Daiwa Research Team

Daiwa Research Team

Asia ex-Japan

Economist

Macro Economics

Chief Economist for Asia ex-Japan – Macro Economics (Regional)

Kevin LAI

Tel: (852) 2848 4926

Email: [email protected]

With 22 years’ experience as a regional economist, Kevin is one of few on the street to have been through the entire Asian Financial Crisis. In early 2014, he made 3 “outlier” calls. He predicted a new phase of strength for the USD and huge money outflows from China. He anticipated the CNY would depreciate sharply and argued the world should be worried. In August 2016, he saw a reasonable chance for Trump to win the election, and was the first to talk about a trade war and assess how China’s economy would fare under different tariff scenarios. And in his predictions for 2018, he flagged that Trump would go after China as soon as he had handled North Korea.

Strategist

Strategy

Strategy (China)

Patrick PAN

Tel: (852) 2773 8805


Patrick joined Daiwa in January 2018. He initially focused on Asia ex-Japan thematic research before taking on responsibility for China strategy research since March 2020. Patrick has a Master of Science (Finance) degree from the Chinese University of Hong Kong. He is a certified Financial Risk Manager (FRM) holder and an Association Of Chartered Certified Accountants (ACCA) affiliate.

Analyst

Automobiles/Transportation

Head of Automobiles; Transportation and Industrial (Hong Kong/China)

Kelvin LAU

Tel: (852) 2848 4467


Kelvin Lau has more than eight years’ experience working in various core functions, such as airline planning, revenue management, and sales and marketing, for both Cathay Pacific Airways and Dragonair. He joined Daiwa in September 2007 and is responsible for covering the aviation and transportation sectors. Kelvin received his bachelor’s degree in Business Administration from The Chinese University of Hong Kong and master degree in Science (Financial Analysis) from University of Science and Technology of Hong Kong.

Main Coverage Air China 753 HK Great Wall Motor 2333 HK AviChina Industry & Technology 2357 HK Great Wall Motor - A 601633 CH BAIC Motor 1958 HK Guangzhou Automobile - A 601238 CH Beijing Capital International Airport 694 HK Guangzhou Automobile Group 2238 HK BOC Aviation 2588 HK Jiangsu Hengli Hydraulic - A 601100 CH Brilliance China Automotive 1114 HK Kerry Logistics Network 636 HK BYD 1211 HK Li Auto LI US BYD - A 002594 CH NIO NIO US Cathay Pacific Airways 293 HK SAIC Motor - A 600104 CH China Aircraft Leasing Group 1848 HK Sany Heavy Industry - A 600031 CH China Eastern Airlines 670 HK Shanghai International Airport - A 600009 CH China Meidong Auto 1268 HK Shenzhen International 152 HK China Merchants Port Holdings 144 HK Sinotrans 598 HK China Southern Airlines 1055 HK Sinotrans - A 601598 CH China Yongda Automobiles Services 3669 HK SITC International 1308 HK Contemporary Amperex Technology - A 300750 CH TravelSky Technology 696 HK COSCO Shipping Ports 1199 HK Weichai Power 2338 HK Dongfeng Motor Group 489 HK XPeng XPEV US Geely Automobile 175 HK Zhongsheng Group 881 HK Gotion High-Tech - A 002074 CH Zoomlion Heavy Ind Science and Tech 1157 HK

Analyst

Automobiles

Automobiles and Components (Hong Kong/China)

Evelyn ZHANG

Tel: (852) 2848 4970 Email: [email protected]

Evelyn Zhang joined Daiwa in May 2020, covering the China Auto & Auto Component sectors. Previously, she worked as an equity analyst covering the Greater China Consumer sector for five years before joining Daiwa. She has a Master’s degree from the Hong Kong University of Science and Technology and Bachelor’s degree from Shandong University.

Main Coverage Foryou – A 002906 CH Navinfo - A 002405 CH Fuyao Glass Industry Group 3606 HK Nexteer Automotive Group 1316 HK Huizhou Desay Sv Automotive - A 002920 CH Ningbo Joyson Electronic Corp - A 600699 CH Minth Group 425 HK

Analyst

Transportation

Transportation (Hong Kong/China)

Frank YIP

Tel: (852) 2773 8842


Frank joined Daiwa in April 2019, and focuses on the China Express Delivery and Duty Free sectors. In the 5 years prior to joining to Daiwa, Frank worked as an equity research analyst on both the buy side and sell sides, mainly covering Greater China equities. He has a CFA designation and a Bachelor’s degree from the Chinese University of Hong Kong.

Main Coverage China Tourism Group Duty Free - A 601888 CH Shenzhen Zhilai Sci and Tech - A 300771 CH Hainan Meilan International Airport 357 HK YTO Express Group - A 600233 CH SF Holding - A 002352 CH ZTO Express Cayman ZTO US

Analyst

Banking/Finance

Regional Head of Financials, FinTech and HealthTech Banking; Diversified financials; Insurance (Hong Kong/China)

Leon QI Tel: (852) 2532 4381 Email: [email protected]

Leon is an Executive Director responsible for Daiwa’s China/Hong KongFinancials coverage (Banks, Diversified Financials, and Insurance). Prior to joining Daiwa in October 2012, he worked at Barclays Capital on China/Hong Kong Banks research and as a strategy and risk consultant at Deloitte Consulting in Shanghai/Beijing for Chinese financial institutions. Leon has a Master’s degree with Honours in Economics from The University of Hong Kong and a Bachelor’s degree in Finance from Shanghai Jiaotong University. He is a Chartered Financial Analyst (CFA) and Certified Public Accountant (CICPA).

Main Coverage Agricultural Bank of China 1288 HK Guotai Junan Securities 2611 HK Agricultural Bank of China - A 601288 CH Haitong Securities 6837 HK AIA Group 1299 HK Hithink RoyalFlush Information Network - A 300033 CH Aier Eye Hospital Group - A 300015 CH Huatai Securities 6886 HK Bank of China 3988 HK Hundsun Technologies - A 600570 CH Bank of China - A 601988 CH Lakala Payment - A 300773 CH China Construction Bank 939 HK Meinian Onehealth Healthcare - A 002044 CH China Construction Bank - A 601939 CH New China Life Insurance 1336 HK China Galaxy Securities 6881 HK New China Life Insurance - A 601336 CH China Life Insurance 2628 HK Newland Digital Technology - A 000997 CH China Life Insurance - A 601628 CH PICC Group 1339 HK China Merchants Bank 3968 HK PICC Holding - A 601319 CH China Merchants Securities 6099 HK PICC Property and Casualty 2328 HK China Minsheng Banking Corp 1988 HK Ping An Healthcare and Technology 1833 HK China Pacific Insurance - A 601601 CH Ping An Insurance 2318 HK China Pacific Insurance Group 2601 HK Ping An Insurance - A 601318 CH China Taiping Insurance Holdings 966 HK Topchoice Medical Corp - A 600763 CH CITIC Securities 6030 HK Value Partners Group 806 HK CSC Financial 6066 HK Winning Health Technology Group - A 300253 CH East Money Information - A 300059 CH Wonders Information - A 300168 CH Fosun International 656 HK Yeahka 9923 HK GF Securities 1776 HK ZhongAn Online P&C Insurance 6060 HK

Analyst

Banking/Finance

Banking and FinTech (China)

Michael ZENG


Michael is responsible for China Banks coverage and also focuses on China FinTech and China Financials. He joined Daiwa in November 2018. He has a bachelor’s degree in Business Administration from Hong Kong Baptist University and a master’s degree in Finance from The University of Hong Kong.

Main Coverage Bank of Communications 3328 HK ICBC 1398 HK Bank of Communications - A 601328 CH ICBC - A 601398 CH China Citic Bank 998 HK Postal Savings Bank of China 1658 HK China Everbright Bank 6818 HK

Analyst

Banking/Finance

Financials, FinTech and HealthTech (China)

Sharon LI, CFA


Sharon joined Daiwa in June 2018 and focuses on China HealthTech and China Financials. She formerly worked for ICBC International Asset Management as an analyst. Sharon has a Master's degree of Statistics from The University of Hong Kong, and a Bachelor's degree in Economics from Huazhong University of Science and Technology.

Main Coverage Ali Health 241 HK JD Health 6618 HK

Analyst

Consumer/Retail

Consumer (Hong Kong/China)

Anson CHAN, CFA


Anson Chan joined Daiwa Capital Markets in January 2014 as an associate director and analyst. He focuses on the China staples sector, which includes agricultural product processing and food & beverage brands. He has worked in equity research for ten years, focusing on Greater China mid-caps and consumer companies. Prior to joining Daiwa, he worked at KGI Asia and Piper Jaffray, where he covered China consumer stocks and mid/small caps. Anson holds bachelor's and master's degrees in mathematics from the University of Cambridge

Main Coverage Ausnutria Dairy 1717 HK Jiangsu Yanghe Brewery - A 002304 CH Bestore - A 603719 CH Juewei Food - A 603517 CH Blue Moon Group 6993 HK Kweichow Moutai - A 600519 CH Bright Dairy & Food - A 600597 CH Luzhou Laojiao - A 000568 CH Budweiser Brewing APAC 1876 HK Three Squirrels - A 300783 CH China Mengniu Dairy 2319 HK Tingyi Cayman Islands 322 HK China Modern Dairy Holdings 1117 HK Tsingtao Brewery 168 HK China Resources Beer 291 HK Tsingtao Brewery - A 600600 CH Dali Foods Group 3799 HK Vinda International 3331 HK Foshan Haitian Flavouring & Food - A 603288 CH Want Want China 151 HK Greatview Aseptic Packaging 468 HK WH Group 288 HK Health and Happiness H&H International 1112 HK Wuliangye Yibin - A 000858 CH Hengan International Group 1044 HK Yihai Kerry Arawana - A 300999 CH Inner Mongolia Yili Industrial Group - A 600887 CH Zhou Hei Ya International 1458 HK

Analyst

Consumer/ Hotels, Restaurants and Leisure


Adrian CHAN, CFA


Adrian Chan joined Daiwa in January 2014 and focus in Hong Kong/China consumer discretionary sector. Prior to Daiwa, he worked in risk management at JP Morgan and Bank of America Merrill Lynch. Adrian has a bachelor’s degree in Business Administration from Wilfrid Laurier University, Canada, and is a CFA charterholder.

Main Coverage Anta Sports Products 2020 HK Lifestyle International 1212 HK Chow Tai Fook Jewellery 1929 HK L'Occitane International SA 973 HK Golden Eagle Retail Group 3308 HK Midea Group - A 000333 CH Gree Electric Appliances - A 000651 CH Pou Sheng International 3813 HK Haidilao International 6862 HK Topsports International 6110 HK Haier Smart Home - A 600690 CH Xiabuxiabu Catering Management

China 520 HK

Hangzhou Robam Appliances - A 002508 CH XTEP International 1368 HK Jiumaojiu International 9922 HK Yum China YUMC US Li Ning 2331 HK Yum China 9987 HK

Analyst

Consumer/ Food and Beverage


Jonathan HO


Jonathan joined Daiwa in August 2017 and focuses on the Hong Kong/China Consumer Staples sector. He worked previously in corporate finance. Jonathan graduated from the London School of Economics with a Bachelor of Science majoring in accounting and finance.

Main Coverage Jonjee Hi-Tech Ind And Com 600872 CH Uni-President China 220 HK Nissin Foods 1475 HK Yihai International 1579 HK Muthoot Finance MUTH IN

Analyst

Consumer

Consumer (China)

Sybil HU, CFA


Sybil joined Daiwa in November 2018 as a research associate focusing on the Hong Kong/China consumer discretionary sector. She formerly worked in the research department of BOCI Group as a junior analyst covering the utilities sector. Sybil has a Bachelor’s degree in Business Administration from the Chinese University of Hong Kong. Sybil is also a CFA charterholder.

Main Coverage Joyoung - A 002242 CH Zhejiang Supor - A 002032 CH JS Global Lifestyle 1691 HK

Analyst

Gaming, Lodging and Leisure

Head of Gaming (Hong Kong/China); Tech and Lifestyle Novelties (China)

Andrew CHUNG, CFA


Prior to joining Daiwa in Hong Kong in 2018, Andrew worked as a CFO in the Macau gaming industry for more than 8 years. As a result, he has extensive knowledge of the accounting & reporting and legal & compliance aspects of gaming companies. Andrew is both a CFA and Barrister-at-Law (Hong Kong).

Main Coverage Galaxy Entertainment Group 27 HK Sands China 1928 HK Melco Resorts & Entertainment MLCO US Shuhua Sports - A 605299 CH MGM China Holdings Ltd 2282 HK SJM Holdings 880 HK NagaCorp 3918 HK Yadea Group Holdings 1585 HK Niu Technologies NIU US Wynn Macau 1128 HK

Analyst

Internet/Emerging Opportunities

Head of China Internet Regional Head of Emerging Opportunities – Internet (China) –Emerging Opportunities (Regional)

John CHOI

Tel: (852) 2773 8730


John joined Daiwa as an equity analyst covering regional mid/small-cap companies in 2010. He took on additional responsibilities in 2012 by heading up the company’s China Internet coverage, for which he has developed a successful franchise. John is regularly recognised by investors for his high-quality and thought-provoking research. Prior to joining Daiwa, he worked for BNP Paribas and Merrill Lynch covering regional small-cap companies. John received his Bachelor of Business Administration from Korea University Business School.

Main Coverage 21Vianet Group VNET US NetEase NTES US Alibaba Group BABA US NetEase - H 9999 HK Alibaba Group - H 9988 HK Pacific Textiles 1382 HK Baidu BIDU US Pinduoduo PDD US Baidu - H 9888 HK Qi An Xin Technology - A 688561 CH Baozun BZUN US Sea SE US Baozun - H 9991 HK Shenzhou International Group 2313 HK Beijing Sinnet Technology - A 300383 CH Techtronic Industries 669 HK GDS Holdings GDS US Tencent Holdings 700 HK GDS Holdings - H 9698 HK Texhong Textile 2678 HK Glodon - A 002410 CH Trip.com Group TCOM US JD.com JD US Trip.com Group - H 9961 HK JD.com - H 9618 HK Vipshop VIPS US Kingdee International Software Group 268 HK VTech 303 HK Meituan Dianping 3690 HK Xiaomi 1810 HK Ming Yuan Cloud 909 HK Yonyou Network Technology - A 600588 CH

Analyst

Emerging Opportunities

Emerging Opportunities (Hong Kong/China)

Carlton LAI, CFA

Tel: (852) 2532 4349


Carlton joined Daiwa in 2014, and has since covered various China consumer and industrial sub-sectors. He focuses on standalone stocks or entire sectors that show multi-year structural growth opportunities. Prior to joining Daiwa, he was a research associate at a Canadian broker for two years, covering small-mid cap companies in Canada and the US. Carlton has a BComm (Finance) from McGill University, and is a Certified FRM and a CFA charterholder.

Main Coverage Bilibili BILI US Momo MOMO US Goodbaby International 1086 HK Nine Dragons Paper 2689 HK Hong Kong Television Network 1137 HK Shanghai Jin Jiang Capital 2006 HK Huazhu Group HTHT US Shangri-La Asia 69 HK HUYA HUYA US Smoore International 6969 HK JOYY YY US Stella International 1836 HK Lee & Man Paper Manufacturing 2314 HK Yue Yuen Industrial 551 HK Man Wah Holdings 1999 HK

Analyst

Internet; Education

Internet; Education (Hong Kong/China)

Candis CHAN

Tel: (852) 2848 4976


Candis joined Daiwa in 2018 as an equity research associate covering China Internet. Prior to joining Daiwa, she was with Ernst & Young in valuation and business modelling, and Deloitte in auditing (real estate and construction).Candis has a Bachelor’s degree in Professional Accountancy, Business Administration from the Chinese University of Hong Kong, and is a Certified Public Accountant.

Main Coverage Koolearn Technology 1797 HK TAL Education Group TAL US New Oriental Education & Technology - H 9901 HK Youdao DAO US New Oriental Education & Technology EDU US

Analyst

Internet

Internet (Hong Kong/China)

Robin LEUNG

Tel: (852) 2848 4435


Robin Leung is a member of Daiwa’s China Internet research team. Prior to joining Daiwa in July 2018, he interned at Citigroup and worked at various sell-side firms covering regional technology and strategy. Robin holds a Bachelor’s degree in Economics from the University of California, Berkeley, and is a CFA charterholder.

Main Coverage Dada Nexus DADA US

Analyst

Energy/Utilities/Capital Goods/Healthcare

Head of Hong Kong/China Energy (PURE, Oil and Gas, Coal, EV LiB materials, ESG); Regional Head of Power, Utilities, Renewable and Environment (PURE); Head of China Healthcare

Dennis IP


Dennis joined Daiwa as an equity analyst covering the China utilities and renewable energy sectors in 2013, and in 2020 broadened his coverage to the China healthcare sector. He formerly worked for Standard Chartered for three years, covering the Hong Kong utilities and China gas distribution sectors. Prior to that, he was a cash credit analyst for ING Investment Management and an engineer for Hong Kong & China Gas. Dennis has an MBA from the University of Hong Kong. He was ranked the No.1 analyst in the power sector in the Institutional Investor Asia survey 2021.

Main Coverage Akeso 9926 HK Hong Kong & China Gas 3 HK Beijing Enterprises Water Group 371 HK I-Mab IMAB US Canvest Environment Protection Group 1381 HK Innovent Biologics 1801 HK CGN Power 1816 HK Jiangsu Hengrui Medicine - A 600276 CH China Conch Venture 586 HK Laobaixing Pharmacy Chain - A 603883 CH China Datang Corp Renewable Power 1798 HK LONGi Green Energy Technology - A 601012 CH China Everbright Environment 257 HK New Horizon Health 6606 HK China Gas 384 HK Remegen 9995 HK China Longyuan Power 916 HK Shanghai Junshi Biosciences 1877 HK China Oilfield Services 2883 HK Shanghai Putailai New Energy Technology - A 603659 CH China Resources Gas 1193 HK Shenzhen Capchem Technology - A 300037 CH China Resources Power 836 HK Sino Biopharmaceutical 1177 HK China Shenhua Energy 1088 HK Sungrow Power Supply - A 300274 CH China Suntien Green Energy 956 HK Tianqi Lithium - A 002466 CH CK Infrastructure 1038 HK Tongwei - A 600438 CH CSPC Pharmaceutical Group 1093 HK Towngas China 1083 HK Daqo New Energy DQ US Viva Biotech 1873 HK DaShenLin Pharmaceutical Group - A 603233 CH WuXi AppTec 2359 HK ENN Energy 2688 HK Wuxi Biologics Cayman 2269 HK ENN Natural Gas - A 600803 CH Xinjiang Goldwind Science & Technology 2208 HK Flat Glass Group 6865 HK Xinte Energy 1799 HK Ganfeng Lithium 1772 HK Xinyi Energy 3868 HK Ganfeng Lithium - A 002460 CH Xinyi Solar Holdings 968 HK Guangdong Investment 270 HK Yantai Jereh Oilfield Services Group - A 002353 CH Hangzhou Tigermed Consulting - H 3347 HK

Analyst

Utilities/Energy

Power, Utilities, Renewable and Environment (PURE) – Oil & Gas, EV LiB materials & ESG (China); Utilities (Hong Kong)

Leo HO


Leo Ho is a member of Daiwa’s China PURE research team. Prior to joining Daiwa in June 2020, he interned at CICC and CITICS. Leo has a Bachelor’s degree in International Business and Economics from the University of Hong Kong.

Main Coverage China Molybdenum 3993 HK Kunlun Energy 135 HK CIMC Enric 3899 HK Power Assets 6 HK CLP Holdings 2 HK PetroChina 857 HK CNOOC 883 HK

Analyst

Property

Head of Hong Kong and China Property – Property (Hong Kong/China)

Jonas KAN, CFA


Jonas Kan has been an Asian equity analyst based in Hong Kong for 20 years, and joined Daiwa in 1994. He was a StarMine No.1 earnings estimator in the Real Estate Sector in 2005, 2006, and 2010, and was ranked by StarMine as the No.1 earnings estimator for all sectors in Hong Kong and China in 2006. Jonas has a bachelor’s degree from the University of Hong Kong, with a major in Economics.

Main Coverage Champion REIT 2778 HK Midland 1200 HK

Cheung Kong Property 1113 HK MTR Corporation 66 HK

China Overseas Grand Oceans Group 81 HK Prosperity REIT 808 HK

China Overseas Land & Investment 688 HK Regal REIT 1881 HK

China Resources Land 1109 HK SHK Properties 16 HK

Fortune REIT 778 HK Sino Land 83 HK

Guangzhou R&F Properties 2777 HK Sunlight REIT 435 HK

Hang Lung Properties 101 HK Swire Properties 1972 HK

Henderson Land 12 HK The Link REIT 823 HK

Hong Kong Exchanges & Clearing 388 HK Wharf Holdings 4 HK

Hongkong Land HKL SP Wharf Real Estate Investment 1997 HK

Hysan Development 14 HK

Analyst

Property

Property (China)

Cynthia CHAN


Cynthia joined Daiwa in June 2015 as an equity analyst covering China property companies. She received her Bachelor of Science degree from the University of Southern California, majoring in Business Administration with an emphasis on finance and business economics. In 2020, Cynthia was ranked No.2 by StarMine Analyst Awards in Hong Kong and China for stock picks within the real estate industry.

Main Coverage A-Living Services 3319 HK Greentown Service Group 2869 HK China Jinmao 817 HK Jiangsu Zhongnan Construction Group - A 000961 CH China Merchants Shekou Industrial Zone 001979 CH Jinke Properties - A 000656 CH China Overseas Property Holdings 2669 HK Joy City Property 207 HK China Vanke 2202 HK KWG Property 1813 HK China Vanke-A 000002 CH Longfor Properties 960 HK CIFI Holdings Group 884 HK Poly Developments And Holdings Group 600048 CH Colour Life Services Group 1778 HK Shimao Property 813 HK Country Garden Services 6098 HK Yango Group 000671 CH Ever Sunshine Lifestyle Services 1995 HK Yuexiu Property 123 HK Gemdale - A 600383 CH Yuexiu Real Estate Investment Trust 405 HK

Strategist

Custom Products Group

Custom Products Group

Jack CHAN


Jack joined Daiwa in 2018 focusing on quantitative research. Prior to his current role, he was a quantitative researcher in an Asia long-short hedge fund, focusing on alpha generation, portfolio construction and risk monitoring. Jack holds a Bachelor’s degree in Computer Science from HKU.

Analyst

ESG

Head of ESG (Asia ex-Japan)

Wataru TERADA

Tel: (61) 3 9916 1323 Email: [email protected]

Wataru joined Daiwa in 2021 as a senior ESG analyst covering the Asia Pacific region. He formerly worked as an ESG analyst for Sumitomo Mitsui DS Asset Management (SMDAM) in Hong Kong for 2 years. With SMDAM, Wataru promoted ESG integration in the region by creating the frameworks for in-house ESG assessment, proprietary proxy voting, and company engagement. He also has 5 years’ experience as an equity analyst for Daiwa SB Investments, covering the Japan and China A/H markets. Wataru has a Master of Management (Finance) degree from the University of Melbourne. He is fluent in Mandarin, English and Japanese.

Analyst

Automobiles

Automobiles and Components (Hong Kong/China)

Bintuo NI


Bintuo joined Daiwa in November 2018. Prior to Daiwa, he was a research associate at Evalueserve, covering the China/HK Transportation Sector over 2017-18. Bintuo has a Master’s of Finance degree from Sobey Business School at Saint Mary’s University.

Main Coverage Beijing Sinohytec - A 688339 CH Wuxi Lead Intelligent Equipment - A 300450 CH Ningbo Ronbay New Energy Technology - A

688005 CH Yunnan Energy New Material – A 002812 CH

Shenzhen Dynanonic - A 300769 CH Zhejiang Sanhua Intelligent Controls - A 002050 CH

Analyst

Consumer/Retail

Consumer (China)

Manrui XU


Manrui jointed Daiwa in April 2019 and focuses on the China staples sector. She was formerly a research associate at Evalueserve, covering Hong Kong and Taiwan Banking/Financials over 2016-18. Manrui holds a Master’s of Finance from the Clark University.

Main Coverage Anhui Gujing Distillery - A 000596 CH Jiangsu King's Luck Brewery JSC - A 603369 CH Anhui Kouzi Distillery - A 603589 CH Shanxi Xinghuacun Fen Wine Factory

- A 600809 CH

Analyst

Tech Hardware

IT/Electronics - Hardware (China)

Enze DIAO


Enze joined Daiwa in December 2018 and focuses on the A-share Technology sector. He formerly worked as an offshore assistant analyst for Evalueserve covering China Industrials and Industrial Automation. He has a master’s degree in Finance from Drexel University and a bachelor’s degree in Finance from the University of International Business and Economics.

Main Coverage Starpower Semiconductor - A 603290 CH Zhongji InnoLight 300308 CH Will Semiconductor - A 603501 CH

Analyst

Energy/Utilities

Power, Utilities, Renewable and Energy (PURE) – Hydro, Solar (China)

Colin YANG

Tel: (86) 21 6841 3286


Colin has 4 years’ experience in equity research, and has focused on the China/HK Power, Utilities, Renewable and Energy (PURE) sector for 3 years. Specifically, Colin covers the China solar, Power IoT and Hydropower segments as part of Daiwa’s ranked PURE team (All Asia Institutional Investor poll for 2019 and 2020). Colin graduated from the University of Maryland with a master’s degree in Finance.

Main Coverage Flat Glass Group - A 601865 CH Shenzhen SC New Energy Technology - A 300724 CH State Grid Information & Communication 600131 CH Suzhou Maxwell Technologies - A 300751 CH Zhejiang Jingsheng Mechanical & Electrical - A

300316 CH

Analyst

Automobiles/Capital Goods

Pan-Asia Co-head/Regional Head of Automobiles and Components – Automobiles; Shipbuilding; Machinery (Korea)

Sung Yop CHUNG


Sung Yop Chung has 20 years’ experience covering Asia-ex Japan/Korea autos and shipbuilding. Before joining Daiwa in 2005, he was an analyst at Franklin Templeton Investment in Korea for three years. Prior to this, Sung Yop worked for AT Kearney and Arthur Andersen as a management consultant for three years. Sungyop is consistently ranked in the Institutional Investor polls, and is known for his in-depth knowledge of the automobile and component industry, including both smart and eco-friendly cars. Sung Yop has a bachelor’s degree from Sogang University, majoring in Business Administration.

Main Coverage Daewoo Shipbuilding & Marine Engineering

042660 KS Kia Motors 000270 KS

Hankook Tire & Technology 161390 KS Korea Shipbuilding & Offshore Engineering

009540 KS

Hanon Systems 018880 KS Mando Corp 204320 KS Hyundai Glovis 086280 KS Nexen Tire 002350 KS Hyundai Mipo Dockyard 010620 KS S&T Motiv 064960 KS Hyundai Mobis 012330 KS Samsung Heavy Industries 010140 KS Hyundai Motor 005380 KS Woory Industrial 215360 KS Hyundai Wia Corp 011210 KS

Analyst

Banking/Capital Goods/REITs/Utilities/Materials

Banking; Capital Goods (Construction and Defence); REITs; Utilities; Steel (Korea)

Mike OH


Mike Oh joined Daiwa Seoul branch in 2009 as an equity analyst covering Korea capital goods (Construction). Later he expanded his coverage into banking, REITs, utilities, and steel. Prior to joining Daiwa, he worked as an analyst for Nomura Securities covering the Korea auto and shipbuilding sectors, and before that was with Samsung Securities responsible for Korea machinery, utilities and auto parts sectors. Mike has an MBA degree majoring in Finance from New York University.

Main Coverage Celltrion 068270 KS KEPCO 015760 KS Celltrion Healthcare 091990 KS Kiwoom Securities 039490 KS CJ Logistics 000120 KS Korea Aerospace Industries 047810 KS Daewoo Engineering & Construction 047040 KS Lotte REIT 330590 KS GS Engineering & Construction 006360 KS POSCO 005490 KS Hana Financial Group 086790 KS Samsung Biologics 207940 KS Hanssem 009240 KS Samsung C&T 028260 KS Hanwha Aerospace 012450 KS Samsung Engineering 028050 KS Hyundai Engineering & Construction 000720 KS Shinhan Alpha REIT 293940 KS Hyundai Steel 004020 KS Shinhan Financial Group 055550 KS Industrial Bank of Korea 024110 KS Woori Financial Group 316140 KS KB Financial Group 105560 KS

Analyst

Tech Semiconductor/Tech Hardware

IT/Electronics (Korea) – Semiconductor/Display and Tech Hardware

SK KIM


SK Kim joined Daiwa as an equity analyst covering Korea’s tech sector in June 2015. Prior to joining Daiwa, he worked for Samsung Electronics for more than 14 years in the company’s IR team and the strategic planning team of the semiconductor business. SK has a Master’s degree in engineering from Waseda University, Japan, and a Bachelor’s degree from Hanyang University, Korea.

Main Coverage LG Display 034220 KS Samsung Electronics 005930 KS LG Electronics 066570 KS Samsung Electro-Mechanics 009150 KS LG Innotek 011070 KS Samsung SDI 006400 KS Nanya Technology 2408 TT SK Hynix 000660 KS Micron Technology MU US

Analyst

Tech Semiconductor/Tech Hardware/Small and Mid Caps

EV Battery and Battery Materials; IT/Electronics (Small/Mid Cap)

Henny JUNG

Tel: (82) 2 787 9182


Henny Jung is an equity analyst covering the Korea EV battery/battery materials, Korea Technology Small and Mid Caps. Henny has been involved in equity research since 2015, at Daiwa where she currently works with the Korea Tech team, and at BNP Paribas where she assisted the regional consumer analyst team. She graduated from Korea University with a double major in Business Administration and English Language and Literature.

Main Coverage Chunbo 278280 KS POSCO Chemical 003670 KS Ecopro BM 247540 KS SK Innovation 096770 KS Hana Materials 166090 KS SK Materials 036490 KS LEENO Industrial 058470 KS Soulbrain 357780 KS LG Chem 051910 KS Wonik QnC 074600 KS

Analyst

Media

Media; Retail and Cosmetics (Korea)

Minjoo KANG


Minjoo Kang is an equity analyst who covers the Korea Media sector from Seoul. Prior to joining Daiwa in 2017, she worked for a year in the performance analysis team at Korea Investment Corporation (KIC). She graduated from Yonsei University as a business major, specialising in Finance and Accounting.

Main Coverage Aekyung Industrial 018250 KS Hotel Shilla 008770 KS AfreecaTV 067160 KS Innocean Worldwide 214320 KS Amorepacific 090430 KS Korea Kolmar 161890 KS Cheil Worldwide 030000 KS LG Household & Health Care 051900 KS CJ ENM 035760 KS Orion Corp 271560 KS Cosmax 192820 KS Shinsegae 004170 KS E-MART 139480 KS Studio Dragon 253450 KS

Analyst

Telecommunications/Software

Pan-Asia Head of Internet & Telecommunications – Software (Korea) – Internet/On-line Games

Thomas Y. KWON

Tel: (82) 2 787 9181


Thomas Y. Kwon is an equity analyst covering the Korea Internet and online-game sector in Seoul. With ten years’ experience as an Internet analyst, Thomas has continued to provide high-quality research on Korea’s Internet and online-game sector. Prior to joining Daiwa in 2002, Thomas worked for Daewoo Securities. He graduated from Chung-Ang Universities and has a master’s degree in Science from the Korea Advanced Institute of Science and Technology (KAIST).

Main Coverage Com2uS 078340 KS NCsoft 036570 KS Douzone Bizon 012510 KS Netmarble 251270 KS Grand Korea Leisure 114090 KS Nexon 3659 JP Kakao 035720 KS Paradise 034230 KS Kakao Games 293490 KS Pearl Abyss 263750 KS Kangwon Land 035250 KS S1 Corporation 012750 KS KT Corporation 030200 KS Samsung SDS 018260 KS LG Uplus 032640 KS SK Telecom 017670 KS Naver 035420 KS

Analyst

Tech Semiconductor

Head of Research; Head of Regional Technology – IT/Electronics - Semiconductor/IC Design (Regional)

Rick HSU

Tel: (886) 2 8758 6261


Rick Hsu joined Daiwa in September 2014 as Regional Head of Technology Research, with a focus on the Semiconductor Sector and regional technology investment strategy. Rick previously worked for Nomura for 10 years and JP Morgan for 3 years covering the Greater China Semiconductor Sector. He has an MBA in Management Information Systems and Finance.

Main Coverage

Advanced Semiconductor Engineering 2311 TT SemiconductoShenzhen Goodix Technology 603160 CH

ASE Industrial Holding 3711 TT Siliconware Precision 2325 TT LandMark Optoelectronics 3081 TT Taiwan Semiconductor Manufacturing 2330 TT MediaTek 2454 TT United Microelectronics 2303 TT Novatek 3034 TT Visual Photonics Epitaxy 2455 TT Realtek 2379 TT Win Semiconductors 3105 TT Semiconductor Manufacturing Int'l Corp 981 HK

Analyst

Banking/Finance

Banking; Diversified Financials; Insurance (Taiwan)

Frank FANG


Frank joined Daiwa in June 2017 as an equity analyst focusing on Taiwan Financials (Banks, Diversified Financials and Insurance). He was formerly a Management Associate at CTBC Financial Group for 4 years. Frank has a master’s degree in International Finance from Chengchi University.

Main Coverage Cathay Financial 2882 TT E.Sun Financial 2884 TT Chailease Holding 5871 TT Fubon Financial 2881 TT CTBC Financial 2891 TT Shin Kong Financial 2888 TT

Analyst

Tech Hardware/Software

IT/Technology Hardware (Taiwan) – Automation & PC Hardware

Steven TSENG


Steven Tseng covers the PC hardware and industrial automation sectors. Prior to joining Daiwa in March 2013, Steven covered the downstream technology hardware sector for over 10 years at Samsung Securities (Hong Kong), RBS/ABN-Amro (Taiwan), and Yuanta Securities (Taiwan). Steven was named the No.1 Earnings Estimator in the Asian Computers & Communications Equipment Sector for 2016 by Thomson Reuters, and No.2 stock picker in the same sector for 2012.

Main Coverage Accton Technology 2345 TT Hiwin Technologies Corp 2049 TT Advantech 2395 TT Lenovo Group 992 HK Airtac International Group 1590 TT Pegatron Corp 4938 TT ASUSTeK Computer 2357 TT Quanta Computer 2382 TT ASPEED Technology 5274 TT Shenzhen Inovance Technology 300124 CH Delta Electronics 2308 TT Voltronic Power Technology 6409 TT Ennoconn 6414 TT Wiwynn Corp 6669 TT

Analyst

Tech Hardware

IT/Technology Hardware (Taiwan) – Handsets and Components

Kylie HUANG


Kylie joined Daiwa in 2013, having formerly worked as a senior analyst covering the Handset Sector at Macquarie Securities and the Greater China tech space for Cavalry Asset Management. She also worked as an investment banker at JPMorgan (Taiwan). She received her BA (accounting) from National Taiwan University and MBA from the University of Wisconsin-Madison. She holds a Taiwan CPA.

Main Coverage AAC Technologies 2018 HK Largan Precision 3008 TT Catcher Technology 2474 TT Luxshare Precision Industry 002475 CH FIH Mobile 2038 HK Sunny Optical Technology 2382 HK General Interface Solution 6456 TT TPK 3673 TT Hon Hai Precision Industry 2317 TT TXC Corp 3042 TT HTC Corp 2498 TT

Analyst

Tech Hardware/Software

IT/Technology Hardware (Taiwan)

Sheng CHENG


Sheng joined Daiwa in September 2019 as a research associate, with a focus on the Taiwan Technology Hardware Sector (including PC ODMs, IPC, and Automation). Prior to Daiwa, he was a research associate at BNP Paribas for 2 years. Sheng has master’s and bachelor’s degrees in Finance from National Taiwan University.

Main Coverage Lotes 3533 TT

Analyst

Small and Mid Caps

Small/Mid Cap (Taiwan)

Helen CHIEN


Helen joined Daiwa in September 2013 as an equity analyst focusing on Taiwan non-tech / small- and mid-cap companies. She was formerly an investment banker at Yuanta Securities for two years, and prior to that worked for Ernst & Young and Deloitte Financial Advisory Service for a total of four years.

Main Coverage Bizlink Holding 3665 TT Merida Industry 9914 TT Eclat Textile 1476 TT Nien Made Enterprise 8464 TT Feng Tay Enterprise 9910 TT President Chain Store 2912 TT Giant Manufacturing 9921 TT Sinbon Electronics 3023 TT Ginko International 8406 TT St. Shine Optical 1565 TT Global PMX 4551 TT Sunonwealth Electric Machine Industry 2421 TT Gourmet Master 2723 TT Taiwan Paiho 9938 TT Hota Industrial Manufacturing 1536 TT TCI 8436 TT Innodisk 5289 TT Tong Yang Industry 1319 TT Makalot Industrial 1477 TT Uni-President Enterprises 1216 TT

Strategist/Analyst

Strategy/Banking/Finance

Head of Research; Strategy; Banking/Finance – Strategy (India) – Banking/Finance (India)

Punit SRIVASTAVA

Tel: (91) 22 6622 1013


Punit has 24 years of experience in equity, economic and fixed-income research. Prior to joining Daiwa, he was with ENAM Securities (now Axis Capital) for 7 years as a lead analyst in banking and financial services. Punit has been consistently rated in AsiaMoney polls. Before joining ENAM, he worked with Dun & Bradstreet for 2 years, covering economic research and sectors including banking. Prior to that, he was with Credence for 2 years as a fixed-income analyst. Punit has a Post Graduate Diploma in Business Administration (PGDBA) from the Institute of Chartered Financial Analysts of India (ICFAI) Business School, Mumbai.

0BMain Coverage Axis Bank AXSB IN Kotak Mahindra Bank KMB IN Bank of Baroda BOB IN Manappuram Finance MGFL IN HDFC Bank HDFCB IN Muthoot Finance MUTH IN HDFC Standard Life Insurance HDFCLIFE IN Power Finance Corp POWF IN Housing Development Finance HDFC IN Rural Electrification RECL IN ICICI Bank ICICIBC IN State Bank of India SBIN IN IndusInd Bank IIB IN Shriram Transport Finance SHTF IN

Analyst

Capital Goods/Utilities

Capital Goods; Utilities (India)

Ajay DEVNANI

Tel: (91) 22 6622 1015


Ajay Devnani has a Post Graduate Diploma in Management (PGDM) and a total of 8 years working in equity research. He has been covering the Capital Goods, Consumer Electricals and Coal sectors in Daiwa for the past 6 years, and also has experience analysing the Automobile and FMCG sectors.

Main Coverage Coal India COAL IN Havells India HAVL IN Crompton Greaves Consumer Electricals CROMPTON IN Larsen & Toubro LT IN

Analyst

Banking/Property

Banking; Property/Real Estate Investment Trusts (REITs) (Singapore)

David LUM, CFA


David Lum has been an Asian equity analyst based in Singapore since 1994 and has been with Daiwa since 1999. David has received a top-3 recognition in the Refinitive StarMine analyst awards in the banks/financial or real estate sectors for 10 of the past 15 years. David has a bachelor’s degree in mechanical engineering from the Massachusetts Institute of Technology.

Main Coverage Ascendas Real Estate Investment Trust AREIT SP K-REIT Asia KREIT SP Ascott Residence Trust ART SP Lendlease Global Commercial REIT LREIT SP Cambridge Industrial Trust CREIT SP Mapletree Commercial Trust MCT SP CapitaLand CAPL SP Mapletree Industrial Trust MINT SP CapitaMall Trust CT SP Mapletree Logistics Trust MLT SP CapitaRetail China Trust CRCT SP Mapletree North Asia Commercial Trust MAGIC SP CDL Hospitality Trusts CDREIT SP Oversea-Chinese Banking Corporation OCBC SP City Developments CIT SP SPH REIT SPHREIT SP DBS Group DBS SP Starhill Global REIT SGREIT SP Frasers Centrepoint Trust FCT SP Suntec REIT SUN SP Frasers Logistics & Commercial Trust FLT SP United Overseas Bank UOB SP

Analyst

Consumer/Telecommunications

Consumer; Telecommunications

John LUGTU


Gello joined Daiwa in May 2021 as a research associate. Previously, he was a credit specialist at Shell Trading covering the oil and LNG trading businesses for the Asia Pacific region. During this time, he also gained certification from the International Credit and Trade Finance Association (CGCE). Gello graduated in 2018 from the Ateneo de Manila University, majoring in Legal Management with a minor certificate in Financial Management.

Main Coverage

Analyst

Steel

Steel (Japan/ China); Non-ferrous Metals; Electric Cable (Japan)

Shinichiro OZAKI


Shinichiro joined the Daiwa Institute of Research in Tokyo in 2008. He has covered the Japanese steel, non-ferrous metal and wire & cable sector since 2015. In 2021, he began coverage of the China steel sector. He has a master’s degree in international public policy from the University of Osaka.

Main Coverage Angang Steel - A 000898 CH Baoshan Iron & Steel - A 600019 CH

Daiwa’s ASEAN Alliance Partner

Indonesia – PT. Bahana Securities

Head of Research

Strategy

Head of Research

Hadi SOEGIARTO

Tel: (62-21) 250 5735 ext. 3600 Email: [email protected]

Hadi joined Bahana in 2021 and is Head of Research and Lead Strategist. Previously, he worked as an analyst at Verdhana Sekuritas Indonesia (2015-21), covering strategy, consumer, and property and at CIMB Securities Indonesia (2010-15) covering banks. Hadi graduated from the University of Southern California with a Bachelor's degree in Business Administration.

Economist

Economics

Economist

Satria SAMBIJANTORO


Satria joined Bahana in 2018, covering macroeconomics. He formerly worked as analyst at General Electric (2017-2018) and as journalist at The Jakarta Post (2011-2017) where he published more than 600 articles on fiscal and monetary policies. Satria graduated from the University of Indonesia with a Bachelor's degree in economics & business management, and from Beijing University with a Master's degree in public policy analysis.

Analyst

Infrastructure, Automotive, Cement and Heavy Equipment

Research Analyst

Anthony YUNUS


Anthony joined Bahana in 2018, where he covers the Infrastructure, Toll Road, and Automotive sectors. He formerly worked with Nomura Indonesia covering the Infrastructure and Property sectors. Anthony graduated from Indiana University at Bloomington with a Bachelor’s degree in Business majoring in Finance and Operations Management.

Main coverage

Adhi Karya Persero Tbk PT ADHI IJ

Astra International Tbk PT ASII IJ

Indocement Tunggal Prakarsa Tbk PT INTP IJ

Jasa Marga Persero Tbk PT JSMR IJ

PP Persero Tbk PT PTPP IJ

Semen Baturaja Persero TBK PT SMBR IJ

Semen Indonesia Persero Tbk PT SMGR IJ

United Tractors Tbk PT UNTR IJ

Waskita Beton Precast Tbk PT WSBP IJ

Waskita Karya Persero Tbk PT WSKT IJ

Wijaya Karya Bangunan Gedung Tbk PT WEGE IJ

Wijaya Karya Beton Tbk PT WTON IJ

Wijaya Karya Persero Tbk PT WIKA IJ

Analyst

FMCG, Tobacco, Telecom

Research Analyst

Giovanni DUSTIN


Giovanni joined Bahana in 2019 where he covers the Cigarette and Fast-Moving Consumer Goods (FMCG) sectors. He was formerly with Mirae Asset Sekuritas Indonesia, where he covered Telecom, Construction, Toll Road, and Property. Giovanni graduated from the University of South Carolina with a Bachelor of Science in International Business and Corporate Finance, and a minor in Hospitality Management.

Main coverage

Gudang Garam Tbk PT GGRM IJ Hanjaya Mandala Sampoerna Tbk PT HMSP IJ Indofood CBP Sukses Makmur Tbk PT ICBP IJ Indofood Sukses Makmur Tbk PT INDF IJIndosat Tbk PT ISAT IJ Mayora Indah Tbk PT MYOR IJ Sarana Menara Nusantara Tbk PT TOWR IJ Telkom Indonesia Persero Tbk PT TLKM IJ Tower Bersama Infrastructure Tbk PT TBIG IJ Unilever Indonesia Tbk PT UNVR IJ XL Axiata Tbk PT EXCL IJ

Analyst

Poultry, Retail

Research Analyst

Maudi Vidya ANDINI


Maudi joined Bahana Sekuritas as an equity research analyst in 2019, having worked previously as a research analyst for PT RHB Asset Management Indonesia and PT Insight Investments Management. She graduated from the University of Melbourne with a Master’s in Management, majoring in Finance.

Main coverage

Ace Hardware Indonesia Tbk PT ACES IJ Charoen Pokphand Indonesia Tbk PT CPIN IJ Japfa Comfeed Indonesia Tbk PT JPFA IJ Malindo Feedmill Tbk PT MAIN IJ Mitra Adiperkasa Tbk PT MAPI IJ Nippon Indosari Corpindo Tbk PT ROTI IJ Ramayana Lestari Sentosa Tbk PT RALS IJ

Analyst

Plantations

Research Analyst

Muhammad WAFI


Muhammad Wafi joined Bahana in early September 2014 as a technical analyst. He spent three years at eTrading Securities (now KDB Daewoo Securities) and another two years at Indo Premier Securities as Technical Analyst. He holds a bachelor degree in accounting from University of Indonesia.

Main coverage

Astra Agro Lestari Tbk PT AALI IJ Eagle High Plantations Tbk PT BWPT IJ

Analyst

Banks

Research Analyst

Handy NOVERDANIUS


Handy joined Bahana Sekuritas as a research analyst in July 2021 covering the banking and auto sectors. He previously spent around 3.5 years at CLSA, latterly as an analyst covering retail, transport & logistics, non-bank finance, and some small caps names. Handy graduated from Singapore Management University with a master’s degree in applied finance.

Main coverage

Astra International Tbk PT ASII IJ Bank Central Asia Tbk PT BBCA IJ Bank Rakyat Indonesia Tbk PT BBRI IJ Bank Mandiri Tbk PT BMRI IJ Bank Negara Indonesia Tbk PT BBNI IJ Bank Tabungan Negara Tbk PT BBTN IJ Bank Pembangunan Daerah Jawa Barat and Banten Tbk PT BJBR IJ Bank Danamon Tbk PT BDMN IJ Bank CIMB Niaga Tbk PT BNGA IJ Panin Bank Tbk PT PNBN IJ

Economist

Economics

Economist

Raden RAMI

Tel: (62-21) 250 5081 Ext. 3623 Email: [email protected]

Raden Rami Ramdana (Rami) is a Research Associate at Bahana Sekuritas, one of Indonesia's state-owned investment banks, specialising in macroeconomics and fixed income. Prior to joining Bahana Sekuritas, he worked as a Research Assistant/Intern at Indonesia's Financial Services Authority, Maybank Indonesia and Samuel Asset Management. Rami holds a Bachelor of Economics degree with high distinction from Faculty of Economics Universitas Indonesia.

Economist

Economics

Economist

Dwiwulan


Dwiwulan is a Research Associate at Bahana Sekuritas, one of Indonesia's state-owned investment banks, specialising in macroeconomics and fixed income. Prior to joining Bahana Sekuritas, she worked as a Research Assistant at Indonesia's Financial Services Authority, joining an Integrated Report project for six months. Dwiwulan holds a Bachelor of Economics degree with high distinction from Universitas Indonesia.

Analyst

FMCG, Tobacco, Telecom, Poultry, and Retail

Research Associate

Jason CHANDRA


Jason Chandra joined Bahana Sekuritas as a Research Associate in January 2021. Prior to joining Bahana, he worked for Trimegah Securities in its research team. While at university Jason was involved with capital markets projects through various activities, namely competitions and organisations both on and off campus. Jason has a bachelor’s degree in Management, majoring in Finance & Banking from Universitas Prasetiya Mulya.

Analyst

Healthcare, Retail, and Poultry

Research Associate

Caroline NADIA


Caroline joined Bahana as a Research Associate in May 2021. Prior to joining Bahana, Caroline had several internships at financial services companies and start-ups, which gave her a wide perspective on a range of industries. Caroline has a bachelor’s degree in Accounting from Universitas Indonesia.

Analyst

Healthcare, Strategy

Research Associate

Darren JAMES LINARDI


Darren joined Bahana Sekuritas as an analyst in late June 2021. His most recent experience was as an analyst at Gojek, one of the largest ride-hailing/on-demand service platforms in Southeast Asia. He was also formerly an intern at a large Singaporean multinational bank. Darren holds a bachelor‘s degree in Accounting and Finance from the University of London.


Malaysia – Affin Hwang Investment Bank

Economics Economist

Head of Research/Chief Economist

Alan TAN

Tel: +60 3 2146 7540 / +60 16 275 3678Email: [email protected]

Alan Tan joined Affin Hwang Investment Bank as Chief Economist since 2008. His main responsibilities are to provide reports on macroeconomic analysis and forecasting, as well as regular presentations on the Malaysian economy for institutional clients. In his role as Head of Research, he will lead the Research Department (covering equity, economics and retail research), which comprises of a team of investment analysts, economists and research assistants, who undertake macroeconomics, strategy, sectoral as well as company research, for both institutional and retail investors.

Alan started his career as an economist with RHB Research Institute Sdn Bhd from 1991 to 1998. From 1999 to 2007, Alan worked as a Research Manager at Pengurusan Danaharta Nasional Bhd, the country’s national asset management company, and later at Prokhas Sdn Bhd, a company wholly owned by the Ministry of Finance, Malaysia.

Alan has a Bachelor’s degree in Business Administration (BBA) and a Master’s degree in Economics (MA) from the University of Memphis, US.

Strategy, Semiconductors & Semicon Equipment, Strategist/Analyst Tech Hardware & Equipment

Deputy Head of Research/ Strategist/Senior Sector Analyst

Kevin LOW

Tel: +603 2146 7479 / +60 18 350 1188 Email: [email protected]

After beginning his career in audit, Kevin joined investment banking research in 1997. He joined Affin Hwang in 2007 as a Senior Analyst covering the Telecommunication, Media and Technology Sectors and was made Deputy Head of Research in 2011.

Kevin graduated with a Dual Honours degree in Accounting and Economics from the University of Sheffield.

Main coverage

Globetronics Technology BHD GTB MK Malaysian Pacific Industries Bhd MPI MK Inari Amertron Bhd INRI MK Uchi Technologies Bhd UCHI MK Kesm Industries Bhd KESM MK Unisem M Bhd UNI MK

Industrials, Real Estate Analyst

Senior Sector Analyst

Chee Wei LOONG

Tel: +60 3 2146 7548 / +60 16 238 2388 Email: [email protected]

Chee Wei Loong joined Affin Hwang Capital in April 2015 as the Senior Associate Director covering the construction/infrastructure sector. He has been covering Malaysian equities since 1997 (including construction & infrastructure, property and building materials), and formerly worked for CLSA, Nomura, BNP Paribas, AmInvestment Bank and Hwang-DBS Securities.

Chee Wei has been a qualified Chartered Financial Analyst since 1999.

Main coverage

AME Elite Consortium Bhd AME MK Pintaras Jaya BHD PINT MK Eastern & Oriental Bhd EAST MK Sime Darby Property Bhd SDPR MK Gabungan AQRS Bhd AQRS MK SP Setia Bhd Group SPSB MK Gamuda Bhd GAM MK Sunway Bhd SWB MK HSS Engineers Bhd HSS MK Sunway Construction Group Bhd SCGB MK IJM Corp Bhd IJM MK Taliworks Corp Bhd TWK MK IOI Properties Group Bhd IOIPG MK UOA Development Bhd UOAD MK Malaysian Resources Corp Bhd MRC MK WCT Holdings Bhd WCTHG MK

Banks & Financial Services, Insurance, Exchanges & Non-financials Analyst

Senior Sector Analyst

Ei Leen TAN


Ei Leen Tan has spent the past 11 years of her career as an Analyst at various brokerages, covering sectors such as Banking, Construction, Property and Consumer. Prior to joining Affin Investment Bank in 2010, she was with Nomura Malaysia.

She was ranked No. 6 in the 2012 Financial Times Starmine Asia Top Stock Pickers and No. 2 in the Asian Banking Sector Stock-picking category. In 2014, she clinched the 3rd spot in StarMine Asia’s Top Stock Pickers Banking sector category.

She graduated with an Honours Degree in Economics from the University of Malaya.

Main coverage

AEON Credit Service M Bhd ACSM MK Hong Leong Bank Bhd HLBK MK Alliance Bank Malaysia Bhd ABMB MK LPI Capital Bhd LPI MK Allianz Malaysia Bhd ALLZ MK Malayan Banking Bhd MAY MK AMMB Holdings Bhd AMM MK Public Bank Bhd PBK MK Bursa Malaysia Bhd BURSA MK RHB Bank Bhd RHBBANK MK CIMB Group Holdings Bhd CIMB MK Syarikat Takaful Malaysia

Keluarga Bhd STMB MK

ELK-Desa Resources Bhd ELK MK

Telecommunications, Transportation, Healthcare Analyst

Sector Analyst

Isaac CHOW

Tel: +603 2146 7536 / +60 17 352 8146 Email: [email protected]

Isaac rejoined Affin Hwang as a senior analyst in November 2017, from Macquarie Malaysia. He has over ten years’ experience in equity research and two years of corporate experience as an investor relations manager with a Singapore-listed agribusiness group.

Isaac has a bachelor’s degree in Actuarial Science from the London School of Economics and Political Science.

Main coverage

AirAsia Group Bhd AAGB MK Malaysia Airports Holdings Bhd MAHB MK Apex Healthcare Bhd APEX MK Maxis Bhd MAXIS MK Axiata Group Bhd AXIATA MK My EG Services Bhd MYEG MK DiGi.Com Bhd DIGI MK Scicom MSC Bhd SCIC MK IHH Healthcare Bhd IHH MK Telekom Malaysia Bhd T MK KPJ Healthcare Bhd KPJ MK Westports Holdings Bhd WPRTS MK

Plantations, Timber and Media Analyst

Sector Analyst

Nadia Aquidah SUBHAN


Nadia Aquidah Subhan joined Affin Hwang's Fixed Income Research Team in 2010, and transferred to equity research as an Analyst in late-2013. She covers the Media and Plantation Sectors.

Nadia has graduated with an Electronics Engineering Degree from Multimedia University and completed an ACCA Diploma course in Financial Management.

Main coverage

Astro Malaysia Holdings Bhd ASTRO MK Kuala Lumpur Kepong Bhd KLK MK FGV Holdings Bhd FGV MK Media Chinese International Ltd MCIL MK Genting Plantations Bhd GENP MK Media Prima Bhd MPR MK Hap Seng Plantations Holdings Bhd HAPL MK PPB Group Bhd PEP MK IJM Plantations Bhd IJMP MK Sime Darby Plantation Bhd SDPL MK IOI Corp Bhd IOI MK Star Media Group Bhd STAR MK Jaya Tiasa Holdings BHD JT MK Ta Ann Holdings Bhd TAH MK

Utilities, Healthcare (Rubber Products) and Casinos & Gaming Analyst

Sector Analyst

Chi Hoong NG


Chi Hoong joined Affin Hwang in 2016. He is currently covering the Utilities, Rubber Product, and Gaming sectors. Before joining Affin Hwang, Chi Hoong covered the Healthcare and Consumer sector at Macquarie. He also has experience covering the MREIT and Small-Cap sectors.

He completed his undergraduate degree at Indiana University with triple majors in Finance, Management and Public Policy Analysis.

Main coverage

Berjaya Sports Toto Bhd BST MK Malakoff Corp Bhd MLK MK Genting Bhd GENT MK MMC Corp Bhd MMC MK Genting Malaysia Bhd GENM MK Supermax Corp Bhd SUCB MK Hartalega Holdings Bhd HART MK Tenaga Nasional Bhd TNB MK JAKS Resources Bhd JAK MK Top Glove Corp Bhd TOPG MK Karex Bhd KAREX MK YTL Corp Bhd YTL MK Kossan Rubber Industries KRI MK YTL Power International Bhd YTLP MK

Oil & Gas, Electronic Manufacturing Services (EMS) Analyst

Sector Analyst

Jian Yuan TAN


Jian Yuan joined Affin Hwang in October 2016. He is currently covering the Oil & Gas and EMS sectors. He was formerly an analyst with BIMB Securities and AllianceDBS Research Sdn Bhd, where he covered the Oil & Gas sector.

Jian Yuan is an Association of Chartered Certified Accountants (ACCA) member and graduated with a BSc (Hons) in Applied Accounting from Oxford Brookes University.

Main coverage

ATA IMS Bhd AIB MK Petronas Chemicals Group Bhd PCHEM MK Bumi Armada Bhd BAB MK Petronas Dagangan Bhd PETD MK Dialog Group Bhd DLG MK Petronas Gas Bhd PTG MK Gas Malaysia Bhd GMB MK Sapura Energy Bhd SAPE MK Kelington Group Bhd KGRB MK Serba Dinamik Holdings Bhd SDH MK Malaysia Marine and Heavy Engineering Holdings Bhd MMHE MK Velesto Energy Bhd VEB MK MISC Bhd MISC MK VS Industry Bhd VSI MK MTAG Group Bhd MTAG MK

REITs, Industrials (Building Products), Logistics, Plastic and Packaging Analyst

Junior Analyst

Azhani HASHIM

Tel: +60 3 2146 7544Email: [email protected]

Azhani joined Affin Hwang as a research associate in 2018. She recently took over coverage of the MREITs, Building Materials, Logistics (Tiong Nam Logistics) and Plastic and Packaging sectors. Azhani graduated with a degree in Financial Engineering from Multimedia University, Malaysia.

Main coverage

Axis Real Estate Investment Trust AXRB MK Press Metal Aluminium Holdings Bhd

PMAH MK

IGB Real Estate Investment Trust IGBREIT MK Scientex BHD SCI MK KLCCP Stapled Group KLCCSS MK Sunway Real Estate Investment

Trust SREIT MK

Malayan Cement Bhd LMC MK Tiong NAM Logistics Holdings TNL MK Pavilion Real Estate Investment Trust

PREIT MK YTL Hospitality REIT YTLREIT MK

Consumer Retail, Consumer Discretionary, Auto & Auto-parts Analyst

Junior Analyst

Areecca TAN

Tel: +60 3 2146 7487Email: [email protected]

Areecca joined Affin Hwang as a research associate in 2019. She currently assists Nadia Aquidah on the Plantation and Media sectors. She also covers Consumer Retail and Discretionary counters. Areecca has a Bachelor’s degree in Economics from The University of Nottingham.

Main coverage

Aeon Co M Bhd AEON MK MSM Malaysia Holdings Bhd MSM MK Ajinomoto Malaysia Bhd AJI MK Nestle Malaysia Bhd NESZ MK Bermaz Auto Bhd BAUTO MK Oceancash Pacific Bhd OCP MK Bonia Corp Bhd BON MK Pecca Group Bhd PECCA MK British American Tobacco Malaysia Bhd

ROTH MK Perak Transit Bhd PERAK MK

Carlsberg Brewery Malaysia Bhd CAB MK Poh Huat Resources Holdings BHD

PHR MK

Hai-O Enterprise Bhd HAIO MK QL Resources Bhd QLG MK Heineken Malaysia Bhd HEIM MK Sime Darby Bhd SIME MK MBM Resources BHD MBM MK UMW Holdings Bhd UMWH MK MR DIY Group M Bhd MRDIY MK


Thailand – Thanachart Securities

Thanachart Securities

Head of Research Economics & Strategy

PIMPAKA NICHGAROON, CFA Head of Research Tel: (66) 2 779 9199 Email: [email protected]

Pimpaka has 24 years’ experience in the industry, during which time she has covered Thai and regional stocks. She is now a market strategist and the Head of Research. Prior to Thanachart, Pimpaka worked for ABN Amro Asia and CLSA Thailand. She has a master’s degree in Economics and Finance from Southern Connecticut State University.


Investment Analyst Thailand Cement, Energy, Paper, Petrochem

CHAK REUNGSINPINYA Senior Analyst Tel: (66) 2 779 9104 Email: [email protected]

Chak joined Thanachart as an investment analyst in May 2015. He has 10 years’ experience in the financial services industry, including 4 at Macquarie Securities (Thailand) as a research analyst covering the utilities, media and telecom Sectors. Chak received his MBA from the University of Washington and has a Bachelor’s degree in Science in Electrical Engineering from Cornell University.

Main Coverage

Banpu PCL BANPU TB Bangchak Corp PCL BCP TB Esso Thailand PCL ESSO TB IRPC PCL IRPC TB Indorama Ventures PCL IVL TB Prima Marine PCL PRM TB PTG Energy PCL PTG TB PTT PCL PTT TB PTT Exploration & Production PCL PTTEP TB PTT Global Chemical PCL PTTGC TB Siam Cement PCL/The SCC TB Star Petroleum Refining PCL SPRC TB Susco PCL SUSCO TB Thai Oil PCL TOP TB United Paper PCL UTP TB


Investment Analyst Thailand Banking, Financial Services, Insurance

SARACHADA SORNSONG Senior Analyst Tel: (66) 2 779 9106 Email: [email protected]

Sarachada joined Thanachart as an analyst in August 2004. Prior to that, she served as a relationship manager at Kasikornbank and a credit analyst at Bangkok Bank. Sarachada has a Master’s degree in Economics from the University of Essex and a Bachelor’s degree in Economics, majoring in Banking and Finance, from Chulalongkorn University.

Main Coverage

Bangkok Bank PCL BBL TB Bangkok Commercial Asset Management PCL BAM TB Bank of Ayudhya PCL BAY TB Charoen Pokphand Foods PCL CPF TB Kasikornbank PCL KBANK TB Kiatnakin Phatra Bank PCL KKP TB Krung Thai Bank PCL KTB TB Krungthai Card PCL KTC TB Muangthai Capital PCL MTC TB Ratchthani Leasing PCL THANI TB Saksiam Leasing PCL SAK TB Siam Commercial Bank PCL/The SCB TB Srisawad Corp PCL SAWAD TB Tisco Financial Group PCL TISCO TB TMBThanachart Bank PCL TTB TB TQM Corp PCL TQM TB


Investment Analyst Thailand Small Cap, Healthcare

SIRIPORN ARUNOTHAI Senior Analyst Tel: (66) 2 779 9113 Email: [email protected]

Siriporn has 19 years’ experience in research, having been an analyst with Capital Nomura and Kasikorn Securities, an investment analyst at the Investment Department of Bank Thai, and a credit analyst at Nava Finance and Securities. She has a Master’s degree in Finance (Chulalongkorn University) and a Bachelor’s degree in Finance (Kasetsart University).

Main Coverage

Bangkok Chain Hospital PCL BCH TB Bangkok Dusit Medical Services PCL BDMS TB BG Container Glass PCL BGC TB Bumrungrad Hospital PCL BH TB Central Plaza Hotel PCL CENTEL TB Chularat Hospital PCL CHG TB Erawan Group PCL/The ERW TB Ladprao General Hospital PCL LPH TB Minor International PCL MINT TB Namyong Terminal PCL NYT TB Praram 9 Hospital PCL PR9 TB Rajthanee Hospital PCL RJH TB Ratchaphruek Hospital PCL RPH TB Sabina PCL SABINA TB Sri Trang Gloves Thailand PCL STGT TB Thonburi Healthcare Group PCL THG TB


Investment Analyst Thailand Transportation, Construction

SAKSID PHADTHANANARAK Senior Analyst Tel: (66) 2 779 9112 Email: [email protected]

Saksid has worked in equity research for 19 years. Before joining Thanachart Securities in 2003, he was a corporate governance analyst at Thai Rating And Information Services (TRIS). Saksid has an MBA specialising in Finance from the University of Denver, and a Bachelor’s degree in Accounting from Chiang Mai University.

Main Coverage

Airports of Thailand PCL AOT TB Asia Aviation PCL AAV TB Bangkok Airways PCL BA TB Bangkok Expressway & Metro PCL BEM TB BTS Group Holdings PCL BTS TB BTS Rail Mass Transit Growth Infrastructure Fund BTSGIF TB CH Karnchang PCL CK TB Dynasty Ceramic PCL DCC TB Plan B Media Pcl PLANB TB Pylon PCL PYLON TB SEAFCO PCL SEAFCO TB Sino-Thai Engineering & Construction PCL STEC TB SISB PCL SISB TB Thai Airways International PCL THAI TB TOA Paint Thailand PCL TOA TB TTW PCL TTW TB VGI PCL VGI TB


Investment Analyst Thailand Property, Retail

PHANNARAI TIYAPITTAYARUT Senior Analyst Tel: (66) 2 779 9109 Email: [email protected]

Phannarai has 17 years’ experience in research, having rejoined Thanachart in 2008 after an earlier 4-year stint at the company. She also spent a year at Capital Nomura as an investment analyst and was an associate at Thomson Financial for 18 months. She has a Master’s degree in Finance from the University of Strathclyde in the UK and a Bachelor’s degree in Business from Chulalongkorn University.

Main Coverage

AP Thailand PCL AP TB Berli Jucker PCL BJC TB Central Pattana PCL CPN TB Central Retail Corp PCL CRC TB CP ALL PCL CPALL TB Home Product Center PCL HMPRO TB Land & Houses PCL LH TB LPN Development PCL LPN TB MC Group PCL MC TB Pruksa Holding PCL PSH TB Quality Houses PCL QH TB Sansiri PCL SIRI TB Siam Global House PCL GLOBAL TB Siam Makro PCL MAKRO TB Supalai PCL SPALI TB


Investment Analyst Thailand Auto, Industrial Estate, Property Fund, REITs

RATA LIMSUTHIWANPOOM Analyst Tel: (66) 2 483 8297 Email: [email protected]

Rata joined Thanachart Securities in February 2013. Prior to joining Thanachart, she was an international transfer pricing consultant at PwC Thailand covering the Consumer Products and Healthcare Sectors. She has a Bachelor’s degree with first-class honours in Economics from Chulalongkorn University.

Main Coverage

Amata Corp PCL AMATA TB Amata VN PCL AMATAV TB BEC World PCL BEC TB CPN Retail Growth Leasehold REIT CPNREIT TB Frasers Property Thailand Industrial Freehold & Leasehold REIT FTREIT TB Frasers Property Thailand PCL FPT TB IMPACT Growth Real Estate Investment Trust IMPACT TB Jasmine Broadband Internet Infrastructure Fund JASIF TB JWD Infologistics PCL JWD TB Lotus's Retail Growth Freehold And Leasehold Property Fund LPF TB Major Cineplex Group PCL MAJOR TB RS PCL RS TB Samui Airport Property Fund Leasehold SPF TB Somboon Advance Technology PCL SAT TB Thai Stanley Electric PCL STANLY TB WHA Corp PCL WHA TB WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust WHART TB WHA Utilities and Power PCL WHAUP TB WICE Logistics PCL WICE TB Workpoint Entertainment PCL WORK TB


Investment Analyst Thailand Telecom, Utilities

NUTTAPOP PRASITSUKSANT Analyst Tel: (66) 2 483 8296 Email: [email protected]

Nuttapop joined Thanachart Securities in January 2017. He currently covers the Telecoms and Utilities sectors. Heas a Master’s degree in mechanical engineering from the University of Sheffield. Having worked for 2 years in thengineering field before joining the industry, he has a strong background in tech-related industries.

Main Coverage

Absolute Clean Energy PCL ACE TB Advanced Info Service PCL ADVANC TB B Grimm Power PCL BGRIM TB Banpu Power PCL BPP TB BCPG PCL BCPG TB CK Power PCL CKP TB Digital Telecommunications Infrastructure Fund DIF TB Electricity Generating PCL EGCO TB Energy Absolute PCL EA TB Global Power Synergy PCL GPSC TB Gulf Energy Development PCL GULF TB Gunkul Engineering PCL GUNKUL TB Intouch Holdings PCL INTUCH TB Ratch Group PCL RATCH TB Siam Wellness Group Pcl SPA TB SPCG PCL SPCG TB Total Access Communication PCL DTAC TB TPC Power Holdings Co Ltd TPCH TB True Corp PCL TRUE TB


Investment Analyst Thailand Electronics, Food & Beverage, Shipping

PATTADOL BUNNAK Analyst Tel: (66) 2 483 8298 Email: [email protected]

Pattadol joined Thanachart in November 2016. He has a Bachelor’s degree with first-class honours in Management from Thammasat University.

Main Coverage

Carabao Group PCL CBG TB Com7 PCL COM7 TB GFPT PCL GFPT TB Hana Microelectronics PCL HANA TB KCE Electronics PCL KCE TB Khon Kaen Sugar Industry PCL KSL TB Mega Lifesciences PCL MEGA TB MK Restaurants Group PCL M TB Osotspa PCL OSP TB Precious Shipping PCL PSL TB Thai Union Group PCL TU TB


Vietnam – Saigon Securities Inc.

SAIGON SECURITIES INC.

Strategy

Phuong HOANG

Head of Research

Tel: (84-24) 3936 6321 ext. 8729


Phuong Hoang joined SSI in 2007, and formerly covered the Conglomerates, Steel,Pharmaceuticals, and Oil & Gas sectors. She was made Head of Institutional Researchand Investment Advisory in 2011, and is now responsible for equity strategy. During 2013-19, she was named Best Country Analyst and Best Strategist - Vietnam, andunder her leadership SSI won in the major categories of the AsiaMoney Brokers Poll, including Best Country Research - Vietnam. Prior to joining SSI, Phuong spent 4 yearsat the Netherlands Embassy in Vietnam, where she provided investment advisoryservices, and 2 years in the transportation sector. She has an MSc in InformationManagement & Finance from the University of Westminster, UK.

Macro Economy

Hung PHAM

Associate Director

Tel: (84-24) 3936 6321 ext. 8711


Hung Pham joined SSI in October 2007, and first worked in the Asset Management business before transitioning to SSI Research. He is now the Chief Economist. In 2013,under Hung’s leadership, SSI won the AsiaMoney Brokers Poll award for BestResearch Coverage for Macroeconomics, and Hung was awarded second place in the Best Country Analyst category. Prior to joining SSI, Hung spent 8 years at the Export and Import Policy Department of the Ministry of Trade. Hung has a Bachelor’s degreein External Economics at Hanoi Foreign Trade University, Vietnam, and a Master’sdegree in Economics (Honors class I), with a concentration in financial economics and econometrics from the University of Sydney.

Consumer, Oil & Gas

Trang PHAM

Research Manager

Tel: (84-24) 3936 6321 ext. 8712


Trang Pham has been with SSI Research from 2012, and her coverage includesConsumer Staples and Oil & Gas, featuring key stocks such as VNM, MSN, KDC,GAS, PVS, PVD. She previously worked for FPT Project Supplier Division, FPTTrading Company, where she spearheaded financial projecting and project planning. She has an MBA from the Graduate School of International Management, InternationalUniversity of Japan.


Real Estate

Mai Anh DINH

Senior Analyst

Tel: (84-24) 3936 6321 ext. 8701


Mai Anh joined SSI Research in July 2012 and is jointly responsible for Real Estate coverage. Prior to joining SSI, Mai accrued 7 years of working experience atinternational property consultancy firms, including Savills Vietnam Ltd & Knight Frank Vietnam Ltd. She holds a Master’s Degree in Business Administration from UnitedBusiness Institutes (Brussels, Belgium).

Banking & brokerage

Linh NGUYEN

Research Manager

Tel: (84-24) 3936 6321 ext. 8719


Linh Nguyen joined SSI Research in 2017, covering the Banking and Insurance sectorsand the fixed income market. Prior to joining, Linh accrued more than 10 years’experience of experience in the securities industry, working for Hochiminh SecuritiesCorporation as a senior investment analyst and for VPBank Securities JSC as aresearch manager leading a team covering macro, market strategy, financials and industrials. She received her Master of Arts in Economics from the Graduate School ofInternational Development, International University of Japan, in 2006.

Fertilizer, Natural Rubber

Nga NGUYEN

Analyst

Tel: (84-28) 3636 3688 ext. 3050


Nga Nguyen joined SSI Research in 2015, and is currently in charge of Fertilizer,Natural Rubber, Tire, Sugar and Packaging coverage. Nga has a Bachelor’s degree in Accounting & Finance from the London School of Economics and Political Science.


Transportation & Aviation

Giang HOANG NGUYEN

Analyst

Tel: (84-24) 3936 6321 ext. 8703


Giang Hoang Nguyen joined SSI Research in early 2016. He focuses on Sea Port & Logistics, along with Airport and Shipping; companies under his coverage include VSC,DVP, DXP, HAH and GMD. He was formerly an equity analyst for HSC RetailsResearch, where he covered Infrastructure, Textile, and Industrials. He graduated witha BSc of Banking & Finance from the London School of Economics & Social Science(LSE). Giang passed his CFA Level 3 exam in 2014, and will receive his charter uponfulfilling the work experience requirements.

Steel, Cement

Chau DAO

Analyst

Tel: (84-24) 3636 3688 ext. 3052


Prior to joining SSI in May 2016, Chau Dao worked as an equity analyst for 3 years at financial institutions in Vietnam including VNDirect and An Binh Fund. He currently covers the Oil & Gas, Steel and Cement sectors. Chau graduated from the Diplomatic Academy of Vietnam with a degree in International Economics, and has been a CFA charter holder since April 2018.

Consumer, IT

Trang TRAN

Analyst

Tel: (84-24) 3936 6321 ext. 8705


Trang Tran is an equity analyst covering the Consumer sector. Prior to joining SSI in2018, she worked for 3 years in the Banking and Capital Markets Department of PwC London, and 1.5 years at the International Cooperation Department of the State Bank of Vietnam. She graduated from University College, London, with a BSc inMathematics with Economics, and holds the ICAEW Chartered Accountant qualification, the ACA.


Real Estate

Quang VU

Analyst

Tel: (84-24) 3936 6321 ext. 8706


Quang is an equity analyst covering the property sector. Prior to joining SSI in 2019, heworked for 3 years in the Financial Institution Audit Department of Deloitte Vietnam and1.5 years in the investment division of Sungroup Inc. He graduated from the National Economics university with a BSc in financial auditing, and currently holds the ACCA and CPA Vietnam qualifications.

Fisheries, Textile

Thuy NGUYEN

Analyst

Tel: (84-24) 3936 6321 ext. 8707


Thuy is an equity analyst covering the consumer sector. Prior to joining SSI in 2019, she worked for 2.5 years as a banking analyst in the Research Department of VPS. She graduated from the Foreign Trade University in Vietnam with a BSc in Business Administration and attended the MBA programme at the International University of Japan, majoring in finance and management.

Banking & Insurance

Ha NGUYEN

Analyst

Tel: (84-24) 3936 6321 ext. 8708


Ha has been covering the banking and insurance industry for 9 years. Her coverage includes joint-stock commercial banks (ACB, MBB, VPB, HDB, VIB) and insurancecompanies (including BVH BMI). Prior to joining SSI in October 2019, Ha gainedexperience at Ernst & Young Vietnam Ltd and Bao Viet Securities Company. Ha holds an M.Sc. in Financial Analysis and Fund Management from the University of Exeter, UK.


Utilities, Construction

Hao THAI

Analyst

Tel: (84-24) 3636 3688 ext. 3055


Hao Thai has been covering Power and Construction for more than 2 years. Hiscoverage includes power-generating companies (POW, NT2, PPC, REE) andconstruction companies (CTD, HBC, PC1). Before joining SSI in November, he gained experience at Maybank Kim Eng Vietnam. He holds a bachelor’s degree from Hoa SenUniversity, with a major in Corporate Finance.

Banking, Economy

Tu NGUYEN

Analyst

Tel: (84-24) 3936 6321 ext. 8718


Prior to joining SSI in October 2018, Tu was an investment manager at BIDV InsuranceCorporation for over 11 years. She is in charge of analysing the movements of the money market and bond markets, exchange rates, global fund flows and covering BIDV. She holds a master's degree in Finance and Banking from the Academy ofFinance (Vietnam), and she is a CFA charterholder.

Transportation & Logistics

Trang LE

Analyst

Tel: (84-24) 3936 6321 ext. 8717


Trang Le joined SSI in 2012 and is an equity analyst covering the Transportation & Logistics sector. Companies under her coverage include GMD, VSC, and AST.Besides, Ms. Trang is also a part of the Market Research team, with experiences inmacro, stock market, and derivatives analysis, tracking, and forecasting ETFs. Ms.Trang has a bachelor’s degree from Foreign Trade University (Vietnam) and an MSc inInvestment & Finance from Strathclyde University (UK).


Water & IPs

Thanh NGO

Senior Analyst

Tel: (84-28) 3636 3688 ext. 3053


Prior to joining SSI in May 2018, Thanh was a senior analyst at Bao Viet Securities Company for over 7 years. She is in charge of analysing various industries, includingInfrastructure, Water, Construction, Mining, and Construction Stone. She also builds and maintains quantitative models. She holds a Master's degree from the University of Economics Ho Chi Minh City (VietNam).

Pharmaceutical & Automobile

Luong NGUYEN

Senior Analyst

Tel: (84) 28 3636 3688 ext. 3056


Prior to joining SSI in December 2020, Luong gained experience at FPT Securities as an equity analyst for 2 years. He currently covers the Healthcare and Automobileindustries in Vietnam. His coverage includes domestic pharmaceutical firms (DHG,IMP, DBD, PME, TRA) and automobile companies (VEA, HAX). He holds a Bachelor’s degree in Economics & Finance from the RMIT University, Australia.

Daiwa Research Team

Documents

Transcript of Daiwa Research Team