Wee-Kiat Tan, Hozefa Topiwalla & team
Morgan Stanley
First-place appearances: 0

Total appearances: 1

Team debut: 2014

Making an impressive second-place debut on this lineup is Morgan Stanley, whose team of nine analysts is co-headed by newcomers Wee-Kiat Tan, who works out of Jakarta, and Singapore-based Hozefa Topiwalla. With a growing number of analysts in both locations, as well as in Hong Kong, they closely monitor 45 Indonesian stocks. In January, despite sustained high levels of oil imports, demand for coal-based energy was rising, they reported. Well positioned to benefit from this trend, they believed, were two Jakarta-based companies on which they already held overweight positions: coal miner Adaro Energy and United Tractors, which distributes mining machinery. Specifically, Adaro’s management was enforcing cost-control measures and consolidation through investments in coal-fired power plants, they advised. At the same time, United Tractors, whose mining revenues are priced in dollars, was enjoying improving margins, thanks in part to depreciation of the rupiah. By late April, Adaro’s shares had climbed 11.8 percent, to 1,090 rupiah, while United Tractors’ had jumped 12.7 percent, to Rp21,750. Over the same period, Indonesia’s broad market advanced by 12 percent. “They bring a differentiated level of detail to their research,” declares one wealth manager.