The 2014 All-Asia Research Team: Philippines, No. 3: Giovanni de la Rosa, Rafael Garchitorena & team
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The 2014 All-Asia Research Team: Philippines, No. 3: Giovanni de la Rosa, Rafael Garchitorena & team

Giovanni de la Rosa, Rafael Garchitorena & team Deutsche Bank First-place appearances: 0

Total appearances: 14

Team debut: 1998 Repeating at No. 3 is the seven-person Deutsche Bank team working out of Manila. Newcomer Rafael Garchitorena joins Giovanni de la Rosa in captaining the crew, which monitors 40 Philippine stocks and earns plaudits for its longevity. Indeed, by one fan’s description, these researchers are “experienced old-timers who have weathered turbulence, have the right local contacts and possess the seasoned ability to make proper stock assessments.” Among their noteworthy calls are recent upgrades from hold to buy on two Manila-based companies: DMCI Holdings, which is among the country’s top construction concerns; and Ayala Land, the largest property developer in the Philippines. The Deutsche team elevated DMCI in November, advising that its stock was undervalued given the contractor’s strong book of business and backlog of potential projects. By late April, DMCI had jumped 37.3 percent, to 70 pesos, against the 3.7 percent gain by the Philippines broad market. The next month the analysts boosted Ayala Land, at 24.30 pesos, citing rising high-end residential property values. Its shares were trading at 30.35 pesos in late April, leading the nation’s broad market by 9.8 percentage points. They remain recommended, with a price target of 32.40 pesos.

See also Giovanni de la Rosa's profile in the 2013 All-Asia Research Team and the 2012 All-Asia Research Team.

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