechanism in China should make price changes more timely and reduce political interference in price setting, which we believe will reduce regulatory risk for Chinese refiners.” The Hong Kong–based team isn’t quite so positive on natural-gas rates reform in China, however. “While we expect some increase to those prices this year, the magnitude could be modest,” he contends. — Pam Baker