The 2013 All-China Research Team: Conglomerates, Second: Kai Tong (Cusson) Leung

Claiming second-place honors is newcomer Kai Tong (Cusson) Leung. The researcher decamped Credit Suisse at the end of October to join J.P. Morgan this month. He followed eight companies at Credit Suisse and is hailed for “uncovering underappreciated or misunderstood opportunities,” in the words of one advocate. One example of such a find is Wheelock and Co. In May 2012, Leung began formally tracking Wheelock, issuing a buy rating at HK$22.78. The Hong Kong–based property development, investment and management company’s stock was “overlooked by the market and extremely undervalued,” he recalls. A year later the shares had more than doubled, to HK$46.14. When Leung ceased coverage in anticipation of his departure from Credit Suisse, they were trading at HK$39.60 — and leading the sector by an impressive 50 percentage points since he added them to his coverage universe. “It was a good call, and we made money,” avers another fund manager. — Ben Mattlin