< The 2016 All-Asia Research Team
Vinay Jaising,
Yu (Andy) Meng
& team
Morgan Stanley
First-Place Appearances: 1
Total Appearances: 11
Team Debut: 2001
After a year on top, Morgan Stanley’s regional oil and gas researchers slip back to second place, the spot it held in 2014. Mumbai-based Vinay Jaising, 47, and 35-year-old Yu (Andy) Meng, who works out of Hong Kong, manage the five-person squad, which tracks more than 60 names in this space. Investors praise the group for its expert and fundamentals-driven coverage. “After a sharp decline in crude oil prices, we continue to think oil prices will remain benign over the next 12 to 18 months, implying a challenging environment for upstream names,” says Jaising. “Downstream refining, marketing and petrochemicals segments are better positioned, as demand remains healthy amid slowing supplies. This should lead to continued outperformance of the downstream segment over the upstream segment, in our view.” Accordingly, the analysts prefer companies with downstream exposure, forecasting that earnings momentum for these players will remain robust. Examples in China include China Petroleum & Chemical Corp., Sinopec Engineering (Group) Co. and Sinopec Shanghai Petrochemical Co. Among Indian players, they prefer Bharat Petroleum Corp., Hindustan Petroleum Corp. and Reliance Industries. Favorite operators in Association of Southeast Asian Nations countries are Thailand’s IRPC and Thai Oil.
