Chi Hung (Raymond) Ngai & team Bank of America Merrill Lynch
The buy side says: “What differentiates this team are its in-depth, articulate analyses.”
Chi Hung (Raymond) Ngai and his team of 50 at Bank of America Merrill Lynch repeat in first place. The Hong Kong–based group, which tracks 200 companies, is known for “unbiased research supported by strong industry knowledge,” as one client puts it. In May 2011 the analysts initiated coverage of Link Real Estate Investment Trust with a buy, at HK$24.92, citing rising rents and the steady operating performance of its shopping malls. By late March the stock had risen 16 percent, to HK$28.90, and trumped the broad market by 23.5 percentage points. In January the team upgraded New World Development Co. from neutral to buy, at HK$7.85, on its strengthening balance sheet. The infrastructure developer’s stock surged 18.9 percent, to HK$9.33, and beat the market by 13.4 percentage points, through March. The 43-year-old Ngai, who also co-captains the No. 3 team in Property, joined BofA Merrill in 2010 from J.P. Morgan; he holds a master’s degree in investment analysis from Scotland’s University of Stirling. — Ben Mattlin
