2020 Institutional Investor - Nomura Holdings · South Korea Angela Hong 82 2 3783 2360...

2020 Institutional InvestorAll-Asia Research Team Survey

We challenge our analysts to be curious and creative in their analysis

of companies, and to provide our clients with a �rst-class service.

Please recognize Nomura’s research efforts by voting for our teams in the 2020

All-Asia Institutional Investor Awards.

Voting starts now

i

IntroductionNomura’s Asia-Pacific research team has over 250 professionals, spanning twelve countries from our home in Japan. Nomura is your natural partner for all Japan-related intelligence including political, economic, corporate and social institutions. Beyond Japan, Nomura sees the Asia-Pacific as our home market extension. Our roots in these complementary markets date back some fifty years.

Our fixed-income research team covers economics, FX, rates and quantitative strategies. This team provides forecasts on macro-economies and thought leadership on fundamental ideas. Our value proposition covers three areas: First, impactful research. Nomura aims to be one of the first in the market to publish views on freshly released economic data via our First Insights report. Second, collaborative studies. Our economists and strategists work very closely together and co-author Asia Insights reports on the implications of new data or breaking events. Third, the team publishes close to twenty Asia Special Reports each year. These reports consider fundamental, longer-term thematic research ideas.

Nomura’s APAC equity research team covers over 1,120 stocks in the region and regards itself as a market leader in a number of sectors including Industrials, TMT and Consumer. Our holistic views are often presented in our flagship Anchor products. These are designed to give investors more detailed industry knowledge which can help formulate investment decisions. Our own readership data consistently advise us that this product captures most investors’ attention. Our recent Anchor Reports include our 2020 APAC Equity Strategy Outlook. This report highlights a positive scenario for APAC equities as an asset class in 2020.

Nomura recognizes that investors can access a lot of information from sources that can compete with equity research products. For this reason, Nomura is pivoting its products to ‘idea-driven material’. This requires our analysts to give an informed opinion on industries and issuers rather than simply echo the views of company management.

Our analysts are mandated with shifting the financial discussion beyond the income statement. We think investors can be overly dependent on metrics such as EPS which can be easily manipulated. Nomura encourages its analysts to look at company balance sheets and reconcile cash-flows from one financial year to the next. As many fund managers embrace ESG investing, we also ask our analysts to consider the role of other stakeholders of the business. This will help analysts challenge the capital allocation decisions of management and generate a considered debate over shareholder priorities.

In addition to the preparation of robust fundamental research, Nomura requires its analysts to consider the role of Japan and how it affects companies, industries and countries in the wider Asia-Pacific. We have constructed a research identity that we have named “Kokoro”. “Kokoro” is a Japanese word which means “heart” in an emotional sense. Our depth of understanding of Japan is one of our strongest cards, and we mandate our analysts in the wider Asia-Pacific region to explore Japanese linkages and relevance when evaluating investment cases for listed equities. Our analysts have drawn parallels between post-bubble Japan and investor concerns in present day China and Korea. These relate to demographics, exchange rate management, trade wars and capital flight. Our Korea research team has extensively analyzed corporate governance reform prospects in Korea based on implementation of the Stewardship Code in Japan. Here, Korea and Japan have similar structures, agencies and norms which lead to a compelling case for comparative analysis.

We see a significant change in how investors view APAC markets in the coming years. This change pivots around how major index providers classify markets. The convention of sub-dividing APAC into Asia ex-Japan and Japan will disintegrate in the next few years. This, we believe will be replaced by a single APAC equity asset class which is dominated by China in 2023. Against this background, we are tasking our analysts to view companies through a wider APAC lens, as we see companies in each sector competing and cooperating at local levels in all APAC markets.

We hope to develop our product offering in 2020 by addressing topical themes and filtering our vision through to stock selection. Our expertise in Japan will be championed to identify precedents or trends that can traverse geographies and lead stock selection in other proximate markets.

Nomura’s research team is tasked with the preparation of creative and imaginative content that challenges convention. Our undertaking is to give our clients a considered opinion rather than historic commentary. We are confident that Nomura’s research will make sense of the intricacies of the Asia-Pacific region. We welcome your feedback.

Jim McCafferty Katsushi SaitoJoint-Head of APAC Equity Research Joint-Head of APAC Equity Research+852 2252 1189 / [email protected] +81 3 6703 1160 / [email protected]

ii

Asia ex-Japan Research Analyst Directory

Table of Contents

Regional Management 1

Equity Analysts 2

China / Hong Kong 3

India 7

Malaysia 10

Philippines 12

Singapore 13

South Korea 14

Taiwan 16

Thailand 18

Japan 19

Fixed Income Analysts 20

Economics 21

iii

Analysts by Sector

Name Phone e-mail

Research Management

Head of Global Research Takashi Tachi 81 3 6703 1100 [email protected]

Joint-Head of APAC Equity Research Jim McCafferty 852 2252 1189 [email protected]

Joint-Head of APAC Equity Research Katsushi Saito 81 3 6703 1160 [email protected]

Head of Global Macro Research Rob Subbaraman 65 6433 6548 [email protected]

Equity Strategy

Asia-Pacific Chetan Seth, CFA 65 6433 6986 [email protected]

Asia-Pacific Nirransh Jain 91 22 305 32092 [email protected]

India Saion Mukherjee 91 22 4037 4184 [email protected]

India Neelotpal Sahu 91 22 4037 4023 [email protected]

Malaysia Tushar Mohata, CFA 60 3 2027 6895 [email protected]

Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Philippines Abigail Chiw, CFA 63 2 8784590 [email protected]

South Korea CW Chung 82 2 3783 2312 [email protected]

South Korea Jung Cho 822 3783 2332 [email protected]

Autos & Auto Parts

China Benjamin Lo, CFA 852 2252 6220 [email protected]

China Joseph Wong 852 2252 6111 [email protected]

China Martin Heung 852 2252 1414 [email protected]

India Kapil Singh 91 22 4037 4199 [email protected]

India Siddhartha Bera, CFA 91 22 4037 4362 [email protected]

South Korea Angela Hong 82 2 3783 2360 [email protected]

South Korea Akash Gupta 91 22 672 35492 [email protected]

Taiwan Shaotang Lee 886 2 2176 9978 [email protected]

Basic Materials

Greater China Jamie Wang 852 2252 2195 [email protected]

India Anil Sharma 91 22 4037 4338 [email protected]

India Aditya Bansal 91 22 40374194 [email protected]

India Priyankar Biswas, CFA 91 22 4037 4992 [email protected]

Philippines Thomas Earll Huang 63 2 8784968 [email protected]

South Korea Cindy Park 82 2 3783 2324 [email protected]

Southeast Asia Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

Southeast Asia Bineet Banka, CFA 91 22 4053 3784 [email protected]

Consumer

China / Hong Kong Emily Lee 852 2252 1407 [email protected]

China / Hong Kong Sandy Shao, CFA 852 2252 6177 [email protected]

China / Hong Kong Joseph Wong 852 2252 6111 [email protected]

India Mihir Shah 91 22 403 74232 [email protected]

Malaysia / Singapore Tushar Mohata, CFA 60 3 2027 6895 [email protected]

Malaysia / Singapore Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Philippines Angelo Torres 63 2 8784967 [email protected]

Philippines Diane Nicole Go 63 2 6881227 [email protected]

South Korea Cara Song 82 2 3783 2328 [email protected]


Thailand Thanatcha Jurukul 66 2 081 2799 [email protected]

Thailand Rajesh Kumar 91 22 3053 2910 [email protected]

iv


Analysts by Sector (cont’d)

Name Phone e-mail

Financials (Banks, Insurance and non-bank financials)

China / Hong Kong Shengbo Tang 852 2252 6210 [email protected]

China / Hong Kong Martin Ma 852 2252 2154 [email protected]

India Adarsh Parasrampuria 91 22 4037 4034 [email protected]

India Amit Nanavati 91 22 4037 4361 [email protected]

India Tanuj Kyal 91 22 40374220 [email protected]


Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]


Healthcare & Pharmaceuticals

India Saion Mukherjee 91 22 4037 4184 [email protected]

India Prateek Mandhana 91 22 40374219 [email protected]

Malaysia / Singapore / Taiwan Raghavendra Divekar, CFA 81 3 6703 1229 [email protected]

South Korea Cara Song 82 2 3783 2328 [email protected]

Thailand Thanatcha Jurukul 66 2 081 2799 [email protected]

Thailand Rajesh Kumar 91 22 3053 2910 [email protected]

Industrials

China / Hong Kong Benjamin Lo, CFA 852 2252 6220 [email protected]

China / Hong Kong Jamie Wang 852 2252 2195 [email protected]

India Priyankar Biswas, CFA 91 22 4037 4992 [email protected]

India Neelotpal Sahu 91 22 4037 4023 [email protected]


Malaysia Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]


South Korea Jaehyung Choi 82 2 3783 2318 [email protected]


Southeast Asia Divya Thomas 91 22 672 35184 [email protected]


Internet / Media

China Jialong Shi 852 2252 1409 [email protected]

China Jessie Xu 852 2252 6197 [email protected]

China Thomas Shen 852 22521400 [email protected]

India Rishit Parikh 91 22 4037 4360 [email protected]



Oil & Gas and Chemicals

Greater China Jamie Wang 852 2252 2195 [email protected]




Southeast Asia Bineet Banka, CFA 91 22 4053 3784 [email protected]



Power & Utilities

China Jamie Wang 852 2252 2195 [email protected]

Hong Kong Benjamin Lo, CFA 852 2252 6220 [email protected]

Hong Kong Martin Heung 852 2252 1414 [email protected]

v

Analysts by Sector (cont’d)

Name Phone e-mail

Power & Utilities (cont’d)



Malaysia Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

Malaysia Rahul Dohare 91 22 672 34560 [email protected]

Philippines Angelo Torres 63 2 8784967 [email protected]


Property

China Leif Chang 852 2252 1554 [email protected]

China Stella Guo 852 2252 1419 [email protected]


Technology

Greater China Aaron Jeng, CFA 886 2 2176 9962 [email protected]

Greater China Anne Lee, CFA 886 2 2176 9966 [email protected]

Greater China Donnie Teng 852 2252 1439 [email protected]

China Joel Ying, CFA 852 2252 2153 [email protected]

China Bing Duan 852 2252 2141 [email protected]

China Ethan Zhang 852 2252 2157 [email protected]

India Rishit Parikh 91 22 4037 4360 [email protected]

Malaysia Heng Siong Kong 603 2027 6894 [email protected]


South Korea CW Chung 82 2 3783 2312 [email protected]

South Korea Jung Cho 822 3783 2332 [email protected]


Taiwan Benson Pan 886 2 2176 9970 [email protected]

Taiwan Bruno Cheng 886 2 2176 9965 [email protected]

Taiwan Martin Lee 886 2 2176 9963 [email protected]

Telecommunications

China Bing Duan 852 2252 2141 [email protected]

Hong Kong Ethan Zhang 852 2252 2157 [email protected]

Malaysia Heng Siong Kong 603 2027 6894 [email protected]



Philippines Diane Nicole Go 63 2 6881227 [email protected]



vi


Fixed Income

Name Phone e-mail

Economics

Head of Global Macro Research and Co-head of Global Markets Research

Rob Subbaraman 65 6433 6548 [email protected]

Chief Economist, India and Asia ex-Japan Sonal Varma 65 6433 6527 [email protected]

Chief China economist Ting Lu 852 2252 1306 [email protected]

Chief ASEAN economist Euben Paracuelles 65 6433 6956 [email protected]

China Lisheng Wang 852 2252 2057 [email protected]

China Jing Wang 852 22521011 [email protected]

India Aurodeep Nandi 91 22 40374087 [email protected]

Thailand and Singapore Charnon Boonnuch 65 6433 6189 [email protected]

Indonesia and Malaysia Rangga Cipta 65 6433 4520 [email protected]

vii

Analysts by Country

Name Phone e-mail

Research Management

Head of Global Research Takashi Tachi 81 3 6703 1100 [email protected]

Joint-Head of APAC Equity Research Jim McCafferty 852 2252 1189 [email protected]

Joint-Head of APAC Equity Research Katsushi Saito 81 3 6703 1160 [email protected]

Head of Global Macro Research Rob Subbaraman 65 6433 6548 [email protected]

Hong Kong / China

Head of Hong Kong equity research, Autos / Conglomerates / Utilities

Benjamin Lo, CFA 852 2252 6220 [email protected]

Autos / Conglomerates / Utilities Martin Heung 852 2252 1414 [email protected]

Home appliances / Autos Joseph Wong 852 2252 6111 [email protected]

Consumer Emily Lee 852 2252 1407 [email protected]

Consumer Sandy Shao, CFA 852 2252 6177 [email protected]

Industrials / Materials Jamie Wang 852 2252 2195 [email protected]

Insurance, Banks and non-bank financials

Shengbo Tang 852 2252 6210 [email protected]

Insurance, Banks and non-bank financials

Martin Ma 852 2252 2154 [email protected]

Internet / Media Jialong Shi 852 2252 1409 [email protected]

Internet / Media Thomas Shen 852 22521400 [email protected]

Internet / Education Jessie Xu 852 2252 6197 [email protected]

Property Leif Chang 852 2252 1554 [email protected]

Property Stella Guo 852 2252 1419 [email protected]

Technology (Semiconductors) Donnie Teng 852 2252 1439 [email protected]

Technology (Semiconductors) Aaron Jeng, CFA 886 2 2176 9962 [email protected]

Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 [email protected]

Technology / Telecommunications Bing Duan 852 2252 2141 [email protected]

Technology / Telecommunications Ethan Zhang 852 2252 2157 [email protected]

Technology / Telecommunications Joel Ying, CFA 852 2252 2153 [email protected]

India

Head of India equity research, Healthcare / Strategy

Saion Mukherjee 91 22 4037 4184 [email protected]

Strategy / Industrials Neelotpal Sahu 91 22 403 74023 [email protected]

Healthcare Prateek Mandhana 91 22 40374219 [email protected]

Autos & Auto Parts / Media Kapil Singh 91 22 4037 4199 [email protected]

Autos & Auto Parts / Media Siddhartha Bera, CFA 91 22 4037 4362 [email protected]

Banks and Financials Adarsh Parasrampuria 91 22 4037 4034 [email protected]

Banks and Financials Amit Nanavati 91 22 4037 4361 [email protected]

Banks and Financials Tanuj Kyal 9122 4037 4220 [email protected]

Consumer Mihir Shah 91 22 403 74232 [email protected]

Industrials / Metals Priyankar Biswas, CFA 91 22 4037 4992 [email protected]

IT Services and Internet Rishit Parikh 91 22 4037 4360 [email protected]

Oil & Gas and Chemicals / Materials Anil Sharma 91 22 4037 4338 [email protected]

Oil & Gas and Chemicals / Materials Aditya Bansal 91 22 40374194 [email protected]

viii


Analysts by Country

Name Phone e-mail

Malaysia

Head of Malaysia equity research, Financials / Gaming / Construction

Tushar Mohata, CFA 60 3 2027 6895 [email protected]

Financials / Gaming / Construction Alpa Aggarwal, CFA 91 22 3053 2250 [email protected]

Healthcare (Singapore, Malaysia, Taiwan)

Raghavendra Divekar, CFA 81 3 6703 1229 [email protected]

Transport & Logistics / Oil & Gas / Utilities

Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

Transport and Logistics Divya Thomas 91 22 672 35184 [email protected]

Oil & Gas / Utilities Bineet Banka, CFA 91 22 4053 3784 [email protected]

Technology / Telecoms / Rubber Gloves Heng Siong Kong 603 2027 6894 [email protected]

Technology / Telecoms / Rubber Gloves Rahul Dohare 91 22 672 34560 [email protected]

Philippines

Head of Philippines equity research, Banks / Property

Abigail Chiw, CFA 63 2 8784590 [email protected]

Consumer-related / Utilities Angelo Torres 63 2 8784967 [email protected]

Consumer / Gaming / Telco Diane Nicole Go 63 2 6881227 [email protected]

Conglomerates / Industrials Thomas Earll Huang 63 2 8784968 [email protected]

Singapore

Equity Strategy (Asia Pacific) Chetan Seth, CFA 65 6433 6986 [email protected]

Equity Strategy (Asia Pacific) Nirransh Jain

Conglomerates Benjamin Lo, CFA 852 2252 6220 [email protected]

Gaming Tushar Mohata, CFA 60 3 2027 6895 [email protected]



Transportation (ASEAN) Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

South Korea

Head of Korea equity research, Technology (Semiconductors/Hardware) / Strategy

CW Chung 82 2 3783 2312 [email protected]

Technology (Semiconductors/Hardware) / Strategy

Jung Cho 822 3783 2332 [email protected]

Oil & Gas & Chemicals / Basic Materials Cindy Park 82 2 3783 2324 [email protected]

Oil & Gas & Chemicals / Basic Materials Soobin Park 822 3783 2320 [email protected]

Autos / Internet / Telecommunications Angela Hong 82 2 3783 2360 [email protected]

Autos / Internet / Telecommunications Eunjae So 822 3783 2338 [email protected]

Autos / Internet / Telecommunications Akash Gupta 91 22 672 35492 [email protected]

Consumer / Healthcare Cara Song 82 2 3783 2328 [email protected]

Consumer / Healthcare Nam Hweu Jo 822 3783 2333 [email protected]

Industrials Jaehyung Choi 82 2 3783 2318 [email protected]

Taiwan

Head of Taiwan equity research, Technology (Semiconductors)

Aaron Jeng, CFA 886 2 2176 9962 [email protected]

Technology (Semiconductors) Benson Pan 886 2 2176 9970 [email protected]

Technology (Semiconductors/Hardware) Bruno Cheng 886 2 2176 9965 [email protected]

Technology (Hardware) Anne Lee, CFA 886 2 2176 9966 [email protected]

Technology (Hardware) Martin Lee 886 2 2176 9963 [email protected]

ix

Analysts by Country (cont’d)

Name Phone e-mail

Taiwan (Cont’d)

Technology (Semiconductors/Hardware) Donnie Teng 852 2252 1439 [email protected]

Small/mid-caps (Technology/Non-Tech) Shaotang Lee 886 2 2176 9978 [email protected]



Materials Jamie Wang 852 2252 2195 [email protected]

Thailand

Healthcare / Consumer-related Thanatcha Jurukul 66 2 081 2799 [email protected]

Healthcare / Consumer-related Rajesh Kumar 91 22 3053 2910 [email protected]

Industrials / Energy Ahmad Maghfur Usman 60 3 2027 6892 [email protected]

Japan




Research Management

Takashi TachiHead of Global Research+81 3 6703 1100 / [email protected]

Takashi Tachi is Head of Global Research and oversees equity research in Japan, AeJ, EMEA, and the Americas, as well as fixed income and economic research globally. Takashi’s remit also includes the Fiduciary Service Research Center and the Nomura Institute of Capital Markets Research. Additionally, he serves as general manager of the Market Strategy Research Department and joint head of Global Markets Research, Japan. Prior to this, Takashi was managing director of Nomura’s Institutional Fixed Income Sales Department for three years.

Years in industry: 31 years

Qualifications: Master’s Degree in Science and Engineering (Keio University)

Equity Research

Jim McCaffertyJoint-Head of APAC equity research+852 2252 1189 / [email protected]

Jim joined Nomura in July 2015 after five years with RBS/CIMB in Hong Kong, where he was head of Asia Pacific Research. Prior to moving to Hong Kong in 2010, Jim was a top-ranked telecoms analyst and Head of Research in London with senior roles at ABN AMRO, Societe Generale and Seymour Pierce. He was named Financial Times AIM analyst of the year in 2008. In 2012 he published “UK Fund Managers and Institutional attitudes towards Japanese Equities” in the journal The Japanese Economy. Jim has a BA (Hons) degree in Economics from Heriot-Watt University and a MSc degree in Political Economy of East Asia from the University of Sheffield.


Qualifications: BA (Hons) Economics (Heriot Watt University); MSc Political Economy of East Asia (University of Sheffield)

Katsushi SaitoJoint-Head of APAC equity researchHead of equity research, Japan and Head of Asia-Pacific industrials research+81 3 6703 1160 / [email protected]

Katsushi Saito is Head of Asia-Pacific industrial and machinery research. He aims to provide investment ideas based on a two-pronged approach: top-down analysis to anticipate global economic cycles based on macro indicators and bottom-up analysis based on company-specific competitive capabilities and growth strategies. Katsushi joined Nomura Research Institute in 1988. He gained experience researching unlisted companies, consulting on IPOs, and conducting equity research on German companies in Frankfurt before becoming an analyst covering the Japanese machinery sector in 1996.


Qualifications: BA Arts & Sciences (University of Tokyo)

Coverage: Machinery

Fixed Income Research

Rob Subbaraman Head of Global Macro Research and Co-head of Global Markets Research+65 6433 6548 / [email protected]

Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where he was Chief Economist, Asia ex-Japan. His team of economists and strategists is responsible for forecasting the outlook of 10 Asian economies and developing market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 22 years living in Asia, including Hong Kong and Tokyo. He has a central banking background, having worked in the Economic Analysis Department at the Reserve Bank of Australia for seven years prior to joining Lehman Brothers.


Qualifications: MEc (Hons) (Macquarie University); MSc Economics (Warwick University)

1

Equity Analysts


China / Hong KongAutos / Conglomerates / Utilities

Benjamin Lo, CFA Head of Hong Kong equity research; Head of China autos and Hong Kong conglomerates/utilities research +852 2252 6220 / [email protected]

Benjamin joined Nomura in June 2012. Prior to this, he headed Asia conglomerates research at JP Morgan. Benjamin was ranked #2 in the 2013 Institutional Investors All Asia Research Team survey for Conglomerates and #3 from 2010 to 2012. He first joined Nomura in October 2008 as regional head of Conglomerates research from Lehman Brothers, previously, he also worked at Deutsche Bank.


Qualifications: LLB, BEcon (University of Sydney); CFA charterholder

Coverage: Autos, Conglomerates, Utilities

Martin HeungAnalyst +852 2252 1414 / [email protected]

Martin joined Nomura in October 2018 as part of the China Autos, Hong Kong Conglomerates & Utilities team. Previously, he was a senior associate with PricewaterhouseCoopers. He also worked in long-only equity at Jacobs Investment Management in the US.


Qualifications: MBA (Vanderbilt Uni-versity), CFA Level III candidate

Coverage: Autos, Conglomerates, Utilities

Home appliances / Autos

Joseph Wong Vice President +852 2252 6111 / [email protected]

Joseph joined Nomura in July 2012 to cover the China auto sector with a more recent focus on home appliances names. Before his current role, he was with Daiwa and Ernst & Young. He holds an MBA from the Chinese University of Hong Kong and is a chartered accountant under HKICPA.


Qualifications: HKICPA charterholder; MBA (Chinese University of Hong Kong)

Coverage: Home appliances / Autos

Consumer

Emily Lee Vice President +852 2252 1407 / [email protected]

Emily covers the Hong Kong/China consumer sector. Prior to joining Nomura in 2016, Emily was an equity analyst for 10 years covering the HK/China consumer discretionary retail, OEM, education and media sectors, and was last with BNP Paribas. Prior to her equity research career, she was a management trainee at Esprit. She holds a bachelor’s degree in Finance from Pennsylvania State University.


Qualifications: Bachelor’s degree in Finance and minor in International Business and Economics (Pennsylvania State University)

Coverage: HK/China Consumer

Sandy Shao, CFA Associate +852 2252 6177 / [email protected]

Sandy joined Nomura in August 2016 and covers the China consumer sector now after 2 years’ experience in the China banks sector. Prior to this, Sandy worked in KPMG as an auditor focusing on financial institutions.


Qualifications: BBA in Accounting and Finance (Hong Kong Poly-technic University); CFA; HKICPA

Coverage: Consumer

3

4

China / Hong Kong (cont’d)

Financials (Insurance, Banks and non-bank financials)

Shengbo Tang Head of Hong Kong and China financials research +852 2252 6210 / [email protected]

Shengbo Tang joined Nomura in 2015 as head of Hong Kong and China insurance and non-bank financials research from CICC, where he was Head of China insurance research. He has been a consistently top-ranked insurance analyst for China in various industry polls, including Institutional Investor, Asiamoney and Thomson Reuters’ Starmine. Before CICC, Shengbo had worked as an actuarial manager at China Taiping Insurance. Shengbo is a Fellow of the China Association of Actuaries.


Qualifications: BS, MS Applied Mathematics (Tongji University); Certified Fellow of the China Association of Actuaries

Coverage: Insurance, Banks and Non-Bank Financials

Martin MaAssociate +852 2252 2154 / [email protected]

Martin joined Nomura in October 2018 as part of the Insurance team. He currently covers China Insurance for Nomura. Previously, he was a PE associate with China Minsheng Investment Group, with a focus on Fintech. He has also worked for Jefferies.


Qualifications: Bachelor’s degree in Economics and Finance (University of Hong Kong)

Coverage: Insurance, Banks and Non-Bank Financials

Internet & Media

Jialong Shi Head of China internet and media research +852 2252 1409 / [email protected]

Jialong joined Nomura in October 2015 as Head of China internet research from Credit Suisse, where he covered mid-cap Chinese internet stocks. Jialong’s team was a runner-up in China Internet research in the 2018 II All Asia/China poll, and he ranked the No 1 Earnings Estimator in the 2019 StarMine Analyst Awards in the Asia Interactive Media & Service category. Prior to Credit Suisse, Jialong worked at CLSA and Lehman Brothers as a research analyst in the China internet sector. Before he joined the finance industry, Jialong was a college lecturer on ecommerce technology at a Chinese university and a part-time teacher at New Oriental School.


Qualifications: Masters of Finance (Shanghai Jiao Tong University)

Coverage: Internet / Media

Thomas Shen, CFA Analyst +852 2252 1400 / [email protected]

Thomas joined Nomura in 2019 and covers the China Internet sector. He has 3 years of prior experience on both the sell-side and buy-side, covering the internet and technology sectors.


Qualifications: Bachelor of Social Science in Economics (Chinese University of Hong Kong); Master of Finance (University of Hong Kong); CFA charterholder

Coverage: Internet / Media



Internet and Education

Jessie XuAssociate +852 2252 6197 / [email protected]

Jessie joined Nomura in Dec 2017 and covers the China internet and education sectors. Prior to this, Jessie worked at Credit Suisse and Citigroup as a research associate. Jessie received a Master’s Degree in Economics from the Chinese University of Hong Kong.


Qualifications: MSc in Economics (the Chinese University of Hong Kong)

Coverage: Internet and Education

Industrials and Materials

Jamie Wang Associate +852 2252 2195 / [email protected]

Jamie joined Nomura in September 2014 covering the Greater China chemicals sector, and has expanded his coverage to materials, gas, and industrial spaces in recent years. Prior to this, he worked at Macquarie Capital Securities as an associate analyst and at Fubon Financial Holding as a management associate in Corporate and Investment Banking. Jamie’s experience and knowledge include not only equities but also credit, derivatives, and project finance.


Qualifications: Masters in Finance (National Taiwan University)

Coverage: Greater China Industrials and Materials

Property

Leif Chang Head of China property research+852 2252 1554 / [email protected]

Leif joined Nomura in December 2018. He leads coverage of the China property sector. Before joining Nomura, Leif was China Property analyst with Morgan Stanley and BNP Paribas.


Qualifications: BBA (National Taiwan University)

Coverage: China Property

Stella Guo Analyst+852 2252 1419 / [email protected]

Stella joined Nomura in March 2019 as part of the China property team. Previously, she worked at CITIC Securities.


Qualifications: MSc in Finance (The Chi-nese University of Hong Kong)

Coverage: China Property

Technology

Donnie Teng Vice President+852 2252 1439 / [email protected]

Donnie has about six years of buy-/sell-side experience in global semiconductor research after working with UMC for two-and-a-half years. Donnie now covers Greater China Semiconductor and Tech companies.


Qualifications: Bachelor of Business Administration, M.S in Industrial Engineering (National Taiwan University)

Coverage: Technology (Semiconductors/ Hardware)

5

6


Technology / Telecommunications

Joel Ying, CFA Vice President +852 2252 2153 / [email protected]

Joel joined Nomura in August 2015 and covers the China technology and telecom sectors. Joel worked in Barclays from May 2014 as an Assistant Vice President in the regional autos and capital goods research team; prior to that, he spent four years working in Asian telecoms equity research in Shanghai.


Qualifications: BS Law (Fudan University); CFA charterholder

Coverage: Technology/Telecoms

Bing Duan Associate +852 2252 2141 / [email protected]

Bing joined Nomura in January 2017 and covers the China technology and telecom sectors. Bing worked at China UnionPay from February 2012 as a risk manager; prior to that, he has worked at China Telecom and in Morgan Stanley’s technology department.


Qualifications: MS Computer Science (Shanghai Jiaotong Univeristy);

MBA (Hong Kong University of Science and Technology)


Ethan Zhang Analyst +852 2252 2157 / [email protected]

Ethan joined Nomura in October 2017 and covers the China technology and telecom sectors. Prior to this, he worked at Ernst & Young as an auditor focusing on corporates.


Qualifications: BBA in Accountancy (City University of Hong Kong); CFA charterholder



IndiaHealthcare / Strategy

Saion Mukherjee Head of India equity research +91 22 4037 4184 / [email protected]

Saion joined Nomura in October 2008. He is head of India equity research and covers the India healthcare and pharmaceuticals sectors. Prior to this, he covered the pharmaceuticals and construction sectors at Lehman Brothers.


Qualifications: BTech Chemical Engineering (IIT, Delhi); PGDM (IIM, Ahmedabad)

Coverage: Healthcare and Strategy

Neelotpal Sahu Associate +91 22 4037 4023 / [email protected]

Neelotpal joined Nomura in November 2017. She is a part of the India strategy research team. Prior to joining Nomura, she was associated with J.P Morgan India Pvt. Ltd where she worked as a part of the Asia and Emerging Markets Equity Strategy team. She holds a Master’s of Science in Economics from the Indian Institute of Technology, Kharagpur. She is a CFA charter holder.


Qualifications: Master’s of Science in Economics (Indian Institute of Technology Kharagpur)

Coverage: India Equity Strategy & Industrials

Prateek Mandhana Associate +91 22 40374219 / [email protected]

Prateek joined Nomura in November 2018 as part of the India research team. He currently covers the India healthcare sector for Nomura. Previously, he was an investment advisor for UHNI clients with Avendus Wealth Management.


Qualifications: MBA, IIM Calcutta

Coverage: Healthcare

Autos & Auto Parts / Media

Kapil Singh Executive Director +91 22 4037 4199 / [email protected]

Kapil Singh has been amongst the top-ranked auto sector analysts in India. He was ranked #1 in his sector by Institutional Investor Magazine in 2015 and 2016 and #2 in 2017. He has completed his PGDM from IIM Lucknow and Masters in Management from ESCP-EAP, Paris. He has been at Nomura since 2008 and has previously worked at Lehman Brothers covering the same sector.


Qualifications: BTech IT (IET, Lucknow); MMgmt (ESCP EAP, Paris)

PGDM (IIM, Lucknow)

Coverage: Autos & Auto Parts and Media

Siddhartha Bera, CFA Associate +91 22 4037 4362 / [email protected]

Siddhartha joined Nomura in August 2015 after 2.5 years with a leading domestic brokerage, Edelweiss. Prior to this, he had stints at HSBC and Emkay Global. He has overall equity research experience of nearly 7 years covering the auto and auto ancillary sectors in India. At Nomura, he covers nearly 13 companies, and has developed close relationships with managements. He holds the CFA charter.


Qualifications: B-Tech, MBA (Finance), CFA charterholder

Coverage: Autos & Auto Parts and Media

7

8

India (cont’d)

Financials

Adarsh Parasrampuria Executive Director +91 22 4037 4034 / [email protected]

Adarsh joined Nomura in June 2014 and covers the India financials space, including insurance. He has significant depth in his coverage with ~21 stocks across banks/ NBFCs/Insurance companies. Adarsh has been ranked highly in the latest II and Asia Money surveys. Adarsh has ~10 years of work experience in the industry, and has previously worked at Goldman Sachs, JP Morgan and a domestic broker.


Qualifications: BBM (Christ College, Bangalore); MBA in Finance (SP JIMR, Mumbai); CFA charterholder

Coverage: India Banks and Financials

Amit NanavatiVice President+91 22 4037 4361 / [email protected]

Amit joined Nomura in September 2010 and currently tracks Indian banks and financials. He has over nine years of equity research experience in Banks and Financial Services. He received his MBA (Finance) from M.E.T (2007 batch), Mumbai, along with other professional courses such as CFA and FRM.


Qualifications: MBA (Finance) (M.E.T), CFA

Coverage: Financials

Tanuj KyalAnalyst+9122 4037 4220 / [email protected]

Tanuj joined Nomura in November 2018 and is a part of the India Banks and Financials Team. He has previously interned with Nomura India Equity Research team for a year and with PwC India for two years. He is a Chartered Accountant by profession and has cleared all levels of the CFA Exam.

Years in industry: <1 year

Qualifications: Chartered Accountant (ICAI), Cleared CFA Level II, B.Com (Mumbai University)

Coverage: India Banks and Financials

Oil & Gas, Chemicals and Cement

Anil Sharma Executive Director +91 22 4037 4338 / [email protected]

Anil joined Nomura in October 2008 and covers the Indian oil & gas, chemicals and cement sectors. Prior to joining sell-side research in 2007, Anil worked in the oil & gas industry for 14 years, with nine years at Reliance Industries and, before that, five years at GAIL. Anil has been amongst the top-ranked analysts in his sectors. He ranked #1 for two consecutive years (2016 and 2017), # 2 in 2015 and was runner-up in 2019 by Institutional Investor magazine.


Qualifications: BTech Chemical Engineering (IIT, Kanpur); PGDM (IMT, Ghaziabad)

Coverage: Oil & Gas, Chemicals and Cement

Aditya Bansal Associate +91 22 40374194 / [email protected]

Aditya re-joined Nomura in March 2019 as part of the India Oil & gas and cement team. Previously, he has worked in India Oil & gas and metals research with UBS and India telecom and power utilities in his earlier stint with Nomura.


Qualifications: PGDM (Finance, MDI Gurgaon), Dual Degree (B.Tech + M.Tech, Petroleum Engineering, IIT-ISM Dhanbad)

Coverage: Oil & Gas, Chemicals and Cement


Industrials & Metals

Priyankar Biswas, CFAVice President+91 22 4037 4992 / [email protected]

Priyankar joined Nomura in April 2015 after three years at HSBC. He is part of the Indian industrials, transportation, metals and capital goods equity research team based out of Mumbai. He started his career with Reliance Infrastructure Limited (2008-2010) in project management before completing his MBA from IIM Kozhikode (2010-2012). After his MBA, Priyankar joined HSBC (2012-2015) and worked with the Global Oil & Gas equity research team.


Qualifications: BTech Electronics & Communication Engineering (NIT Durgapur); PGDIM (IIM Kozhikode)

Coverage: Industrials, Infrastructure, Metals, Transport and logistics

IT Services and Internet

Rishit ParikhAssociate+91 22 4037 4360 / [email protected]

Rishit joined Nomura in 2015 and covers the Indian IT services and Internet space. Prior to Nomura, Rishit worked as an analyst with Goldman Sachs and had total work experience of 5 years including a year with an advisory firm and 2.5 years with Infosys. Rishit holds a B.Tech (Mumbai University), and a management degree (NMIMS, Mumbai).


Qualifications: B.E. Computer, MBA (NMIMS)

Coverage: IT Services and Internet

Consumer

Mihir Shah Vice President +91 22 403 74232 / [email protected]

Mihir joined Nomura in January 2020 and covers the India Consumer Staples & Discretionary (Retail, Paints, QSR) sector. Prior to this, he has worked with Deutsche Equities, Axis Capital, Daiwa Capital Markets, Reliance Equities International covering the same sector. He has consistently been a part of Top Rated India Consumer Analyst teams by Institutional Investor and Asia Money.


Qualifications: B.Com (Vocational Tax) Diploma in Mkt. Mgm. MMS – Finance

Coverage: India Consumer

9

1`0

MalaysiaFinancials / Gaming / Construction

Tushar Mohata, CFA Head of Malaysia equity research +60 3 2027 6895 / [email protected]

Tushar joined Nomura Malaysia in December 2011 and covers the financials, construction and gaming sectors, along with equity strategy. He has 11 years of ASEAN research experience covering a wide range of sectors such as transportation, property and consumer. He is a CFA charterholder.


Qualifications: BEng Electronics and Communication Engineering (BIT, Ranchi, India) MBA (IIM, Kozhikode); CFA charterholder

Coverage: Financials, Gaming and Construction

Alpa Aggarwal, CFAAssociate+91 22 3053 2250 / [email protected]

Alpa is an associate at Nomura Powai since June 2012 and currently covers the financials, construction and gaming sectors, along with equity strategy. She has also covered airport and property sectors in the past. She received an MBA from the Indian Institute of Management, Kozhikode in 2012, and is a CFA charterholder.


Qualifications: Bachelor of Engineer-ing (Electronics), MBA (Finance, IIM Kozhikode), CFA charterholder

Coverage: Financials, Gaming and Construction

Industrials / Transport / Energy and Chemicals / Utilities

Ahmad Maghfur Usman Vice President +60 3 2027 6892 / [email protected]

Ahmad Maghfur Usman joined Nomura in December 2015 as an equity research analyst and currently looks at industrials, transportation, energy, chemicals and utilities sectors in ASEAN. He joined from RHB Research Institute (Malaysia). He has 12 years of sell-side research experience, primarily covering the ASEAN transportation sector, first at OSK, and then at RHB after the latter’s acquisition of OSK. Ahmad has ranked among the Top-5 transportation analyst in Malaysia by Asiamoney Broker Polls over the past three consecutive years.


Qualifications: BBA (Hons) from Yarmouk University, Jordan

Coverage: Industrials, Transport, Energy and Chemicals, Utilities

Divya ThomasAssociate+91 22 672 35184 / [email protected]

Divya has been a part of the ASEAN Transport and Logistics team since October 2017 and previously worked in the Risk and Finance team in Nomura. She received an MBA degree from IIM Kozhikode in 2015 and a degree in Mechanical Engineering from Manipal University in 2013.


Qualifications: BE Mechanical (Manipal University), MBA (IIM Kozhikode)

Coverage: ASEAN Transport and Logistics

Bineet Banka, CFA Vice President +91 22 4053 3784 / [email protected]

Bineet is a part of at Nomura since June 2010 and currently covers the ASEAN Oil & Gas and Utilities sectors. He has also covered the airport, consumer and property sectors in the past. Bineet holds an MBA in Finance degree from XLRI Jamshedpur and B.Tech from IIT Kharagpur. He is also a CFA charterholder and certified FRM.


Qualifications: Bachelor of Technology (BTech), MBA (Finance), CFA charterholder

Coverage: ASEAN Oil & Gas & Utilities


Malaysia (cont’d)

Telco / Rubber Gloves / Technology / Small/mid-caps

Heng Siong KongAssociate+603 2027 6894 / [email protected]

Kong Heng Siong joined Nomura Malaysia in July 2018 and currently looks at the Malaysia telco, rubber gloves, technology, and small/mid-caps sectors. In his previous stints, he covered sectors such as healthcare, rubber gloves, gaming, construction and utilities, focusing predominantly on the Malaysian market.


Qualifications: Bachelor of Commerce – Actuarial Studies

Coverage: Malaysia Telco, Rubber Gloves, Technology and Small/mid-caps

Oil & Gas / Utilities

Rahul DohareAssociate+91 22 672 34560 / [email protected]

Rahul joined Nomura in February 2017 and covers the Malaysia telcos, rubber gloves, technology, and small/mid-caps sectors. Prior to this, he covered US consumer staples and restaurant sectors at Goldman Sachs Asset Management. He has received an MBA in Finance from IIM Lucknow and B.Tech & M.Tech from IIT, Madras.


Qualifications: MBA (Finance), B. Tech & M. Tech (Civil Engineering)

Coverage: Malaysia Telco, Rubber Gloves, Technology and Small/mid-caps

11

12

PhilippinesBanks / Property

Abigail Chiw, CFA Head of Philippines equity research+63 2 8784590 / [email protected]

Abi joined BDO Nomura in October 2016. Prior to joining Nomura, Abi was connected with BDO Private Bank as vice president for equity and fixed income research; she has also worked at Bahay Financial Services, Inc. (an asset management firm under the Deutsche Bank group) as a senior analyst; at Roasters Philippines, Inc. (local operator for Kenny Rogers Roasters & Seattle’s Best Coffee) as an executive assistant for special projects, and at Ayala Land, Inc. as a corplan analyst.


Qualifications: BS Business Administration and Accountancy (Cum Laude), University of the Philippines; CPA; CFA

Coverage: Banks and Property

Consumer

Angelo Torres Research analyst+63 2 8784967 / [email protected]

Angelo joined BDO Nomura in November 2016. He covers the consumer sector in the Philippines. Angelo started his career with the asset management group of the Bank of the Philippine Islands in 2008. After his postgraduate studies in 2013, he joined the M&A advisory team of BDO Capital & Investment Corporation, the investment banking arm of BDO Unibank, Inc.


Qualifications: AB Management Economics, Ateneo de Manila University; Master of Business Administration, Singapore Management University (Dean’s List)

Coverage: Consumer

Conglomerates / Industrials

Thomas Earll A Huang Research analyst+63 2 8784968 / [email protected]

Thomas Earll Huang covers the Philippine conglomerates and Industrials sectors. Prior to joining BDO Nomura, he was with BPI Securities covering the Philippine consumer, telecom, and utility sectors. He received his Master’s Degree in Business Administration from the Asian Institute of Management.


Qualifications: Business Management,

DLS – College of Saint Benilde; Master’s of Business Administration, Asian Institute of Management (Dean’s List)

Coverage: Conglomerates / Industrials

Consumer / Telco / Gaming

Diane Nicole Go Research analyst+63 2 6881227 / [email protected]

Diane joined BDO Nomura in February 2019. She covers the Philippine consumer, telco and gaming sectors. Prior to joining Nomura, Diane was connected with BDO Securities as a fixed income analyst.

Years in industry: 1 year

Qualifications: BS Applied Economics and BS Accountancy (Magna Cum Laude), De La Salle University; CPA

Coverage: Consumer, Telco and Gaming


SingaporeEquity Strategy

Chetan Seth, CFA Vice President +65 6433 6986 / [email protected]

Chetan is Nomura’s Regional Equity Strategist based in Singapore. He has more than 10 years’ experience in Equity Strategy research having previously been an Asia ex JP/Global Equities Strategist at Macquarie’s highly rated equity strategy team in Hong Kong, and stints at other investment banks including Lehman Brothers. Chetan’s investment framework draws heavily from his global macro experience; and a data-driven/analytical approach to form an investment view on equities in the region. He started his career in 2002 at McKinsey in India, before joining the equities business in 2006 at Lehman Brothers. He is a qualified Chartered Accountant, and also a CFA charterholder.


Qualifications: CFA charterholder, Char-tered Accountant (ICAI), B.Com (Hons)

Coverage: Asia Pacific Equity Strategy

Nirransh JainAnalyst +91 22 3053 2092 / [email protected]

Nirransh is an analyst at Nomura Powai since March 2019 and currently covers Asia Pacific Equity Strategy. Prior to that, he worked with ICICI Bank where he worked in the Global Clients Group. He has also cleared all the levels of CFA and is a certified FRM.


Qualifications: MBA (XLRI Jamshedpur), B.E. (NSIT,DU)

Coverage: Asia Pacific Equity Strategy

13

14

South KoreaTechnology (Semiconductors)

CW Chung Head of Korea equity research; Head of pan-Asia Tech/Semiconductors research +82 2 3783 2312 / [email protected]

CW (Changwon) joined Nomura in January 2009 and is head of equity research for Korea. He also covers the Korea technology and semiconductors sectors. Prior to this, he was a technology/semiconductors analyst at Lehman Brothers. CW was ranked #1 Semiconductor Analyst by Chosun Ilbo, Hankook Ilbo, Mail Economy and Herald Economy from 2004 to 2006.


Qualifications: BS Biochemistry, MBA Finance (Yonsei University)

Coverage: Technology (Semiconductors)

Jung Cho Analyst +822 3783 2332 / [email protected]

Jung Cho joined Nomura in December 2018 and covers the Korea technology and semiconductor sectors. Prior to this, he was at Daiwa Securities covering the Korea tech sector.

Years in industry: 1 year

Qualifications: BBA at Boston college


Oil & Gas and Chemicals / Steel / Utility

Cindy Park Head of Basic Materials research, Asia ex-Japan+82 2 3783 2324 / [email protected]

Cindy joined Nomura in 2004 and is regional head of basic materials, energy and EV battery research. She leads research and price forecasts for oil & gas/chemical and metals, in addition to her stock coverage. Prior to joining Nomura, she was with Merrill Lynch and Samsung Corporation’s chemical trading division.


Qualifications: BA Economics (Yonsei University)

Coverage: Oil & Gas and Chemicals, Steel, Utility

Autos & Auto Parts / Internet / Telecommunications

Angela Hong Executive Director +82 2 3783 2360 / [email protected]

Angela joined Nomura in September 2011 and is the Korea autos, internet and telecom analyst. Prior to her current role, she was at HSBC covering Korean autos stocks and before that was at JP Morgan covering internet and telecom stocks. Angela also held a consultant role at Accenture in Seoul, Korea and Munich, Germany, and advised global TMT companies on establishing business strategies.


Qualifications: BA Economics (Yonsei University); MBA (The Wharton School, University of Pennsylvania)

Coverage: Autos, Internet, Telecoms

Akash GuptaAnslyst+91 22 672 35492 / [email protected]

Akash joined the Research team at Nomura Powai in September 2017 and currently covers the auto, tire, internet and telecom sectors in Korea. Prior to joining Nomura, he worked at Goldman Sachs as Financial Controller for the Merchant Banking Division. Akash received his B.com (Hons.) from St. Xavier’s College, Kolkata. He is a qualified Chartered Accountant and has cleared all levels of the CFA and the Company Secretary course.


Qualifications: B.Com(Hons.), Chartered Accountant, cleared all levels of the CFA and Company Secretary Exams

Coverage: Korea Autos, Internet, Telecoms, Transport/ Logistics


South Korea (cont’d)

Consumer / Healthcare

Cara Song Executive Director +82 2 3783 2328 / [email protected]

Cara joined Nomura in 2005 and covers the Korea consumer sector, including discretionary retail (department stores, duty free stores), food retail (hypermarkets), online retail (TV home shoppers), F&B (tobacco, confectionery, beverage), cosmetics (brands, ODMs), medical beauty (botox, fillers), furniture (including interior materials) and healthcare sectors. Prior to this, she spent three years as an investor relations manager at Hankook Tire and four-and-a-half years as a customer service manager for freight forwarding company, Skygate Express.


Qualifications: BBA (Hansung University)

Coverage: Consumer, Healthcare

Industrials

Jaehyung Choi Vice President+82 2 3783 2318 / [email protected]

Jaehyung Choi joined Nomura’s research team in February 2014 and covers the Korean shipbuilding, construction, defence and machinery sectors. Prior to his current role, Jaehyung was a research associate for the auto/shipbuilding sector. He holds a BA in Economics from Boston College.


Qualifications: BA Economics (Boston College)

Coverage: Shipbuilding, Construction, Defence, Machinery

15

16

TaiwanTechnology (Semiconductors)

Aaron Jeng, CFA Head of Taiwan equity research; Greater China semiconductor analyst +886 2 2176 9962 / [email protected]

Aaron joined Nomura in 2010 and has 14 years’ technology research experience. He is the lead sector analyst for Greater China semiconductor research and Head of Taiwan equity research. Aaron’s often contrarian structural approach to research has made him an opinion leader in the Greater China semiconductor space. Aaron was ranked no. 3 technology semiconductor analyst in Institutional Investors’ 2016 All-Asia research team survey.


Qualifications: BBA Finance (National Central University); MBA International Finance (National Chengchi University); CFA charterholder


Benson Pan Associate+886 2 2176 9970 / [email protected]

Benson joined Nomura in Sep 2017 as a part of the Greater China semiconductor research team. Prior to joining Nomura, Benson has 3 years equity research experience with Macquarie and another 3-year experience in corporate finance with Vanguard International Semiconductor. Benson now mainly supports Aaron for Greater China semiconductor stocks.


Qualifications: Master in Finance (National Chengchi University)


Bruno Cheng Associate+886 2 2176 9965 / [email protected]

Bruno has about four years of sell-side experience in semiconductor research after graduating from National Chengchi University. Bruno supports the Taiwan technology team in expanding the regional tech franchise.


Qualifications: Master in Finance (National Chengchi University)

Coverage: Technology (Semiconductors/ Hardware)

Technology (Hardware)

Anne Lee, CFA Executive Director; Greater China Hardware/Handset analyst +886 2 2176 9966 / [email protected]

Anne joined Nomura in 2007 and covers the Greater China handset sector. With a background in small- and mid-cap companies, her strength lies in monitoring market dynamics through broad channel checks and tracking of high volatility mid-cap names. In recent years, she has been focusing on Apple supply chain, China handsets, and new technology developments.


Qualifications: BA Finance, MBA in Finance (National Taiwan University); CFA charterholder

Coverage: Technology (Hardware)

Martin Lee Analyst +886 2 2176 9963 / [email protected]

+886 2 2176 9963 / [email protected] joined Nomura in October 2018 as a part of the Taiwan technology team. He now supports Anne Lee to cover handset and components. Prior to his current role, he worked at Daiwa Capital Markets as a research associate focusing on the semiconductor industry, and also at PwC Taiwan (Advisory, Deals Service). Martin holds a Master’s degree in Finance from Simon Business School, University of Rochester.


Qualifications: Master in Finance (Simon Business School at Uni-versity of Rochester)

Coverage: Technology (Hardware)


Taiwan (cont’d)

Small/mid-caps (Technology/Non-Tech)

Shaotang Lee Associate +886 2 2176 9978 / [email protected]

Shaotang Lee joined Nomura in November 2014, covering small-/mid-caps in Taiwan in both the tech and non-tech spaces, including sub-sectors like auto parts, machinery, optical communication, CCL, textile/footwear, consumer and the handset component industry. Prior to his current role, he was at BofA Merrill Lynch and Yuanta Investment Consulting covering the semiconductor industry. He holds a Bachelor’s of Finance degree from National Taiwan University, and is currently based in Taipei, Taiwan.


Qualifications: BA Finance (National Taiwan University)

Coverage: Small/mid-caps (technology/non-tech)

17

18

ThailandHealthcare / Consumer-related

Thanatcha Jurukul Research analyst+66 2 081 2799 / [email protected]

Thanatcha joined Nomura in June 2013 and covers the healthcare and consumer-related sectors. Prior to this she was an intern at KPMG Thailand’s financial service audit department.


Qualifications: Bachelor of Accounting (Thammasat University)

Coverage: Healthcare / Consumer related

Rajesh Kumar Associate+91 22 3053 2910 / [email protected]

Rajesh joined Nomura in September 2018 and is currently part of the Thailand Healthcare and Consumer teams. He has previously covered the China Education and ASEAN Internet sectors. He previously worked with HSBC where he covered LatAm Financials. He has completed CFA Level 3, and has a basic understanding of Mandarin language.


Qualifications: MBA (IIM Udaipur), B.Tech (VIT University), CFA charterholder

Coverage: Healthcare / Consumer related


19

JapanHealthcare & Pharmaceuticals

Raghavendra Divekar, CFA Pharmaceuticals, medical device & equipment analyst +81 3 6703 1229 / [email protected]

Raghav covers Malaysia and Singapore hospitals and Taiwanese biotech companies for the pharmaceuticals & healthcare team. Prior to joining the healthcare team in September 2013, Raghav worked with the Asia-Pacific solar team from September 2008 following his 1-year stint with the US solar team. He is a CFA charterholder, and also has an MBA from the Indian Institute of Management, Lucknow.


Qualifications: BE Information Technology (Pune); MBA (IIM, Lucknow); CFA charterholder

Coverage: Pharmaceuticals & Healthcare

19

Fixed Income Analysts


EconomicsGlobal

Rob Subbaraman Head of Global Macro Research and Co-head of Global Markets Research+65 6433 6548 / [email protected]

Rob joined Nomura in October 2008 after 12 years at Lehman Brothers, where he was Chief Economist, Asia ex-Japan. His team of economists and strategists is responsible for forecasting the outlook of 10 Asian economies and developing market trade recommendations, and has a solid reputation for in-depth thematic reports. Rob is based in Singapore and has spent 22 years living in Asia, including Hong Kong and Tokyo. He has a central banking background, having worked in the Economic Analysis Department at the Reserve Bank of Australia for seven years prior to joining Lehman Brothers.


Qualifications: MEc (Hons) (Macquarie University); MSc Economics (Warwick University)

Coverage: Economics

India / Asia ex-Japan

Sonal Varma Chief Economist, India and Asia ex-Japan+65 6433 6527 / [email protected]

Sonal joined Nomura in October 2008 from Lehman Brothers, where she served as India economist. Her responsibilities include analysing and reporting the key economic trends in India as well as publishing in-depth reports on India. She previously worked as an Economist at ICICI Bank and CRISIL, with broad exposure to both the domestic and external workings of the Indian economy. Sonal was rated among the top 2 for Research in India from 2012 to 2018 by The Asset Magazine and was among the Top 3 economists in India as ranked by the All-India Institutional Investor survey during 2013-2017.


Qualifications: BA Economics (Delhi University); MA Economics (Delhi School of Economics)

Coverage: Economics (India)

Aurodeep NandiVice President+91 22 4037 4087 / [email protected]

Aurodeep joined Nomura in January 2018 as an India Economist. He was previously Deputy Head of Economics & Ease of Doing Business Lead at the British High Commission New Delhi, after a stint as an economist with the Aditya Birla Group. In a career of 9 years, Aurodeep has been a regular columnist in key financial dailies in India, and has served as Member on the Government of India ‘Expert Committee’ on regulatory reform. He holds an MSc Finance and Economics degree from the London School of Economics and Political Science; an MA Economics degree from the Delhi School of Economics; and is currently pursuing a PhD in Economics from the Delhi School of Economics.


Qualifications: MSc Finance and Economics (London School of Economics and Political Science), MA Economics (Delhi School of Economics)

Coverage: Economics (India)

China

Ting LuChief China economist+852 2252 1306 / [email protected]

Ting joined Nomura in May 2018 as Chief China Economist. Prior to joining Nomura, he was Global Head of Research, Sales and Trading at Huatai Securities for three years. Before Huatai, he spent nine years at Bank of America Merrill Lynch where he was the head of Greater China Economics. Ting was the #1 ranked economist for three consecutive years in 2013-15 according to the Institutional Investor All-Asia survey. Ting has a PhD in Economics from the University of California, Berkeley and is also a CFA charterholder.


Qualifications: Ph.D. Economics (University of California, Berkeley)

Coverage: Economics (China)

21

Economics (cont’d)

China (cont’d)

Lisheng Wang Associate+852 2252 2057 / [email protected]

Lisheng Wang joined Nomura in May 2017 and works in the China macroeconomics team. His responsibilities include analysing economic dynamics and conducting thematic research on the China economy. Prior to his current role, Lisheng was an intern at Hong Kong Monetary Authority, the People’s Bank of China, and the International Monetary Fund. Lisheng received Sun Yefang Financial Innovation Award in 2018 (one of the highest honours in China for financial research) for his research on China’s monetary policy.


Qualifications: BA Economics and BA Management (Zhejiang University), M.Phil. and Ph.D. Economics (Chinese University of Hong Kong)


Jing WangAssociate+852 2252 1011 / [email protected]

Jing Wang joined Nomura in August 2018 and works in the China macroeconomics team. His responsibilities include interpreting economic data and writing in-depth research on the China economy. Prior to joining Nomura, Jing worked at Hong Kong Monetary Authority, and was an intern at Goldman Sachs, the International Monetary Fund, and the World Bank. His research has been published in the Journal of Corporate Finance and IMF Regional Economic Outlook.


Qualifications: BA International Trade and Economics (Jiangxi University of Finance and Economics), MA International Trade (Zhejiang University), MA Economics (Simon Fraser University), Ph.D. Economics (University of Notre Dame), FRM


Southeast Asia

Euben Paracuelles Chief ASEAN economist +65 6433 6956 / [email protected]

Euben joined Nomura in February 2010 and heads the team of economists covering Singapore, Indonesia, the Philippines, Thailand, and Malaysia. Prior to this, he worked at RBS and before that at Credit Suisse and DBS Bank. Euben is frequently quoted in the media and has been a recipient of various awards in economic forecasting for the region. Euben has an Advanced Certificate in International Economics from the Kiel Institute for World Economics in Germany, and an M.Sc. (Economics) from the National University of Singapore. In 2019, Euben was ranked #1 in Singapore by The Asset Magazine for research.


Qualifications: BSc Business Econ (University of the Philippines); MSc Econ (NUS, Singapore); Advanced Certificate in International Econ (Kiel Institute, Germany)

Coverage: Economics (Southeast Asia)

Charnon BoonnuchVice President+65 6433 6189 / [email protected]

Charnon Boonnuch joined Nomura in March 2018 and is a Southeast Asia economist, focusing on Thailand and Singapore. Prior to joining Nomura, Charnon was Head of the economics team at TISCO Financial Group and economist at the Bank of Thailand. He received his BA in Economics from Thammasat University and MSc in Economics from London School of Economics and Political Science.


Qualifications: BA Economics (Thammasat University); MSc Economics (London School of Economics and Political Science)

Coverage: Economics (Thailand and Singapore)

22


23

Economics (cont’d)

Southeast Asia (cont’d)

Rangga CiptaAssociate+65 6433 4520 / [email protected]

Rangga joined Nomura in August 2019, covering Indonesia and Malaysia. Before that, Rangga worked for Samuel Sekuritas Indonesia, Bank Sumitomo Mitsui Indonesia and Bank Internasional Indonesia as an economist. Rangga holds a BA in Economics from University of Indonesia and an MS in Economics from University of Wisconsin-Madison.


Qualifications: BA Economics (University of Indonesia); MS Economics (University of Wisconsin-Madison)

Coverage: Economics (Thailand and Singapore)

Disclaimers

This publication contains material that has been prepared by the Nomura Group entity identified on page 1 and, if applicable, with the contributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified elsewhere in the publication. The term “Nomura Group” used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including: Nomura Securities Co., Ltd. (‘NSC’) Tokyo, Japan; Nomura Financial Products Europe GmbH (‘NFPE’), Germany; Nomura International plc (‘NIplc’), UK; Nomura Securities International, Inc. (‘NSI’), New York, US; Instinet, LLC (‘ILLC’); Nomura International (Hong Kong) Ltd. (‘NIHK’), Hong Kong; Nomura Financial Investment (Korea) Co., Ltd. (‘NFIK’), Korea (Information on Nomura analysts registered with the Korea Financial Investment Association (‘KOFIA’) can be found on the KOFIA Intranet at http://dis.kofia.or.kr); Nomura Singapore Ltd. (‘NSL’), Singapore (Registration number 197201440E, regulated by the Monetary Authority of Singapore); Nomura Australia Ltd. (‘NAL’), Australia (ABN 48 003 032 513), regulated by the Australian Securities and Investment Commission (‘ASIC’) and holder of an Australian financial services licence number 246412; PT Nomura Sekuritas Indonesia (‘PTNSI’); Nomura Securities Malaysia Sdn. Bhd. (‘NSM’), Malaysia; NIHK, Taipei Branch (‘NITB’), Taiwan; Nomura Financial Advisory and Securities (India) Private Limited (‘NFASL’), Mumbai, India (Registered Address: Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India; Tel: +91 22 4037 4037, Fax: +91 22 4037 4111; CIN No: U74140MH2007PTC169116, SEBI Registration No. for Stock Broking activities : INZ000255633; SEBI Registration No. for Merchant Banking : INM000011419; SEBI Registration No. for Research: INH000001014. ‘CNS Thailand’ next to an analyst’s name on the front page of a research report indicates that the analyst is employed by Capital Nomura Securities Public Company Limited (‘CNS’) to provide research assistance services to NSL under an agreement between CNS and NSL. ‘NSFSPL’ next to an employee’s name on the front page of a research report indicates that the individual is employed by Nomura Structured Finance Services Private Limited to provide assistance to certain Nomura entities under inter-company agreements. The “BDO-NS” (which stands for “BDO Nomura Securities, Inc.”) placed next to an analyst’s name on the front page of a research report indicates that the analyst is employed by BDO Unibank Inc. (“BDO Unibank”) who has been seconded to BDO-NS, to provide research assistance services to NSL under an agreement between BDO Unibank, NSL and BDO-NS. BDO-NS is a Philippines securities dealer, which is a joint venture between BDO Unibank and the Nomura Group.

THIS MATERIAL IS: (I) FOR YOUR PRIVATE INFORMATION, AND WE ARE NOT SOLICITING ANY ACTION BASED UPON IT; (II) NOT TO BE CONSTRUED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITY IN ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION WOULD BE ILLEGAL; AND (III) OTHER THAN DISCLOSURES RELATING TO THE NOMURA GROUP, BASED UPON INFORMATION FROM SOURCES THAT WE CONSIDER RELIABLE, BUT HAS NOT BEEN INDEPENDENTLY VERIFIED BY NOMURA GROUP.

Other than disclosures relating to the Nomura Group, the Nomura Group does not warrant or represent that the document is accurate, complete, reliable, fit for any particular purpose or merchantable and does not accept liability for any act (or decision not to act) resulting from use of this document and related data. To the maximum extent permissible all warranties and other assurances by the Nomura Group are hereby excluded and the Nomura Group shall have no liability for the use, misuse, or distribution of this information.

Opinions or estimates expressed are current opinions as of the original publication date appearing on this material and the information, including the opinions and estimates contained herein, are subject to change without notice. The Nomura Group is under no duty to update this document. Any comments or statements made herein are those of the author(s) and may differ from views held by other parties within Nomura Group. Clients should consider whether any advice or recommendation in this report is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The Nomura Group does not provide tax advice.

The Nomura Group, and/or its officers, directors and employees, may, to the extent permitted by applicable law and/or regulation, deal as principal, agent, or otherwise, or have long or short positions in, or buy or sell, the securities, commodities or instruments, or options or other derivative instruments based thereon, of issuers or securities mentioned herein. The Nomura Group companies may also act as market maker or liquidity provider (within the meaning of applicable regulations in the UK) in the financial instruments of the issuer. Where the activity of market maker is carried out in accordance with the definition given to it by specific laws and regulations of the US or other jurisdictions, this will be separately disclosed within the specific issuer disclosures.

This document may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

Any MSCI sourced information in this document is the exclusive property of MSCI Inc. (‘MSCI’). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, re-disseminated or used to create any financial products, including any indices. This information is provided on an “as is” basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI and the MSCI indexes are services marks of MSCI and its affiliates.

The intellectual property rights and any other rights, in Russell/Nomura Japan Equity Index belong to Nomura Securities Co., Ltd. (“Nomura”) and Frank Russell Company (“Russell”). Nomura and Russell do not guarantee accuracy, completeness, reliability, usefulness, marketability, merchantability or fitness of the Index, and do not account for business activities or services that any index user and/or its affiliates undertakes with the use of the Index.


Investors should consider this document as only a single factor in making their investment decision and, as such, the report should not be viewed as identifying or suggesting all risks, direct or indirect, that may be associated with any investment decision. Nomura Group produces a number of different types of research product including, among others, fundamental analysis and quantitative analysis; recommendations contained in one type of research product may differ from recommendations contained in other types of research product, whether as a result of differing time horizons, methodologies or otherwise. The Nomura Group publishes research product in a number of different ways including the posting of product on the Nomura Group portals and/or distribution directly to clients. Different groups of clients may receive different products and services from the research department depending on their individual requirements.

Figures presented herein may refer to past performance or simulations based on past performance which are not reliable indicators of future performance. Where the information contains an indication of future performance, such forecasts may not be a reliable indicator of future performance. Moreover, simulations are based on models and simplifying assumptions which may oversimplify and not reflect the future distribution of returns. Any figure, strategy or index created and published for illustrative purposes within this document is not intended for “use” as a “benchmark” as defined by the European Benchmark Regulation.

Certain securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment.

With respect to Fixed Income Research: Recommendations fall into two categories: tactical, which typically last up to three months; or strategic, which typically last from 6-12 months. However, trade recommendations may be reviewed at any time as circumstances change. ‘Stop loss’ levels for trades are also provided; which, if hit, closes the trade recommendation automatically. Prices and yields shown in recommendations are taken at the time of submission for publication and are based on either indicative Bloomberg, Reuters or Nomura prices and yields at that time. The prices and yields shown are not necessarily those at which the trade recommendation can be implemented.

The securities described herein may not have been registered under the US Securities Act of 1933 (the ‘1933 Act’), and, in such case, may not be offered or sold in the US or to US persons unless they have been registered under the 1933 Act, or except in compliance with an exemption from the registration requirements of the 1933 Act. Unless governing law permits otherwise, any transaction should be executed via a Nomura entity in your home jurisdiction.

This document has been approved for distribution in the UK as investment research by NIplc. NIplc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NIplc is a member of the London Stock Exchange. This document does not constitute a personal recommendation within the meaning of applicable regulations in the UK, or take into account the particular investment objectives, financial situations, or needs of individual investors. This document is intended only for investors who are ‘eligible counterparties’ or ‘professional clients’ for the purposes of applicable regulations in the UK, and may not, therefore, be redistributed to persons who are ‘retail clients’ for such purposes. This document has been approved for distribution in the European Economic Area as investment research by Nomura Financial Products Europe GmbH (“NFPE”). NFPE is a company organized as a limited liability company under German law registered in the Commercial Register of the Court of Frankfurt/Main under HRB 110223. NFPE is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin).

This document has been approved by NIHK, which is regulated by the Hong Kong Securities and Futures Commission, for distribution in Hong Kong by NIHK. This document has been approved for distribution in Australia by NAL, which is authorized and regulated in Australia by the ASIC. This document has also been approved for distribution in Malaysia by NSM. In Singapore, this document has been distributed by NSL. NSL accepts legal responsibility for the content of this document, where it concerns securities, futures and foreign exchange, issued by their foreign affiliates in respect of recipients who are not accredited, expert or institutional investors as defined by the Securities and Futures Act (Chapter 289). Recipients of this document in Singapore should contact NSL in respect of matters arising from, or in connection with, this document. Unless prohibited by the provisions of Regulation S of the 1933 Act, this material is distributed in the US, by NSI, a US-registered broker-dealer, which accepts responsibility for its contents in accordance with the provisions of Rule 15a-6, under the US Securities Exchange Act of 1934. The entity that prepared this document permits its separately operated affiliates within the Nomura Group to make copies of such documents available to their clients.

This document has not been approved for distribution to persons other than ‘Authorised Persons’, ‘Exempt Persons’ or ‘Institutions’ (as defined by the Capital Markets Authority) in the Kingdom of Saudi Arabia (‘Saudi Arabia’) or a ’Market Counterparty’ or a ‘Professional Client’ (as defined by the Dubai Financial Services Authority) in the United Arab Emirates (‘UAE’) or a ‘Market Counterparty’ or a ‘Business Customer’ (as defined by the Qatar Financial Centre Regulatory Authority) in the State of Qatar (‘Qatar’) by Nomura Saudi Arabia, NIplc or any other member of the Nomura Group, as the case may be. Neither this document nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, by any person other than those authorised to do so into Saudi Arabia or in the UAE or in Qatar or to any person other than ‘Authorised Persons’, ‘Exempt Persons’ or ‘Institutions’ located in Saudi Arabia or a ’Market Counterparty’ or a ‘Professional Client’ in the UAE or a ‘Market Counterparty’ or a ‘Business Customer’ in Qatar. Any failure to comply with these restrictions may constitute a violation of the laws of the UAE or Saudi Arabia or Qatar.

For Canadian Investors: This research report was approved for distribution to Canadian investors by Instinet Canada Limited (“ICL”), member of the Investment Industry Regulatory Organization of Canada (“IIROC”) and member of the Canadian Investor Protection Fund. An affiliate of ICL prepared the research report (an “Affiliate Research Report”) in accordance with the regulatory requirements applicable to research in the affiliate’s local jurisdiction, which include conflict of interest disclosure. ICL reviewed this Affiliate Research Report for the purpose of ensuring Canadian disclosures required by IIROC are included. ICL does not receive compensation in respect of the distribution of Affiliate Research Reports. Pursuant to ICL’s policies and procedures regarding the dissemination of research, ICL makes available Affiliate Research Reports to ICL clients and prospective clients only, in electronic and/or in printed form. ICL endeavours to make available and/or distribute Affiliate Research Reports to all intended recipients at the same time. This Affiliate Research Report is not a recommendation and does not take into account the investment objectives, financial situation or particular needs of any particular account.

For report with reference of TAIWAN public companies or authored by Taiwan based research analyst:

THIS DOCUMENT IS SOLELY FOR REFERENCE ONLY. You should independently evaluate the investment risks and are solely responsible for your investment decisions. NO PORTION OF THE REPORT MAY BE REPRODUCED OR QUOTED BY THE PRESS OR ANY OTHER PERSON WITHOUT WRITTEN AUTHORIZATION FROM NOMURA GROUP. Pursuant to Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers and/or other applicable laws or regulations in Taiwan, you are prohibited to provide the reports to others (including

but not limited to related parties, affiliated companies and any other third parties) or engage in any activities in connection with the reports which may involve conflicts of interests. INFORMATION ON SECURITIES / INSTRUMENTS NOT EXECUTABLE BY NOMURA INTERNATIONAL (HONG KONG) LTD., TAIPEI BRANCH IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT BE CONSTRUED AS A RECOMMENDATION OR A SOLICITATION TO TRADE IN SUCH SECURITIES / INSTRUMENTS.

This document is prepared by Nomura group or its subsidiary or affiliate (collectively, “Offshore Issuers”) incorporated outside the People’s Republic of China (“PRC”, excluding Hong Kong, Macau and Taiwan, for the purpose of this document) and it is not approved or intended to be circulated in the PRC. The Offshore Issuers are not licensed, supervised or regulated in the PRC to carry out financial services including securities investment consultancy services. The recipient should not use this document or otherwise rely on any of the information contained in this report in making investment decisions and Offshore Issuers take no responsibility in this regard.

NO PART OF THIS MATERIAL MAY BE (I) COPIED, PHOTOCOPIED, OR DUPLICATED IN ANY FORM, BY ANY MEANS; OR (II) REDISTRIBUTED WITHOUT THE PRIOR WRITTEN CONSENT OF A MEMBER OF THE NOMURA GROUP. If this document has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this document, which may arise as a result of electronic transmission. If verification is required, please request a hard-copy version.

The Nomura Group manages conflicts with respect to the production of research through its compliance policies and procedures (including, but not limited to, Conflicts of Interest, Chinese Wall and Confidentiality policies) as well as through the maintenance of Chinese Walls and employee training.

Additional information regarding the methodologies or models used in the production of any investment recommendations contained within this document is available upon request by contacting the Research Analysts listed on the front page. Disclosures information is available upon request and disclosure information is available at the Nomura Disclosure web page: http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx

Copyright © 2020 Nomura International plc. All rights reserved.

Disclosures as of 15-Jan-2020.

http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx

2020 Institutional Investor - Nomura Holdings · South Korea Angela Hong 82 2 3783 2360...

Documents

Transcript of 2020 Institutional Investor - Nomura Holdings · South Korea Angela Hong 82 2 3783 2360...