China analyst

Meet our analysts participating in China II

Internet

        

Erica Poon Werkun
+852-2971 8605
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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.

Ming Xu
+852-3712 3680
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Ming provides differentiated research on internet companies. He uses UBS Evidence Lab surveys to follow the mind share and usage of online travel platforms. A detailed analysis in May 2016 demystified the air ticketing distribution value chain in China, and helped investors to quantify the downside risks in the airline-OTA relationship. Ming also maintains proprietary databases to provide unique data points that help track industry and company developments, including hotel booking discounts, search engine marketing, as well as secondary housing transactions in key Chinese cities.

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.

Angela Xu
+852-3712 4671
Email

Angela is an analyst with the China Internet research team. She has contributed to well-received thematic research reports on Chinese internet companies' (or BAT) mobile ecosystems and the dynamic market landscape. Her key research pieces have included the value creation potential of mobile games, using UBS Evidence Lab data that tracks performance and analyses growth potential across different game genres. Angela is also a significant contributor to research on China's eCommerce sector and Chinese internet market leaders.

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.

Dennis Wu
+86-21-3866 8816
Email

Dennis works with Billy Feng and Archibald Pei covering the China technology and software sectors. The China Technology team issued an in-depth sector report on the Apple supply chain leveraging UBS Evidence Lab, and hosted a field tour to help investors understand this sector. The team's in-depth report about the China IDC/CDN sector pointed out the opportunities brought about by the popularity of internet applications and lagged internet infrastructure. In addition, the software team's sector report indicated over-optimism among consensus and the challenges faced by China's software industry.

Michelle Zhang
+852-3712 3440
Email

Michelle is a member of the China Internet research team, covering online travel, online real estate, auto vertical, online recruitment and online classified service stocks. She has produced thematic reports on China ADR privatisation, the sharing economy and mobile internet, of which the sharing economy and mobile internet projects were supported by UBS Evidence Lab.

Oil, Gas & Petrochemicals

        

Peter Gastreich
+852-2971 6121
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Peter heads UBS's Asia Oil, Gas and Petrochemical research team. In 2016, Peter and his team pushed an anti-consensus positive view on China and Asia's E&P and integrated sectors ("Crowded underweight at bottom of the profitability cycle") while his team held an anti-consensus cautious view on Asia's refiners ("China's refining industry restructuring"). Peter and his team's market-leading, deep-dive reports have covered the implications of imbalances in China's growing upstream and downstream oil market; a UBS Evidence Lab survey on China petrol station convenience stores; and China's regulatory crackdown curtailing chemical supply growth.

Benson Chen
+852-3712 2597
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Benson and UBS's Asia Petrochemical team were among the earliest to highlight the petrochemical up-cycle in 2015. In 2016, Benson had an anti-consensus bearish view on the gas distribution and gas transmission sectors, and an anti-consensus positive view on the China oilfield services sector due to distressed valuations.

Nina Yan
+86-21-3866 8884
Email

Nina covers the oil, gas, oil services, chemicals and petrochemical sectors. She and her team identified the petrochemical 'super cycle' in 2015, and the refining premium supported by NDRC policy in early 2016, which was ahead of consensus.

Tim Bush
+852-2971 6113
Email

Tim launched coverage of Asia refining and petrochemicals this year with two deep dive non-consensus reports. He is bullish on petrochemicals as he expects significant downside to global supply growth. Tim is bearish on refining as China could export its overcapacity.

Alex Xu
+86-21-3866 8841
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Alex greatly appreciates your support in the 2016 All-China Institutional Investor Survey.

Portfolio Strategy

        

Ting Gao
+86-21-3866 8856
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Ting leads the UBSS China Strategy team. In his annual outlook for the A-share market published in late 2015, Ting stressed investment opportunities driven by structural shifts in the Chinese economy, highlighted market risks including credit defaults, lack of progress in reform and currency depreciation, and expressed a neutral view on the CSI300. In February, he turned tactically constructive on A shares after the large sell off. His strategy team has produced thematic reports on China consumption, the forthcoming Shenzhen-Hong Kong Connect scheme and the potential MSCI A-share inclusion, and has made timely comments on numerous breaking news events.

Wenjie Lu
+86-21-3866 8851
Email

Wenjie provides timely, evidence-oriented and in-depth research on China equity strategy. In January 2016, Wenjie published a contrarian bullish view that H shares were oversold on an extreme view of FX risk. In mid-April 2016, Wenjie downgraded the H share outlook despite strong policy stimulus, based on on-the-ground evidence that state-owned-companies have delayed structural reforms. His thematic ideas are "Patronomics", voluntary delisting from Hong Kong and investing in Hong Kong mid- and small-caps.

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.

Jingjing Weng
+86-21-3866 8986
Email

Jingjing has been part of the A-share Strategy team since October 2015. The team's annual outlook report in late 2015 expressed a neutral view on the CSI300, and highlighted potential risks including currency depreciation, credit defaults and lack of progress in reform. Jingjing follows the market by closely tracking liquidity condition and sentiment indicators and producing timely comments on earnings numbers and institutional investors' allocations.

Meredith Lv
+86-21-3866 8846
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Meredith is with UBSS's China Strategy team working on A-share and H-share strategy. The team has stressed investment opportunities driven by structural shifts in the Chinese economy, highlighted market risks including credit defaults, lack of reform and currency depreciation. They have produced thematic reports on China consumption, the forthcoming Shenzhen-Hong Kong Connect scheme and potential MSCI A-share inclusion, and made timely comments on numerous breaking news events.

Lei Meng
+86-21-3866 8939
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Lei greatly appreciates your support in the 2016 All-China Institutional Investor Survey.

Public Utilities

        

Ken Liu
+852-2971 7516
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Ken covers Chinese utilities (IPP, gas and renewables). He was among the first to turn cautious on gas utilities on concerns about margin and return sustainability. He was ahead of consensus with a positive call on wind farm operators in February 2016, and anticipates positive policy surprises.

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.

Simon Powell
+852-2971 7772
Email

Simon heads the regional power and utilities team. He is cautious on the China gas distributors and coal-fired IPPs. He has also estimated the impact of COP21 on China's power industry and the possibility of China carbon trading markets.

William Li
+852-2971 6123
Email

William is part of the China/Hong Kong Utilities team. William co-authored research focusing on coal-fired generation ("Risk of a 20% equity value write-off in 2018E") and gas returns ("Cracks starting to appear on the gas utilities"). William has also provided timely and accurate research on Hong Kong utilities.

Real Estate

        

Eva Lee
+852-3712 4243
Email

Eva leads the China/Hong Kong property research team at UBS. They were among the first to highlight as unsustainable the strong growth of new starts and sales in Q116. The team has focused on analysing the underlying drivers of property construction and bringing investors' attention to the strong correlation of home prices in tier 1, 2 and 3 cities. Eugene and team led the debate on the impact of China launching a REIT code. They also highlighted that the Hong Kong retail market should worsen given new supply is set to triple over three years.

Eugene Cheung
+852-3712 4670
Email

Eugene co-heads the China/Hong Kong Property research team at UBS. They were among the first to highlight as unsustainable the strong growth of new starts and sales in Q116. The team has focused on analysing the underlying drivers of property construction and bringing investors' attention to the strong correlation of home prices in tier 1, 2 and 3 cities. Eugene and team led the debate on the impact of China launching a REIT code. They also highlighted that the Hong Kong retail market should worsen given new supply is set to triple over three years.

Xiao Ding
+86-10-5832 8664
Email

Xiao joined UBS in 2014 to cover the China A-share property sector. Before joining UBS, he worked as a property analyst on the sell and buy side. Xiao focuses on providing investors with evidence-based research. In the last 12 months, he flagged the recovery of the China property market. Xiao's research has concentrated on large companies that he believes are undervalued by the market, thereby leading the debate when the market was focused only on small caps.

Kim Wright
+852-3712 3785
Email

Kim and her team use Big Data via online analysis to create a US$370bn proprietary database to research residential activity across Asia. They introduced a bi-yearly survey of 3,400-plus Chinese consumers that indicates buying intentions spreading beyond tier-1 cities. In their "Back to Fundamentals" series, the team created multivariate regression models to gain an understanding of what factors drive rents and residential prices across APAC. The team provides a fully integrated global/regional view via the "Global Real Estate Analyser" and monthly strategy reports. Kim has been covering listed property at UBS for 20 years.

Summer Xia
+852-3712 4226
Email

Summer is part of the China/Hong Kong property research team at UBS. They were among the first to highlight as unsustainable the strong growth of new starts and sales in Q116. The team has focused on analysing the underlying drivers of property construction and bringing investors' attention to the strong correlation of home prices in tier 1, 2 and 3 cities. Eugene and team led the debate on the impact of China launching a REIT code. They also highlighted that the Hong Kong retail market should worsen given new supply is set to triple over three years.

Michael Xu
+852-2971 5573
Email

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

Renewable Energy & Environmental Services

        

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.

Ken Liu
+852-2971 7516
Email

Ken covers Chinese utilities (IPP, gas and renewables). He was among the first to turn cautious on gas utilities on concerns about margin and return sustainability. He was ahead of consensus with a positive call on wind farm operators in February 2016, and anticipates positive policy surprises.

Simon Powell
+852-2971 7772
Email

Simon heads the regional power and utilities team. He is cautious on the China gas distributors and coal-fired IPPs. He has also estimated the impact of COP21 on China's power industry and the possibility of China carbon trading markets.

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.

William Li
+852-2971 6123
Email

William is part of the China/Hong Kong Utilities team. William co-authored research focusing on coal-fired generation ("Risk of a 20% equity value write-off in 2018E") and gas returns ("Cracks starting to appear on the gas utilities"). William has also provided timely and accurate research on Hong Kong utilities.

Felix Liu
+86-21-3866 8850
Email

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

Small-& Midcapitalization Stocks

        

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.

Felix Liu
+86-21-3866 8850
Email

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

Technology

        

Arthur Hsieh
+886-2-8722 7348
Email

Arthur is Head of Asia Hardware Technology research and covers many Taiwan and Hong Kong listed technology hardware stocks. Arthur was early in turning cautious on the Apple supply chain in November 2015 and his work on the global PC sector using UBS Evidence Lab identified consumer preference for Surface Pro over iPad Pro. Arthur has published and contributed to many Asia Hardware Insight and Global I/O notes with in-depth analysis of technology trends such as Virtual Reality, Dual-camera, 3D touch, etc.

Bill Lu
+852-2971 8360
Email

Bill is in charge of UBS Asia semiconductors research. He looks at semiconductors from a global perspective, having previously covered US semi companies. Recent reports published by Bill have focussed on the rise of China’s semiconductor sector, changes in Moore’s Law, and smartphone demand in China and globally. Before joining UBS, Bill was Head of Asia semis at Morgan Stanley and the Asia tech strategist. He received the highest number of votes for a semiconductor analyst in Institutional Investor polls from 2012 to 2014 (he was not working during the 2015 poll).

Billy Feng
+86-21-3866 8936
Email

Billy covers the China technology sector, and has produced an in-depth report on the IDC/CDN sector that is currently benefiting from high internet data growth and infrastructure upgrades. The Chinese government is striving to build up semiconductor design/manufacture capability with significant investment. To this end, Billy hosted a China semiconductor field tour that visited companies in the supply chain, which helped investors understand the challenges and opportunities in this subsector.

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.

Edward Yen
+886-2-8722 7388
Email

Edward covers the Asia technology hardware sector with a focus on the PC, industrial PC, payment and technology segments. Notable themes and areas that Ed has extensively researched include robotics, payments, Big Data and IoT. Ed published a broad industry view on payment terminals, concluding that growth will continue in 2016. He also regularly contributes to global PC views, including collaboration on UBS Evidence Lab reports surveying PC replacement cycles.

Jinjin Wang
+86-10-5832 8922
Email

Jinjin is an industry veteran and has covered China telcos for 15 years. She has in-depth industry knowledge and has been a thought leader in the space. Jinjin writes thematic research highlighting industry trends and turning points. For instance, Jinjin was one of the first analysts to highlight the regulatory risk from tariff cuts in China, as well as changes in the fixed line broadband market's competitive landscape. She also organises field trips for investors three to four times a year.

Alice Chen
+886-2-8722 7343
Email

Alice has provided a series of metal casing sector reports to analyse supply/demand in the industry and address market concerns about potential oversupply and threats from new materials. She provides competitive analysis of metal casing makers and the share shift in the iPhone supply chain. Alice also provides updates of the camera module makers' competitive landscape in the China smartphone market.

Dennis Wu
+86-21-3866 8816
Email

Dennis works with Billy Feng and Archibald Pei covering the China technology and software sectors. The China Technology team issued an in-depth sector report on the Apple supply chain leveraging UBS Evidence Lab, and hosted a field tour to help investors understand this sector. The team's in-depth report about the China IDC/CDN sector pointed out the opportunities brought about by the popularity of internet applications and lagged internet infrastructure. In addition, the software team's sector report indicated over-optimism among consensus and the challenges faced by China's software industry.

Telecommunications

        

Jinjin Wang
+86-10-5832 8922
Email

Jinjin is an industry veteran and has covered China telcos for 15 years. She has in-depth industry knowledge and has been a thought leader in the space. Jinjin writes thematic research highlighting industry trends and turning points. For instance, Jinjin was one of the first analysts to highlight the regulatory risk from tariff cuts in China, as well as changes in the fixed line broadband market's competitive landscape. She also organises field trips for investors three to four times a year.

Billy Feng
+86-21-3866 8936
Email

Billy covers the China technology sector, and has produced an in-depth report on the IDC/CDN sector that is currently benefiting from high internet data growth and infrastructure upgrades. The Chinese government is striving to build up semiconductor design/manufacture capability with significant investment. To this end, Billy hosted a China semiconductor field tour that visited companies in the supply chain, which helped investors understand the challenges and opportunities in this subsector.

Suresh Mahadevan
+65-6495 5906
Email

Suresh has produced thought-provoking research pieces, has led Asian telecom conferences, and has provided corporate access at the CEO and CFO level. Suresh's notable calls have included: 1) downgrading Singapore telcos in May 2015; 2) remaining positive on Hong Kong telcos in 2015; and 3) his positive view on Indonesian telcos. His key research includes: "Will history rhyme? Lessons from 2003", "A perfect storm in Singapore Mobile", "Q-Series®: Is Rapid Data Growth in India priced in?", "Rising tide to lift all boats - Indonesia Mobile", and "Enter the Dragon - HK telcos".

Namrata Penta
+91-22-6155 6059
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Namrata is part of the Asia Telecom research team. She has co-authored several thematic pieces on India, Singapore and Malaysia. Key research notes include "Race to the bottom – are we there yet?", "Can History Rhyme? Lessons from 2003", and "Weak consumer sentiment + TM launch = Prisoner's dilemma". The team also organises an annual Asia telecom conference and provides corporate access at the CEO and CFO level".