2015 All-Latin America Research Team: Pulp & Paper, No. 1: Marcos Assumpção & team
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2015 All-Latin America Research Team: Pulp & Paper, No. 1: Marcos Assumpção & team


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Marcos Assumpção & teamItaú BBAFirst-Place Appearances: 3

Total Appearances: 6

Team Debut: 2010Itaú BBA leaps from third place to reclaim the No. 1 spot it most recently held in 2012. With one researcher working out of Santiago and three stationed in São Paulo, including leader Marcos Assumpção, its team reports on five regional pulp and paper names. The analysts “are the best at facilitating corporate access, and their research consistently gets the facts right,” declares one fund manager. For other clients their stock calls are most laudable. “Marcos has a deep understanding of each company, and his top picks are definitely worth following,” another buy-side ally asserts. The 39-year-old also directs two additional squads to runner-up positions on their respective rosters: in Metals & Mining; and, with co-head Enrico Trotta, in Cement & Construction. In this space he and his cohorts continue to tout Suzano Papel e Celulose, a favorite of long standing. The Brazil-based forestry company “offers a combination of protection against the real’s depreciation and limited exposure to a weakening domestic economy,” explains Assumpção, 39. Moreover, he notes, management is deleveraging debt and reducing costs. In January, when the shares dipped to 10.15 reais, he pounded the table, citing strong earnings momentum. Through mid-July Suzano’s stock jumped 37.9 percent, to 14 reais, while the regional sector climbed 22.7 percent. Itaú’s researchers maintain their outperform rating, with a target price of 20 reais. “They are always available for deep conversations about their companies,” remarks another supporter.

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