Basic Materials – Chemicals: 2013 Third
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Basic Materials – Chemicals: 2013 Third

Paul Walsh & team, Morgan Stanley

Paul Walsh & team

Morgan Stanley

Morgan Stanley’s Paul Walsh leads his London-based quartet to repeat at No. 3. Over the past year the team’s coverage universe has grown by two, to 24 companies. Clients applaud the analysts’ December 2011 upgrade of Germany’s Lanxess from equal weight to overweight, at €36.28, which credited the company’s efforts to reduce costs, among other factors. Shares of the specialty chemicals and rubber producer skyrocketed 82.7 percent, to €66.27, and trumped the sector by 53.1 percentage points, through December 2012. Although they have not downgraded it, the researchers are cautious for 2013, noting that changing inflationary pressures, rising capital expenditures and fewer cost-saving possibilities may challenge future performance. “Their detailed industry knowledge and corporate access make them stand out from their competitors,” cheers one portfolio manager in New York.

Ben Mattlin


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