Heekyung (Kenneth) Whee, Thomas Wong & team Bank of America Merrill Lynch

Bank of America Merrill Lynch drops one notch to second place. The ten-person crew is directed this year by newcomer Heekyung (Kenneth) Whee and Thomas Wong, who also co-captains the team ranked No. 1 for coverage of China. The Hong Kong–based analysts track 40 companies and win praise for their “good contacts and stock calls that usually perform better than the market,” according to one buy-side backer. For 2012 the researchers are advising “selective and tactical positioning in the Asia energy space with the least exposure to commodity chemicals,” Whee says. “We specifically like companies that offer a solid accretive growth strategy — preferably with a strong execution track record.” Top picks include PTT Global Chemical, owing to the Bangkok-based diversified refiner’s competitive cost structure and strong sales growth; and Beijing-based PetroChina Co., “on the back of a few regulatory changes in China, including introduction of natural-gas price reforms and lifting windfall-profit-tax thresholds,” he explains. — Paul Sweeney