SECOND TEAM

Jeffrey Evans Macquarie Capital Securities

Jeffrey Evans of Macquarie Capital Securities takes second place. Known for his bottom-up fundamental research, Evans wins kudos for initiating coverage on JSW Energy in September with an underperform rating, at 133.55 rupees. The Mumbai-based gas- and coal-based power supplier was under earnings pressure from its high operating costs, Evans argued, and he was right: In April the company reported a 24.6 percent drop in year-over-year net profit in the three months through March, to Rs2.06 billion ($45.24 million), and attributed the loss to margin contraction stemming from rising fuel prices. By the end of May, JSW’s share price had plunged 47.4 percent, to Rs70.30, and trailed the sector by 28.4 percentage points. Evans is also noted for “hosting good conference calls with top industry contacts,” adds one admirer.