Matthew Prior, Shaojing Tong & team Bank of America Merrill Lynch

The Bank of America Merrill Lynch squad shepherded by Matthew Prior, who works out of Sydney, and Hong Kong–based Shaojing Tong repeats in second place. The team consists of six people following 39 companies from offices in Hong Kong, Mumbai, Seoul and Sydney. “Their detailed analysis of both regulatory and acquisition-based events and catalysts continues to provide alpha-generating opportunities,” explains one buy-side backer. The group’s outlook is mixed. “We are optimistic about the China health care sector over the long term, owing to a continuing increase in government spending,” Tong says. “However, the sector was under pressure in 2011, as the government cut medical costs, and we expect the policy headwinds to continue in the next six to 12 months.” In October the analysts initiated coverage on United Laboratories International Holdings with an underperform rating, at HK$5.78, in part because of government attempts to curtail the use of antibiotics. The Hong Kong–based drugmaker’s shares had plunged to HK$3.85 by the end of March, a decline of 33.4 percent that trailed the sector by 44.4 percentage points. — ­Leslie Kramer