< The 2015 All-Asia Research Team

Total appearances: 31

Team debut: 1996Bounding from third place, Morgan Stanley’s 15-strong crew captures top honors, marking the firm’s first No. 1 finish on this roster since 2011. Co-captains Kevin Luo and Huaxiang (Edward) Xu work out of Hong Kong, and their squad impresses investors as “very professional and dedicated when answering questions,” as one portfolio manager reports. Another fan hails the analysts’ “great research on Chinese industrials.” They report on 120 regional industrials stocks and have plans to expand coverage into China equities, including A shares, this year. The team holds an in-line industry view for transportation and infrastructure companies in that country and deems its aerospace and defense space attractive. “We prefer airlines and shipping stocks that have more direct exposure to the low-oil-price environment,” says Luo, 33. “Moreover, they will benefit from the southbound liquidity flows from the domestic market as the [China Securities Regulatory Commission] approves more domestic funds to invest in the Hong Kong market through the [mutual market access] program.” For the medium term, adds Xu, 39, “we are positive on logistics and aerospace and defense stocks, given their exposure to China’s positive economic restructuring.” Xu earned a bachelor’s degree in English and information management at Beijing Foreign Studies University followed by an MBA at the University of Illinois at Urbana–Champaign. He worked at Shui On (Shanghai) Group and was a candidate for an MS in statistics at UIUC before signing on with Morgan Stanley in July 2004. Luo has been with the firm since June 2009, having previously worked as an analyst covering Hong Kong–listed China construction and machinery companies for Guotai Junan Securities (Hong Kong) and as an auditor at PricewaterhouseCoopers. Luo obtained a master’s degree in finance and economics at Shanghai University.