Alexander Kazbegi & team Renaissance
second team Dalibor Vavruska & team ING
third team Alexander Wright & team UBS
In first place for a third year running is the RenCap duo directed by 47-year-old Alexander Kazbegi. “Alex helps his clients make money,” affirms one grateful buy-sider. Late last March the Moscow-based analysts reiterated their buy recommendation on the GDRs of Russia’s AFK Sistema, at $6.04, after the government had provided a capital injection to the company. Through January the receipts soared a heart-stopping 313.9 percent, to $25, and shot past the sector by 294.4 points.
ING Equity Markets’ three-member team guided by Dalibor Vavruska climbs one rung to second place. In February 2009 the London-based analysts upgraded the American depositary receipts of Russian wireless giants VimpelCommunications, from sell to buy, and Mobile TeleSystems, from hold to buy, judging them undervalued at $6 and $25.15, respectively. By the end of January, VimpelCom had more than tripled, to $18.14, and MTS had nearly doubled, to $47.78. “They captured a rally others missed,” stresses one backer.
The five-strong UBS squad captained by London-based Alexander Wright advances from runner-up to third place. “They’ve got the pulse of the industry,” says one ally. The team downgraded South Africa’s Telkom from neutral to sell in October, at 4,370 rand, citing competitive pressures and other factors. The following month the company warned that its earnings report would disappoint, and it did: Profit from continuing operations tumbled nearly 22 percent in the first half of fiscal 2009. Telkom’s stock, which had been sliding for months, had fallen to 3,319 rand by late January.
Click here to view the complete rankings for The Emerging EMEA Research Team
