The 2014 All-Asia Research Team: Indonesia, No. 1: Raymond Kosasih & team
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The 2014 All-Asia Research Team: Indonesia, No. 1: Raymond Kosasih & team


Raymond Kosasih & team

Deutsche Bank

First-Place Appearances: 5

Total Appearances: 10

Team Debut: 2005

Deutsche Bank’s Raymond Kosasih leads his Jakarta-based crew to the top spot, as he has done every year since his 2011 debut. He also captains a squad that earns a runner-up position in coverage of Singapore. “They provide outstanding strategic coverage of banks and telecoms,” avers one portfolio manager. Examples among the 70 Indonesian companies the dozen analysts actively track include Telekomunikasi Indonesia Persero, a Bandung-based provider of mobile-phone and other telecommunications services. The stock has long held a buy rating, which they highlighted most recently in April, at 2,260 rupiah, with a target price of Rp2,700. Telekom Indonesia is enjoying steady market share gains along with an expanding network, Kosasih explains. Similarly, the researchers have for several years urged investors to buy Jakarta-based Bank Rakyat Indonesia Persero. In early April they reiterated their position, crediting the commercial lender’s robust loan growth, buoyed by “generally healthy economic conditions,” as Kosasih, 43, notes. Their price objective for Bank Rakyat’s shares is Rp11,750, representing a 16.3 percent upside to their price at the time of their restatement. Also earning high marks is the team’s February 2012 upgrade of Indonesia’s largest cement manufacturer, Semen Indonesia Persero. Kosasih and his colleagues boosted the Gresik-based company’s shares from hold to buy, dubbing them a bargain at Rp10,850. A year later, when they were trading at Rp16,400, they repeated that position, citing strong medium-term housing demand. The stock jumped as high as Rp19,000 last spring before settling to Rp15,700 late this April, for a life-of-call gain of 44.7 percent that outstripped Indonesia’s broad market by 22 percentage points. “This is an experienced team with consistent, quality research,” another fan asserts.

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