China analysts

Meet our analysts participating in China II

 

Autos & Auto Parts

        

Yankun Hou
+852-3712 4451
Email

Yankun is the Head of China Equity Research and Head of Asia Autos Research. He has covered the auto sector for about 10 years. Yankun forecast the Chinese auto market would bottom in Q415, and published two in-depth reports on: 1) the future of the power train segment; and 2) the sustainability of growth in the new energy vehicle sector. He has organised auto tours, including to the Guangzhou auto show and the Shanghai auto tour. On China strategy, Yankun published a report about whether the “golden age" of foreign companies' expansion in China is over.

Tianlong Zou
+86-10-5832 8775
Email

Tianlong is a member of the China Autos team and mainly focuses on A share auto sector stocks. In January, Tianlong published an in-depth report discussing the prospects for new energy bus sales in China. In March, he published a sector report about whether the robust growth of the new energy vehicle sector is sustainable over the long term. Tianlong's regular products include a monthly PV sales report and a monthly sales volume, pricing and inventory database.

Mark Leung
+852-2971 8636
Email

Mark joined the China Autos & Auto Parts team in Hong Kong as an Associate Analyst in July 2014. The team correctly forecast the bottoming of the Chinese auto market in Q415, and published two in-depth reports about the future of the power train segment and the robust growth of the China new energy vehicle sector. The team also organised tours in 2015, including the Guangzhou auto show and the Shanghai auto tour.

Nora Min
+86-21-3866 8905
Email

Nora is a member of the China Auto research team. Prior to UBS, she was an analyst at Deutsche Bank Hong Kong for four years covering autos and airlines; and at CIMB China for 1.5 years covering the consumer sector. She also did a stint in the marketing & sales department of Chery Jaguar Land Rover China. Nora received her BCOM from the University of British Columbia, Canada.

 

Banks

        

Lucy Feng
+852-2971 7157
Email

During H115, Lucy reiterated her positive view on Chinese banks citing higher-than-expected fee income growth. In May, following the UBS APAC Financial Conference, she turned more cautious as asset quality deterioration had outpaced monetary easing, leading to investor concerns over rising bad debts. During 2015, Lucy hosted numerous on-the-ground trips to China, visiting banks, regulators, non-bank institutions and industry experts.

Jason Bedford
+852-2971 8235
Email

Jason focuses on bank and non-bank lenders. His research into China financials has included a deep dive into over 140 banks' financial information; he has examined the risks related to loans categorised as investments (aka, 'shadow loan books'); the dynamics of the current credit cycle; credit guarantee webs; and how banks are managing NPL ratios. Jason's many years as a financial services auditor in Beijing and his Mandarin language skills enable him to have a comprehensive overview of China's capital markets.

Noel Chan
+86-21-3866 8845
Email

Noel joined UBS as an A-share banking analyst from Barclays where he spent four years covering Hong Kong/China and Taiwan financials. Noel has over eight years of equity research experience. He worked for JP Morgan and UBS (GTP) covering the regional financial and property sectors prior to joining Barclays in 2012. Noel obtained his bachelor's degree from the University of Hong Kong and earned a master's degree in Science (Economics and Finance) from the University of Bath in the UK.

Xiaoyan Cui
+86-21-3866 8871
Email

Xiaoyan's research expanded from brokers and insurers to internet finance companies in 2015. This past year, she has delivered detailed company analysis and in-depth monthly comments on brokers. Xiaoyan has a differentiated view on brokers in a sluggish market; she downgraded some small brokers and maintained a positive view on brokers with strong innovative ability, although earnings may be affected by the weak market in the near term. She believes internet brokerages will trigger profit growth in the mid- to long term. She is concerned about the investment environment for insurers and has published reports with more conservative assumptions.

Ben Huang
+852-2971 5526
Email

Ben, together with the China Banks team, provides thorough, timely and in-depth coverage of banks and brokers. He participated in an IPO in 2015, and helped organise several financial trips, conferences and non-deal roadshows in China for investors in 2015. Among his key research pieces was a series of in-depth reports on the credit cycle in China.

 

Basic Materials

        

Yang Luo
+852-3712 4328
Email

Yang covers the China cement and steel sectors for UBS's Metal and Mining team. Yang turned bearish on the China cement sector in June 2015; and in September 2015, he upgraded the sector from underweight to neutral. In July 2015, Yang Initiated on the China steel sector with a bearish view, turning neutral in October 2015

Edwin Chen
+86-10-5832 8186
Email

Edwin and his team have consistently been top ranked in the Small & Mid-Cap category since 2011. Over the past 12 months Edwin correctly forecasted: 1) the rapid development of China's subway sector; 2) structural supply/demand improvements in China's containerboard sector; and 3) the persistent decline of Hong Kong's retail sector. He also offered differentiated views on some of the export stocks. In addition, Edwin has ramped up coverage of the A-share environmental protection sector to extend his service scope to investors.

 

Conglomerates

        

Angus Chan
+852-2971 7530
Email

Angus covers conglomerates and gaming for UBS. In what was in eventful year of corporate M&As and restructuring in the conglomerate sector, Angus provided the market with analysis of the implications for companies, rationales behind the majority shareholders, and insights into the strategic direction of conglomerates. Angus also pushed for increased corporate access in the conglomerate sector. In gaming, Angus collaborated with the transport team and the UBS Evidence Lab in a China outbound tourism project, where the consumption patterns of outbound tourists were surveyed and analysed.

Jeany Wu
+852-2971 7294
Email

Jeany joined the Asia Conglomerates and Gaming team in February 2016. Jeany and the team have provided insightful analysis of the sector, in particular an exploration of 'needle-moving' factors, as well as the implications for companies and shareholders in various M&A and restructuring scenarios.

 

Consumer/Discretionary

        

Spencer Leung
+852-2971 7459
Email

At the end of 2014, Spencer published a number of thematic reports highlighting his expectation that Hong Kong would enter a down cycle as four segments of the economy weakened. Regarding his consumer coverage, Spencer has continued to highlight his view that the sportswear segment will outperform other consumer discretionary segments, a view he first highlighted in 2012. He continues to hold long-term negative views on sourcing agents, footwear and supermarkets.

Erica Poon Werkun
+852-2971 8605
Email

Erica leads the UBS Asia Consumer & Internet Research team. By leveraging on her knowledge of traditional retailing, she provides insightful perspectives on China eCommerce as well as O2O opportunities for offline retailers. She is the author of well-received thematic research on Chinese internet companies' (BAT) mobile ecosystems and on market consolidation. Erica has produced timely research on industry events including VIE reform and ADR privatisation. Her annual UBS Asia Consumer Conference as well as the China Internet Tour are popular consumer/internet-themed events.

Yunyun Hu
+86-21-3866 8964
Email

Yunyun covers China discretionary consumers and provides solid fundamental research on the sector and covered companies. Yunyun published thematic reports on the China cosmetic sector that discussed emerging domestic brands reshaping the competitive landscape, highlighted real estate-related opportunities in the consumer space, and has held a consistent view on customised furniture since 2016. He has published on the China apparel sector and identified key themes in the sector's transition period (eCommerce first reshaping channels and then the supply chain).

Xinyu Liao
+86-21-3866 8907
Email

Xinyu has followed the home appliance sector closely, and given timely analysis through in-depth sector reports, company reports and monthly comments. In early 2016, Xinyu recommend kitchen appliance makers based on consumer upgrades. The team has built a model to monitor changes in air conditioner manufacturers' inventory, which is running largely in line with their estimates. In September 2015, they updated their view on the TV sector with a thorough analysis of smart TVs, which has been verified by TV companies' results in recent quarters.

Xin Chen
+86-21-3866 8864
Email

Xin brings timely and insightful analysis to his coverage of the infrastructure, transportation, tourism and media sectors. He flagged the investment opportunities of China airports well ahead of consensus. He also identified the potential of the China travel market, especial outbound tourism, which he believes will sustain double-digit growth. Back in 2014, Xin was the one of the first to point out that the driver for the high growth of Chinese box office receipts would shift to an increase in per customer spend and improvements in quality, which was borne out by 2015 data.

Zhijing Liu
+86-21-3866 8847
Email

Zhijing is an A share media & internet analyst. He believes that China's video content and channel industry will record growth in the next five to 10 years, and flags that the online video and animation segments should be the major beneficiaries. He is bullish on China's tier-1 TV drama producers, as ASP is driven by content competition between traditional TV and online video systems.

Archibald Pei
+86-10-5832 8845
Email

Archibald joined UBS in 2015 to cover China's software and media sectors. Before that, he had seven years of equities research experience with both Chinese domestic and international banks. He has always tried to provide investors with the bigger picture, instead of mere near-term analysis. In the last 12 months, he has been bearish on China software but bullish on media due to macro trends, industry fundamentals and valuations.

Siguo Chen
+852-2971 8506
Email

Siguo is part of the Hong Kong/China consumer team. She covers the consumer discretionary sector, while her primary focus is jewelry retailers and OEMs. In early 2016, she published a thematic report on China retail channel efficiencies, highlighting potential beneficiaries in 2016 such as sportswear and certain apparel companies; and flagged risks in the footwear, supermarket and jewelry spaces. Siguo's in-depth analysis of the Chinese sportswear sector outlined the competitive landscape and market potential after the good run in 2013-15.

Ingrid Zhang
+86-21-3866 8853
Email

The team brings timely and insightful analysis of the infrastructure, transportation, tourism and media sectors. The team flagged the investment opportunities for China airports well ahead of consensus, and also identified the potential of China's travel market, especial outbound tourism, which they believe will sustain double-digit growth. Back in 2014, the team was one of the first to point out that the driver of the high growth of the Chinese box office would shift to an increase in per customer spend and improvements in quality, which was borne out by 2015 data.

 

Consumer/Nondiscretionary

        

Christine Peng
+852-2971 7571
Email

Christine has been bearish on the China consumer staples sector since 2013, and has highlighted the lack of digital developments and product innovations as two key industry trends in her thematic reports. She identified the positive synergy between the US and China pork sectors in H215. Her recent UBS Evidence Lab report on China's infant milk formula sector, "Structural change underway; who is best positioned to weather the storm?" led the debate among investors after recent regulation changes. Her report, "The first year of price deflation in 2015E", forecasted the downward trend for China's dairy prices.

Erica Poon Werkun
+852-2971 8605
Email

Erica leads the UBS Asia Consumer & Internet Research team. By leveraging on her knowledge of traditional retailing, she provides insightful perspectives on China eCommerce as well as O2O opportunities for offline retailers. She is the author of well-received thematic research on Chinese internet companies' (BAT) mobile ecosystems and on market consolidation. Erica has produced timely research on industry events including VIE reform and ADR privatisation. Her annual UBS Asia Consumer Conference as well as the China Internet Tour are popular consumer/internet-themed events.

Yunyun Hu
+86-21-3866 8964
Email

Yunyun covers China discretionary consumers and provides solid fundamental research on the sector and covered companies. Yunyun published thematic reports on the China cosmetic sector that discussed emerging domestic brands reshaping the competitive landscape, highlighted real estate-related opportunities in the consumer space, and has held a consistent view on customised furniture since 2016. He has published on the China apparel sector and identified key themes in the sector's transition period (eCommerce first reshaping channels and then the supply chain).

Xinyu Liao
+86-21-3866 8907
Email

Xinyu has followed the home appliance sector closely, and given timely analysis through in-depth sector reports, company reports and monthly comments. In early 2016, Xinyu recommend kitchen appliance makers based on consumer upgrades. The team has built a model to monitor changes in air conditioner manufacturers' inventory, which is running largely in line with their estimates. In September 2015, they updated their view on the TV sector with a thorough analysis of smart TVs, which has been verified by TV companies' results in recent quarters.

Brad Chen
+86-21-3866 8985
Email

Brad joined UBSS in April 2016. He covers the A share consumer staples sector (mainly the liquor and dairy sectors). He previously worked at China International Capital Corp, covering H share consumer staples and paper & forest companies. The CICC consumer staples team took first place in the 2011 Asiamoney and runner-up in the 2012 and 2015 Institutional Investor All China surveys. Brad holds a Bachelor of Science degree from Shanghai Jiao Tong University.

Tony Wang
+86-21-3866 8830
Email

Tony joined UBSS in December 2015 to cover China's agriculture sector. He has highlighted his positive view on China poultry companies in H116 based on in-depth analysis and on-the-ground evidence ("Turnaround story at attractive valuation"), which was well-received by investors. Prior to UBS, he was an analyst at CICC for over four years covering A & H share agriculture stocks.

Anne Huang
+86-21-3866 8833
Email

Anne has covered the A share consumer staples sector since 2016. Before that, she was a member of the H share consumer staples team. The team was among the first to downgrade China's dairy sector and turn bearish on the infant milk formula segment. Research highlights in 2014-H116 include a China condiment sector report, "China Dairy Sector Report III" and "China Dairy Sector Report IV", an ecommerce report that was the first attempt to look at online retailing in the consumer staples sector, and a 2015 outlook report that highlighted the sector's lack of innovation and channel changes.

Abigail Sun
+852-2971 7469
Email

Abigail is part of the China/Hong Kong Consumer Staples team. She joined the team in July 2015 and mainly focuses on stocks in the dairy, food and beverage, personal hygiene and alcohol industries. She was engaged in the team's Evidence Lab report on China's infant milk formula industry, "Structural change underway; who is best positioned to weather the storm?", which led the debate among investors about recent regulation changes.

 

Economics

        

Tao Wang
+852-2971 7525
Email

Tao is UBS's Co-Head of Asia Economics and a China specialist. She called China's property-induced downturn and recently upgraded her growth outlook with the help of a UBS Evidence Lab survey. Tao forecasted a modest Rmb depreciation with tighter capital controls, and highlighted the significance of policy bank financing. While alarmed by renewed rapid credit growth, Tao analysed how China's debt dynamic may play out and why she thinks the facts do not support the 'super bears'.

Donna Kwok
+852-3712 3160
Email

As senior China economist, Donna helped to call China's property downturn, last year's modest Rmb depreciation and the tightening of capital controls, and the peaks and troughs of policy easing. Using UBS Evidence Lab, the team upgraded their growth outlook but noted no 'big picture' change. They analysed why they think: 1) China will not need to "pull its credit cycle plug" for years, but debt dynamics may still lead to a debt-deflation trap; 2) the facts do not support the 'super bears'; and 3) rising default events are unlikely to be the first domino to fall.

Silvia Liu
+852-2971 8121
Email

Silvia covers Hong Kong, Taiwan and regional economics. She published an in-depth report on Hong Kong in August 2015, arguing that the city is very vulnerable to a downward adjustment. She turned more constructive on Taiwan in early 2016, as the inventory cycle bottomed out.

Ning Zhang
+852-2971 8135
Email

Ning works with Tao Wang as a China economist. They called China's property-induced downturn and recently upgraded China's growth outlook with the help of a UBS Evidence Lab survey. They forecasted a modest Rmb depreciation versus the US$ with tighter capital controls, and highlighted the quasi-fiscal role of policy bank financing. While concerned by renewed rapid credit growth, they analysed how China's debt dynamic may play out, explaining why in their opinion the facts do not support the 'super bears', and flagged an early warning that policy easing momentum has peaked.

Jennifer Zhong
+86-10-5832 8324
Email

Jennifer is part of UBS's China Macro team. They called China's property-induced downturn and recently upgraded China's growth outlook with the help of a UBS Evidence Lab survey. They forecasted a modest Rmb depreciation versus the US$ with tighter capital controls, and highlighted the quasi-fiscal role of policy bank financing. While concerned by renewed rapid credit growth, they analysed how China's debt dynamic may play out, explaining why in their opinion the facts do not support the 'super bears'.

 

Gaming, Lodging & Leisure

        

Angus Chan
+852-2971 7530
Email

Angus covers conglomerates and gaming for UBS. In what was in eventful year of corporate M&As and restructuring in the conglomerate sector, Angus provided the market with analysis of the implications for companies, rationales behind the majority shareholders, and insights into the strategic direction of conglomerates. Angus also pushed for increased corporate access in the conglomerate sector. In gaming, Angus collaborated with the transport team and the UBS Evidence Lab in a China outbound tourism project, where the consumption patterns of outbound tourists were surveyed and analysed.

Zhijing Liu
+86-21-3866 8847
Email

Zhijing is an A share media & internet analyst. He believes that China's video content and channel industry will record growth in the next five to 10 years, and flags that the online video and animation segments should be the major beneficiaries. He is bullish on China's tier-1 TV drama producers, as ASP is driven by content competition between traditional TV and online video systems.

Eric Lin
+852-3712 3640
Email

Eric's airline supply-demand model highlights a recovery in the Asian short-haul market but risks for long-haul. His UBS Evidence Lab report on China outbound tourism challenged the hub positioning of Hong Kong and picked the most preferred destinations. His analysis of global shipping alliances suggested a potential increase in concentration, but too little to fix oversupply.

Xin Chen
+86-21-3866 8864
Email

Xin brings timely and insightful analysis to his coverage of the infrastructure, transportation, tourism and media sectors. He flagged the investment opportunities of China airports well ahead of consensus. He also identified the potential of the China travel market, especial outbound tourism, which he believes will sustain double-digit growth. Back in 2014, Xin was the one of the first to point out that the driver for the high growth of Chinese box office receipts would shift to an increase in per customer spend and improvements in quality, which was borne out by 2015 data.

Archibald Pei
+86-10-5832 8845
Email

Archibald joined UBS in 2015 to cover China's software and media sectors. Before that, he had seven years of equities research experience with both Chinese domestic and international banks. He has always tried to provide investors with the bigger picture, instead of mere near-term analysis. In the last 12 months, he has been bearish on China software but bullish on media due to macro trends, industry fundamentals and valuations.

Jeany Wu
+852-2971 7294
Email

Jeany joined the Asia Conglomerates and Gaming team in February 2016. Jeany and the team have provided insightful analysis of the sector, in particular an exploration of 'needle-moving' factors, as well as the implications for companies and shareholders in various M&A and restructuring scenarios.

Ingrid Zhang
+86-21-3866 8853
Email

The team brings timely and insightful analysis of the infrastructure, transportation, tourism and media sectors. The team flagged the investment opportunities for China airports well ahead of consensus, and also identified the potential of China's travel market, especial outbound tourism, which they believe will sustain double-digit growth. Back in 2014, the team was one of the first to point out that the driver of the high growth of the Chinese box office would shift to an increase in per customer spend and improvements in quality, which was borne out by 2015 data.

 

Health Care

        

Shaojing Tong
+852-2971 7217
Email

Shaojing covers China healthcare companies. The team provides insightful research and analysis of companies and timely updates on macro policy issues that affect the sector. The team has routinely provided corporate access services to investors through organising field trips and NDRs. The team's recent overview reports on the sector and the China diabetes market were well-received by investors.

Bing Zhao
+86-21-3866 8814
Email

China's pharmaceutical industry had a tough year in 2015. Price bidding and reimbursement policy increased pressure on the sector's profitability. UBS's Healthcare A-share team has focused on long-term potential, and the opportunities arising from the transformation of the healthcare industry. The team favours OTC-TCM and the healthcare service sub-sector.

Na Lin
+86-10-5832 8255
Email

Na is a member of the China Healthcare research team and covers the TCM and distribution subsectors. Na provides timely, in-depth reports of covered companies in her sector. Under pressure from price bidding and reimbursement policies and the restricted use of TCM injections and adjuvant drugs, the team has flagged its preference for the OTC-TCM and healthcare service sub-sectors.

Rachel Yang
+86-21-3866 8912
Email

Rachel greatly appreciates your support in the 2016 All-China Institutional Investor Survey.

Fengzhan Zhang
+86-21-3866 8823
Email

Fengzhan greatly appreciates your support in the 2016 All-China Institutional Investor Survey.

 

Industrials

        

Robin Xu
+86-21-3866 8872
Email

Robin provides timely and in-depth research on the China infrastructure sector. Robin was a thought leader on the topic of potential restructuring opportunities within China infrastructure, and he remains a firm believer in the consolidation of China construction companies and port operators. Robin provided a bottom-up approach to analyse the potential demand for railway/subways in China in his 2016 railway outlook report. His anti-consensus view on Hong Kong ports losing market share to West Shenzhen also attracted a lot of attention.

Jean Rao
+86-21-3866 8805
Email

Jean covers two subgroups within the industrial sector: China railway equipment and automation. Jean delivered value through an anti-consensus call on the railway equipment sector at the beginning of 2016 during market volatility. Jean's franchise is defined by proprietary industry data and onsite visits that provide clients with insights in to long term demand trends and turning points. Jean has also contributed to joint reports with UBS's automotive analysts on the new energy vehicle sector.

Alex Liu
+86-21-3866 8857
Email

Alex covers the China utilities and clean energy sectors. He was among the first analysts to call the bottom for Chinese solar companies in early 2016. His positive view on solar upstream and downstream received good feedback from investors. For IPPs, Alex continues to favor defensive hydro operators even through the difficult past several months. He also identified coal-fired IPPs' deteriorating sector outlook.

Edwin Chen
+86-10-5832 8186
Email

Edwin and his team have consistently been top ranked in the Small & Mid-Cap category since 2011. Over the past 12 months Edwin correctly forecasted: 1) the rapid development of China's subway sector; 2) structural supply/demand improvements in China's containerboard sector; and 3) the persistent decline of Hong Kong's retail sector. He also offered differentiated views on some of the export stocks. In addition, Edwin has ramped up coverage of the A-share environmental protection sector to extend his service scope to investors.

Bonan Li
+852-2971 8186
Email

Bonan is a UBS China Industrials analyst with lead coverage of construction machinery, power equipment and renewable equipment companies. He participated in the UBS Evidence Lab report, "The rise of the Chinese Multinational: What is the future of the construction equipment sector?"

Wenzhuo Du
+86-21-3866 8960
Email

Wenzhuo covers two subsectors within the industrial sector: machinery & electrical equipment (mainly power transmission and distribution equipment). He provides differentiated insights with detailed numerical analysis (eg, the impact of the development of the general aviation market on earnings). His question-driven reports highlight pivotal questions and help investors better understand the key debates in the market.

Herbert Lu
+86-21-3866 8873
Email

Herbert joined UBS's China Infrastructure team in September 2015, and provides thorough and timely research on the port, toll road and construction sectors. The team's notable work in the past one year includes: 1) a thought leader on potential restructuring opportunities within China infrastructure; 2) industry consolidation potential among Chinese construction companies and port operators; 3) providing demand estimates for the railway/subway sector in China based on a bottom-up approach; and 4) an anti-consensus view on Hong Kong port losing market share to West Shenzhen.

Jimmy Yu
+86-21-3866 8880
Email

Jimmy is part of the China Infrastructure & Construction team at UBS. Over the past year, key research included: 1) a detailed analysis of potential railway/subway demand in China, providing a consistent positive view of leading Chinese railway construction companies; 2) an in-depth analysis of restructuring opportunities in the infrastructure sector; and 3) an anti-consensus view on Hong Kong port losing market share to West Shenzhen.

 

Infrastructure & Transportation

        

Eric Lin
+852-3712 3640
Email

Eric's airline supply-demand model highlights a recovery in the Asian short-haul market but risks for long-haul. His UBS Evidence Lab report on China outbound tourism challenged the hub positioning of Hong Kong and picked the most preferred destinations. His analysis of global shipping alliances suggested a potential increase in concentration, but too little to fix oversupply.

Robin Xu
+86-21-3866 8872
Email

Robin provides timely and in-depth research on the China infrastructure sector. Robin was a thought leader on the topic of potential restructuring opportunities within China infrastructure, and he remains a firm believer in the consolidation of China construction companies and port operators. Robin provided a bottom-up approach to analyse the potential demand for railway/subways in China in his 2016 railway outlook report. His anti-consensus view on Hong Kong ports losing market share to West Shenzhen also attracted a lot of attention.

Xin Chen
+86-21-3866 8864
Email

Xin brings timely and insightful analysis to his coverage of the infrastructure, transportation, tourism and media sectors. He flagged the investment opportunities of China airports well ahead of consensus. He also identified the potential of the China travel market, especial outbound tourism, which he believes will sustain double-digit growth. Back in 2014, Xin was the one of the first to point out that the driver for the high growth of Chinese box office receipts would shift to an increase in per customer spend and improvements in quality, which was borne out by 2015 data.

Jean Rao
+86-21-3866 8805
Email

Jean covers two subgroups within the industrial sector: China railway equipment and automation. Jean delivered value through an anti-consensus call on the railway equipment sector at the beginning of 2016 during market volatility. Jean's franchise is defined by proprietary industry data and onsite visits that provide clients with insights in to long term demand trends and turning points. Jean has also contributed to joint reports with UBS's automotive analysts on the new energy vehicle sector.

Tiffany Chen
+852-3712 4514
Email

Tiffany, as part of the Asia Transport team, provides timely, high impact and in-depth coverage of airline, shipping and logistics stocks across nine markets. In 2015, she published two UBS Evidence Lab reports on the key thematic of China outbound travel, in addition to in-depth sector reports including an airline demand stress test and an aerospace/transport A-share Stock Connect report.

Ingrid Zhang
+86-21-3866 8853
Email

The team brings timely and insightful analysis of the infrastructure, transportation, tourism and media sectors. The team flagged the investment opportunities for China airports well ahead of consensus, and also identified the potential of China's travel market, especial outbound tourism, which they believe will sustain double-digit growth. Back in 2014, the team was one of the first to point out that the driver of the high growth of the Chinese box office would shift to an increase in per customer spend and improvements in quality, which was borne out by 2015 data.

Herbert Lu
+86-21-3866 8873
Email

Herbert joined UBS's China Infrastructure team in September 2015, and provides thorough and timely research on the port, toll road and construction sectors. The team's notable work in the past one year includes: 1) a thought leader on potential restructuring opportunities within China infrastructure; 2) industry consolidation potential among Chinese construction companies and port operators; 3) providing demand estimates for the railway/subway sector in China based on a bottom-up approach; and 4) an anti-consensus view on Hong Kong port losing market share to West Shenzhen.

Jimmy Yu
+86-21-3866 8880
Email

Jimmy is part of the China Infrastructure & Construction team at UBS. Over the past year, key research included: 1) a detailed analysis of potential railway/subway demand in China, providing a consistent positive view of leading Chinese railway construction companies; 2) an in-depth analysis of restructuring opportunities in the infrastructure sector; and 3) an anti-consensus view on Hong Kong port losing market share to West Shenzhen.

 

Insurance

        

Bob Leung
+852-2971 5502
Email

Bob covers Hong Kong/China insurance and diversified financials. Bob remains comfortable with the ALM risks of Chinese insurers and believes that the negative spread problems of the 1990s will not be repeated. However, he argues that life insurers will not re-rate significantly beyond 1x P/EV due to concerns about the immediate profit outlook and general interest rate direction. Bob has turned positive on P&C insurers for the first time in three years based on better risk pricing, improving growth and stabilising claims inflation. He also offers significant corporate access assistance to China's growing diversified financial industry.

Xiaoyan Cui
+86-21-3866 8871
Email

Xiaoyan's research expanded from brokers and insurers to internet finance companies in 2015. This past year, she has delivered detailed company analysis and in-depth monthly comments on brokers. Xiaoyan has a differentiated view on brokers in a sluggish market; she downgraded some small brokers and maintained a positive view on brokers with strong innovative ability, although earnings may be affected by the weak market in the near term. She believes internet brokerages will trigger profit growth in the mid- to long term. She is concerned about the investment environment for insurers and has published reports with more conservative assumptions.

Judy Chen
+852-3712 4218
Email

Judy joined the Hong Kong/China Insurance and Diversified Financials team as an Associate Analyst in November 2014. The team remains comfortable with the ALM risks of Chinese insurers and thinks that the negative spread problems of the 1990s will not be repeated. They turned positive on P&C insurers for the first time in three years based on better risk pricing, improving growth and stabilising claims inflation.