2015 All-Latin America Research Team: Transportation, No. 1: Fernando Abdalla & team
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2015 All-Latin America Research Team: Transportation, No. 1: Fernando Abdalla & team


< The 2015 Latin America Research Team

Fernando Abdalla & teamJ.P. MorganFirst-place appearances: 4

Total appearances: 8

Team debut: 1993For a third year running, Fernando Abdalla and his J.P. Morgan crew win top honors. “They are always up to date on the industry and skilled at identifying the drivers for each investment case,” marvels one asset manager in Colombia. With 17 stocks under coverage, the São Paulo–based pair earns high marks for its advocacy of Brazil’s Multiplus, which operates customer loyalty programs for airlines and other industries. The analysts upgraded their rating on the shares from neutral to overweight in September, projecting that the company would continue to post strong earnings. In March, when the stock had run up 20.7 percent, to 35.50 reais, and was leading the region’s transportation sector by 28.9 percentage points, they lowered their rating back to neutral, on valuation. Two months later management announced that year-over-year net income for the first quarter had jumped 34.1 percent, to a record 100 million reais ($30 million). Multiplus’s stock has kept climbing, as well, rising 7 percent further by mid-July, to 38 reais, while its Latin American peers posted a 1.5 percent decline. “Their well-timed calls really helped my performance,” attests another investor. Going forward, Abdalla, 31, and his teammate prefer two Brazil-based names: logistics provider Rumo Logística Operadora Multimodal, on its recent reorganization; and highway operator CCR, a longtime favorite thanks to significant growth opportunities.

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