Nicole Hirakawa Credit Suisse First-place appearances: 0

Total appearances: 1

Team debut: 2014 Newcomer Nicole Hirakawa of Credit Suisse claims third place on this roster. She joined the firm from Morgan Stanley in April 2013 and assumed coverage that August, building her portfolio to a current total of 19 Brazilian real estate names. In December she reiterated her counterconsensus neutral rating on Ez Tec Empreendimentos e Participações, a São Paulo–based commercial and residential developer. “Expectations were too high, and premium valuations could be challenged in the current environment,” she recalls. By the end of July, the stock had tumbled 22.2 percent, to 22.50 reais, while the sector climbed 3 percent. At the positive end of the spectrum is São Paulo’s Direcional Engenharia, on which Hirakawa is bullish. The homebuilder focuses on developing large-scale properties for the lower- to middle-income market segments, and with demand for affordable housing rising in June, she upgraded the stock from neutral to outperform, at 10.88 reais. Her target price for the shares is 13.50 reais.